false
--12-31
FY
2019
2019-12-31
20-F
0001437424
288363553
Yes
true
false
Accelerated Filer
Yes
POET TECHNOLOGIES INC.
false
No
true
false
false
No
Common Stock, no par value
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Business combinations</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Acquisitions of businesses are accounted for using the acquisition method. The acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent consideration.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subsequent changes in contingent consideration are accounted for through the consolidated statements of operations and deficit and consolidated statements of comprehensive loss in accordance with the applicable standards.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Goodwill arising on acquisition is initially measured at cost, being the difference between the fair value of the consideration transferred including the recognized amount of any non-controlling interest in the acquiree and the net recognized amount (generally fair value) of the identifiable assets and liabilities assumed at the acquisition date. If the net of the amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in the consolidated statements of operations and deficit as a bargain purchase gain.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Acquisition-related costs, other than those that are associated with the issue of debt or equity securities that the Company incurs in connection with a business combination, are expensed as incurred.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Income (loss) per share</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year after giving effect to potentially dilutive financial instruments. The dilutive effect of stock options and warrants is determined using the treasury stock method.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Financial instruments</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">IFRS <div style="display: inline; font-style: italic; font: inherit;">9</div> introduced new classification and measurement models for financial assets. The investment classifications held-to-maturity and available-for-sale are <div style="display: inline; font-style: italic; font: inherit;">no</div> longer used and financial assets at fair value through other comprehensive income ("FVTOCI") were introduced. Financial assets held with an objective to hold assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest are measured at amortised cost using the effective interest method. Debt investments held with an objective to hold both assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest as well as selling the asset on the basis of fair value are measured at FVTOCI. All other financial assets are classified and measured at fair value through profit or loss ("FVTPL"). Financial liabilities are classified as either FVTPL or other financial liabilities, and the portion of the change in fair value that relates to the Company's credit risk is presented in other comprehensive income (loss). Instruments classified as FVTPL are measured at fair value with unrealized gains and losses recognized in net income (loss). Other financial liabilities are subsequently measured at amortised cost using the effective interest method.</div> <!-- Field: Page; Sequence: 108 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities, other than financial assets and financial liabilities classified as FVTPL, are added to or deducted from the fair value on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities classified as FVTPL are recognized immediately in consolidated net income (loss).</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Foreign currency translation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">These consolidated financial statements are presented in U.S. dollars ("USD"), which is the Company's presentation currency.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Items included in the financial statements of each of the Company's subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities <div style="display: inline; font-style: italic; font: inherit;">not</div> denominated in the functional currency of an entity are recognized in the statement of operations and deficit.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Assets and liabilities of entities with functional currencies other than U.S. dollars are translated into the presentation currency at the year end rates of exchange, and the results of their operations are translated at average rates of exchange for the year. The resulting translation adjustments are included in accumulated other comprehensive loss in shareholders' equity. Additionally, foreign exchange gains and losses related to certain intercompany loans that are permanent in nature are included in accumulated other comprehensive loss. Elements of equity are translated at historical rates.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Goodwill </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable assets acquired net of liabilities assumed. Goodwill is measured at cost less accumulated impairment losses and is <div style="display: inline; font-style: italic; font: inherit;">not</div> amortized. Goodwill is tested for impairment on an annual basis or whenever facts or circumstances indicate that the carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div>exceed its recoverable amount.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company performed its annual test for goodwill impairment at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The Company utilized a <div style="display: inline; font-style: italic; font: inherit;">five</div>-year cash flow forecast using the annual budget approved by the Board of Directors as a basis for such forecasts. Cash flow forecasts beyond that of the budget were prepared using a stable growth rate for future periods. These forecasts were based on historical data and future trends expected by the Company. The Company's valuation model also takes into account working capital and capital investments required to maintain the condition of the assets. Forecasted cash flows were discounted using an after-tax rate of <div style="display: inline; font-style: italic; font: inherit;">30%.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Based on the impairment tests, the value in-use of the CGU to which goodwill is applicable is less than the carrying amount. As a result goodwill of <div style="display: inline; font-style: italic; font: inherit;">$1,050,459</div> was impaired in the current year. <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div></div> provision for impairment of goodwill was made in <div style="display: inline; font-style: italic; font: inherit;">2018</div> or <div style="display: inline; font-style: italic; font: inherit;">2017</div> (Note <div style="display: inline; font-style: italic; font: inherit;">24</div>).</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Impairment of long-lived assets</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company’s tangible and intangible assets are reviewed for indications of impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. An assessment is made at each reporting date whether there is any indication that an asset <div style="display: inline; font-style: italic; font: inherit;"> may </div>be impaired.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in profit and loss for the year. The recoverable amount is the greater of the asset’s fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does <div style="display: inline; font-style: italic; font: inherit;">not</div> generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit ("CGU") to which the asset belongs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does <div style="display: inline; font-style: italic; font: inherit;">not</div> exceed the carrying amount that would have been determined, net of depreciation or amortization, if <div style="display: inline; font-style: italic; font: inherit;">no</div> impairment loss had been recognized. The Company reported an impairment loss of <div style="display: inline; font-style: italic; font: inherit;">$714,000</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 (</div><div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">nil,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div> - <div style="display: inline; font-style: italic; font: inherit;">nil</div>) (Note <div style="display: inline; font-style: italic; font: inherit;">10</div>).</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Income taxes</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are provided on differences between the financial reporting and income tax bases of assets and liabilities and on income tax losses available to be carried forward to future years for tax purposes. Deferred income taxes are measured using the substantively enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets are only recognized if the amount is expected to be realized in the future.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Intangible assets</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Research and development costs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Research costs are expensed in the year incurred. Development costs are also expensed in the year incurred unless the Company believes a development project meets IFRS criteria as set out in IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> <div style="display: inline; font-style: italic;">Intangible Assets</div>, for deferral and amortization. IAS <div style="display: inline; font-style: italic; font: inherit;">38</div> requires all research costs be charged to expense while development costs are capitalised only after technical and commercial feasibility of the asset for sale or use have been established. This means that the entity must intend and be able to complete the intangible asset and either use it or sell it and be able to demonstrate how the asset will generate future economic benefits. Development costs are tested for impairment whenever events or changes indicate that its carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">In-Process Research and Development</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Under IFRS, in-process research and development ("IPR&D") acquired in a business combination that meets the definition of an intangible asset is capitalized with amortization commencing when the asset is ready for use (i.e., when development is complete). The Company acquired <div style="display: inline; font-style: italic; font: inherit;">$714,000</div> of IPR&D when it acquired BB Photonics Inc. in <div style="display: inline; font-style: italic; font: inherit;">2016.</div> During <div style="display: inline; font-style: italic; font: inherit;">2019,</div> management observed indicators that suggested that IPR&D <div style="display: inline; font-style: italic; font: inherit;"> may </div>be impaired. IPR&D acquired with BB Photonics was <div style="display: inline; font-style: italic; font: inherit;">no</div> longer useable with the novel POET Interposer platform. BB Photonics IPR&D would <div style="display: inline; font-style: italic; font: inherit;">not</div> generate sufficient cash flow to support its value in use. Management completed an assessment of IPR&D and determined that the amount of <div style="display: inline; font-style: italic; font: inherit;">$714,000</div> was impaired. An impairment loss of <div style="display: inline; font-style: italic; font: inherit;">$714,000</div> was recorded during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div></div> impairment was recorded in <div style="display: inline; font-style: italic; font: inherit;">2018</div> or <div style="display: inline; font-style: italic; font: inherit;">2017</div> (Note <div style="display: inline; font-style: italic; font: inherit;">10</div>).</div> <!-- Field: Page; Sequence: 112 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Customer relationships</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Intangible assets include customer relationships acquired with the acquisition of DenseLight. Customer relationships is an externally acquired intangible asset and is measured at cost less accumulated amortization and any accumulated impairment losses. Customer relationships are amortized on a straight-line basis over their estimated useful lives and is tested for impairment whenever events or changes indicate that their carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. The useful life of customer relationships was determined to be <div style="display: inline; font-style: italic; font: inherit;">5</div> years. Customer relations was <div style="display: inline; font-style: italic; font: inherit;">nil</div> at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>as because the asset was disposed of with the sale of DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Inventory</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Inventory consists of raw material inventory, work in process, and finished goods and are recorded at the lower of cost and net realizable value. Cost is determined on a <div style="display: inline; font-style: italic; font: inherit;">first</div> in <div style="display: inline; font-style: italic; font: inherit;">first</div> out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventory to its present condition.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">An assessment is made of the net realizable value of inventory at each reporting period. Net realizable value is the estimated selling price less the estimated cost of completion and the estimated costs necessary to make the sale. When circumstances that previously caused inventories to be written down <div style="display: inline; font-style: italic; font: inherit;">no</div> longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances, the amount of any write down previously recorded is reversed so that the new carrying amount is the lower of the cost and the revised net realizable value. Raw materials are <div style="display: inline; font-style: italic; font: inherit;">not</div> written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials, as this is the best indicator of net realizable value. Inventory at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2017</div> related to inventory held by DenseLight. DenseLight was sold on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 (</div>see Note <div style="display: inline; font-style: italic; font: inherit;">23</div>).</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Property and equipment</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Property and equipment are recorded at cost. Depreciation is calculated based on the estimated useful life of the asset using the following method and useful lives:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="width: 9%"> </td> <td style="width: 46%; text-align: left">Machinery and equipment</td> <td style="width: 1%"> </td> <td style="width: 44%; text-align: left">Straight Line, <div style="display: inline; font-style: italic; font: inherit;">5</div> years</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">Leasehold improvements</td> <td> </td> <td style="text-align: left">Straight Line, <div style="display: inline; font-style: italic; font: inherit;">5</div> years or life of the lease, whichever is less</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">Office equipment</td> <td> </td> <td style="text-align: left">Straight Line, <div style="display: inline; font-style: italic; font: inherit;">3</div> - <div style="display: inline; font-style: italic; font: inherit;">5</div> years</td> </tr> </table></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Revenue recognition</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of <div style="display: inline; font-style: italic; font: inherit;">third</div> parties. The Company recognizes revenue when it transfers control over a product or service to a customer.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Sale of goods</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Revenue from the sale of goods is recognized, net of discounts and customer rebates, at the point in time the transfer of control of the related products has taken place as specified in the sales contract and collectability is reasonably assured.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Service revenue</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Company provides contract services, primarily in the form of non-recurring revenue ("NRE") where control is passed to the customer over time. The contracts generally provide agreed upon milestones for customer payment which include but are <div style="display: inline; font-style: italic; font: inherit;">not</div> limited to the delivery of sample products, design reports and test reports. The customer makes payment when it has approved the delivery of the milestone. The Company must determine if the contract is made up of a series of independent performance obligations or a single performance obligation. Where NRE contracts contain multiple performance obligations for which a standalone transaction price can be assessed, revenue is recognized as each performance obligation is satisfied. Where NRE contracts contain a single performance obligation to be settled over time, revenue is recognized progressively based on the output method.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Cash and cash equivalents</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Cash and cash equivalents consist of cash in current accounts of <div style="display: inline; font-style: italic; font: inherit;">$1,278,129</div> (<div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">$2,267,868,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div>- <div style="display: inline; font-style: italic; font: inherit;">$4,974,478</div>) and funds invested in US Term Deposits of <div style="display: inline; font-style: italic; font: inherit;">$150,000</div> (<div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">$300,000,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div> - <div style="display: inline; font-style: italic; font: inherit;">nil</div>) earning interest at <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">1.31%</div></div></div> and maturing in less than <div style="display: inline; font-style: italic; font: inherit;">90</div> days.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Cash and cash equivalents include restricted funds of <div style="display: inline; font-style: italic; font: inherit;">$93,800</div> (<div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">$218,888,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div> - <div style="display: inline; font-style: italic; font: inherit;">nil</div>) which serves as a bank guarantee for the purchase of certain equipment. The bank guarantee is reduced on a monthly basis by <div style="display: inline; font-style: italic; font: inherit;">$10,424</div> which is amount paid monthly in settlement of the outstanding balance on the equipment.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Stock-based compensation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Stock options and warrants awarded to non employees are measured using the fair value of the goods or services received unless that fair value cannot be estimated reliably, in which case measurement is based on the fair value of the stock options. Stock options and warrants awarded to employees are accounted for using the fair value method. The fair value of such stock options and warrants granted is recognized as an expense on a proportionate basis consistent with the vesting features of each tranche of the grant. The fair value is calculated using the Black-Scholes option pricing model with assumptions applicable at the date of grant.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Accounts receivable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Accounts receivable are amounts due from customers from the sale of products or services in the ordinary course of business. Accounts receivables are classified as current (on the consolidated statements of financial position) if payment is due within <div style="display: inline; font-style: italic; font: inherit;">one</div> year of the reporting period date, and are initially recognized at fair value and subsequently measured at amortized cost.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In determining a default provision, the Company utilizes a provision matrix, as permitted under the simplified approach to measure expected credit losses. In doing so management considered historical credit losses, forward-looking factors specific to the Company's debtors and other macro-economic factors to arrive at expected default rates. The default rates are then applied to the Company's aging to determine expected credit losses. The carrying amount of trade receivables is reduced by the expected credit losses. If the financial conditions of these customers were to deteriorate and the Company determines that <div style="display: inline; font-style: italic; font: inherit;">no</div> recovery of a trade receivable is possible, the amount is deemed irrecoverable and subsequently written-off. Accounts receivable at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2017</div> related to revenue earned by DenseLight. DenseLight was sold on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 (</div>see Note <div style="display: inline; font-style: italic; font: inherit;">23</div>).</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
0.9548
1.0347
1.0273
10
10
10
0.0157
0.0217
0.0187
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">1.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">DESCRIPTION OF BUSINESS</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">POET Technologies Inc. is incorporated in the Province of Ontario. POET Technologies Inc. and its subsidiaries (the "Company") are developers and manufacturers of optical source products and photonic integrated devices for the sensing, datacom and telecom markets. The Company's head office is located at <div style="display: inline; font-style: italic; font: inherit;">120</div> Eglinton Avenue East, Suite <div style="display: inline; font-style: italic; font: inherit;">1107,</div> Toronto, Ontario, Canada <div style="display: inline; font-style: italic; font: inherit;">M4P</div> <div style="display: inline; font-style: italic; font: inherit;">1E2.</div> These consolidated financial statements of the Company were approved by the Board of Directors of the Company on <div style="display: inline; font-style: italic; font: inherit;"> April 28, 2020.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">12.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">CONVERTIBLE DEBENTURES, LOAN PAYABLE AND PROMISSORY NOTE</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> April 1, 2019 </div>the Company announced that it arranged for certain financing required to bridge the Company up to the sale of its DenseLight subsidiary.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Convertible Debentures</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The <div style="display: inline; font-style: italic; font: inherit;">first</div> component of the financing consists of the issuance of up to <div style="display: inline; font-style: italic; font: inherit;">$10.5</div> million (<div style="display: inline; font-style: italic; font: inherit;">CAD$14</div> million) of unsecured convertible debentures (the “Convertible Debentures”) of the Company. The Convertible Debentures were sold in multiple tranches, on a brokered private placement basis through the Company’s financial advisors, IBK Capital. During the year the Company closed <div style="display: inline; font-style: italic; font: inherit;">five</div> tranches of the private placement of the Convertible Debentures that raised gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$3,729,921</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$4,988,292</div>). The Convertible Debentures, bear interest at <div style="display: inline; font-style: italic; font: inherit;">12%</div> per annum, compounded annually with <div style="display: inline; font-style: italic; font: inherit;">1%</div> payable at the beginning of each month and mature <div style="display: inline; font-style: italic; font: inherit;">two</div> years from the date of issue. The Company paid <div style="display: inline; font-style: italic; font: inherit;">$377,072</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$499,462</div>) in brokerage fees and other costs related to the closing of these <div style="display: inline; font-style: italic; font: inherit;">five</div> tranches.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Convertible Debentures are convertible at the option of the holders thereof into units at any time after <div style="display: inline; font-style: italic; font: inherit;"> October 31, 2019 </div>at a conversion price of <div style="display: inline; font-style: italic; font: inherit;">CAD$0.40</div> per unit for a total <div style="display: inline; font-style: italic; font: inherit;">12,470,730</div> units of the Company. Each unit will consist of <div style="display: inline; font-style: italic; font: inherit;">one</div> common share and <div style="display: inline; font-style: italic; font: inherit;">one</div> common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase <div style="display: inline; font-style: italic; font: inherit;">one</div> common share of the Company at a price of <div style="display: inline; font-style: italic; font: inherit;">CAD$0.50</div> per share for a period of <div style="display: inline; font-style: italic; font: inherit;">two</div> years from the date upon which the convertible debenture is converted into units. Upon completing the sale of DenseLight, holders of Convertible Debentures will have the right to cause the Company to repurchase the Convertible Debentures at face value, subject to certain restrictions. The Convertible Debentures are governed by a trust indenture between the Company and TSX Trust Company as trustee.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Insiders of the Company subscribed for <div style="display: inline; font-style: italic; font: inherit;">14.3%</div> or <div style="display: inline; font-style: italic; font: inherit;">$535,000</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$710,000</div>) of the Convertible Debentures, including the Company’s board of directors and senior management team. Insiders of IBK Capital subscribed for <div style="display: inline; font-style: italic; font: inherit;">4%</div> or <div style="display: inline; font-style: italic; font: inherit;">$146,000</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$200,000</div>) of the Convertible Debentures.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-style: italic;">IAS <div style="display: inline; font-style: italic; font: inherit;">32</div> Financial Instruments: Presentation</div> define these debt securities as compound financial instruments made up of both a liability component and an equity component. The debt components of the Convertible Debentures were fair valued using effective discount rates ranging from <div style="display: inline; font-style: italic; font: inherit;">28.74%</div> to <div style="display: inline; font-style: italic; font: inherit;">29.71%</div> which the Company determined would be the interest rate of the debts without a conversion feature. The difference between the fair value of the debt component and the loan is allocated to the equity component and is included in shareholders' equity.</div> <!-- Field: Page; Sequence: 117 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Because the Convertible Debentures are denominated in Canadian dollars and the conversion price is also denominated in Canadian dollars, the number of equity instruments that would be issued upon exercise of the convertible debentures are fixed. As a result, the equity component of the convertible debentures will <div style="display: inline; font-style: italic; font: inherit;">not</div> be periodically remeasured.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table reflects the details of convertible debentures:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold">Convertible Debentures</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Loan</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Equity Component</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Accretion</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Debt Component</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Issued April 3, 2019 (net of issue costs)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,293,519</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(242,004</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">128,240</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,179,755</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued May 3, 2019 (net of issue costs)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">979,256</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(183,317</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">84,708</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">880,647</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Issued June 3, 2019 (net of issue costs)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">582,356</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(109,017</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,855</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">516,194</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued August 2, 2019 (net of issue costs)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">374,753</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(70,154</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,690</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">324,289</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Issued September 19, 2019 (net of issue costs)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">122,965</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23,019</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,336</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,282</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of foreign exchange rate changes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,866</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,352,849</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(627,511</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">280,829</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,089,033</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Loan Payable and Promissory Note</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The <div style="display: inline; font-style: italic; font: inherit;">second</div> component of the financing consisted of a credit facility (the “Bridge Loan”) provided by Espresso Capital Ltd which granted the Company access to a maximum <div style="display: inline; font-style: italic; font: inherit;">$5,000,000.</div> The Company signed the loan documents on <div style="display: inline; font-style: italic; font: inherit;"> April 18, 2019 </div>and was advanced <div style="display: inline; font-style: italic; font: inherit;">$3,100,000</div> shortly thereafter.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Funds drawn on the Credit Facility bear interest at a rate of <div style="display: inline; font-style: italic; font: inherit;">17.25%</div> per annum (the "Interest Rate"), calculated daily from the date of each advance until the earlier of the due date of each such advance, if any, and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 (</div>the "Maturity Date"). The Interest Rate is comprised of <div style="display: inline; font-style: italic; font: inherit;">15%</div> cash interest and <div style="display: inline; font-style: italic; font: inherit;">2.25%</div> deferred interest. Per the agreement, the interest rate was retroactively increased to <div style="display: inline; font-style: italic; font: inherit;">19.25%</div> because the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> consummate the sale of Denselight by <div style="display: inline; font-style: italic; font: inherit;"> October 15, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company paid <div style="display: inline; font-style: italic; font: inherit;">$147,077</div> in costs related to the Bridge Loan. Additionally, the Company issued to Espresso Capital Ltd, warrants for the purchase of <div style="display: inline; font-style: italic; font: inherit;">3,289,500</div> common shares at a price of <div style="display: inline; font-style: italic; font: inherit;">CAD$0.35</div> per share. The Warrants expire on <div style="display: inline; font-style: italic; font: inherit;"> April 18, 2020. </div>The fair value of the warrants was estimated on the date of issue using the Black-Scholes option pricing model with the following assumptions: volatility of <div style="display: inline; font-style: italic; font: inherit;">78.91%,</div> interest rate of <div style="display: inline; font-style: italic; font: inherit;">1.62%</div> and an expected life of <div style="display: inline; font-style: italic; font: inherit;">1</div> year. The estimated fair value assigned to the warrants was <div style="display: inline; font-style: italic; font: inherit;">$221,620.</div> The total cost of <div style="display: inline; font-style: italic; font: inherit;">$368,697</div> along with the foreign exchange impact of <div style="display: inline; font-style: italic; font: inherit;">$3,543</div> was deferred and charged against the Bridge Loan and subsequently amortized over the life of the Bridge Loan. The Bridge loan was repaid on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Additionally, on <div style="display: inline; font-style: italic; font: inherit;"> August 30, 2019, </div>the Company signed a term promissory note (the "Promissory Note") for up-to <div style="display: inline; font-style: italic; font: inherit;">$1,000,000</div> with Century Prosper Investment Corporation (the "Lender"). The Promissory Note bears interest at <div style="display: inline; font-style: italic; font: inherit;">15%</div> per annum. The Promissory Note and accrued interest are repayable on the <div style="display: inline; font-style: italic; font: inherit;">six</div>-month anniversary of each advance. At the option of the Lender, the advances and accrued interest <div style="display: inline; font-style: italic; font: inherit;"> may </div>be repaid in full <div style="display: inline; font-style: italic; font: inherit;">five</div> days after the sale of the Company's DenseLight subsidiary. The Company was advanced <div style="display: inline; font-style: italic; font: inherit;">$900,000</div> on this Promissory Note. The <div style="display: inline; font-style: italic; font: inherit;">$900,000</div> advance and related interest of <div style="display: inline; font-style: italic; font: inherit;">$17,160</div> were repaid on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">3.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">RECENT ACCOUNTING PRONOUNCEMENTS</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Recently adopted accounting policy</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> Leases (“IFRS <div style="display: inline; font-style: italic; font: inherit;">16”</div>) sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, the customer (lessee) and the supplier (lessor). This replaces IAS <div style="display: inline; font-style: italic; font: inherit;">17,</div> Leases (“IAS <div style="display: inline; font-style: italic; font: inherit;">17”</div>) and related Interpretations. IFRS <div style="display: inline; font-style: italic; font: inherit;">16</div> provides revised guidance on identifying a lease and for separating lease and non-lease components of a contract. IFRS <div style="display: inline; font-style: italic; font: inherit;">16</div> introduces a single accounting model for all lessees and requires a lessee to recognize right of use assets and lease liabilities for leases with terms of more than <div style="display: inline; font-style: italic; font: inherit;">12</div> months, unless the underlying asset is of low value, and depreciation of lease assets is reported separately from interest on lease liabilities in the income statement. Under IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> lessor accounting for operating and finance leases will remain substantially unchanged. IFRS <div style="display: inline; font-style: italic; font: inherit;">16</div> is effective for annual periods beginning on or after <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019, </div>with earlier application permitted for entities that apply IFRS <div style="display: inline; font-style: italic; font: inherit;">15,</div> Revenue from Contracts with Customers. The Company adopted this new standard using the modified retrospective method on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019. </div>The adoption of IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> resulted in a right of use asset and liability of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$1,127,534</div>.</div> The carrying value of the right of use asset and lease liability relating to Denselight were disposed of upon the sale of DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 (</div>notes <div style="display: inline; font-style: italic; font: inherit;">9</div> and <div style="display: inline; font-style: italic; font: inherit;">23</div>).</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Number of</td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Amount</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,333,853</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">103,357,862</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Funds from the exercise of stock options</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">685,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">123,528</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of stock options exercised</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">134,831</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">260,018,853</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">103,616,221</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common shares issued on public offering</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,090,700</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,663,548</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Share issue costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,131,990</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fair value of warrants issued on public offering</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,286,426</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair value of compensation options issued to brokers</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(479,204</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Funds from the exercise of stock options</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">372,250</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">87,974</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair value of stock options exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,330</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Funds from the exercise of warrants and compensation warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,600,500</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,028,471</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of warrants and compensation warrants exercised</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">447,270</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288,082,303</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,028,194</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Funds from the exercise of stock options</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">281,250</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,028</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of stock options exercised</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,950</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288,363,553</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,144,172</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">17.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">COMMITMENTS AND CONTINGENCIES</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company has operating leases on <div style="display: inline; font-style: italic; font: inherit;">three</div> facilities; head office located in Toronto, Canada, design and testing operations located in San Jose, California and operating facilities located in Singapore. The Company's design and testing operations terminated a lease on <div style="display: inline; font-style: italic; font: inherit;"> January 31, 2020. </div>A new lease was initiated on <div style="display: inline; font-style: italic; font: inherit;"> April 1, 2020 </div>and expires on <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2025. </div>The lease on the Company's operating facilities was initiated on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019 </div>and expires <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2022. </div>As at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company's head office was on a month to month lease term.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Remaining annual lease payments to the lease expiration dates are as follows:</div> <div style=" font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt; width: 85%; font-weight: normal; text-align: left">2020</td> <td style="width: 1%; font-weight: normal"> </td> <td style="width: 1%; font-weight: normal; text-align: left">$</td> <td style="width: 12%; font-weight: normal; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">170,759</div></td> <td style="white-space: nowrap; width: 1%; font-weight: normal; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-left: 40pt; font-weight: normal; text-align: left">2021 and beyond</td> <td style="border-bottom: Black 1pt solid; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">494,732</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: normal; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">665,491</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: normal; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">DenseLight</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">BB Photonics</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Total</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 55%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,303,567</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,596,307</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Tax effect of amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,005,627</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,298,367</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Tax effect of amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">707,687</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,427</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax effect of Impairment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(292,740</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(292,740</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Disposed on the sale of DenseLight</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(707,687</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(707,687</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold">Convertible Debentures</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Loan</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Equity Component</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Accretion</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Debt Component</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Issued April 3, 2019 (net of issue costs)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,293,519</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(242,004</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">128,240</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,179,755</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued May 3, 2019 (net of issue costs)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">979,256</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(183,317</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">84,708</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">880,647</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Issued June 3, 2019 (net of issue costs)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">582,356</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(109,017</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,855</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">516,194</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Issued August 2, 2019 (net of issue costs)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">374,753</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(70,154</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,690</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">324,289</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Issued September 19, 2019 (net of issue costs)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">122,965</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(23,019</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,336</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,282</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of foreign exchange rate changes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,866</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,352,849</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(627,511</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">280,829</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,089,033</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair value through profit or loss, measured at amortized cost:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; width: 55%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,428,129</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,567,868</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,974,478</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, measured at amortized cost:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Accounts receivable</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">946,944</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">493,925</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Receivable from the sale of discontinued operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,000,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other liabilities, measured at amortized cost:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Accounts payable and accrued liabilities</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,725,708</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,040,422</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(810,593</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-left: 20pt; text-align: left">Convertible debentures</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,089,033</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">INTANGIBLE ASSETS</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Customer</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Technology</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Relationships</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Total</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Cost</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Balance, December 31, 2017 and 2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">714,000</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">186,131</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">900,131</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Impairment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(714,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(714,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Disposals <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(186,131</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(186,131</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Accumulated Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, January 1, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,266</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,266</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Amortization for the year</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,494</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,494</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Amortization for the year</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,722</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,722</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Disposals <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,722</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,722</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <!-- Field: Page; Sequence: 116 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Carrying Amounts</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 55%">At December 31, 2017</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">714,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,637</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">839,637</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">714,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,409</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">802,409</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">The Company disposed of its customer relationships intangible assets and related amortization on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 </div>with the sale of DenseLight (Note <div style="display: inline; font-style: italic; font: inherit;">23</div>).</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Equipment not</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Leasehold</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Machinery and</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Office</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">ready for use</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">improvements</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">equipment</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">equipment</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Total</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap; font-weight: bold">Cost</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 35%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">602,830</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">667,342</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,734,885</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">314,817</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,319,874</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">806,182</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,433</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,182</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">969,797</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reclassification</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(874,371</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">874,371</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,433</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,779</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,914</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">128,126</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">581,074</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">667,342</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,795,468</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">373,913</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,417,797</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,667,894</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,258</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,718,152</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reclassification <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,086,895</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">881,221</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,674</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment and disposals <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(611,875</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,665</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(615,540</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,920</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(46,829</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,739</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(68,488</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Balance,December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,142,153</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">667,342</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,017,985</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">621,441</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,448,921</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,986,210</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,260</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,480</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,044,950</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Disposals <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,388,762</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(667,342</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,198,519</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(555,688</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13,810,311</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,741</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,529</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,270</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">764,342</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,873,255</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,233</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,722,830</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Accumulated Depreciation</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">83,189</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,308</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,167</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,955,664</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Depreciation for the year</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,499</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,857,474</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">192,990</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,183,963</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,688</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,665,782</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">257,157</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,139,627</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Depreciation for the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,809</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,201,133</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,662</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,468,604</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Impairment and disposals (1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(455,158</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,665</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(458,823</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">350,497</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,411,757</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">387,154</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,149,408</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation for the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,337</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,005</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">166,342</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Disposals (2)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(350,497</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,044,288</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(341,195</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,735,980</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">511,806</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,964</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">579,770</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Carrying Amounts</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2017</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">581,074</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">450,654</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,129,686</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">116,756</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,278,170</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">At December 31, 2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,142,153</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">316,845</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,606,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,287</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,299,513</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">764,342</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,361,449</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,269</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,143,060</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">23.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">DISCONTINUED OPERATIONS</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.15pt; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> February 3, 2019, </div>management committed to a plan to sell its subsidiary, DenseLight. The decision was taken in line with a strategy to focus on the Company's opportunities related to its Optical Interposer. Management determined that the divestiture of DenseLight would immediately reduce the Company's operating losses and cash burn, while allowing the Company to pursue a "fab-light" strategy with a less capital-intensive business model that is focused on growing the Optical Interposer business through targeted investments in the design, development and sale of vertical market solutions. Consequently, after the plan and prior to the actual sale, all saleable assets and liabilities relating to DenseLight were classified as "Non-current assets held for sale" or "disposal group liabilities". An impairment assessment was done on the assets that were held for sale. It was determined that <div style="display: inline; font-style: italic; font: inherit;">no</div> assets were impaired either on the date management committed to a plan of sale or on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 </div>when the sale was consummated.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019, </div>the Company sold <div style="display: inline; font-style: italic; font: inherit;">100%</div> of the issued and outstanding shares of DenseLight for <div style="display: inline; font-style: italic; font: inherit;">$26,000,000.</div> The Company received <div style="display: inline; font-style: italic; font: inherit;">$8,000,000</div> upon the consummation of the sale. The Company expects to receive the remaining <div style="display: inline; font-style: italic; font: inherit;">$18,000,000</div> over <div style="display: inline; font-style: italic; font: inherit;">three</div> tranches, with <div style="display: inline; font-style: italic; font: inherit;">$4,750,000</div> received on <div style="display: inline; font-style: italic; font: inherit;"> February 14, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">$8,250,000</div> received on <div style="display: inline; font-style: italic; font: inherit;"> March 30, 2020. </div>The remaining <div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div> is expected to be received on or before <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020. </div>Shares were placed into escrow in the name of the Buyer, to be released to the Buyer upon receipt of the remaining payments. The Buyer assumed control of DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 </div>and will be responsible for all operations of DenseLight thence-forth. Upon closing, the Company recognized a gain on the sale of <div style="display: inline; font-style: italic; font: inherit;">$8,707,280.</div> The Company received an additional <div style="display: inline; font-style: italic; font: inherit;">$2,000,000,</div> in excess of the sale proceeds, with the most recently paid <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches which was immediately paid to Oak Capital on behalf of the Buyer for due diligence, legal and other expenses.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Revenue and expenses, and gains and losses relating to the discontinued operations have been removed from the results of continuing operations and are shown as a single line item on the face of the consolidated statement of comprehensive loss. The operating results of the discontinued operations can be analysed as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Results of discontinued operations</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">For the Period From</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center; white-space: nowrap">For the Year Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">January 1 to November 8,</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center; white-space: nowrap">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Revenue</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,426,355</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,888,185</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,794,044</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Cost of revenue</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,201,373</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,475,969</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,342,691</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Gross margin</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,224,982</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,412,216</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,451,353</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,677,222</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,430,328</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,403,452</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling, marketing and administration</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,950,526</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,515,329</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,983,032</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,494</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment loss</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">156,717</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Other income</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,251,737</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,491,556</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,748,245</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Operating expenses</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,450,505</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,610,818</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,638,239</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from discontinued operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,225,523</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,198,602</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,186,886</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gain on sale of discontinued operations, net of taxes</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,707,280</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Income tax recovery</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net income (loss), net of taxes</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Disaggregated Revenues</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company disaggregates revenue by timing of revenue recognition, that is, at a point in time and revenue over time. Disaggregated revenue is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">For the Period From</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center; white-space: nowrap">For the Year Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">January 1 to November 8,</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center; white-space: nowrap">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Non-contract revenue (at a point in time)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)(3)</div></td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,092,426</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,261,518</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,714,044</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract revenue (revenue over time)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)(3)</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,221,429</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,667</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">80,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Contract revenue (at a point in time)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)(3)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,500</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,426,355</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,888,185</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,794,044</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">Revenue from the sale of products.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">Revenue from long-term projects or non-recurring engineering (NRE).</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">All revenue was generated from the Singapore geographic region.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Revenue Contract Balances</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="text-align: center; white-space: nowrap; font-weight: bold">Contract</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Receivables</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Liabilities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Opening balance, January 1, 2017</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(20,000</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenues recognized</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">80,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(60,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Changes due to payment, fulfillment of performance obligations or other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(40,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">80,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2017</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenues recognized</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">626,667</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(626,667</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Changes due to payment, fulfillment of performance obligations or other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(606,667</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">626,667</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <!-- Field: Page; Sequence: 127 --> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="text-align: center; white-space: nowrap; font-weight: bold">Contract</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Receivables</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Liabilities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Balance, December 31, 2018</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,000</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenues recognized</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,333,929</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,333,929</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Changes due to payment, fulfillment of performance obligations or other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,293,929</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,333,929</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, November 8, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,100,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development costs included in discontinued operations can be analysed as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">For the Period From</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center; white-space: nowrap">For the Year Ended</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">January 1 to November 8,</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center; white-space: nowrap">December 31,</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Wages and benefits</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,565,076</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,818,980</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,135,329</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplies</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,412,572</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,070,495</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,118,011</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Subcontract fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">728,457</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">400,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Stock-based compensation</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(28,883</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">140,853</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">150,112</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,677,222</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,430,328</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,403,452</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Selling, marketing and administration costs included in discontinued operations can be analysed as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Wages and benefits</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">887,860</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,034,715</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,131,322</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rent and facility costs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">604,442</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">975,467</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,079,635</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General expenses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">458,465</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">785,635</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">585,637</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(46,725</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">278,385</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">66,454</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,484</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,747</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,076</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Depreciation and amortization</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,409,380</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,092,908</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,950,526</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,515,329</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,983,032</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Cash flows from (used in) discontinued operations</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: normal; text-align: left">CASH (USED IN) PROVIDED BY:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: normal; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: normal; text-align: left">OPERATING ACTIVITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: normal; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Net loss</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Adjustments for:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation of property and equipment</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,372,152</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,055,680</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gain on sale of discontinued operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,707,280</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Amortization of intangibles</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Interest expense</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,494</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impairment loss</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">156,717</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Stock-based compensation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(75,608</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">419,238</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,566</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income tax recovery</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred rent</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,825</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(21,992</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Expected credit loss</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,615</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,228,462</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,194,644</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,877,412</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">Net change in non-cash working capital accounts:</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; text-align: left">Accounts receivable</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">584,902</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(508,093</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(171,257</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid and other current assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">497,259</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(949,401</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(927,685</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Inventory</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(334,425</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,733</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">663,992</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Accounts payable and accrued liabilities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(470,378</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,782,612</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(616,289</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Cash flows from operating activities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,951,104</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,790,793</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,928,651</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">INVESTING ACTIVITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Proceeds from the sale of discontinued operations, net of cash given up (1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7,519,126</div></div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of property and equipment (Note 7)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,599,272</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,467,992</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(912,774</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Purchase of patents and licenses (Note 8)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,231</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,815</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Cash flows from investing activities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,908,623</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,467,992</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(931,589</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">FINANCING ACTIVITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Payment of lease liability (Note 9)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(258,460</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Cash flows from financing activities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(258,460</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">EFFECT OF EXCHANGE RATE CHANGES ON CASH</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,010</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,490</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(65,338</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">NET CHANGE IN CASH</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,685,049</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,232,295</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,925,578</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Effect of Disposal on the Financial Position of the Group</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">396,037</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid and other current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,303,014</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Inventory</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">774,404</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,424,638</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right of use asset</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">880,577</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Patents</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,696</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Goodwill and customer list</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,718,953</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade payables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,312,053</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease Liability</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(695,733</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Deferred tax liability</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(707,687</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Net assets disposed</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,811,846</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div> Consideration received in cash</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,000,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div> Cash given up</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(480,874</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Consideration receivable</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,000,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net inflows</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,519,126</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">16.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">INCOME (LOSS) PER SHARE</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">Numerator</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; width: 55%; text-align: left">Net loss from continuing operations</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,434,632</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,422,117</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,908,851</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-left: 20pt; text-align: left">Net income (loss) from discontinued operations</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-left: 20pt; text-align: left">Net loss</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,952,875</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,322,779</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,797,797</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Weighted average number of common shares outstanding</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288,216,378</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">282,098,432</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,771,793</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-left: 20pt">Weighted average number of common shares outstanding - diluted</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288,216,378</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">282,098,432</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,771,793</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted loss per share, continuing operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.04</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.03</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.03</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted income (loss) per share, discontinued operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.02</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.03</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.02</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Basic and diluted loss per share</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.02</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.06</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.05</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The effect of common share purchase options, warrants, compensation warrants and shares to be issued on the net loss in <div style="display: inline; font-style: italic; font: inherit;">2019,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017</div> is <div style="display: inline; font-style: italic; font: inherit;">not</div> reflected as they are anti-dilutive.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">26.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">SUBSEQUENT EVENTS</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> February 14, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> March 30, 2020 </div>the Company collected <div style="display: inline; font-style: italic; font: inherit;">$4,750,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$8,250,000</div> respectively for a cumulative <div style="display: inline; font-style: italic; font: inherit;">$13,000,000</div> representing <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches of an agreed <div style="display: inline; font-style: italic; font: inherit;">three</div> tranche payment plan for the outstanding balance due from DL Shanghai from the sale of DenseLight. The escrow agent transferred additional shares from escrow to the Buyer. The Buyer now directly holds a cumulative <div style="display: inline; font-style: italic; font: inherit;">81%</div> of the shares of DenseLight. The Company collected an additional <div style="display: inline; font-style: italic; font: inherit;">$2,000,000,</div> in excess of the sale proceeds, which was immediately paid to Oak Capital on behalf of the DL Shanghai for due diligence, legal and other expenses.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Wages and benefits</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">874,673</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,258</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">703,759</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Subcontract fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">834,598</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">888,566</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,044,936</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock-based compensation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,311</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">395,468</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">218,896</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Supplies</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">137,233</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">156,184</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,830</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,083,815</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,262,476</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,039,421</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Stock-based compensation</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,650,830</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,207,411</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,739,462</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Wages and benefits</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,619,719</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,433,286</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,443,656</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,120,805</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">735,604</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">597,865</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General expenses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">813,951</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">392,901</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">598,600</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">243,674</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">153,244</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">182,252</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Management and consulting fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">154,357</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,169</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,577</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Rent and facility costs</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,051</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">96,260</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">96,297</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,697,387</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,173,875</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,887,709</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">22.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">EXPENSES</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development costs can be analysed as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Wages and benefits</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">874,673</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">822,258</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">703,759</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Subcontract fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">834,598</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">888,566</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,044,936</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock-based compensation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,311</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">395,468</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">218,896</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Supplies</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">137,233</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">156,184</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,830</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,083,815</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,262,476</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,039,421</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Selling, marketing and administration costs can be analysed as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Stock-based compensation</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,650,830</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,207,411</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,739,462</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Wages and benefits</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,619,719</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,433,286</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,443,656</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,120,805</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">735,604</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">597,865</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General expenses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">813,951</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">392,901</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">598,600</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">243,674</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">153,244</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">182,252</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Management and consulting fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">154,357</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">155,169</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">229,577</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Rent and facility costs</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,051</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">96,260</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">96,297</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,697,387</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,173,875</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,887,709</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">20.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">FINANCIAL INSTRUMENTS AND RISK MANAGEMENT</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company's financial instruments consist of cash and cash equivalents, accounts receivable, receivable from the sale of discontinued operations, convertible debentures, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is <div style="display: inline; font-style: italic; font: inherit;">not</div> exposed to significant interest risk arising from these financial instruments. The Company estimates that the fair value of these instruments approximates fair value due to their short term nature.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company has classified financial assets and (liabilities) as follows at <div style="display: inline; font-style: italic; font: inherit;"> December 31:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair value through profit or loss, measured at amortized cost:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; width: 55%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,428,129</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,567,868</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,974,478</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accounts receivable, measured at amortized cost:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Accounts receivable</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">946,944</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">493,925</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Receivable from the sale of discontinued operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,000,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other liabilities, measured at amortized cost:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Accounts payable and accrued liabilities</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,725,708</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,040,422</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(810,593</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-left: 20pt; text-align: left">Convertible debentures</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,089,033</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <!-- Field: Page; Sequence: 124 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Credit Risk</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company is exposed to credit risk associated with its accounts receivable. The Company has accounts receivable from both governmental and non-governmental agencies. Credit risk is minimized substantially by ensuring the credit worthiness of the entities with which it carries on business. Credit terms are provided on a case by case basis. The Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> experienced any significant instances of non-payment from its customers.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company's accounts receivable ageing at <div style="display: inline; font-style: italic; font: inherit;"> December 31 </div>was as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt; width: 55%">Current</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">892,343</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">330,731</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 40pt">31 - 60 days</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,331</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,094</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt">61 - 90 days</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,885</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 40pt; text-align: left">> 90 days</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">107,100</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-left: 40pt; text-align: left">Expected credit losses <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(40,615</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">946,944</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">493,925</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">The Company applies IFRS <div style="display: inline; font-style: italic; font: inherit;">9</div> simplified approach to measuring expected credit losses using a lifetime expected credit loss allowance for trade receivables.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Exchange Rate Risk</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The functional currency of each of the entities included in the accompanying consolidated financial statements is the local currency where the entity is domiciled. Functional currencies include the US, Singapore and Canadian dollar. Most transactions within the entities are conducted in functional currencies. As such, <div style="display: inline; font-style: italic; font: inherit;">none</div> of the entities included in the consolidated financial statements engage in hedging activities. The Company is exposed to a foreign currency risk with the Canadian and Singapore dollar. A <div style="display: inline; font-style: italic; font: inherit;">10%</div> change in the Canadian and Singapore dollar would increase or decrease other comprehensive loss by <div style="display: inline; font-style: italic; font: inherit;">$290,950.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Liquidity Risk</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company currently does <div style="display: inline; font-style: italic; font: inherit;">not</div> maintain credit facilities. The Company's existing cash and cash resources are considered sufficient to fund operating and investing activities beyond <div style="display: inline; font-style: italic; font: inherit;">one</div> year from the issuance of these consolidated financial statements. The Company <div style="display: inline; font-style: italic; font: inherit;"> may, </div>however, need to seek additional financing in the future.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">As of December 31,</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Singapore</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">US</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Canada</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Consolidated</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-weight: bold; text-align: left">Current assets</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">86,849</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,523</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,150,022</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,259,394</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Property and equipment</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,055,906</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">87,154</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,143,060</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Patents and licenses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">452,384</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">452,384</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Right of use asset</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">222,517</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">222,517</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Total Assets</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,365,272</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">562,061</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,150,022</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,077,355</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold">Year Ended December 31,</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Singapore</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">US</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Canada</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Consolidate</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-weight: bold; text-align: left">Selling, marketing and administration</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">217,416</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,126,260</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,353,711</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,697,387</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Research and development</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">218,900</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">107,161</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,757,754</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,083,815</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Impairment of long lived assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764,459</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764,459</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Interest expense</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,705</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">815,206</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">819,911</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Amortization of debt issuance costs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">372,340</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">372,340</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Other income including interest income</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,540</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,540</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Income taxes</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(292,740</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(292,740</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net loss from continuing operations, net of taxes</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(441,021</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,940,681</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,288,471</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,434,632</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Income from discontinued operations, net of taxes</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Net income (loss)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,040,736</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,940,681</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,288,471</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,952,875</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap">As of December 31,</td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Singapore</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">US</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Canada</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Consolidated</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,283,008</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">302,405</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,302,851</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,888,264</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,136,694</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">162,819</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,299,513</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Patents and licenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,464</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">448,250</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">466,714</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Goodwill and intangible assets</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,718,953</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764,459</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,483,412</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Total Assets</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,157,119</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,677,933</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,302,851</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,137,903</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">Year Ended December 31,</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Singapore</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">US</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Canada</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Consolidated</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Selling, marketing and administration</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,169,619</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,004,256</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,173,875</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,715,154</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">547,322</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,262,476</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Other income including interest</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,234</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,234</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss from continuing operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,884,773</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,537,344</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,422,117</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Loss from discontinued operations, net of taxes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net loss</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,884,773</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,537,344</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,322,779</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">As of December 31,</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Singapore</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">US</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Canada</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Consolidated</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,190,298</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,621,318</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,096</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,950,712</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,018,900</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,270</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,278,170</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Patents and licenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,816</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">437,434</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">456,250</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Goodwill and intangible assets</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,756,181</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764,459</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,520,640</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Total Assets</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,984,195</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,082,481</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,096</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,205,772</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">The Year Ended December 31,</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Singapore</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">US</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Canada</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Consolidated</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Selling, marketing and administration</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,837,859</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,049,850</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,887,709</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,719,734</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">319,687</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,039,421</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Other income including interest</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,279</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,279</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss from continuing operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,557,593</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,351,258</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,908,851</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Loss from discontinued operations, net of taxes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net loss</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,557,593</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,351,258</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,797,797</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">24.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">GOODWILL AND DEFERRED TAX LIABILITY</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> May 11 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 22, 2016 </div>the Company acquired DenseLight and BB photonics for <div style="display: inline; font-style: italic; font: inherit;">$10,500,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$1,550,000</div> respectively. The all stock purchases were accomplished with the issuance of <div style="display: inline; font-style: italic; font: inherit;">13,611,150</div> common shares and <div style="display: inline; font-style: italic; font: inherit;">1,996,090</div> common shares of the Company at a price of <div style="display: inline; font-style: italic; font: inherit;">$0.7714</div> and <div style="display: inline; font-style: italic; font: inherit;">$0.777</div> per share, respectively. The purchase price in both acquisitions exceeded the net assets acquired which resulted in the difference being accounted for as goodwill on the consolidated statements of financial position.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The continuity of goodwill is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">DenseLight</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">BB Photonics</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Total</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 55%">Balance, December 31, 2017 and 2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,630,544</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,050,459</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,681,003</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,050,459</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,050,459</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Disposed on the sale of DenseLight</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,630,544</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,630,544</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Deferred tax liability was created on the date of purchase for both DenseLight and BB Photonics. The following is a continuity of deferred tax liability.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">DenseLight</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">BB Photonics</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Total</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 55%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,303,567</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,596,307</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Tax effect of amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,005,627</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,298,367</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Tax effect of amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">707,687</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,000,427</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Tax effect of Impairment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(292,740</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(292,740</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Disposed on the sale of DenseLight</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(707,687</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(707,687</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Included in the sale of DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">$6,630,544</div> of goodwill and <div style="display: inline; font-style: italic; font: inherit;">$707,687</div> of deferred liability.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">25.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">INCOME TAXES</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table reconciles the expected income tax recovery at the Canadian statutory income tax rate of <div style="display: inline; font-style: italic; font: inherit;">26.5%</div> for <div style="display: inline; font-style: italic; font: inherit;">2019</div> (<div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">26.5%,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div> - <div style="display: inline; font-style: italic; font: inherit;">26.5%</div>) to the amounts recognized in operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold">For the Year Ended December 31,</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Net loss, continuing operations</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,727,372</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,422,117</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,908,851</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net income (loss), discontinued operations</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,198,602</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,186,886</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Net loss before taxes</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,245,615</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,620,719</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13,095,737</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected current income tax recovery</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,655,088</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,404,491</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,470,370</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Deferred tax recovery <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,947,828</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,702,431</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,768,310</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <!-- Field: Page; Sequence: 130 --> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold">For the Year Ended December 31,</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to income tax recovery:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Amounts not deductible for tax purposes</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,212,900</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,065,900</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(841,000</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other non-deductible items</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(173,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(509,900</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(463,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deductible share and debt issuance costs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-taxable gain</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,307,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impact of US statutory income tax rate change <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,472,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign tax differential</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">591,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(592,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(69,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-recognizable permanent capital loss</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,175,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unusable foreign tax recoveries <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(3)</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,040,081</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Unrecognized tax recovered (losses)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,831,893</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,313,691</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,280,630</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Income tax recovery recognized <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-size: 10pt"> </div></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">Due to the reduction of US corporate tax rates from <div style="display: inline; font-style: italic; font: inherit;">35%</div> to <div style="display: inline; font-style: italic; font: inherit;">21%,</div> the Company will <div style="display: inline; font-style: italic; font: inherit;">not</div> be able to apply <div style="display: inline; font-style: italic; font: inherit;">$9,472,000</div> against any future US taxes payable.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">Deferred tax recovery and income tax recovery recognized for <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2017</div> are included Income (loss) from discontinued operations, net of taxes on the consolidated statements of operations and deficit.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">3</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">Deferred tax assets applicable to DenseLight and <div style="display: inline; font-style: italic; font: inherit;">no</div> longer available to the Company.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The following table reflects future income tax assets at <div style="display: inline; font-style: italic; font: inherit;"> December 31:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Resource assets</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,024,271</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,024,271</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,024,271</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross unamortized share issue costs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">385,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">669,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">705,351</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Canadian non-capital losses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,545,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,431,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,100,672</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Canadian capital losses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,432,500</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">US non-capital losses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">75,060,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,594,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,654,438</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Singapore non-capital losses</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">378,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,894,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">43,671,200</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,824,771</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,612,271</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">124,155,932</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Unrecognized deferred tax assets</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,824,771</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(132,612,271</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(124,155,932</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Deferred income tax assets recognized</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In accordance with Section <div style="display: inline; font-style: italic; font: inherit;">382</div> of the Internal Revenue Code, the usage of the Company’s net operating loss carry forward related to the BB Photonics acquisition in <div style="display: inline; font-style: italic; font: inherit;">2016</div> of approximately <div style="display: inline; font-style: italic; font: inherit;">$928,000</div> could be subject to annual limitation since there was greater than <div style="display: inline; font-style: italic; font: inherit;">50%</div> ownership change.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: left"> </td> <td> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: left"> </td> <td> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 52%">Weighted average exercise price</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 5%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 5%; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.27</div></td> <td style="white-space: nowrap; width: 5%; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 1%"> </td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 5%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.34</div></td> <td style="white-space: nowrap; width: 5%; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 1%"> </td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 5%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.24</div></td> <td style="white-space: nowrap; width: 5%; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average risk-free interest rate</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">1.57%</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2.17%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">1.87%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average dividend yield</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">0%</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">0%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">0%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average volatility</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">95.48%</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">103.47%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">102.73%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average estimated life (in years)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">10</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">10</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">10</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average share price</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.27</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.34</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.24</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Share price on the various grant dates:</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">$0.24 </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> $0.28</div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">$0.18 </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> $0.40</div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">$0.21 </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> $0.32</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average fair value</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.24</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.30</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.22</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">8.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">PATENTS AND LICENSES</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Cost</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">609,887</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Additions</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,543</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">670,430</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,608</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(352</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">737,686</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,037</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Disposals (1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(29,696</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">785,027</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accumulated Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, January 1, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,211</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,969</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">214,180</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,792</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">270,972</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,671</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">332,643</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Carrying Amounts</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">At December 31, 2017</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">456,250</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">466,714</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">452,384</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -11.3pt"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019, </div>the Company disposed of certain patents unrelated to the Company's technology on the sale of DenseLight.</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">6.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">INVENTORY</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table reflects the details of inventory at <div style="display: inline; font-style: italic; font: inherit;"> December 31:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Raw materials</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98,370</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,768</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finished goods</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">212,361</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">260,105</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Work in process</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">126,102</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">151,709</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">436,833</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">524,582</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In <div style="display: inline; font-style: italic; font: inherit;">2017,</div> the Company recorded an inventory write-down of <div style="display: inline; font-style: italic; font: inherit;">$353,476.</div> Raw materials related to products under development represented the most significant portion of the write-down.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company disposed of its inventory upon the sale of DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">13.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">SHARE CAPITAL</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"> </td> <td style="width: 0.5in; text-align: left">(a)</td> <td style="text-align: justify">AUTHORIZED</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 68pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">Unlimited number of common shares</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 1in">One special voting share</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in; text-align: left"></td> <td style="text-align: left; width: 0.5in">(b)</td> <td style="text-align: justify">COMMON SHARES ISSUED</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Number of</td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Amount</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,333,853</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">103,357,862</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Funds from the exercise of stock options</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">685,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">123,528</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of stock options exercised</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">134,831</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">260,018,853</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">103,616,221</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common shares issued on public offering</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,090,700</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,663,548</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Share issue costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,131,990</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fair value of warrants issued on public offering</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,286,426</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair value of compensation options issued to brokers</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(479,204</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Funds from the exercise of stock options</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">372,250</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">87,974</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair value of stock options exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">82,330</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Funds from the exercise of warrants and compensation warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,600,500</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,028,471</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of warrants and compensation warrants exercised</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">447,270</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288,082,303</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,028,194</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Funds from the exercise of stock options</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">281,250</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,028</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of stock options exercised</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,950</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288,363,553</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,144,172</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> March 21, 2018, </div>the Company completed a brokered "bought deal" public offering of <div style="display: inline; font-style: italic; font: inherit;">25,090,700</div> units at a price of <div style="display: inline; font-style: italic; font: inherit;">$0.425</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$0.55</div>) per unit for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$10,663,548</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$13,799,885</div>). Each unit consists of <div style="display: inline; font-style: italic; font: inherit;">one</div> common share and <div style="display: inline; font-style: italic; font: inherit;">one</div>-half common share purchase warrant. Each whole warrant entitles the holder to purchase <div style="display: inline; font-style: italic; font: inherit;">one</div> common share of the Company at a price of <div style="display: inline; font-style: italic; font: inherit;">$0.58</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$0.75</div>) per share until <div style="display: inline; font-style: italic; font: inherit;"> March 21, 2020. </div>The broker was paid a cash commission of <div style="display: inline; font-style: italic; font: inherit;">$639,813</div> (<div style="display: inline; font-style: italic; font: inherit;">6%</div>) of the gross proceeds and received <div style="display: inline; font-style: italic; font: inherit;">1,505,442</div> compensation options. Each compensation option is exercisable into <div style="display: inline; font-style: italic; font: inherit;">one</div> compensation unit of the Company at a price of <div style="display: inline; font-style: italic; font: inherit;">$0.425</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$0.55</div>) per compensation unit until <div style="display: inline; font-style: italic; font: inherit;"> March 21, 2020 </div>with each compensation unit comprising <div style="display: inline; font-style: italic; font: inherit;">one</div> common share and <div style="display: inline; font-style: italic; font: inherit;">one</div>-half compensation share purchase warrant. Each whole compensation share purchase warrant entitles the broker to purchase <div style="display: inline; font-style: italic; font: inherit;">one</div> common share of the Company at a price of <div style="display: inline; font-style: italic; font: inherit;">$0.425</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$0.55</div>) per share until <div style="display: inline; font-style: italic; font: inherit;"> March 21, 2020. </div>The Company paid an additional <div style="display: inline; font-style: italic; font: inherit;">$492,177</div> in other costs related to this financing.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Certain management participated in the “bought-deal” public offering, by acquiring <div style="display: inline; font-style: italic; font: inherit;">281,000</div> units at a price of <div style="display: inline; font-style: italic; font: inherit;">$0.425</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$0.55</div>) per unit for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$119,425</div> (<div style="display: inline; font-style: italic; font: inherit;">CAD$154,550</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fair value of the share purchase warrants and compensation options was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: dividend yield of <div style="display: inline; font-style: italic; font: inherit;">0%,</div> risk-free interest rate of <div style="display: inline; font-style: italic; font: inherit;">1.86%,</div> volatility of <div style="display: inline; font-style: italic; font: inherit;">94.77%,</div> and estimated life of <div style="display: inline; font-style: italic; font: inherit;">2</div> years. The estimated fair values assigned to the warrants and compensation options were <div style="display: inline; font-style: italic; font: inherit;">$2,286,426</div> and <div style="display: inline; font-style: italic; font: inherit;">$479,204,</div> respectively.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">9.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">RIGHT OF USE ASSET AND LEASE LIABILITY</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019, </div>the Company adopted IFRS, <div style="display: inline; font-style: italic; font: inherit;">16</div> Leases. Upon adoption of IFRS <div style="display: inline; font-style: italic; font: inherit;">16,</div> the Company recognized a lease liability and right of use asset relating to new leases entered into on <div style="display: inline; font-style: italic; font: inherit;"> February 15, 2019 </div>related to DenseLight, and <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019 </div>related to PTS. The lease liability was measured at the present value of the remaining lease payments, discounted using the Company's incremental borrowing rate of <div style="display: inline; font-style: italic; font: inherit;">12%.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">Right of use asset</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Building</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Cost</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, January 1, 2019</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 85%">Additions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,127,534</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Disposal <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(892,300</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,966</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">238,200</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accumulated Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, January 1, 2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,683</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,683</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Carrying Amounts</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">222,517</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Lease liability</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, January 1, 2019</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,127,534</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,705</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest included in discontinued operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,494</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,162</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease payments included in discontinued operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(258,460</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Disposal <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(695,733</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,620</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">223,758</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">The Company disposed of <div style="display: inline; font-style: italic; font: inherit;">$892,000</div> of right of use asset and <div style="display: inline; font-style: italic; font: inherit;">$695,733</div> of lease liability on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 </div>with the sale of DenseLight (Note <div style="display: inline; font-style: italic; font: inherit;">23</div>).</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt; width: 85%; font-weight: normal; text-align: left">2020</td> <td style="width: 1%; font-weight: normal"> </td> <td style="width: 1%; font-weight: normal; text-align: left">$</td> <td style="width: 12%; font-weight: normal; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">170,759</div></td> <td style="white-space: nowrap; width: 1%; font-weight: normal; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-left: 40pt; font-weight: normal; text-align: left">2021 and beyond</td> <td style="border-bottom: Black 1pt solid; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">494,732</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: normal; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: normal; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">665,491</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: normal; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Historical</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Weighted Average</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"><div style="display: inline; font-style: italic; font: inherit;">Number of</div></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"><div style="display: inline; font-style: italic; font: inherit;">Exercise</div></td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"><div style="display: inline; font-style: italic; font: inherit;">Options</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"><div style="display: inline; font-style: italic; font: inherit;">Price</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 70%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,805,500</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.96</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expired/cancelled</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,455,209</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.73</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(685,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.19</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Granted</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,425,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.24</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,090,291</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.68</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expired/cancelled</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,944,791</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.74</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(372,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.26</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Granted</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,690,479</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.34</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44,463,729</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.58</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expired/cancelled <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,707,811</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.90</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(281,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.22</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Granted</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,785,670</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.27</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,260,338</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">21.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">CAPITAL MANAGEMENT</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the management of capital, the Company includes shareholders' equity (excluding accumulated other comprehensive loss and deficit) and cash. The components of capital on <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>were:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">Cash and cash equivalents and receivable from the sale of discontinued operations</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,428,129</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shareholders' equity</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,096,378</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company's objective in managing capital is to ensure that financial flexibility is present to increase shareholder value through growth and responding to changes in economic and/or market conditions; to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business and to safeguard the Company’s ability to obtain financing should the need arise.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In maintaining its capital, the Company has a strict investment policy which includes investing its surplus capital only in highly liquid, highly rated financial instruments.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company reviews its capital management approach on an ongoing basis.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">19.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">SEGMENT INFORMATION</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company and its subsidiaries operate in a single segment; the design, manufacture and sale of semi-conductor products and services for commercial applications. The Company’s operating and reporting segment reflects the management reporting structure of the organization and the manner in which the chief operating decision maker regularly assesses information for decision making purposes, including the allocation of resources. A summary of the Company's operations is below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">OPEL, ODIS and PTS</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">OPEL, ODIS and PTS are the developers of the POET platform semiconductor process IP for monolithic fabrication of integrated circuit devices containing both electronic and optical elements on a single die.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">BB Photonics</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">BB Photonics develops photonic integrated components for the datacom and telecom markets utilizing embedded dielectric technology that enables the low-cost integration of active and passive devices into photonic integrated circuits.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: normal">On a consolidated basis, the Company operates geographically in Singapore, the United States and Canada. Geographical information is as follows:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: normal"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">As of December 31,</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Singapore</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">US</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Canada</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Consolidated</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-weight: bold; text-align: left">Current assets</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">86,849</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,523</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,150,022</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,259,394</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Property and equipment</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,055,906</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">87,154</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,143,060</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Patents and licenses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">452,384</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">452,384</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Right of use asset</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">222,517</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">222,517</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Total Assets</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,365,272</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">562,061</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,150,022</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,077,355</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold">Year Ended December 31,</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Singapore</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">US</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Canada</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Consolidate</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-weight: bold; text-align: left">Selling, marketing and administration</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">217,416</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,126,260</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,353,711</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,697,387</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Research and development</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">218,900</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">107,161</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,757,754</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,083,815</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Impairment of long lived assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764,459</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764,459</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Interest expense</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,705</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">815,206</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">819,911</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Amortization of debt issuance costs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">372,340</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">372,340</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Other income including interest income</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,540</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(10,540</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Income taxes</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(292,740</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(292,740</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Net loss from continuing operations, net of taxes</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(441,021</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,940,681</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,288,471</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,434,632</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Income from discontinued operations, net of taxes</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Net income (loss)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,040,736</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,940,681</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,288,471</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,952,875</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap">As of December 31,</td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Singapore</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">US</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Canada</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Consolidated</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,283,008</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">302,405</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,302,851</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,888,264</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,136,694</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">162,819</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,299,513</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Patents and licenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,464</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">448,250</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">466,714</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Goodwill and intangible assets</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,718,953</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764,459</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,483,412</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Total Assets</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,157,119</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,677,933</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,302,851</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,137,903</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <!-- Field: Page; Sequence: 123 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">Year Ended December 31,</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Singapore</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">US</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Canada</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Consolidated</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Selling, marketing and administration</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,169,619</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,004,256</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,173,875</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,715,154</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">547,322</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,262,476</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Other income including interest</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,234</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,234</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss from continuing operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,884,773</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,537,344</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,422,117</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Loss from discontinued operations, net of taxes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net loss</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,884,773</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,537,344</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,322,779</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">As of December 31,</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Singapore</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">US</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Canada</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Consolidated</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,190,298</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,621,318</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,096</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,950,712</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,018,900</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,270</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,278,170</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Patents and licenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,816</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">437,434</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">456,250</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Goodwill and intangible assets</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,756,181</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,764,459</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,520,640</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Total Assets</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,984,195</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,082,481</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">139,096</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,205,772</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">The Year Ended December 31,</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Singapore</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">US</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Canada</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Consolidated</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Selling, marketing and administration</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,837,859</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,049,850</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,887,709</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,719,734</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">319,687</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,039,421</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Other income including interest</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,279</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,279</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss from continuing operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,557,593</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,351,258</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,908,851</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Loss from discontinued operations, net of taxes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net loss</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,557,593</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,351,258</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,797,797</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">PREPAIDS AND OTHER CURRENT ASSETS</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.15pt; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table reflects the details of prepaids and other current assets at <div style="display: inline; font-style: italic; font: inherit;"> December 31:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 55%">Sales tax recoverable and other current assets</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,265</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,658</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,482</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development credit</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,905,593</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,287,539</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Security deposits on leased properties</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">233,983</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">228,170</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Prepaid expenses</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">750,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">711,385</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">322,536</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">831,265</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,936,619</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,957,727</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Research and development credit, security deposit on leased properties and certain prepaid expenses were disposed of during the year upon the sale of DenseLight.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">7.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">PROPERTY AND EQUIPMENT</td> </tr> </table> <div style=" font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Equipment not</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Leasehold</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Machinery and</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Office</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">ready for use</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">improvements</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">equipment</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">equipment</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Total</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap; font-weight: bold">Cost</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 35%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">602,830</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">667,342</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,734,885</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">314,817</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,319,874</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">806,182</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">113,433</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,182</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">969,797</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reclassification</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(874,371</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">874,371</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,433</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,779</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,914</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">128,126</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">581,074</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">667,342</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,795,468</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">373,913</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,417,797</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,667,894</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,258</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,718,152</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Reclassification <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,086,895</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">881,221</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">202,674</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment and disposals <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(611,875</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,665</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(615,540</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,920</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(46,829</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,739</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(68,488</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Balance,December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,142,153</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">667,342</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,017,985</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">621,441</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,448,921</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,986,210</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,260</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,480</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,044,950</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Disposals <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,388,762</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(667,342</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,198,519</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(555,688</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13,810,311</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,741</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,529</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,270</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">764,342</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,873,255</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,233</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,722,830</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <!-- Field: Page; Sequence: 114 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Accumulated Depreciation</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">83,189</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,308</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,167</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,955,664</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Depreciation for the year</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,499</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,857,474</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">192,990</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,183,963</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,688</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,665,782</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">257,157</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,139,627</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Depreciation for the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,809</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,201,133</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,662</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,468,604</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Impairment and disposals (1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(455,158</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,665</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(458,823</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">350,497</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,411,757</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">387,154</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,149,408</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation for the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">144,337</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">22,005</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">166,342</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Disposals (2)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(350,497</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,044,288</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(341,195</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,735,980</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">511,806</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,964</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">579,770</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Carrying Amounts</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2017</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">581,074</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">450,654</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,129,686</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">116,756</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,278,170</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">At December 31, 2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,142,153</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">316,845</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,606,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">234,287</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,299,513</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">764,342</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,361,449</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,269</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,143,060</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -11.3pt"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;">2018,</div> <div style="display: inline; font-style: italic; font: inherit;">$3,000</div> relating to certain property and equipment were reclassified to non-current assets held for sale and was sold in <div style="display: inline; font-style: italic; font: inherit;"> December 2018 </div>while <div style="display: inline; font-style: italic; font: inherit;">$156,717</div> was recorded as an impairment loss and was included in discontinued operations.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.35pt; text-align: justify; text-indent: -11.3pt"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">2</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019, </div>the Company disposed of property and equipment used in the operations DenseLight.</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt; width: 55%">Current</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">892,343</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">330,731</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 40pt">31 - 60 days</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,331</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,094</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt">61 - 90 days</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,885</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 40pt; text-align: left">> 90 days</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">107,100</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-left: 40pt; text-align: left">Expected credit losses <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(40,615</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">946,944</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">493,925</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="13" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Options Outstanding</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Options Exercisable</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Historical</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Weighted</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Historical</td> <td style="text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Weighted</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Average</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Weighted</td> <td style="text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Average</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Remaining</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Average</td> <td style="text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Exercise</div></div></td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Number</div></td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Exercise</div></td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Contractual</div></td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Number</div></td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Exercise</div></td> <td style="text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Range</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Outstanding</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Price</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Life (years)</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Exercisable</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Price</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%">$0.11 </td> <td style="width: 2%"><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="text-align: left; width: 28%"><div style="display: inline; font-style: italic; font: inherit;">$0.20</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">693,750</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.19</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.14</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">693,750</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.19</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>$0.21 </td> <td><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="text-align: left"><div style="display: inline; font-style: italic; font: inherit;">$0.24</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,020,313</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.22</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.63</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,887,501</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.22</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>$0.25 </td> <td><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="text-align: left"><div style="display: inline; font-style: italic; font: inherit;">$0.29</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,888,259</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.25</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9.18</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,504,188</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.25</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>$0.30 </td> <td><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="text-align: left"><div style="display: inline; font-style: italic; font: inherit;">$0.86</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,844,766</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.35</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.38</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,542,718</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.40</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">$0.87 </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">$1.64</div></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,813,250</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.13</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.57</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,789,813</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.13</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td colspan="3" style="border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"> </div></div></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,260,338</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.24</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,417,970</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.53</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">DenseLight</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">BB Photonics</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Total</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 55%">Balance, December 31, 2017 and 2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,630,544</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,050,459</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,681,003</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,050,459</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,050,459</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Disposed on the sale of DenseLight</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,630,544</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,630,544</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Cost</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">609,887</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Additions</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,543</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">670,430</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,608</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(352</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">737,686</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,037</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Disposals (1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(29,696</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">785,027</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accumulated Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, January 1, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,211</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,969</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">214,180</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,792</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">270,972</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,671</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">332,643</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Carrying Amounts</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">At December 31, 2017</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">456,250</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">466,714</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">452,384</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Customer</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Technology</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Relationships</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Total</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Cost</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Balance, December 31, 2017 and 2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">714,000</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">186,131</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">900,131</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Impairment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(714,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(714,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Disposals <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(186,131</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(186,131</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Accumulated Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, January 1, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,266</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,266</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Amortization for the year</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,494</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,494</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Amortization for the year</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,722</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,722</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Disposals <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,722</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,722</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Carrying Amounts</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 55%">At December 31, 2017</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">714,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,637</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">839,637</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">714,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">88,409</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">802,409</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">18.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">RELATED PARTY TRANSACTIONS</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Compensation to key management personnel were as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Salaries</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,251,277</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,216,250</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">932,133</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Share-based payments <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,135,579</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,449,683</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,110,773</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,386,856</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,665,933</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,042,906</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-size: 10pt"> </div></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify">Share-based payments are the fair value of options granted to key management personnel and expensed during the various years as calculated using the Black-Scholes model.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All transactions with related parties have occurred in the normal course of operations and are measured at the exchange amounts, which are the amounts of consideration established and agreed to by the related parties.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">14.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">WARRANTS</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The following table reflects the continuity of warrants:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Historical</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Average Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Warrants/</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Historical</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Price</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Compensation options</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Fair value</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 55%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.79</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,369,233</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,013,747</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Warrants issued</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.39</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,800,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,985,378</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants and compensation warrants exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.51</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,794,412</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(901,417</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Expired</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.02</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,574,821</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,112,330</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.39</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,800,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,985,378</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fair value of warrants issued on public offering</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.58</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,545,350</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,286,426</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Historical fair value assigned to warrants exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.39</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,600,500</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(447,270</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of compensation options issued to brokers</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,505,442</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">479,204</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.44</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,250,292</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,303,738</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of warrants issued as cost of debt financing</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.27</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,289,500</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">221,620</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,539,792</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,525,358</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">15.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">STOCK OPTIONS AND CONTRIBUTED SURPLUS</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Stock Options</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 21, 2018, </div>shareholders of the Company approved amendments to the Company's fixed <div style="display: inline; font-style: italic; font: inherit;">20%</div> stock option plan (as amended, previously referred to as the <div style="display: inline; font-style: italic; font: inherit;">"2016</div> plan", now referred to as the <div style="display: inline; font-style: italic; font: inherit;">"2018</div> Plan"). Under the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan, the board of directors <div style="display: inline; font-style: italic; font: inherit;"> may </div>grant options to acquire common shares of the Company to qualified directors, officers, employees and consultants. The <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan provides that the number of common shares issuable pursuant to options granted under the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan and pursuant to other previously granted options is limited to <div style="display: inline; font-style: italic; font: inherit;">57,611,360</div> (the “Number Reserved”). Any subsequent increase in the Number Reserved must be approved by shareholders of the Company and cannot, at the time of the increase, exceed <div style="display: inline; font-style: italic; font: inherit;">20%</div> of the number of issued and outstanding shares. The stock options vest in accordance with the policies determined by the Board of Directors from time to time consistent with the provisions of the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan which grants discretion to the Board of Directors.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Stock option transactions and the number of stock options outstanding were as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Historical</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Weighted Average</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"><div style="display: inline; font-style: italic; font: inherit;">Number of</div></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"><div style="display: inline; font-style: italic; font: inherit;">Exercise</div></td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"><div style="display: inline; font-style: italic; font: inherit;">Options</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"><div style="display: inline; font-style: italic; font: inherit;">Price</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 70%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,805,500</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.96</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expired/cancelled</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,455,209</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.73</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(685,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.19</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Granted</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,425,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.24</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,090,291</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.68</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expired/cancelled</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,944,791</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.74</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(372,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.26</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Granted</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,690,479</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.34</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44,463,729</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.58</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expired/cancelled <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,707,811</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.90</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(281,250</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.22</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Granted</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,785,670</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.27</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,260,338</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-size: 10pt"> </div></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">(<div style="display: inline; font-style: italic; font: inherit;">1</div>)</td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">2,277,186</div> cancelled options related to staff employed at DenseLight</td> </tr> </table> <!-- Field: Page; Sequence: 120 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company recorded stock-based compensation of <div style="display: inline; font-style: italic; font: inherit;">$2,888,141</div> (<div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">$3,602,879,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div> - <div style="display: inline; font-style: italic; font: inherit;">$2,958,358</div>) relating to stock options that vested during the year. The stock-based compensation applicable to employees of DenseLight in the amount of $(<div style="display: inline; font-style: italic; font: inherit;">75,608</div>) (<div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">$419,238,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div> - <div style="display: inline; font-style: italic; font: inherit;">216,566</div>) has been allocated to discontinued operations (see note <div style="display: inline; font-style: italic; font: inherit;">23</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The stock options granted were valued using the Black-Scholes option pricing model using the following assumptions:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: left"> </td> <td> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: left"> </td> <td> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 52%">Weighted average exercise price</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 5%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 5%; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.27</div></td> <td style="white-space: nowrap; width: 5%; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 1%"> </td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 5%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.34</div></td> <td style="white-space: nowrap; width: 5%; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 1%"> </td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="width: 5%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.24</div></td> <td style="white-space: nowrap; width: 5%; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average risk-free interest rate</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">1.57%</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">2.17%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">1.87%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average dividend yield</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">0%</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">0%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">0%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average volatility</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">95.48%</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">103.47%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">102.73%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average estimated life (in years)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">10</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">10</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">10</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average share price</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.27</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.34</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.24</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Share price on the various grant dates:</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">$0.24 </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> $0.28</div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">$0.18 </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> $0.40</div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">$0.21 </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> $0.32</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average fair value</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.24</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.30</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$0.22</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The underlying expected volatility was determined by reference to the Company's historical share price movements, its dividend policy and dividend yield and past experience relating to the expected life of granted stock options.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The weighted average remaining contractual life and weighted average exercise price of options outstanding and of options exercisable as at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="13" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Options Outstanding</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Options Exercisable</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Historical</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Weighted</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Historical</td> <td style="text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Weighted</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Average</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Weighted</td> <td style="text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Average</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Remaining</td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal">Average</td> <td style="text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Exercise</div></div></td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Number</div></td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Exercise</div></td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Contractual</div></td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Number</div></td> <td style="text-align: center; font-weight: normal"> </td> <td style="text-align: center; font-weight: normal"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Exercise</div></td> <td style="text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">Range</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Outstanding</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Price</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Life (years)</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Exercisable</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: normal"><div style="display: inline; font-style: italic; font: inherit;">Price</div></td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: normal"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%">$0.11 </td> <td style="width: 2%"><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="text-align: left; width: 28%"><div style="display: inline; font-style: italic; font: inherit;">$0.20</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">693,750</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.19</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.14</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">693,750</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.19</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>$0.21 </td> <td><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="text-align: left"><div style="display: inline; font-style: italic; font: inherit;">$0.24</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,020,313</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.22</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.63</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,887,501</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.22</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>$0.25 </td> <td><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="text-align: left"><div style="display: inline; font-style: italic; font: inherit;">$0.29</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,888,259</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.25</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9.18</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,504,188</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.25</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>$0.30 </td> <td><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="text-align: left"><div style="display: inline; font-style: italic; font: inherit;">$0.86</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,844,766</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.35</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.38</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,542,718</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.40</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">$0.87 </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;">- </div></td> <td style="border-bottom: Black 1pt solid; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">$1.64</div></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,813,250</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.13</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.57</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,789,813</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1.13</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td colspan="3" style="border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"> </div></div></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,260,338</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7.24</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,417,970</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.53</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Contributed Surplus</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table reflects the continuity of contributed surplus:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 5.4in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Amount</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,062,874</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,174,924</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of stock options exercised</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(134,831</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,102,967</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock-based compensation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,022,117</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of stock options exercised</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(82,330</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">36,042,754</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,812,533</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of stock options exercised</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(55,950</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">38,799,337</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">2.</div></td> <td style="width: 0.25in"></td> <td style="text-align: justify">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">These consolidated financial statements of the Company and its subsidiaries were prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB").</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Basis of presentation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">These consolidated financial statements include the accounts of POET Technologies Inc. and its subsidiaries; ODIS Inc. ("ODIS"), Opel Solar Inc. ("OPEL"), BB Photonics Inc., BB Photonics UK Limited (collectively "BB Photonics") and POET Technologies Pte Ltd. ("PTS"). They also include the accounts of DenseLight Semiconductor Pte Ltd. ("DenseLight") up-to <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019. </div>All intercompany balances and transactions have been eliminated on consolidation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019, </div>the Company sold <div style="display: inline; font-style: italic; font: inherit;">100%</div> of the issued and outstanding shares of DenseLight for <div style="display: inline; font-style: italic; font: inherit;">$26,000,000.</div> The Company received <div style="display: inline; font-style: italic; font: inherit;">$8,000,000</div> upon the consummation of the sale. The Company expects to receive the remaining <div style="display: inline; font-style: italic; font: inherit;">$18,000,000</div> over <div style="display: inline; font-style: italic; font: inherit;">three</div> tranches, with <div style="display: inline; font-style: italic; font: inherit;">$4,750,000</div> received on <div style="display: inline; font-style: italic; font: inherit;"> February 14, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">$8,250,000</div> received on <div style="display: inline; font-style: italic; font: inherit;"> March 30, 2020. </div>The remaining <div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div> is expected to be received on or before <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020. </div>Shares were placed into escrow in the name of the Buyer, to be released to the Buyer upon receipt of the remaining payments. The Buyer assumed control of DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 </div>and will be responsible for all operations of DenseLight thence-forth. Upon closing, the Company recognized a gain on the sale of <div style="display: inline; font-style: italic; font: inherit;">$8,707,280.</div> The Company received an additional <div style="display: inline; font-style: italic; font: inherit;">$2,000,000,</div> in excess of the sale proceeds, with the most recently paid <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches which was immediately paid to Oak Capital on behalf of the Buyer for due diligence, legal and other expenses.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Business combinations</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Acquisitions of businesses are accounted for using the acquisition method. The acquisition cost is measured at the acquisition date at the fair value of the consideration transferred, including all contingent consideration.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subsequent changes in contingent consideration are accounted for through the consolidated statements of operations and deficit and consolidated statements of comprehensive loss in accordance with the applicable standards.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Goodwill arising on acquisition is initially measured at cost, being the difference between the fair value of the consideration transferred including the recognized amount of any non-controlling interest in the acquiree and the net recognized amount (generally fair value) of the identifiable assets and liabilities assumed at the acquisition date. If the net of the amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in the consolidated statements of operations and deficit as a bargain purchase gain.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Acquisition-related costs, other than those that are associated with the issue of debt or equity securities that the Company incurs in connection with a business combination, are expensed as incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Foreign currency translation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">These consolidated financial statements are presented in U.S. dollars ("USD"), which is the Company's presentation currency.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Items included in the financial statements of each of the Company's subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities <div style="display: inline; font-style: italic; font: inherit;">not</div> denominated in the functional currency of an entity are recognized in the statement of operations and deficit.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Assets and liabilities of entities with functional currencies other than U.S. dollars are translated into the presentation currency at the year end rates of exchange, and the results of their operations are translated at average rates of exchange for the year. The resulting translation adjustments are included in accumulated other comprehensive loss in shareholders' equity. Additionally, foreign exchange gains and losses related to certain intercompany loans that are permanent in nature are included in accumulated other comprehensive loss. Elements of equity are translated at historical rates.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Financial instruments</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">IFRS <div style="display: inline; font-style: italic; font: inherit;">9</div> introduced new classification and measurement models for financial assets. The investment classifications held-to-maturity and available-for-sale are <div style="display: inline; font-style: italic; font: inherit;">no</div> longer used and financial assets at fair value through other comprehensive income ("FVTOCI") were introduced. Financial assets held with an objective to hold assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest are measured at amortised cost using the effective interest method. Debt investments held with an objective to hold both assets in order to collect contractual cash flows which arise on specified dates that are solely principal and interest as well as selling the asset on the basis of fair value are measured at FVTOCI. All other financial assets are classified and measured at fair value through profit or loss ("FVTPL"). Financial liabilities are classified as either FVTPL or other financial liabilities, and the portion of the change in fair value that relates to the Company's credit risk is presented in other comprehensive income (loss). Instruments classified as FVTPL are measured at fair value with unrealized gains and losses recognized in net income (loss). Other financial liabilities are subsequently measured at amortised cost using the effective interest method.</div> <!-- Field: Page; Sequence: 108 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities, other than financial assets and financial liabilities classified as FVTPL, are added to or deducted from the fair value on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities classified as FVTPL are recognized immediately in consolidated net income (loss).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Derecognition</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financial assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does <div style="display: inline; font-style: italic; font: inherit;">not</div> retain control of the financial asset. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset or liability.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financial liabilities </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A financial liability is derecognized from the balance sheet when it is extinguished, that is, when the obligation specified in the contract is either discharged, cancelled or expires. Where there has been an exchange between an existing borrower and lender of debt instruments with substantially different terms, or there has been a substantial modification of the terms of an existing financial liability, this transaction is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. A gain or loss from extinguishment of the original financial liability is recognized in profit or loss. The Company's financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table outlines the classification of financial instruments under IAS <div style="display: inline; font-style: italic; font: inherit;">39</div> and the revised classification on the adoption of IFRS <div style="display: inline; font-style: italic; font: inherit;">9:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">Original classification</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">New classification</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">under IAS <div style="display: inline; font-style: italic; font: inherit;">39</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">under IFRS <div style="display: inline; font-style: italic; font: inherit;">9</div></td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; font-weight: bold; text-align: left">Financial Assets</td> <td> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; width: 33%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 33%; text-align: left">Loans and receivables</td> <td style="width: 1%"> </td> <td style="width: 32%; text-align: left">Amortized cost</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; text-align: left">Short-term investments</td> <td> </td> <td>FVTPL</td> <td> </td> <td style="text-align: left">Amortized cost</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; text-align: left">Accounts receivable</td> <td> </td> <td style="text-align: left">Loans and receivables</td> <td> </td> <td style="text-align: left">Amortized cost</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; font-weight: bold; text-align: left">Financial Liabilities</td> <td> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; text-align: left; width: 33%">Accounts payable and accrued liabilities</td> <td style="width: 1%"> </td> <td style="width: 33%; text-align: left">Amortized costs</td> <td style="width: 1%"> </td> <td style="width: 32%; text-align: left">Amortized cost</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Convertible debentures are accounted for as a compound financial instrument with a debt component and a separate equity component. The debt component of these compound financial instruments is measured at fair value on initial recognition by discounting the stream of future interest and principal payments at the rate of interest prevailing at the date of issue for instruments of similar term and risk. The debt component is subsequently deducted from the total carrying value of the compound instrument to derive the equity component. The debt component is subsequently measured at amortized cost using the effective interest rate method. Interest expense based on the coupon rate of the debenture and the accretion of the liability component to the amount that will be payable on redemption are recognized through profit or loss as a finance cost.</div> <!-- Field: Page; Sequence: 109 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Cash and cash equivalents</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Cash and cash equivalents consist of cash in current accounts of <div style="display: inline; font-style: italic; font: inherit;">$1,278,129</div> (<div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">$2,267,868,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div>- <div style="display: inline; font-style: italic; font: inherit;">$4,974,478</div>) and funds invested in US Term Deposits of <div style="display: inline; font-style: italic; font: inherit;">$150,000</div> (<div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">$300,000,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div> - <div style="display: inline; font-style: italic; font: inherit;">nil</div>) earning interest at <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">1.31%</div></div></div> and maturing in less than <div style="display: inline; font-style: italic; font: inherit;">90</div> days.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Cash and cash equivalents include restricted funds of <div style="display: inline; font-style: italic; font: inherit;">$93,800</div> (<div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">$218,888,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div> - <div style="display: inline; font-style: italic; font: inherit;">nil</div>) which serves as a bank guarantee for the purchase of certain equipment. The bank guarantee is reduced on a monthly basis by <div style="display: inline; font-style: italic; font: inherit;">$10,424</div> which is amount paid monthly in settlement of the outstanding balance on the equipment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Accounts receivable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Accounts receivable are amounts due from customers from the sale of products or services in the ordinary course of business. Accounts receivables are classified as current (on the consolidated statements of financial position) if payment is due within <div style="display: inline; font-style: italic; font: inherit;">one</div> year of the reporting period date, and are initially recognized at fair value and subsequently measured at amortized cost.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In determining a default provision, the Company utilizes a provision matrix, as permitted under the simplified approach to measure expected credit losses. In doing so management considered historical credit losses, forward-looking factors specific to the Company's debtors and other macro-economic factors to arrive at expected default rates. The default rates are then applied to the Company's aging to determine expected credit losses. The carrying amount of trade receivables is reduced by the expected credit losses. If the financial conditions of these customers were to deteriorate and the Company determines that <div style="display: inline; font-style: italic; font: inherit;">no</div> recovery of a trade receivable is possible, the amount is deemed irrecoverable and subsequently written-off. Accounts receivable at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2017</div> related to revenue earned by DenseLight. DenseLight was sold on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 (</div>see Note <div style="display: inline; font-style: italic; font: inherit;">23</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Inventory</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Inventory consists of raw material inventory, work in process, and finished goods and are recorded at the lower of cost and net realizable value. Cost is determined on a <div style="display: inline; font-style: italic; font: inherit;">first</div> in <div style="display: inline; font-style: italic; font: inherit;">first</div> out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventory to its present condition.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">An assessment is made of the net realizable value of inventory at each reporting period. Net realizable value is the estimated selling price less the estimated cost of completion and the estimated costs necessary to make the sale. When circumstances that previously caused inventories to be written down <div style="display: inline; font-style: italic; font: inherit;">no</div> longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances, the amount of any write down previously recorded is reversed so that the new carrying amount is the lower of the cost and the revised net realizable value. Raw materials are <div style="display: inline; font-style: italic; font: inherit;">not</div> written down unless the goods in which they are incorporated are expected to be sold for less than cost, in which case, they are written down by reference to replacement cost of the raw materials, as this is the best indicator of net realizable value. Inventory at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2017</div> related to inventory held by DenseLight. DenseLight was sold on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 (</div>see Note <div style="display: inline; font-style: italic; font: inherit;">23</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Property and equipment</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Property and equipment are recorded at cost. Depreciation is calculated based on the estimated useful life of the asset using the following method and useful lives:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="width: 9%"> </td> <td style="width: 46%; text-align: left">Machinery and equipment</td> <td style="width: 1%"> </td> <td style="width: 44%; text-align: left">Straight Line, <div style="display: inline; font-style: italic; font: inherit;">5</div> years</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">Leasehold improvements</td> <td> </td> <td style="text-align: left">Straight Line, <div style="display: inline; font-style: italic; font: inherit;">5</div> years or life of the lease, whichever is less</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">Office equipment</td> <td> </td> <td style="text-align: left">Straight Line, <div style="display: inline; font-style: italic; font: inherit;">3</div> - <div style="display: inline; font-style: italic; font: inherit;">5</div> years</td> </tr> </table> <!-- Field: Page; Sequence: 110 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Patents and licenses</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Patents and licenses are recorded at cost and amortized on a straight line basis over <div style="display: inline; font-style: italic; font: inherit;">12</div> years. Ongoing maintenance costs are expensed as incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Impairment of long-lived assets</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company’s tangible and intangible assets are reviewed for indications of impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. An assessment is made at each reporting date whether there is any indication that an asset <div style="display: inline; font-style: italic; font: inherit;"> may </div>be impaired.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">An impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in profit and loss for the year. The recoverable amount is the greater of the asset’s fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does <div style="display: inline; font-style: italic; font: inherit;">not</div> generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit ("CGU") to which the asset belongs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does <div style="display: inline; font-style: italic; font: inherit;">not</div> exceed the carrying amount that would have been determined, net of depreciation or amortization, if <div style="display: inline; font-style: italic; font: inherit;">no</div> impairment loss had been recognized. The Company reported an impairment loss of <div style="display: inline; font-style: italic; font: inherit;">$714,000</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 (</div><div style="display: inline; font-style: italic; font: inherit;">2018</div> - <div style="display: inline; font-style: italic; font: inherit;">nil,</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div> - <div style="display: inline; font-style: italic; font: inherit;">nil</div>) (Note <div style="display: inline; font-style: italic; font: inherit;">10</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Goodwill </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable assets acquired net of liabilities assumed. Goodwill is measured at cost less accumulated impairment losses and is <div style="display: inline; font-style: italic; font: inherit;">not</div> amortized. Goodwill is tested for impairment on an annual basis or whenever facts or circumstances indicate that the carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div>exceed its recoverable amount.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company performed its annual test for goodwill impairment at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The Company utilized a <div style="display: inline; font-style: italic; font: inherit;">five</div>-year cash flow forecast using the annual budget approved by the Board of Directors as a basis for such forecasts. Cash flow forecasts beyond that of the budget were prepared using a stable growth rate for future periods. These forecasts were based on historical data and future trends expected by the Company. The Company's valuation model also takes into account working capital and capital investments required to maintain the condition of the assets. Forecasted cash flows were discounted using an after-tax rate of <div style="display: inline; font-style: italic; font: inherit;">30%.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Based on the impairment tests, the value in-use of the CGU to which goodwill is applicable is less than the carrying amount. As a result goodwill of <div style="display: inline; font-style: italic; font: inherit;">$1,050,459</div> was impaired in the current year. <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div></div> provision for impairment of goodwill was made in <div style="display: inline; font-style: italic; font: inherit;">2018</div> or <div style="display: inline; font-style: italic; font: inherit;">2017</div> (Note <div style="display: inline; font-style: italic; font: inherit;">24</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Income taxes</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are provided on differences between the financial reporting and income tax bases of assets and liabilities and on income tax losses available to be carried forward to future years for tax purposes. Deferred income taxes are measured using the substantively enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Deferred tax assets are only recognized if the amount is expected to be realized in the future.</div> <!-- Field: Page; Sequence: 111 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Revenue recognition</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of <div style="display: inline; font-style: italic; font: inherit;">third</div> parties. The Company recognizes revenue when it transfers control over a product or service to a customer.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Sale of goods</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Revenue from the sale of goods is recognized, net of discounts and customer rebates, at the point in time the transfer of control of the related products has taken place as specified in the sales contract and collectability is reasonably assured.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Service revenue</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Company provides contract services, primarily in the form of non-recurring revenue ("NRE") where control is passed to the customer over time. The contracts generally provide agreed upon milestones for customer payment which include but are <div style="display: inline; font-style: italic; font: inherit;">not</div> limited to the delivery of sample products, design reports and test reports. The customer makes payment when it has approved the delivery of the milestone. The Company must determine if the contract is made up of a series of independent performance obligations or a single performance obligation. Where NRE contracts contain multiple performance obligations for which a standalone transaction price can be assessed, revenue is recognized as each performance obligation is satisfied. Where NRE contracts contain a single performance obligation to be settled over time, revenue is recognized progressively based on the output method.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Other income </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Interest income</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Interest income on cash is recognized as earned using the effective interest method.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Research and Development Credits </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Through DenseLight, the Company was eligible to receive cash credits for certain qualifying research and development expenses based on actual spending over a <div style="display: inline; font-style: italic; font: inherit;">three</div> year period, with an expectation that the credits will <div style="display: inline; font-style: italic; font: inherit;">not</div> exceed a certain dollar value over a <div style="display: inline; font-style: italic; font: inherit;">three</div> year period. Recoverable amounts at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2017</div> related to expenditures at DenseLight. Recoverable amount at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">nil</div> because the Company sold DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Intangible assets</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Research and development costs</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Research costs are expensed in the year incurred. Development costs are also expensed in the year incurred unless the Company believes a development project meets IFRS criteria as set out in IAS <div style="display: inline; font-style: italic; font: inherit;">38,</div> <div style="display: inline; font-style: italic;">Intangible Assets</div>, for deferral and amortization. IAS <div style="display: inline; font-style: italic; font: inherit;">38</div> requires all research costs be charged to expense while development costs are capitalised only after technical and commercial feasibility of the asset for sale or use have been established. This means that the entity must intend and be able to complete the intangible asset and either use it or sell it and be able to demonstrate how the asset will generate future economic benefits. Development costs are tested for impairment whenever events or changes indicate that its carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">In-Process Research and Development</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Under IFRS, in-process research and development ("IPR&D") acquired in a business combination that meets the definition of an intangible asset is capitalized with amortization commencing when the asset is ready for use (i.e., when development is complete). The Company acquired <div style="display: inline; font-style: italic; font: inherit;">$714,000</div> of IPR&D when it acquired BB Photonics Inc. in <div style="display: inline; font-style: italic; font: inherit;">2016.</div> During <div style="display: inline; font-style: italic; font: inherit;">2019,</div> management observed indicators that suggested that IPR&D <div style="display: inline; font-style: italic; font: inherit;"> may </div>be impaired. IPR&D acquired with BB Photonics was <div style="display: inline; font-style: italic; font: inherit;">no</div> longer useable with the novel POET Interposer platform. BB Photonics IPR&D would <div style="display: inline; font-style: italic; font: inherit;">not</div> generate sufficient cash flow to support its value in use. Management completed an assessment of IPR&D and determined that the amount of <div style="display: inline; font-style: italic; font: inherit;">$714,000</div> was impaired. An impairment loss of <div style="display: inline; font-style: italic; font: inherit;">$714,000</div> was recorded during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div></div> impairment was recorded in <div style="display: inline; font-style: italic; font: inherit;">2018</div> or <div style="display: inline; font-style: italic; font: inherit;">2017</div> (Note <div style="display: inline; font-style: italic; font: inherit;">10</div>).</div> <!-- Field: Page; Sequence: 112 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Customer relationships</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Intangible assets include customer relationships acquired with the acquisition of DenseLight. Customer relationships is an externally acquired intangible asset and is measured at cost less accumulated amortization and any accumulated impairment losses. Customer relationships are amortized on a straight-line basis over their estimated useful lives and is tested for impairment whenever events or changes indicate that their carrying amount <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. The useful life of customer relationships was determined to be <div style="display: inline; font-style: italic; font: inherit;">5</div> years. Customer relations was <div style="display: inline; font-style: italic; font: inherit;">nil</div> at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>as because the asset was disposed of with the sale of DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Stock-based compensation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Stock options and warrants awarded to non employees are measured using the fair value of the goods or services received unless that fair value cannot be estimated reliably, in which case measurement is based on the fair value of the stock options. Stock options and warrants awarded to employees are accounted for using the fair value method. The fair value of such stock options and warrants granted is recognized as an expense on a proportionate basis consistent with the vesting features of each tranche of the grant. The fair value is calculated using the Black-Scholes option pricing model with assumptions applicable at the date of grant.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Income (loss) per share</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year after giving effect to potentially dilutive financial instruments. The dilutive effect of stock options and warrants is determined using the treasury stock method.</div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Resource assets</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,024,271</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,024,271</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,024,271</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross unamortized share issue costs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">385,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">669,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">705,351</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Canadian non-capital losses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,545,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,431,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,100,672</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Canadian capital losses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,432,500</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">US non-capital losses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">75,060,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,594,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,654,438</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Singapore non-capital losses</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">378,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,894,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">43,671,200</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97,824,771</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,612,271</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">124,155,932</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Unrecognized deferred tax assets</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(97,824,771</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(132,612,271</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(124,155,932</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Deferred income tax assets recognized</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">11.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accounts payable and accrued liabilities at <div style="display: inline; font-style: italic; font: inherit;"> December 31 </div>was as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Trade payables</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,507,644</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,269,845</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,229</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Payroll related liabilities</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44,677</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">595,720</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,913</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Accrued liabilities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">173,387</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">174,857</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">193,451</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,725,708</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,040,422</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">810,593</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">4.</div></div></td> <td style="width: 0.25in"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">ACCOUNTS RECEIVABLE</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The carrying amounts of accounts receivable approximate their fair value and are originally denominated in Singapore dollars before conversion to US dollars at <div style="display: inline; font-style: italic; font: inherit;"> December 31:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 27%; text-align: left">Product sales</td> <td style="width: 1%"> </td> <td style="width: 27%; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">United States dollar</div></td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">713,744</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">493,925</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Product sales</td> <td> </td> <td style="text-align: left"><div style="display: inline; font-style: italic; font: inherit;">Singapore dollar</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">273,815</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Loss allowance</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(40,615</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">946,944</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">493,925</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table> </div> <!-- Field: Page; Sequence: 113 --> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In determining the recoverability of a trade receivable, the Company considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The trade receivables that are neither past due nor impaired relates to customers that the company has assessed to be creditworthy based on the credit evaluation process performed by management which considers both customers' overall credit profile and its payment history with the Company. The loss allowance is determined in accordance IFRS <div style="display: inline; font-style: italic; font: inherit;">9</div> (Note <div style="display: inline; font-style: italic; font: inherit;">18</div>). Trade receivables at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2017</div> related to DenseLight. Trade receivable is <div style="display: inline; font-style: italic; font: inherit;">nil</div> at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>because DenseLight was sold on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Salaries</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,251,277</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,216,250</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">932,133</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Share-based payments <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,135,579</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,449,683</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,110,773</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,386,856</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,665,933</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,042,906</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
29696
186131
186131
97722
97722
611875
3665
615540
4388762
667342
8198519
555688
13810311
350497
5044288
341195
5735980
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">Numerator</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; width: 55%; text-align: left">Net loss from continuing operations</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,434,632</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,422,117</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,908,851</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-left: 20pt; text-align: left">Net income (loss) from discontinued operations</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-left: 20pt; text-align: left">Net loss</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,952,875</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,322,779</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,797,797</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Weighted average number of common shares outstanding</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288,216,378</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">282,098,432</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,771,793</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-left: 20pt">Weighted average number of common shares outstanding - diluted</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">288,216,378</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">282,098,432</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,771,793</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted loss per share, continuing operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.04</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.03</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.03</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted income (loss) per share, discontinued operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.02</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.03</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.02</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Basic and diluted loss per share</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.02</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.06</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.05</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Basis of presentation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">These consolidated financial statements include the accounts of POET Technologies Inc. and its subsidiaries; ODIS Inc. ("ODIS"), Opel Solar Inc. ("OPEL"), BB Photonics Inc., BB Photonics UK Limited (collectively "BB Photonics") and POET Technologies Pte Ltd. ("PTS"). They also include the accounts of DenseLight Semiconductor Pte Ltd. ("DenseLight") up-to <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019. </div>All intercompany balances and transactions have been eliminated on consolidation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019, </div>the Company sold <div style="display: inline; font-style: italic; font: inherit;">100%</div> of the issued and outstanding shares of DenseLight for <div style="display: inline; font-style: italic; font: inherit;">$26,000,000.</div> The Company received <div style="display: inline; font-style: italic; font: inherit;">$8,000,000</div> upon the consummation of the sale. The Company expects to receive the remaining <div style="display: inline; font-style: italic; font: inherit;">$18,000,000</div> over <div style="display: inline; font-style: italic; font: inherit;">three</div> tranches, with <div style="display: inline; font-style: italic; font: inherit;">$4,750,000</div> received on <div style="display: inline; font-style: italic; font: inherit;"> February 14, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">$8,250,000</div> received on <div style="display: inline; font-style: italic; font: inherit;"> March 30, 2020. </div>The remaining <div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div> is expected to be received on or before <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2020. </div>Shares were placed into escrow in the name of the Buyer, to be released to the Buyer upon receipt of the remaining payments. The Buyer assumed control of DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019 </div>and will be responsible for all operations of DenseLight thence-forth. Upon closing, the Company recognized a gain on the sale of <div style="display: inline; font-style: italic; font: inherit;">$8,707,280.</div> The Company received an additional <div style="display: inline; font-style: italic; font: inherit;">$2,000,000,</div> in excess of the sale proceeds, with the most recently paid <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches which was immediately paid to Oak Capital on behalf of the Buyer for due diligence, legal and other expenses.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Other income </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Interest income</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Interest income on cash is recognized as earned using the effective interest method.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><div style="display: inline; font-weight: bold;">Research and Development Credits </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Through DenseLight, the Company was eligible to receive cash credits for certain qualifying research and development expenses based on actual spending over a <div style="display: inline; font-style: italic; font: inherit;">three</div> year period, with an expectation that the credits will <div style="display: inline; font-style: italic; font: inherit;">not</div> exceed a certain dollar value over a <div style="display: inline; font-style: italic; font: inherit;">three</div> year period. Recoverable amounts at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2017</div> related to expenditures at DenseLight. Recoverable amount at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">nil</div> because the Company sold DenseLight on <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Patents and licenses</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Patents and licenses are recorded at cost and amortized on a straight line basis over <div style="display: inline; font-style: italic; font: inherit;">12</div> years. Ongoing maintenance costs are expensed as incurred.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;">Derecognition</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financial assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does <div style="display: inline; font-style: italic; font: inherit;">not</div> retain control of the financial asset. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset or liability.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financial liabilities </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A financial liability is derecognized from the balance sheet when it is extinguished, that is, when the obligation specified in the contract is either discharged, cancelled or expires. Where there has been an exchange between an existing borrower and lender of debt instruments with substantially different terms, or there has been a substantial modification of the terms of an existing financial liability, this transaction is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. A gain or loss from extinguishment of the original financial liability is recognized in profit or loss. The Company's financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table outlines the classification of financial instruments under IAS <div style="display: inline; font-style: italic; font: inherit;">39</div> and the revised classification on the adoption of IFRS <div style="display: inline; font-style: italic; font: inherit;">9:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">Original classification</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">New classification</td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">under IAS <div style="display: inline; font-style: italic; font: inherit;">39</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">under IFRS <div style="display: inline; font-style: italic; font: inherit;">9</div></td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; font-weight: bold; text-align: left">Financial Assets</td> <td> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; width: 33%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 33%; text-align: left">Loans and receivables</td> <td style="width: 1%"> </td> <td style="width: 32%; text-align: left">Amortized cost</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; text-align: left">Short-term investments</td> <td> </td> <td>FVTPL</td> <td> </td> <td style="text-align: left">Amortized cost</td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; text-align: left">Accounts receivable</td> <td> </td> <td style="text-align: left">Loans and receivables</td> <td> </td> <td style="text-align: left">Amortized cost</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; font-weight: bold; text-align: left">Financial Liabilities</td> <td> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.5in; text-align: left; width: 33%">Accounts payable and accrued liabilities</td> <td style="width: 1%"> </td> <td style="width: 33%; text-align: left">Amortized costs</td> <td style="width: 1%"> </td> <td style="width: 32%; text-align: left">Amortized cost</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Convertible debentures are accounted for as a compound financial instrument with a debt component and a separate equity component. The debt component of these compound financial instruments is measured at fair value on initial recognition by discounting the stream of future interest and principal payments at the rate of interest prevailing at the date of issue for instruments of similar term and risk. The debt component is subsequently deducted from the total carrying value of the compound instrument to derive the equity component. The debt component is subsequently measured at amortized cost using the effective interest rate method. Interest expense based on the coupon rate of the debenture and the accretion of the liability component to the amount that will be payable on redemption are recognized through profit or loss as a finance cost.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">For the Period From</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center; white-space: nowrap">For the Year Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">January 1 to November 8,</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center; white-space: nowrap">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Revenue</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,426,355</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,888,185</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,794,044</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Cost of revenue</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,201,373</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,475,969</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,342,691</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Gross margin</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,224,982</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,412,216</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,451,353</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,677,222</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,430,328</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,403,452</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Selling, marketing and administration</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,950,526</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,515,329</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,983,032</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,494</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Impairment loss</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">156,717</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Other income</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,251,737</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,491,556</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,748,245</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Operating expenses</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,450,505</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,610,818</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,638,239</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss from discontinued operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,225,523</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,198,602</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,186,886</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gain on sale of discontinued operations, net of taxes</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,707,280</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Income tax recovery</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net income (loss), net of taxes</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">For the Period From</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center; white-space: nowrap">For the Year Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">January 1 to November 8,</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="7" style="text-align: center; white-space: nowrap">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Non-contract revenue (at a point in time)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)(3)</div></td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,092,426</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,261,518</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,714,044</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contract revenue (revenue over time)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)(3)</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,221,429</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">441,667</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">80,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Contract revenue (at a point in time)<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)(3)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,500</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,426,355</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,888,185</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,794,044</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="text-align: center; white-space: nowrap; font-weight: bold">Contract</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Receivables</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Liabilities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Opening balance, January 1, 2017</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(20,000</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenues recognized</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">80,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(60,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Changes due to payment, fulfillment of performance obligations or other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(40,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">80,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2017</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revenues recognized</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">626,667</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(626,667</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Changes due to payment, fulfillment of performance obligations or other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(606,667</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">626,667</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="text-align: center; white-space: nowrap; font-weight: bold">Contract</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Receivables</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Liabilities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Balance, December 31, 2018</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">60,000</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenues recognized</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,333,929</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,333,929</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Changes due to payment, fulfillment of performance obligations or other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,293,929</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,333,929</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, November 8, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,100,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">For the Period From</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center; white-space: nowrap">For the Year Ended</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: right; white-space: nowrap; font-weight: bold">January 1 to November 8,</td> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center"> </td> <td colspan="6" style="text-align: center; white-space: nowrap">December 31,</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Wages and benefits</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,565,076</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,818,980</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,135,329</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Supplies</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,412,572</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,070,495</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,118,011</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Subcontract fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">728,457</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">400,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Stock-based compensation</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(28,883</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">140,853</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">150,112</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,677,222</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,430,328</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,403,452</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Wages and benefits</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">887,860</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,034,715</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,131,322</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rent and facility costs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">604,442</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">975,467</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,079,635</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">General expenses</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">458,465</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">785,635</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">585,637</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Stock-based compensation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(46,725</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">278,385</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">66,454</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,484</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,747</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,076</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Depreciation and amortization</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,409,380</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,092,908</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,950,526</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,515,329</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,983,032</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: normal; text-align: left">CASH (USED IN) PROVIDED BY:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: normal; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: normal; text-align: left">OPERATING ACTIVITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: normal; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Net loss</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,900,662</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,888,946</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Adjustments for:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation of property and equipment</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,372,152</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,055,680</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gain on sale of discontinued operations</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,707,280</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Amortization of intangibles</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,228</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Interest expense</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,494</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impairment loss</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">156,717</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Stock-based compensation</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(75,608</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">419,238</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,566</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income tax recovery</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(297,940</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred rent</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,825</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(21,992</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Expected credit loss</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,615</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,228,462</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,194,644</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,877,412</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">Net change in non-cash working capital accounts:</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; text-align: left">Accounts receivable</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">584,902</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(508,093</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(171,257</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid and other current assets</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">497,259</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(949,401</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(927,685</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Inventory</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(334,425</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,733</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">663,992</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Accounts payable and accrued liabilities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(470,378</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,782,612</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(616,289</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Cash flows from operating activities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,951,104</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,790,793</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,928,651</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">INVESTING ACTIVITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Proceeds from the sale of discontinued operations, net of cash given up (1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7,519,126</div></div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of property and equipment (Note 7)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,599,272</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,467,992</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(912,774</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Purchase of patents and licenses (Note 8)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,231</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,815</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Cash flows from investing activities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,908,623</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,467,992</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(931,589</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">FINANCING ACTIVITIES</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Payment of lease liability (Note 9)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(258,460</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Cash flows from financing activities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(258,460</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">EFFECT OF EXCHANGE RATE CHANGES ON CASH</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,010</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,490</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(65,338</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">NET CHANGE IN CASH</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,685,049</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,232,295</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,925,578</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">396,037</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid and other current assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,303,014</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Inventory</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">774,404</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,424,638</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Right of use asset</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">880,577</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Patents</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,696</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Goodwill and customer list</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,718,953</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Trade payables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,312,053</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease Liability</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(695,733</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Deferred tax liability</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(707,687</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Net assets disposed</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,811,846</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div> Consideration received in cash</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,000,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div> Cash given up</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(480,874</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Consideration receivable</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,000,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net inflows</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,519,126</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold">For the Year Ended December 31,</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Net loss, continuing operations</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,727,372</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,422,117</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,908,851</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Net income (loss), discontinued operations</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,481,757</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,198,602</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,186,886</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Net loss before taxes</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,245,615</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,620,719</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(13,095,737</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected current income tax recovery</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,655,088</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,404,491</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,470,370</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Deferred tax recovery <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,947,828</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,702,431</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,768,310</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; font-weight: bold">For the Year Ended December 31,</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustments to income tax recovery:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Amounts not deductible for tax purposes</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,212,900</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,065,900</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(841,000</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other non-deductible items</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(173,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(509,900</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(463,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deductible share and debt issuance costs</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">77,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-taxable gain</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,307,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Impact of US statutory income tax rate change <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,472,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign tax differential</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">591,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(592,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(69,000</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-recognizable permanent capital loss</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,175,000</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unusable foreign tax recoveries <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(3)</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,040,081</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Unrecognized tax recovered (losses)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,831,893</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,313,691</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,280,630</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Income tax recovery recognized <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(2)</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">292,740</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">297,940</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">Cash and cash equivalents and receivable from the sale of discontinued operations</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,428,129</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shareholders' equity</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,096,378</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold">Right of use asset</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">Building</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Cost</td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, January 1, 2019</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 85%">Additions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,127,534</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Disposal <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(892,300</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,966</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">238,200</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accumulated Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, January 1, 2019</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Amortization</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,683</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,683</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Carrying Amounts</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid">At December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">222,517</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Lease liability</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, January 1, 2019</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Additions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,127,534</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,705</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest included in discontinued operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,494</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease payments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,162</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease payments included in discontinued operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(258,460</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Disposal <div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">(1)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(695,733</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Effect of changes in foreign exchange rates</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,620</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">223,758</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Trade payables</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,507,644</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,269,845</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,229</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Payroll related liabilities</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">44,677</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">595,720</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,913</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Accrued liabilities</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">173,387</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">174,857</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">193,451</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,725,708</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,040,422</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">810,593</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Historical</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Number of</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Average Exercise</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Warrants/</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center; white-space: nowrap">Historical</td> <td style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Price</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Compensation options</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; white-space: nowrap">Fair value</td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 55%">Balance, January 1, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.79</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,369,233</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,013,747</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Warrants issued</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.39</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,800,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,985,378</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants and compensation warrants exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.51</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,794,412</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(901,417</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Expired</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.02</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,574,821</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,112,330</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2017</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.39</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,800,000</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,985,378</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fair value of warrants issued on public offering</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.58</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,545,350</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,286,426</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Historical fair value assigned to warrants exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.39</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,600,500</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(447,270</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of compensation options issued to brokers</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,505,442</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">479,204</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Balance, December 31, 2018</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.44</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46,250,292</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,303,738</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Fair value of warrants issued as cost of debt financing</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.27</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,289,500</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">221,620</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.43</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,539,792</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,525,358</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Raw materials</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98,370</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,768</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finished goods</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">212,361</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">260,105</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Work in process</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">126,102</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">151,709</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">436,833</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">524,582</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> <td> </td> <td colspan="2" style="white-space: nowrap"> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 55%">Sales tax recoverable and other current assets</td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,265</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,658</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,482</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development credit</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,905,593</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,287,539</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Security deposits on leased properties</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">233,983</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">228,170</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left">Prepaid expenses</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">750,000</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">711,385</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">322,536</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">831,265</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,936,619</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,957,727</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.5in; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap; font-weight: bold">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2018</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2017</td> <td style="border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 27%; text-align: left">Product sales</td> <td style="width: 1%"> </td> <td style="width: 27%; text-align: left"><div style="display: inline; font-style: italic; font: inherit;">United States dollar</div></td> <td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 12%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">713,744</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">493,925</div></td> <td style="white-space: nowrap; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Product sales</td> <td> </td> <td style="text-align: left"><div style="display: inline; font-style: italic; font: inherit;">Singapore dollar</div></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">273,815</div></td> <td style="white-space: nowrap; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left">Loss allowance</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(40,615</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">946,944</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">493,925</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td> </tr> </table></div>
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On November 8, 2019, the Company disposed of certain patents unrelated to the Company's technology on the sale of DenseLight.
Payroll related liabilities at December 31, 2016 includes $450,000 of bonus payable to the CEO along with $87,751 of past salaries due to some current and former employees of DenseLight.
The Company disposed of $892,000 of right of use asset and $695,733 of lease liability on November 8, 2019 with the sale of DenseLight (Note 23).
Share-based payments are the fair value of options granted to key management personnel and expensed during the various years as calculated using the Black-Scholes model.
The Company applies IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss allowance for trade receivables.
Due to the reduction of US corporate tax rates from 35% to 21%, the Company will not be able to apply $9,472,000 against any future US taxes payable.
Deferred tax recovery and income tax recovery recognized for 2018 and 2017 are included Income (loss) from discontinued operations, net of taxes on the consolidated statements of operations and deficit.
Deferred tax assets applicable to DenseLight and no longer available to the Company.
During 2018, $3,000 relating to certain property and equipment were reclassified to non-current assets held for sale and was sold in December 2018 while $156,717 was recorded as an impairment loss and was included in discontinued operations.
On November 8, 2019, the Company disposed of property and equipment used in the operations DenseLight.
The Company disposed of its customer relationships intangible assets and related amortization on November 8, 2019 with the sale of DenseLight (Note 23).
Revenue from the sale of products.
Revenue from long-term projects or non-recurring engineering (NRE).
All revenue was generated from the Singapore geographic region.
Consideration received in cash $ 8,000,000
Cash given up (480,874)
2,277,186 cancelled options related to staff employed at DenseLight
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