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Financial instruments and risk management (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of financial instruments with carrying amounts that differ from fair values

Financial instruments with carrying amounts that differ from their fair values are as follows:


		December 31, 2022		December 31, 2021
	Fair Value Hierarchy Level	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Convertible debentures	Level 1	129,750	131,795	129,750	135,963
Financing obligations	Level 2	32,889	30,783	47,945	47,010
Mortgage	Level 2	29,231	24,329	30,000	29,756

Schedule of major customers

The following customers accounted for 10% or more of total revenues:


Year ended December 31,	2022		2021
Customer A	31	%	38	%
Customer B	24	%	27	%
Customer C	21	%	10	%
Customer D	14	%	17	%

The following customers represented 10% or more of accounts receivable and contract assets:


	December 31, 2022		December 31, 2021
Customer 1	32	%	45	%
Customer 2	16	%	6	%
Customer 3	15	%	15	%
Customer 4	11	%	15	%

Schedule of maximum exposure to credit risk for accounts receivable and unbilled revenue

The Company’s exposure to credit risk for accounts receivable and contract assets is as follows:


	December 31, 2022		December 31, 2021
Trade accounts receivable	$	39,625	$	51,774
Holdbacks	372		380
Accrued trade receivables	33,207		12,266
Contract receivables, included in accounts receivable	$	73,204	$	64,420
Other receivables	10,607		4,367
Total accounts receivable	$	83,811	$	68,787
Contract assets	15,802		9,759
Total	$	99,613	$	78,546

Schedule of trade receivables aging

As at December 31, 2022, and December 31, 2021, trade receivables and holdbacks are aged as follows:


	December 31, 2022		December 31, 2021
Not past due	$	31,923	$	31,531
Past due 1-30 days	6,190		19,209
Past due 31-60 days	1,174		1,250
More than 61 days	710		164
Total	$	39,997	$	52,154

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details