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Fair Value of Financial Instruments | 12 Months Ended
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Jun. 30, 2020
Fair value measurement [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments
| Accounting Policy Fair Value Hierarchy Financial instruments recorded at fair value are classified using a hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels of hierarchy are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 - Inputs for the asset or liability that are not based on observable market data. The individual fair values attributed to the different components of a financing transaction, notably marketable securities, derivative financial instruments, convertible debentures and loans, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and derive estimates. Significant judgment is also used when attributing fair values to each component of a transaction upon initial recognition, measuring fair values for certain instruments on a recurring basis and disclosing the fair values of financial instruments subsequently carried at amortized cost. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of instruments that are not quoted or observable in an active market. Financial instruments are measured either at fair value or at amortized cost. The table below lists the valuation methods used to determine fair value of each financial instrument. |
|  | Fair Value Method |
| Financial Instruments Measured at Fair Value |
| Marketable securities | Closing market price of common shares as of the measurement date (Level 1) |
| Derivatives | Closing market price (Level 1) or Black-Scholes, Binomial, Monte-Carlo & FINCAD valuation model (Level 2 or 3) |
| Contingent consideration payable | Discounted cash flow model (Level 3) |
| Derivative liability | Kynex valuation model (Level 2) |
| Financial Instruments Measured at Amortized Cost |
| Cash and cash equivalents, restricted cash, accounts receivable, loans receivable | Carrying amount (approximates fair value due to short-term nature) |
| Accounts payable and accrued liabilities | Carrying amount (approximates fair value due to short-term nature) |
| Convertible debentures, loans and borrowings | Carrying value discounted at the effective interest rate which approximates fair value |
The carrying values of the financial instruments at June 30, 2020 are summarized in the following table:
| Amortized cost |  | FVTPL |  | Designated FVTOCI |  | Total |
| $ |  | $ |  | $ |  | $ |
Financial Assets |  |  |  |
Cash and cash equivalents | 162,179 |  | — |  | — |  | 162,179 |
Restricted cash | — |  | — |  | — |  | — |
Accounts receivable, excluding sales taxes receivable | 48,198 |  | — |  | — |  | 48,198 |
Marketable securities | — |  | — |  | 7,066 |  | 7,066 |
Derivatives | — |  | 53,582 |  | — |  | 53,582 |
Loans receivable | 3,643 |  | — |  | — |  | 3,643 |
Financial Liabilities |  |  |  |
Accounts payable and accrued liabilities | 95,574 |  | — |  | — |  | 95,574 |
Convertible debentures (1) | 327,038 |  | — |  | — |  | 327,038 |
Contingent consideration payable | — |  | 19,604 |  | — |  | 19,604 |
Loans and borrowings | 204,209 |  | — |  | — |  | 204,209 |
Derivative liability | — |  | 1,827 |  | — |  | 1,827 |
(1) | The fair value of convertible notes includes both the debt and equity components.
The following is a summary of financial instruments measured at fair value segregated based on the various levels of inputs:
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
| $ |  | $ |  | $ |  | $ |
As of June 30, 2020 |  |  |  |
Marketable securities | 6,066 |  | — |  | 1,000 |  | 7,066 |
Derivative assets | — |  | 37,480 |  | 16,102 |  | 53,582 |
Contingent consideration payable | — |  | — |  | 19,604 |  | 19,604 |
Derivative liability | — |  | 1,827 |  | — |  | 1,827 |
As of June 30, 2019 |  |  |  |
Marketable securities | 142,248 |  | — |  | 1,000 |  | 143,248 |
Derivative assets | — |  | 64,001 |  | 22,408 |  | 86,409 |
Contingent consideration payable | — |  | — |  | 28,137 |  | 28,137 |
Derivative liability | — |  | 177,395 |  | — |  | 177,395 |
There have been no transfers between fair value categories during period. The following is a continuity schedule of contingent consideration payable:
| BCNL UCI |  | CanvasRx |  | H2 |  | Whistler |  | Reliva |  | Immaterial transactions |  | Total |
| $ |  | $ |  | $ |  | $ |  | $ |  | $ |  | $ |
Balance, June 30, 2018 | 1,242 |  | 5,884 |  | 14,207 |  | — |  | — |  | — |  | 21,333 |
Additions | — |  | — |  | — |  | 24,395 |  | — |  | 383 |  | 24,778 |
Unrealized loss from changes in fair value | 458 |  | 261 |  | 2,060 |  | 376 |  | — |  | 108 |  | 3,263 |
Payments | (1,700 | ) | (4,160 | ) | (15,036 | ) | — |  | — |  | (341 | ) | (21,237 | )
Balance, June 30, 2019 | — |  | 1,985 |  | 1,231 |  | 24,771 |  | — |  | 150 |  | 28,137 |
Additions | — |  | — |  | — |  | — |  | 688 |  | — |  | 688 |
Unrealized loss from changes in fair value | — |  | 8 |  | (49 | ) | (2,316 | ) | — |  | — |  | (2,357 | )
Payments | — |  | (1,993 | ) | (1,182 | ) | (3,689 | ) | — |  | — |  | (6,864 | )
Balance, June 30, 2020 | — |  | — |  | — |  | 18,766 |  | 688 |  | 150 |  | 19,604 |
The Company’s contingent consideration payable is measured at fair value based on unobservable inputs and is considered a Level 3 financial instrument. The determination of the fair value of these liabilities is primarily driven by the Company’s expectations of the respective subsidiaries achieving certain milestones. The expected milestones were assigned probabilities and the expected related cash flows were discounted to derive the fair value of the contingent consideration. At June 30, 2020, the weighted average probability of achieving all milestones was estimated to be 32% (June 30, 2019 - 100%) and the discount rates were estimated to be 1.38% (June 30, 2019 - range between 4.86% and 22.76%). If the probabilities of achieving the milestones decreased by 10%, the estimated fair value of the contingent consideration would decrease by approximately $1.9 million (June 30, 2019 - $2.8 million). If the discount rates increased or decreased by 5%, the estimated fair value of contingent consideration would increase or decrease by approximately $0.2 million (June 30, 2019 - $0.3 million). If the expected timing of the achievement is delayed by six months, the estimated fair value of contingent consideration would decrease by approximately $0.1 million (June 30, 2019 - $0.4 million).

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- Definition Fair value measurement [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for fair value measurement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2019-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2019-en-r&doctype=Standard&dita_xref=IFRS13_g91-99_TI -URIDate 2019-03-27 + Details
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