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Share capital | 12 Months Ended
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Dec. 31, 2019
Disclosure of reserves within equity [abstract] |
Share capital | 15. Share capital [a] Authorized The Company is authorized to issue an unlimited number of Class A multiple voting shares ("Class A shares") and an unlimited number of Class B subordinate voting shares ("Class B shares"), all without par value. All shares are ranked equally with regards to the Company's residual assets. The holders of Class A shares are entitled to 276,660 votes per class A share held. Class A shares are held by certain original founders of the Company. [b] Issued and outstanding Reconciliation of the Company's share capital is as follows:
|  | Class A shares |  |  | Class B shares |  |  | Warrants |
|  | # |  |  | $ |  |  | # |  |  | $ |  |  | # |  |  | $ |
Balance, December 31, 2017 |  | 72 |  |  | 201,500 |  |  | 3,794,846 |  |  | 12,794,963 |  |  | 354,996 |  |  | 2,116,900 |
Share issued |  | — |  |  | — |  |  | 2,268,035 |  |  | 47,853,745 |  |  | — |  |  | — |
Share issuance costs |  | — |  |  | — |  |  | — |  |  | (6,634,405 | ) |  | — |  |  | — |
Reverse acquisition |  | — |  |  | — |  |  | 545,505 |  |  | 9,868,179 |  |  | 37,313 |  |  | 118,875 |
Warrant valuations |  | — |  |  | — |  |  | — |  |  | (2,366,670 | ) |  | 198,835 |  |  | 2,366,670 |
Share-based payments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 294,287 |
Share options exercised |  | — |  |  | — |  |  | 190,463 |  |  | 5,145,825 |  |  | — |  |  | — |
Share options cancelled |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Warrants exercised |  | — |  |  | — |  |  | 44,931 |  |  | 1,254,665 |  |  | (44,932 | ) |  | (454,587 | )
Balance, December 31, 2018 |  | 72 |  |  | 201,500 |  |  | 6,843,780 |  |  | 67,916,302 |  |  | 546,212 |  |  | 4,442,145 |
Balance, December 31, 2018 |  | 72 |  |  | 201,500 |  |  | 6,843,780 |  |  | 67,916,302 |  |  | 546,212 |  |  | 4,442,145 |
Shares issued [a] [b] [c] [d] [e] |  | — |  |  | — |  |  | 408,651 |  |  | 11,539,417 |  |  | — |  |  | — |
Issued on acquisition of net assets of Prismic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pharmaceuticals, Inc. [f] |  | — |  |  | — |  |  | 510,940 |  |  | 16,431,818 |  |  | 67,598 |  |  | 1,888,086 |
Share options exercised |  | — |  |  | — |  |  | 130,189 |  |  | 1,782,438 |  |  | — |  |  | — |
Warrants exercised |  | — |  |  | — |  |  | 12,167 |  |  | 145,174 |  |  | (12,167 | ) |  | (50,183 | )
Warrants expired |  | — |  |  | — |  |  | — |  |  | — |  |  | (134,192 | ) |  | (535,014 | )
Balance, December 31, 2019 |  | 72 |  |  | 201,500 |  |  | 7,905,727 |  |  | 97,815,149 |  |  | 467,451 |  |  | 5,745,034 |
[a] On April 24, 2019, the Company entered into a share exchange agreement with Aura. Pursuant to the share exchange agreement, FSD acquired 13,562,386 common shares at $0.2212 per share in the capital of Aura in exchange for the issuance of 65,577 Class B shares of the Company at $45.75 for a total value of $3,000,000. On September 20, 2019, the Company issued an additional 61,892 Class B shares as part of the adjustment of purchase price related to the share exchange agreement with Aura to settle the related derivative liability. As part of the settlement, the Company recognized a loss on change in the fair value of derivative liability of $1,422,036. [b] On May 7, 2019, the Company entered into an agreement with Solarvest. Per the agreement the Company issued 49,751 Class B Shares to Solarvest in exchange for the investment in Solarvest. Refer to note 9 for details regarding the investment in Solarvest. [c] On October 4, 2019, the Company issued 3,735 Class B shares in settlement for trade payables of $25,000. [d] On October 16, 2019, the Company completed a reverse share split of 201 to 1 Class B Shares. All share and per share amounts for all periods presented in these financial statements have been adjusted retrospectively to reflect the reverse share split. [e] On November 4, 2019, the Company completed a private placement through the issuance of 228,670 Class B shares at a price of $20.10 per share for total gross proceeds of $4,593,777. Cash transactions costs related to the private placement were $32,705. A portion of the shares issued under the private placement were to related parties of the Company, including Directors and Officers of the Company (refer to Note 21). [f] The Company acquired all outstanding common and preferred shares of Prismic through the issuance of an aggregate of 510,940 Class B Shares. The Class B Shares issued to the Prismic shareholders were deposited into escrow upon closing of the transaction, and are subject to an 18-month staggered escrow release. The changes in the number of warrants outstanding during the years ended December 31, 2019 and 2018 were as follows:
|  | Number of warrants |  |  | Weighted average exercise price
|  | # |  |  | $
Outstanding as at December 31, 2017 |  | 354,996 |  |  | 5.80
Granted |  | 236,148 |  |  | 16.57
Exercised |  | (44,932 | ) |  | 17.79
Outstanding as at December 31, 2018 |  | 546,212 |  |  | 9.47
Granted |  | 67,598 |  |  | 10.45
Exercised |  | (12,167 | ) |  | 7.81
Expired |  | (134,192 | ) |  | 7.64
Outstanding as at December 31, 2019 |  | 467,451 |  |  | 10.20
Measurement of fair values The fair value of warrants outstanding during the years ended December 31, 2019 and 2018 were estimated at the date of grant using the Black-Scholes option pricing model with the following inputs:
| 2019 | 2018
Grant date share price | $32.16 | $4.42 - $18.09
Exercise price | $2.61 - $26.73 | $4.42 - $26.13
Expected dividend yield | — | —
Risk free interest rate | 1.41% - 1.52% | 1.70% - 2.17%
Expected life | 1.39 - 6.55 | 2 years
Expected volatility | 100% | 100%
The following table is a summary of the Company's warrants outstanding as at December 31, 2019: Warrants Outstanding
|  | Exercise price |  |  | Number outstanding
Expiry Date |  | $ |  |  | #
November 30, 2020 |  | 2.61 |  |  | 16,787
September 15, 2022 |  | 4.42 |  |  | 199,005
August 1, 2021 |  | 5.43 |  |  | 4,476
September 11, 2023 |  | 5.43 |  |  | 22,382
January 5, 2020 |  | 6.03 |  |  | 37,313
July 24, 2023 |  | 13.07 |  |  | 3,357
May 20, 2023 |  | 16.08 |  |  | 7,311
May 24, 2022 |  | 18.09 |  |  | 163,535
May 4, 2025 |  | 26.73 |  |  | 3,730
May 10, 2025 |  | 26.73 |  |  | 1,865
May 17, 2025 |  | 26.73 |  |  | 3,730
May 31, 2025 |  | 26.73 |  |  | 1,865
January 16, 2026 |  | 26.73 |  |  | 1,722
January 20, 2026 |  | 26.73 |  |  | 373
|  | 10.20 |  |  | 467,451
The following table is a summary of the Company's warrants outstanding as at December 31, 2018: Warrants Outstanding
|  | Exercise price |  |  | Number outstanding
Expiry Date |  | $ |  |  | #
September 15, 2022 |  | 4.42 |  |  | 199,005
October 20, 2019 |  | 7.56 |  |  | 11,970
November 1, 2019 |  | 7.56 |  |  | 69,240
November 14, 2019 |  | 7.56 |  |  | 52,532
November 21, 2019 |  | 7.56 |  |  | 10,263
December 12, 2019 |  | 7.56 |  |  | 1,084
December 29, 2019 |  | 7.56 |  |  | 1,072
January 5, 2020 |  | 6.03 |  |  | 37,313
May 24, 2022 |  | 18.09 |  |  | 163,733
|  | 9.47 |  |  | 546,212

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- Definition The entire disclosure for share capital, reserves and other equity interest. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 79 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_79&doctype=Standard -URIDate 2019-03-27 + Details
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