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Convertible notes receivable | 12 Months Ended
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May 31, 2021
Convertible Notes Receivable [Abstract] |
Convertible notes receivable |
1 2. | Convertible notes receivable
During the year ended May 31, 2021, the Company did not purchase any convertible notes (2020 - $nil). The unrealized loss on convertible notes receivable recognized in other comprehensive income amounts to $3,824 and $5,476 for the years ended May 31, 2021 and 2020 respectively. During the year ended May 31, 2021, and 2020 the Company received total proceeds of $1,251,and $nil respectively from sales of available-for-sale securities and gain (loss) of $5,277, and $nil respectively was reclassified out of accumulated other comprehensive income into earnings. The fair value was determined using the Black-Scholes option pricing model using the following assumptions: the risk-free rate of 1.25%; expected life of the convertible note; volatility of 70% based on comparable companies; forfeiture rate of nil; dividend yield of nil; and, the exercise price of the respective conversion feature. Convertible notes receivable is comprised of the following investments:
|  | May 31, 2021 |  |  | May 31, 2020 |
HydRx Farms Ltd. (d/b/a Scientus Pharma) |  | $ | — |  |  | $ | 4,352 |
10330698 Canada Ltd. (d/b/a Starbuds) |  |  | 828 |  |  |  | 3,429 |
High Tide Inc. |  |  | 1,657 |  |  |  | 2,828 |
Total convertible notes receivable |  |  | 2,485 |  |  |  | 10,609 |
Deduct - current portion |  |  | (2,485 | ) |  |  | (10,609 | )
Total convertible notes receivable, non current portion |  | $ | — |  |  | $ | — |
HydRx Farms Ltd. (d/b/a Scientus Pharma) On August 14, 2017, Aphria purchased C$11,500 in secured convertible debentures of Scientus Pharma (“SP”). The convertible debentures bore interest at 8%, paid semi-annually, matured in two years and included the right to convert the debentures into common shares of SP at C$2.75 per common share at any time before maturity. During the year ended May 31, 2021, the Company settled the note receivable for $4,032 (C$5,000). 10330698 Canada Ltd. (d/b/a Starbuds) On December 28, 2018, Aphria purchased C$5,000 in secured convertible debentures of Starbuds. The convertible debentures bear interest at 8.5% per annum accruing daily due until maturity on December 28, 2020. The debentures are secured against the assets of Starbuds. The debentures and any accrued and unpaid interest are convertible into common shares for C$0.50 per common share and matured on December 28, 2020. Starbuds is currently in default under the convertible debentures. As at May 31, 2021, the fair value of the Company’s secured convertible debentures was $828 (C$1,000) (May 31, 2020 - $3,429 (C$4,728)), which includes $385 (C$465) (May 31, 2020 - $157 (C$216)) of accrued interest. The remaining change resulted in a fair value gain (loss) recognized in other comprehensive income. High Tide Inc. On April 10, 2019, Aphria purchased C$4,500 in unsecured convertible debentures of High Tide Inc. (“High Tide”). The convertible debentures bear interest at 10% per annum, payable annually up front in common shares of High Tide based on the 10-day volume weighted average price (the “Debentures”). The Debentures matured on April 10, 2021. In addition to the Debentures, the Company received 6,000,000 warrants in High Tide as part of the purchase of the unsecured convertible debentures (Note 13). Upon maturity, the Company agreed to extend the maturity date on C$2,000 of the convertible notes. The extended notes bear interest at 9% per annum and are due on April 21, 2023.

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- Definition Convertible notes receivable. + References No definition available. + Details
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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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