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Intangible Assets And Goodwill | 12 Months Ended
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Mar. 31, 2018
Disclosure Of Intangible Assets [Abstract] |
Intangible Assets And Goodwill |
11. | Intangible assets and goodwill
A continuity of the intangible assets for the year ended March 31, 2018 is as follows:
COST |
|  | Balance at |  |  |  |  |  |  | Additions |  |  |  |  |  |  |  |  |  |  | Balance at |
|  | April 1, |  |  |  |  |  |  | from |  |  | Disposals/ |  |  | Exchange |  |  | March 31, |
|  | 2017 |  |  | Additions |  |  | acquisitions |  |  | adjustments |  |  | differences |  |  | 2018 |
Health Canada licenses |  | $ | 92,200 |  |  | $ | - |  |  | $ | - |  |  | $ | (27,600 | ) |  | $ | - |  |  | $ | 64,600 |
Distribution channel |  |  | 38,900 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 38,900 |
Product rights |  |  | 28,000 |  |  |  | - |  |  |  | - |  |  |  | (28,000 | ) |  |  | - |  |  |  | - |
Brand |  |  | 3,410 |  |  |  | - |  |  |  | 2,632 |  |  |  | - |  |  |  | - |  |  |  | 6,042 |
Import license |  |  | 795 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 46 |  |  |  | 841 |
Software |  |  | 1,197 |  |  |  | 117 |  |  |  | - |  |  |  | 143 |  |  |  | (2 | ) |  |  | 1,455 |
Domain name |  |  | 54 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 54 |
Intangibles in process |  |  | 92 |  |  |  | 1,646 |  |  |  | 600 |  |  |  | (194 | ) |  |  | - |  |  |  | 2,144 |
Internally generated intangibles in process |  |  | - |  |  |  | 326 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 326 |
Total |  | $ | 164,648 |  |  | $ | 2,089 |  |  | $ | 3,232 |  |  | $ | (55,651 | ) |  | $ | 44 |  |  | $ | 114,362 |
ACCUMULATED AMORTIZATION |
|  | Balance at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Balance at |
|  | April 1, |  |  |  |  |  |  | Disposals/ |  |  | Exchange |  |  | March 31, |
|  | 2017 |  |  | Amortization |  |  | adjustments |  |  | differences |  |  | 2018 |
Health Canada licenses |  | $ | 985 |  |  | $ | 2,957 |  |  | $ | (1,318 | ) |  | $ | - |  |  | $ | 2,624 |
Distribution channel |  |  | 1,000 |  |  |  | 8,077 |  |  |  | - |  |  |  | - |  |  |  | 9,077 |
Import license |  |  | 57 |  |  |  | 155 |  |  |  | - |  |  |  | 7 |  |  |  | 219 |
Software |  |  | 305 |  |  |  | 557 |  |  |  | - |  |  |  | 1 |  |  |  | 863 |
Domain name |  |  | 38 |  |  |  | 15 |  |  |  | - |  |  |  | - |  |  |  | 53 |
Total |  |  | 2,385 |  |  |  | 11,761 |  |  |  | (1,318 | ) |  |  | 8 |  |  |  | 12,836 |
Net book value |  | $ | 162,263 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 101,526 |
A significant disposal of intangible assets in the period related to the disposal of Agripharm which resulted in a net derecognition of the related Health Canada License of $26,282. Refer to Note 10 (c).
11. | Intangible assets and goodwill (continued)
The product rights were acquired as part of the acquisition of Bedrocan Canada Inc. that was completed in August 2015. On July 14, 2017 Bedrocan Canada Inc., a wholly owned subsidiary of the Company, commenced arbitration proceedings against Bedrocan International BV (“Bedrocan International”) seeking performance of Bedrocan International’s contractual obligations under the licensing and distribution agreement between the parties. During the fourth quarter of fiscal 2018 the Company initiated settlement negotiations with Bedrocan International which would include the orderly termination of the licensing and distribution agreement. As a result of these developments management has estimated that the recoverable amount for these product rights would be minimal and an impairment loss of $28,000 has been recognized in the Consolidated Statements of Operations within Other Income. On February 7, 2018, the Company acquired a brand, certain technology, and lab equipment in exchange for the issuance of 117,253 common shares with a value of $3,239. The Company capitalized $43 of acquisition costs related to this transaction. Lab equipment of $50 was recorded to property plant, and equipment with the remaining $3,232 recorded to intangible assets. Under the terms of the transaction, the sellers will receive additional shares up to a value of $1,065 if certain milestones are met. This variable consideration will be recorded if and when these milestones are achieved. On closing of the transaction the sellers entered in to consulting agreements with the Company. As additional consideration for entering in to these agreements they will receive shares to a value of $1,127, based on the 5 day VWAP at the time the shares are issued, which will be recorded as share based compensation expense over the term of the agreements. A continuity of the intangible assets for the year ended March 31, 2017 is as follows:
COST |
|  | Balance at |  |  |  |  |  |  | Additions |  |  |  |  |  |  |  |  |  |  | Balance at |
|  | April 1, |  |  |  |  |  |  | from |  |  | Disposals/ |  |  | Exchange |  |  | March 31, |
|  | 2016 |  |  | Additions |  |  | acquisitions |  |  | adjustments |  |  | differences |  |  | 2017 |
Health Canada licenses |  | $ | 4,000 |  |  | $ | - |  |  | $ | 88,200 |  |  | $ | - |  |  | $ | - |  |  | $ | 92,200 |
Distribution Channel |  |  | - |  |  |  | - |  |  |  | 38,900 |  |  |  | - |  |  |  | - |  |  |  | 38,900 |
Product rights |  |  | 28,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28,000 |
Brand |  |  | - |  |  |  | - |  |  |  | 3,410 |  |  |  | - |  |  |  | - |  |  |  | 3,410 |
Import license |  |  | - |  |  |  | - |  |  |  | 779 |  |  |  | - |  |  |  | 16 |  |  |  | 795 |
Software |  |  | - |  |  |  | 49 |  |  |  | 516 |  |  |  | 632 |  |  |  | - |  |  |  | 1,197 |
Domain name |  |  | 54 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 54 |
Intangibles in process |  |  | - |  |  |  | 92 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 92 |
Total |  |  | 32,054 |  |  |  | 141 |  |  |  | 131,805 |  |  |  | 632 |  |  |  | 16 |  |  |  | 164,648 |
ACCUMULATED AMORTIZATION |
|  | Balance at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Balance at |
|  | April 1, |  |  |  |  |  |  | Disposals/ |  |  | Exchange |  |  | March 31, |
|  | 2016 |  |  | Amortization |  |  | adjustments |  |  | differences |  |  | 2017 |
Health Canada licenses |  | $ | 166 |  |  | $ | 819 |  |  | $ | - |  |  | $ | - |  |  | $ | 985 |
Distribution Channel |  |  | - |  |  |  | 1,000 |  |  |  | - |  |  |  | - |  |  |  | 1,000 |
Import license |  |  | - |  |  |  | 57 |  |  |  | - |  |  |  | - |  |  |  | 57 |
Software |  |  | - |  |  |  | 31 |  |  |  | 274 |  |  |  | - |  |  |  | 305 |
Domain name |  |  | 27 |  |  |  | 11 |  |  |  | - |  |  |  | - |  |  |  | 38 |
Total |  |  | 193 |  |  |  | 1,918 |  |  |  | 274 |  |  |  | - |  |  |  | 2,385 |
Net book value |  | $ | 31,861 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 162,263 |
11. | Intangible assets and goodwill (continued)
The net change in goodwill is as follows:
As at March 31, 2016 |  |  |  | $ | 20,866 |
Additions from acquisitions of subsidiaries |  | 10(b) |  |  | 220,314 |
Exchange differences |  |  |  |  | 191 |
As at March 31, 2017 |  |  |  |  | 241,371 |
Additions from acquisitions of subsidiaries |  | 10(a) |  |  | 38,758 |
Additions from acquisition of joint operation |  | 13 |  |  | 36,400 |
Disposal of consolidated entity |  | 10(c) |  |  | (2,259 | )
Exchange differences |  |  |  |  | 653 |
As at March 31, 2018 |  |  |  | $ | 314,923 |

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