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Right of Use Asset and Lease Liability | 12 Months Ended
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Mar. 31, 2021
Disclosure of quantitative information about leases for lessee [Abstract] |
Right of Use Asset and Lease Liability [Text Block] | 15. Right of Use Asset and Lease Liability The Company adopted a new lease standard and recognized $360,361 of lease liability on April 1, 2019. The lease liability was measured at the present value of the remaining lease payments of $360,361 as of April 1, 2019, discounted using an incremental borrowing rate of that date of 6%. The Company recorded a right of use asset of the same amount which relates to its long-term office lease. Depreciation of the right of use asset is calculated using the straight-line method over the remaining lease term. During the year ended March 31, 2021, the Company recognized interest expense on the lease liability of $236,600 which was recorded within finance expense.
Cost |  | Right of Use Assets |
Balance, March 31, 2019 | $ | - |
Transition to IFRS 16 |  | 360,361 |
Additions |  | 2,730,877 |
Derecognition on sub-lease |  | (360,361 | )
Adjustment for change in variable payments based on rate or index |  | 59,923 |
Balance, March 31, 2020 | $ | 2,790,800 |
Additions (Note 6) |  | 2,469,327 |
Foreign exchange |  | 493,001 |
Balance, March 31, 2021 | $ | 5,753,128 |
Accumulated Depreciation |  |  |
Balance, March 31, 2019 | $ | - |
Depreciation |  | (610,587 | )
Derecognition on sub-lease |  | 60,061 |
Balance, March 31, 2020 | $ | (550,526 | )
Depreciation |  | (2,181,512 | )
Foreign exchange |  | (42,806 | )
Balance, March 31, 2021 | $ | (2,774,844 | )
Carrying Amount |  |  |
Balance, March 31, 2020 | $ | 2,240,274 |
Balance, March 31, 2021 | $ | 2,978,284 |
|  | Lease Liability |
Balance, March 31, 2019 | $ | - |
Transition to IFRS 16 |  | 360,361 |
Additions |  | 2,730,877 |
Lease payments made |  | (762,908 | )
Interest expense on lease liabilities |  | 87,852 |
Adjustment for change in variable payments based on rate or index |  | (72,244 | )
Balance, March 31, 2020 | $ | 2,343,938 |
Additions (Note 6) |  | 2,469,327 |
Lease payments made |  | (2,561,297 | )
Interest expense on lease liabilities |  | 236,600 |
Foreign exchange |  | 575,271 |
|  | 3,063,839 |
Less: current portion |  | (1,910,712 | )
Balance, March 31, 2021 | $ | 1,153,127 |
Lease Disclosures |  |  |
Interest expense on lease liabilities | $ | 236,600 |
Income from sub-leasing | $ | 9,786 |
Total cash outflow for leases | $ | 2,561,297 |
Maturity Analysis - Undiscounted Contractual Payments |  |  |
Less than 1 year | $ | 2,015,361 |
1 to 2 years | $ | 954,240 |
2 to 3 years | $ | 238,560 |
| $ | 3,208,161 |
During the year ended March 31, 2020, the Company sub-leased the office space to an arm's length tenant. The Company has recorded a net investment in sublease of $360,361 measured at either an amount equal to the leased asset or the carrying amount as if IFRS 16 had been applied since the commencement date, discounted using the incremental borrowing rate on April 1, 2019. The following is a reconciliation of the changes in the net investment in sublease:
Balance, March 31, 2019 | $ | - |
Recognition of sublease |  | 300,300 |
Lease accretion |  | 26,273 |
Receipts |  | (92,421 | )
Balance, March 31, 2020 | $ | 234,152 |
Lease accretion |  | 9,786 |
Receipts |  | (167,194 | )
Balance, March 31, 2021 | $ | 76,744 |

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2020-01-01 -Section Presentation -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2020-01-01 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2020-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2020-01-01 + Details
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- References No definition available. + Details
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