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Basis of preparation | 12 Months Ended
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May 31, 2021
Basis Of Preparation [Abstract] |
Basis of preparation |
2. | Basis of preparation
The policies applied in these consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Based on the determination that Aphria was the accounting acquirer in the Arrangement, Aphria’s historical financial statements became the historical financial statements of the Company. The acquired assets and liabilities of Tilray are included in the Company’s consolidated balance sheets as of April 30, 2021 and the results of its operations and cash flows are included in the Company’s consolidated statement of income (loss) and comprehensive income (loss) and cash flows for periods beginning after April 30, 2021. In conjunction with the reverse acquisition, the Company elected to adopt Aphria’s fiscal year end of June 1 to May 31. Prior to April 30, 2021 Aphria was a foreign private issuer reporting its financial statements under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Boards. These consolidated financial statements, for all periods, are presented in accordance with GAAP. These consolidated financial statements have been prepared on the going concern basis which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due, under the historical cost convention except for certain financial instruments that are measured at fair value, as detailed in the Company’s accounting policies. For the fiscal year ended May 31, 2021 the Company reported a consolidated net loss of $336,014 and a consolidated net loss of $100,833 and $36,093 for the years ending May 31, 2020 and May 31, 2019, respectively. For the years ended May 31, 2021, 2020 and 2019, the Company had cash flows used in operating activities of $44,717, $100,627 and $42,049, respectively. As of May 31, 2021 and 2020, the Company had working capital of $482,368 and $ 461,732 respectively. Current management forecasts and related assumptions support the view that the Company can adequately manage the operational needs of the business with the current cash on hand for the next twelve months from the date of issuance of these financial statements. These financial statements reflect all adjustments, which, in the opinion of management, are necessary for a fair presentation of the Company’s financial position and results of operations. Foreign currency These consolidated financial statements are presented in U.S. dollars (“USD”), which is the Company’s reporting currency; however, the functional currency of the entities in these financial statements are their respective local currencies, including Canadian dollar, USD, Euro, Australian dollar, and Great Britain pound. Foreign currency transactions are remeasured to the respective functional currencies of the Company’s entities at the exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are remeasured to the functional currency at the foreign exchange rate applicable at the statement of financial position date. Non-monetary items carried at historical cost denominated in foreign currencies are remeasured to the functional currency at the date of the transactions. Non-monetary items carried at fair value denominated in foreign currencies are remeasured to the functional currency at the date when the fair value was determined. Realized and unrealized exchange gains and losses are recognized through profit and loss. On consolidation, the assets and liabilities of foreign operations reported in their functional currencies are translated into USD, the Group’s presentation currency, at period-end exchange rates. Income and expenses, and cash flows of foreign operations are translated into USD using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in other comprehensive income (loss) and accumulated in equity. Basis of consolidation Subsidiaries are entities controlled by the Company. Control exists when the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The following is a list of the Company’s operating subsidiaries:
Subsidiaries |  | Jurisdiction of incorporation |  | Ownership interest
Natura Naturals Inc. |  | Canada |  | 100%
Tilray, Inc. |  | United States |  | 100%
Manitoba Harvest USA LLC |  | United States |  | 100%
Tilray Canada, Ltd. |  | Canada |  | 100%
Dorada Ventures, Ltd. |  | Canada |  | 100%
FHF Holdings Ltd. |  | Canada |  | 100%
High Park Farms Ltd. |  | Canada |  | 100%
Tilray Deutschland GmbH |  | Germany |  | 100%
Pardal Holdings, Lda. |  | Portugal |  | 100%
Tilray Portugal Unipessoal, Lda. |  | Portugal |  | 100%
Tilray Australia New Zealand Pty. Ltd. |  | Australia |  | 100%
Tilray Ventures Ltd. |  | Ireland |  | 100%
Manitoba Harvest Japan K.K. |  | Japan |  | 100%
High Park Holdings, Ltd. |  | Canada |  | 100%
Fresh Hemp Foods Ltd. |  | Canada |  | 100%
Natura Naturals Holdings Inc. |  | Canada |  | 100%
National Cannabinoid Clinics Pty Ltd. |  | Australia |  | 100%
Tilray Latin America SpA |  | Chile |  | 100%
Tilray Portugal II, Lda. |  | Portugal |  | 100%
High Park Gardens Inc. |  | Canada |  | 100%
1197879 B.C. Ltd |  | Canada |  | 100%
High Park Shops Inc. |  | Canada |  | 100%
Privateer Evolution, LLC |  | United States |  | 100%
Tilray France SAS |  | France |  | 100%
High Park Holdings B.V. |  | Netherlands |  | 100%
High Park Botanicals B.V. |  | Netherlands |  | 100%
Broken Coast Cannabis Ltd. |  | British Columbia, Canada |  | 100%
SweetWater Brewing Company, LLC |  | United States |  | 100%
SweetWater Colorado Brewing Co. |  | United States |  | 100%
ARA – Avanti Rx Analytics Inc. |  | Ontario, Canada |  | 100%
FL Group S.r.l. |  | Italy |  | 100%
ABP, S.A. |  | Argentina |  | 100%
Aphria Germany GmbH |  | Germany |  | 100%
Aphria RX GmbH |  | Germany |  | 100%
CC Pharma GmbH |  | Germany |  | 100%
CC Pharma Research and Development GmbH |  | Germany |  | 100%
Aphria Wellbeing GmbH |  | Germany |  | 100%
CC Pharma Luxemburg GmbH |  | Luxemburg |  | 100%
ASG Pharma Ltd. |  | Malta |  | 100%
ColCanna S.A.S. |  | Colombia |  | 90%
CC Pharma Nordic ApS |  | Denmark |  | 75%
1974568 Ontario Ltd. |  | Ontario, Canada |  | 51%
Intragroup balances, and any unrealized gains and losses or income and expenses arising from transactions with jointly controlled entities are eliminated to the extent of the Company’s interest in the entity. A Variable Interest Entity (“VIE”) is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support, is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights, or do not substantively participate in the gains and losses of the entity. Upon inception of a contractual agreement, the Company performs an assessment to determine whether the arrangement contains a variable interest in a legal entity and whether that legal entity is a VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE entity that could potentially be significant to the VIE. Where the Company concludes it is the primary beneficiary of a VIE, the Company consolidates the accounts of that VIE. When the Company is not the primary beneficiary, the VIE is accounted for using the equity method and is included in equity method investments on the balance sheets. At May 31, 2021, 2020, and 2019, the Company had no consolidated VIEs. Refer to Note 13 Interest in equity investees for the Company’s VIEs accounted for using the equity method. The Company regularly reviews and reconsiders previous conclusions regarding whether it is the primary beneficiary of a VIE. The Company also reviews and reconsiders previous conclusions regarding whether the Company holds a variable interest in a potential VIE, the status of an entity as a VIE, and whether the Company is required to consolidate such a VIE in the financial statements when a change occurs. The Company treats transactions that do not result in a loss of control as equity transactions and generally no gain or loss is recognized. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to the owners of the Company. Equity method investments In accordance with ASC 323, Investments – Equity Method and Joint Ventures, investments in entities over which the Company does not have a controlling financial interest but has significant influence are accounted for using the equity method, with the Company’s share of earnings or losses reported in earnings or losses from equity method investments on the statements of net loss and comprehensive loss. Equity method investments are recognized initially at cost, which includes transaction costs. After initial recognition, the consolidated financial statements include the Company’s share of undistributed earnings or losses, and impairment, if any, until the date on which significant influence ceases. If the Company’s share of losses in an equity investment equals or exceeds its interest in the entity, including any net advances, the group does not recognize further losses, unless it has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. Unrealized gains on transactions between the Company and its equity-method investees are eliminated only to the extent of the Company’s interest in these entities. Unrealized losses are also eliminated, except to the extent that the underlying asset is impaired.

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- Definition The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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