INTELGENX TECHNOLOGIES CORP., 10-Q filed on 5/10/2018
Quarterly Report
v3.8.0.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2018
May 09, 2018
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2018  
Trading Symbol igxt  
Entity Registrant Name IntelGenx Technologies Corp.  
Entity Central Index Key 0001098880  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   70,026,128
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well Known Seasoned Issuer No  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current    
Cash $ 618 $ 1,591
Short-term investments 1,765 3,313
Accounts receivable 655 623
Prepaid expenses 375 203
Investment tax credits receivable 383 314
Total current assets 3,796 6,044
Leasehold improvements and equipment, net 6,433 6,346
Security deposits 737 757
Total assets 10,966 13,147
Current    
Accounts payable and accrued liabilities 1,345 1,305
Current portion of long-term debt 752 772
Total current liabilities 2,097 2,077
Deferred lease obligations 50 50
Long-term debt 1,755 1,992
Convertible debentures 5,131 5,199
Total liabilities 9,033 9,318
Shareholders' equity    
Capital Stock, common shares, $0.00001 par value; 100,000,000 shares authorized; 67,731,467 shares issued and outstanding (2017: 67,031,467 common shares) 1 1
Additional paid-in capital 25,698 25,253
Accumulated deficit (23,052) (20,788)
Accumulated other comprehensive loss (714) (637)
Total Shareholders' Equity 1,933 3,829
Total liabilities and Stockholders' Equity $ 10,966 $ 13,147
v3.8.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2018
Dec. 31, 2017
Common Stock, Par Value Per Share $ 0.00001 $ 0.00001
Common Stock, Shares Authorized 200,000,000 200,000,000
Common Stock, Shares, Issued 67,731,467 67,031,467
Common Stock, Shares, Outstanding 67,731,467 67,031,467
v3.8.0.1
Consolidated Statement of Shareholders' Equity - 3 months ended Mar. 31, 2018 - USD ($)
$ in Thousands
Capital Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Loss [Member]
Total
Beginning Balance at Dec. 31, 2017 $ 1 $ 25,253 $ (20,788) $ (637) $ 3,829
Beginning Balance (Shares) at Dec. 31, 2017 67,031,467        
Other comprehensive loss       (77) (77)
Warrants exercised   395     395
Warrants exercised (Shares) 700,000        
Options exercised $ 0        
Stock-based compensation   50     50
Net loss for the period     (2,264)   (2,264)
Ending Balance at Mar. 31, 2018 $ 1 $ 25,698 $ (23,052) $ (714) $ 1,933
Ending Balance (Shares) at Mar. 31, 2018 67,731,467        
v3.8.0.1
Consolidated Statement of Comprehensive Loss - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues    
License and other revenue $ 239 $ 1,353
Total Revenues 239 1,353
Expenses    
Cost of royalty, license and other revenue 0 92
Research and development expense 797 644
Selling, general and administrative expense 1,280 904
Depreciation of tangible assets 183 170
Total expenses 2,260 1,810
Operating loss (2,021) (457)
Interest income 0 2
Financing and interest expense (243) (57)
Net financing and interest expense (243) (55)
Net Loss (2,264) (512)
Other Comprehensive (Loss) Income    
Foreign currency translation adjustment (72) 44
Change in fair value (5) 0
Other Comprehensive Income Loss attributable to parent (77) 44
Comprehensive loss $ (2,341) $ (468)
Basic and diluted:    
Basic and Diluted Weighted Average Number of Shares Outstanding 67,404,467 65,305,520
Basic and Diluted Loss Per Common Share $ (0.03) $ (0.01)
v3.8.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Funds (used) provided - Operating activities    
Net loss $ (2,264) $ (512)
Depreciation 183 170
Stock-based compensation 50 170
Accretion expense 73 0
Total Adjustments (1,958) (172)
Changes in non-cash items related to operations:    
Accounts receivable (32) 616
Prepaid expenses (172) 138
Investment tax credits receivable (69) 68
Security deposits 0 (6)
Accounts payable and accrued liabilities 40 (284)
Deferred revenue 0 (884)
Deferred lease obligations 0 1
Net change in non-cash items related to operations (233) (351)
Net cash used in operating activities (2,191) (523)
Financing activities    
Repayment of long-term debt (187) (103)
Proceeds from exercise of warrants and stock options 395 337
Net cash provided by financing activities 208 234
Investing activities    
Additions to leasehold improvements and equipment (438) (222)
Redemption of short-term investments 1,515 300
Net cash provided by investing activities 1,077 78
Decrease in cash (906) (211)
Effect of foreign exchange on cash (67) (101)
Cash    
Beginning of period 1,591 612
End of period $ 618 $ 300
v3.8.0.1
Basis of Presentation
3 Months Ended
Mar. 31, 2018
Basis of Presentation [Text Block]
1. Basis of Presentation
   
 

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal and recurring nature.

   
 

These financial statements should be read in conjunction with the audited consolidated financial statements at December 31, 2017. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.

   
 

The consolidated financial statements include the accounts of the Company and its subsidiary companies. On consolidation, all inter-entity transactions and balances have been eliminated.

   
 

The financial statements are expressed in U.S. funds.

   
 

Management has performed an evaluation of the Company’s activities through the date and time these financial statements were issued and concluded that there are no additional significant events requiring recognition or disclosure.

v3.8.0.1
Going Concern
3 Months Ended
Mar. 31, 2018
Going Concern [Text Block]
2.

Going Concern

   
 

The Company has financed its operations to date primarily through public offerings of its common stock, bank loans, royalty, up-front and milestone payments, license fees, proceeds from exercise of warrants and options, research and development revenues and the sale of U.S. royalty on future sales of Forfivo XL ® . The Company has devoted substantially all of its resources to its drug development efforts, conducting clinical trials to further advance the product pipeline, the expansion of its facilities, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product pipeline and ultimately upon its ability to attain profitable operations. As of March 31, 2018, the Company had cash and short-term investments totaling approximately $2,383. The Company does not have sufficient existing cash and short-term investments to support operations for the next year following the issuance of these financial statements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to alleviate these conditions include pursuing one or more of the following steps to raise additional funding, none of which can be guaranteed or are entirely within the Company’s control:


 

Raise funding through the possible sale of the Company’s common stock, including public or private equity financings.

     
 

Raise funding through debt financing.

     
 

Continue to seek partners to advance product pipeline.

     
 

Initiate oral film manufacturing activities.

     
 

Initiate contract oral film manufacturing activities.


 

If the Company is unable to raise capital when needed or on attractive terms, or if it is unable to procure partnership arrangements to advance its programs, the Company would be forced to delay, reduce or eliminate its research and development programs.

   
 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The accompanying financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due.

v3.8.0.1
Adoption of New Accounting Standards
3 Months Ended
Mar. 31, 2018
Adoption of New Accounting Standards [Text Block]
3.

Adoption of New Accounting Standards

   
 

The Company adopted Topic 606 Revenue from Contracts with Customers with a date of the initial application of January 1, 2018. As a result, the Company has changed its accounting policy for revenue recognition as detailed below.

   
 

This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those good or services. To determine revenue recognition for arrangements subject to the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and identifies performance obligations that are distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when (or as) the performance obligation is satisfied.


 

ASC 606 uses the terms “contract asset” and “contract liability” to describe what might more commonly be known as “accrued revenue” and deferred revenue”. The Company has adopted the terminology used in ASC 606 to describe such balances.

   
 

The Company’s accounting policies for its revenue streams are disclosed in Note 4 below. Apart from providing more extensive disclosures on the Company’s revenue transactions, the application of ASC 606 has not had a significant impact on the financial position and/or financial performance of the Company.

   
 

The FASB issued ASU 2017-09, Stock compensation, which provides guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. The statement is effective for annual periods beginning after December 15, 2017. The adoption of this statement did not have a material effect on the Company’s financial position or results.

   
 

The FASB issued ASU 2017-01, Business Combinations, which clarifies the definition of a business and is intended to help companies evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. These amendments are effective for a public business entity for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this statement did not have a material effect on the Company’s financial position or results.

   
 

The FASB issued ASU 2016-18, Statement of Cash Flows, which requires that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted or restricted cash equivalents. The statement is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The adoption of this statement did not have a material effect on the Company’s financial position or results.

   
 

The FASB issued ASU 2016-16, Income taxes, and requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. These amendments are effective for a public business entity for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this statement did not have a material effect on the Company’s financial position or results.

   
 

The FASB issued ASU 2016-15, Statement of Cash Flows, which clarifies how certain cash receipts and payments are to be presented in the Statement of cash flows. The statement is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The adoption of this statement did not have a material effect on the Company’s financial position or results.


 

The FASB issued ASU 2016-01, Financial Instruments. The targeted amendments to existing guidance include:


  1.

Equity investments that do not result in consolidation and are not accounted for under the equity method would be measured at fair value through net income, unless they qualify for the proposed practicability exception for investments that do not have readily determinable fair values.

     
  2.

Changes in instrument-specific credit risk for financial liabilities that are measured under the fair value option would be recognized in other comprehensive income.

     
  3.

Entities would make the assessment of the realizability of a deferred tax asset (DTA) related to an available- for-sale (AFS) debt security in combination with the entity’s other DTAs. The guidance would eliminate one method that is currently acceptable for assessing the realizability of DTAs related to AFS debt securities. That is, an entity would no longer be able to consider its intent and ability to hold debt securities with unrealized losses until recovery.

     
  4.

Disclosure of the fair value of financial instruments measured at amortized cost would no longer be required for entities that are not public business entities.


 

For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this statement did not have a material effect on the Company’s financial position or results.

v3.8.0.1
Significant Accounting Policies
3 Months Ended
Mar. 31, 2018
Significant Accounting Policies [Text Block]
4.

Significant Accounting Policies


 

Revenue Recognition

 

 

 

Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer.

   
 

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue- producing transaction, that are collected by the Company from a customer, are excluded from revenue.

   
 

The following is a description of principal activities – separated by nature – from which the Company generates its revenue.

   
 

Research and Development Revenue

   
 

Revenues with corporate collaborators are recognized as the performance obligations are satisfied over time, and the related expenditures are incurred pursuant to the terms of the agreement.

   
 

Licensing and Collaboration Arrangements

   
 

The Company may enter into licensing and collaboration agreements for product development, licensing, supply and manufacturing for its product pipeline. The terms of the agreements may include non-refundable signing and licensing fees, milestone payments and royalties on any product sales derived from collaborations. These contracts are analyzed to identify all performance obligations forming part of these contracts. The transaction price of the contract is then determined. The transaction price is allocated between all performance obligations on a relative standalone selling price basis. The stand-alone selling price is estimated based on the comparable market prices, expected cost plus margin and the Company’s historical experience.

   
 

Licenses are considered to be right-to-use licenses. As such, the Company recognizes the licenses revenues at a point in time, upon granting the licenses.

   
 

Milestone payments are considered variable consideration. As such, the Company estimates variable consideration at the most likely amount to which we expect to be entitled. The estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, research and other revenues in the period during which the adjustment is recognized. The process of successfully achieving the criteria for the milestone payments is highly uncertain. Consequently, there is significant risk that the Company may not earn all of the milestone payments for each of its contracts.

   
 

Royalties are typically calculated as a percentage of net sales realized by the Company’s licensees of its products (including their sub-licensees), as specifically defined in each agreement. The licensees’ sales generally consist of revenues from product sales of the Company’s product pipeline and net sales are determined by deducting the following: estimates for chargebacks, rebates, sales incentives and allowances, returns and losses and other customary deductions in each region where the Company has licensees. Revenues arising from royalties are considered variable consideration. As such, the Company estimates variable consideration at the most likely amount to which we expect to be entitled. The estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.


 

Leasehold Improvements and Equipment

   
 

Leasehold improvements and equipment are recorded at cost. Provisions for depreciation are based on their estimated useful lives using the methods as follows:


On the declining balance method -  
   
       Laboratory and office equipment 20%
       Computer equipment 30%
   
On the straight-line method -  
   
       Leasehold improvements over the lease term
       Manufacturing equipment 5 – 10 years

Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repair and maintenance are expensed as incurred.

ASU 2018-02 – Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

The FASB issued ASU 2018-02 which provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. These amendments are effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact of the Statement on its consolidated financial statements.

ASU 2017-04 – Intangibles – Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment

The FASB issued ASU 2017-04 which eliminates Step 2 from the goodwill impairment test and eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. These amendments are effective for a public business entity for fiscal years beginning after December 15, 2019. Early adoption is permitted in any interim or annual period and should be applied on a retrospective basis. The Company is currently evaluating the impact of this Statement on its consolidated financial statements.

ASU 2016-02: Leases (Topic 842) Section A

The FASB issued ASU 2016-02 to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. These amendments are effective for a public business entity for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of this Statement on its consolidated financial statements.

v3.8.0.1
Leasehold Improvements and Equipment
3 Months Ended
Mar. 31, 2018
Leasehold Improvements and Equipment [Text Block]
5.

Leasehold Improvements and Equipment


                        December 31,  
                  March 31, 2018     2017  
            Accumulated     Net Carrying     Net Carrying  
      Cost     Depreciation     Amount     Amount  
                           
  Manufacturing equipment $ 3,666   $ 426   $ 3,240   $ 2,953  
  Laboratory and office equipment   1,348     642     706     759  
  Computer equipment   104     60     44     44  
  Leasehold improvements   3,165     722     2,443     2,590  
                           
    $ 8,283   $ 1,850   $ 6,433   $ 6,346  

 

From the balance of manufacturing equipment, an amount of $1,188 thousand (2017: $822 thousand) represents assets which are not yet in service as at March 31, 2018

v3.8.0.1
Bank Indebtedness
3 Months Ended
Mar. 31, 2018
Bank Indebtedness [Text Block]
6.

Bank indebtedness

   
 

The Company's credit facility is subject to review annually and consists of an operating demand line of credit of up to CAD$250 thousand and corporate credits cards of up to CAD$75 and $60 thousand, and foreign exchange contracts limited to CAD$425 thousand. Borrowings under the operating demand line of credit bear interest at the Bank’s prime lending rate plus 2%. The credit facility and term loan (see note 7) are secured by a first ranking movable hypothec on all present and future movable property of the Company for an amount of CAD$4,250,000 plus 20%, and a 50% guarantee by Export Development Canada, a Canadian Crown corporation export credit agency. The terms of the banking agreement require the Company to comply with certain debt service coverage and debt to net worth financial covenants on an annual basis at the end of the Company’s fiscal year. As at March 31, 2018, the Company has not drawn on its credit facility.

v3.8.0.1
Long-term Debt
3 Months Ended
Mar. 31, 2018
Long-term Debt [Text Block]
7.

Long-term debt

   
 

The components of the Company’s debt are as follows:


      March 31, 2018     December 31, 2017  
      $     $  
               
  (in U.S. $ thousands)            
               
  Term loan facility   2,029     2,233  
  Secured loan   478     531  
  Total debt   2,507     2,764  
               
  Less: current portion   752     772  
               
  Total long-term debt   1,755     1,992  

 

The Company’s term loan facility consists of a total of CAD$4 million bearing interest at the Bank’s prime lending rate plus 2.50%, with monthly principal repayments of CAD$62 thousand. The term loan is subject to the same security and financial covenants as the bank indebtedness (see note 6).

   
 

The secured loan has a principal balance authorized of CAD$1 million bearing interest at prime plus 7.3%, reimbursable in monthly principal payments of CAD$17 thousand from January 2017 to March 2021. The loan is secured by a second ranking on all present and future property of the Company. The terms of the banking agreement require the Company to comply with certain debt service coverage and debt to net worth financial covenants on an annual basis at the end of the Company’s fiscal year.

   
 

Principal repayments due in each of the next five years are as follows:


  2018 568 (CAD733)
  2019 733 (CAD945)
  2020 733 (CAD945)
  2021 473 (CAD610)
v3.8.0.1
Convertible Debentures
3 Months Ended
Mar. 31, 2018
Convertible Debentures [Text Block]
8.   Convertible Debentures
   
 

On July 12, 2017, the Company closed its previously announced prospectus offering (the “Offering”) of convertible unsecured subordinated debentures of the Corporation (the “Debentures”) for gross aggregate proceeds of CAD$6,838,000. Pursuant to the Offering, the Corporation issued an aggregate principal amount of CAD$6,838,000 of Debentures at a price of CAD$1,000 per Debenture. The Debentures will mature on June 30, 2020 and bear interest at annual rate of 8% payable semi-annually on the last day of June and December of each year, commencing on December 31, 2017. The Debentures will be convertible at the option of the holders at any time prior to the close of business on the earlier of June 30, 2020 and the business day immediately preceding the date specified by the Corporation for redemption of Debentures. The conversion price will be CAD$1.35 (the “Conversion Price”) per common share of the Corporation (“Share”), being a conversion rate of approximately 740 Shares per CAD$1,000 principal amount of Debentures, subject to adjustment in certain events.

   
 

On August 8, 2017, the Company closed a second tranche of its prospectus Offering of convertible unsecured subordinated debentures of the Corporation for which a first closing took place on July 12, pursuant to which it had raised additional gross proceeds of CAD$762,000.

   
 

Together with the principal amount of CAD$6,838,000 of Debentures issued on July 12, 2017, the Corporation issued a total aggregate principal amount of CAD$7,600,000 of Debentures at a price of CAD$1,000 per Debenture.

   
 

The convertible debentures have been recorded as a liability. Total transactions costs in the amount of CAD$1,237,000 were recorded against the liability. The accretion expense for the period ended March 31, 2018 amounts to CAD$93,000.


  The components of the convertible debentures are as follows:

      March 31,     December 31,  
      2018     2017  
               
  (in U.S. $ thousands)            
               
  Face value of the convertible debentures $ 5,894   $ 6,058  
  Transaction costs   (959 )   (986 )
  Accretion   196     127  
  Convertible debentures $ 5,131   $ 5,199  

 

The accrued interest on the convertible debentures as at March 31, 2018 amounts to CAD$150 thousand and is recorded in financing and interest expense.

v3.8.0.1
Capital Stock
3 Months Ended
Mar. 31, 2018
Capital Stock [Text Block]
9.

Capital Stock


      March 31,     December 31,  
      2018     2017  
               
  Authorized -            
               
  200,000,000 common shares of $0.00001 par value            
  20,000,000 preferred shares of $0.00001 par value            
               
  Issued -            
               
  67,731,467 (December 31, 2017 - 67,031,467) common shares $ 1   $ 1  
v3.8.0.1
Additional Paid-In Capital
3 Months Ended
Mar. 31, 2018
Additional Paid-In Capital [Text Block]
10. Additional Paid-In Capital
   
  Stock options
   
 

During the three-month period ended March 31, 2018, on January 16, 2018, 100,000 options to purchase common stock were granted to an employee under the 2016 Stock Option Plan. The options have an exercise price of $0.79. The options granted vest over a period of 2 years at a rate of 25% every six months and expire 10 years after the grant date. The stock options were accounted for at their fair value, as determined by the Black-Scholes valuation model, of approximately $44 thousand

 

 

 

During the three-month period ended March 31, 2017, on January 18, 2017, 300,000 options to purchase common stock were granted to non-employee directors under the 2016 Stock Option Plan. The options have an exercise price of $0.89. The options vest immediately and expire 10 years after the grant date. The stock options were accounted for at their fair value, as determined by the Black-Scholes valuation model, of approximately $143 thousand.


 

During the three-month period ended March 31, 2017 a total of 50,000 stock options were exercised for 50,000 common shares having a par value of $0 thousand in aggregate, for cash consideration of $21 thousand, resulting in an increase in additional paid-in capital of $21 thousand. No stock options were exercised during the three- month period ended March 31, 2018.

   
 

Compensation expenses for stock-based compensation of $50 thousand and $170 thousand were recorded during the three-month periods ended March 31, 2018 and March 31, 2017 respectively. An amount of $48 thousand (2017 - $168 thousand) expensed in the first quarter of 2018 relates to stock options granted to employees and directors and an amount of $2 thousand (2017 - $2 thousand) relates to stock options granted to a consultant. As at March 31, 2018 the Company has $181 thousand (2017 - $238 thousand) of unrecognized stock-based compensation.

   
 

Warrants

 

 

 

During the three-month period ended March 31, 2018 a total of 700,000 warrants were exercised for 700,000 common shares having a par value of $Nil in aggregate, for cash consideration of approximately $395 thousand, resulting in an increase in additional paid-in capital of approximately $395 thousand. During the three-month period ended March 31, 2017 a total of 560,000 warrants were exercised for 560,000 common shares having a par value of $Nil in aggregate, for cash consideration of approximately $316 thousand, resulting in an increase in additional paid-in capital of approximately $316 thousand.

   
 

Deferred Share Units (“DSUs”)

 

 

 

Effective February 7, 2018, the Board approved a Deferred Share Unit Plan (DSU Plan) to compensate non- employee directors as part of their annual remuneration. Under the DSU Plan, the Board may grant Deferred Share Units (“DSUs”) to the participating directors at its discretion and, in addition, each participating director may elect to receive all or a portion of his or her annual cash stipend in the form of DSUs. To the extent DSUs are granted, the amount of compensation that is deferred is converted into a number of DSUs, as determined by the market price of our Common Stock on the effective date of the election. These DSUs are converted back into a cash amount at the expiration of the deferral period based on the market price of our Common Stock on the expiration date and paid to the director in cash in accordance with the payout terms of the DSU Plan. As the DSUs are on a cash-only basis, no shares of Common Stock will be reserved or issued in connection with the DSUs. No DSUs have been granted under the DSU Plan as of the date of this filing.

v3.8.0.1
Revenues
3 Months Ended
Mar. 31, 2018
Revenues [Text Block]
11.

Revenues

   
 

The following table presents our revenues disaggregated by revenue source. Sales and usage-based taxes are excluded from revenues:


      March 31,   2018     March 31, 2017  
               
  (in U.S. $ thousands)            
               
  Research and development agreements $ 239   $ 22  
  Licensing agreements   -     409  
  Deferred revenue (sale of future royalties)   -     922  
    $ 239   $ 1,353  

The following table presents our revenues disaggregated by timing of recognition:

      March 31, 2018     March 31, 2017  
               
  (in U.S. $ thousands)            
               
  Product and services transferred at point in time $   -   $ 409  
  Products and services transferred over time   239     944  
    $ 239   $ 1,353  

The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers:

      March 31, 2018     March 31, 2017  
  (in U.S. $ thousands)            
               
  Europe $ 204     22  
               
  Canada   35     378  
               
  U.S.   -     922  
               
  Other foreign countries   -     31  
    $ 239   $ 1,353  

Remaining performance obligations

As at March 31, 2018, the aggregate amount of the transaction price allocated to the remaining performance obligation is $562 representing research and development agreements, the majority of which is expected to be recognized in the next twelve months. The Company is also eligible to receive up to $4,051 in research and development milestone payments; up to $28,751 in commercial sales milestone payments. In addition, the Company is entitled to receive royalties on potential sales.

 

The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

   
 

The Company applies the transition practical expedient in paragraph 606-10-65-1(f)(3) and does not disclose the amount of the transaction price allocated to the remaining performance obligations and an explanation of when the Company expects to recognize that amount as revenue for the year ended December 31, 2018.

v3.8.0.1
Related Party Transactions
3 Months Ended
Mar. 31, 2018
Related Party Transactions [Text Block]
12.

Related Party Transactions

   
 

Included in management salaries are $8 thousand (2017 - $Nil) for options granted to the Chief Executive Officer, $3 thousand (2017 - $15 thousand) for options granted to the Chief Financial Officer, $Nil (2017 - $3 thousand) for options granted to the former Vice President, Operations, $3 thousand (2017 - $1 thousand) for options granted to the Vice-President, Research and Development, $11 thousand (2017 – $8 thousand) for options granted to Vice- President, Business and Corporate Development under the 2016 Stock Option Plan and $3 thousand (2017 - $119 thousand) for options granted to non-employee directors.

   
 

Also included in management salaries are director fees of $69 thousand (2017 - $68 thousand).

   
 

The above related party transactions have been measured at the exchange amount which is the amount of the consideration established and agreed to by the related parties.

v3.8.0.1
Basic and Diluted Loss Per Common Share
3 Months Ended
Mar. 31, 2018
Basic and Diluted Loss Per Common Share [Text Block]
13.

Basic and Diluted Loss Per Common Share

   
 

Basic and diluted loss per common share is calculated based on the weighted average number of shares outstanding during the period. Common share equivalents from stock options and warrants are also included in the diluted per share calculations unless the effect of the inclusion would be antidilutive.

v3.8.0.1
Subsequent events
3 Months Ended
Mar. 31, 2018
Subsequent events [Text Block]
14.

Subsequent event

   
 

On April 10, 2018, the Company granted 275,000 options to purchase common stock to 5 employees. The stock options are exercisable at $0.66 per share and vest over 2 years at 25% every six months.

 

 

 

On May 8, 2018, the Company announced the closing of the previously announced offering by way of private placement (the “Offering”). In connection with the Offering, the Company issued 320 units (the “Units”) at a subscription price of U.S.$10,000 per Unit for gross proceeds of U.S.$3,200,000. A related party of the Company participated in the Offering and subscribed for an aggregate of two Units. The Corporation intends to use the proceeds for its Montelukast phase 2a clinical trial and for general working capital purposes.

 

 

 

Each Unit is comprised of (i) 7,940 common shares of the Corporation (“Common Shares”), (ii) a U.S.$5,000 convertible 6% note (a “Note”), and (iii) 7,690 warrants to purchase common shares of the Corporation (“Warrants”). Each Note bears interest at a rate of 6% (payable quarterly, in arrears, with the first payment being due on September 1, 2018), matures on June 1, 2021 and is convertible into Common Shares at a conversion price of U.S.$0.80 per Common Share. Each Warrant entitles its holder to purchase one Common Share at a price of U.S.$0.80 per Common Share until June 1, 2021.

 

 

 

In connection with the Offering, the Company paid to the Agents a cash commission of approximately U.S.$157,800 in the aggregate and issued non-transferable agents’ warrants to the Agents, entitling the Agents to purchase 243,275 common shares at a price of U.S.$0.80 per share until June 1, 2021.

v3.8.0.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2018
Revenue Recognition [Policy Text Block]
 

Revenue Recognition

 

 

 

Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer.

   
 

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue- producing transaction, that are collected by the Company from a customer, are excluded from revenue.

   
 

The following is a description of principal activities – separated by nature – from which the Company generates its revenue.

   
 

Research and Development Revenue

   
 

Revenues with corporate collaborators are recognized as the performance obligations are satisfied over time, and the related expenditures are incurred pursuant to the terms of the agreement.

   
 

Licensing and Collaboration Arrangements

   
 

The Company may enter into licensing and collaboration agreements for product development, licensing, supply and manufacturing for its product pipeline. The terms of the agreements may include non-refundable signing and licensing fees, milestone payments and royalties on any product sales derived from collaborations. These contracts are analyzed to identify all performance obligations forming part of these contracts. The transaction price of the contract is then determined. The transaction price is allocated between all performance obligations on a relative standalone selling price basis. The stand-alone selling price is estimated based on the comparable market prices, expected cost plus margin and the Company’s historical experience.

   
 

Licenses are considered to be right-to-use licenses. As such, the Company recognizes the licenses revenues at a point in time, upon granting the licenses.

   
 

Milestone payments are considered variable consideration. As such, the Company estimates variable consideration at the most likely amount to which we expect to be entitled. The estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, research and other revenues in the period during which the adjustment is recognized. The process of successfully achieving the criteria for the milestone payments is highly uncertain. Consequently, there is significant risk that the Company may not earn all of the milestone payments for each of its contracts.

   
 

Royalties are typically calculated as a percentage of net sales realized by the Company’s licensees of its products (including their sub-licensees), as specifically defined in each agreement. The licensees’ sales generally consist of revenues from product sales of the Company’s product pipeline and net sales are determined by deducting the following: estimates for chargebacks, rebates, sales incentives and allowances, returns and losses and other customary deductions in each region where the Company has licensees. Revenues arising from royalties are considered variable consideration. As such, the Company estimates variable consideration at the most likely amount to which we expect to be entitled. The estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Leasehold Improvements and Equipment [Policy Text Block]
 

Leasehold Improvements and Equipment

   
 

Leasehold improvements and equipment are recorded at cost. Provisions for depreciation are based on their estimated useful lives using the methods as follows:


On the declining balance method -  
   
       Laboratory and office equipment 20%
       Computer equipment 30%
   
On the straight-line method -  
   
       Leasehold improvements over the lease term
       Manufacturing equipment 5 – 10 years

Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repair and maintenance are expensed as incurred.

ASU 2018-02 Income Statement Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income [Policy Text Block]

ASU 2018-02 – Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

The FASB issued ASU 2018-02 which provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. These amendments are effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact of the Statement on its consolidated financial statements.

ASU 2017-04 Intangibles Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment [Policy Text Block]

ASU 2017-04 – Intangibles – Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment

The FASB issued ASU 2017-04 which eliminates Step 2 from the goodwill impairment test and eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. These amendments are effective for a public business entity for fiscal years beginning after December 15, 2019. Early adoption is permitted in any interim or annual period and should be applied on a retrospective basis. The Company is currently evaluating the impact of this Statement on its consolidated financial statements.

ASU 2016-02 Leases (Topic 842) Section A [Policy Text Block]

ASU 2016-02: Leases (Topic 842) Section A

The FASB issued ASU 2016-02 to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. These amendments are effective for a public business entity for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of this Statement on its consolidated financial statements.

v3.8.0.1
Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2018
Schedule of Estimated Useful Lives of Leasehold Improvements and Equipment [Table Text Block]
On the declining balance method -  
   
       Laboratory and office equipment 20%
       Computer equipment 30%
   
On the straight-line method -  
   
       Leasehold improvements over the lease term
       Manufacturing equipment 5 – 10 years
v3.8.0.1
Leasehold Improvements and Equipment (Tables)
3 Months Ended
Mar. 31, 2018
Schedule of Leasehold Improvements and Equipment [Table Text Block]
                        December 31,  
                  March 31, 2018     2017  
            Accumulated     Net Carrying     Net Carrying  
      Cost     Depreciation     Amount     Amount  
                           
  Manufacturing equipment $ 3,666   $ 426   $ 3,240   $ 2,953  
  Laboratory and office equipment   1,348     642     706     759  
  Computer equipment   104     60     44     44  
  Leasehold improvements   3,165     722     2,443     2,590  
                           
    $ 8,283   $ 1,850   $ 6,433   $ 6,346  
v3.8.0.1
Long-term Debt (Tables)
3 Months Ended
Mar. 31, 2018
Term loan [Table Text Block]
      March 31, 2018     December 31, 2017  
      $     $  
               
  (in U.S. $ thousands)            
               
  Term loan facility   2,029     2,233  
  Secured loan   478     531  
  Total debt   2,507     2,764  
               
  Less: current portion   752     772  
               
  Total long-term debt   1,755     1,992  
Term loan principal repayments [Table Text Block]
  2018 568 (CAD733)
  2019 733 (CAD945)
  2020 733 (CAD945)
  2021 473 (CAD610)
v3.8.0.1
Convertible Debentures (Tables)
3 Months Ended
Mar. 31, 2018
Schedule of Convertible Debt [Table Text Block]
      March 31,     December 31,  
      2018     2017  
               
  (in U.S. $ thousands)            
               
  Face value of the convertible debentures $ 5,894   $ 6,058  
  Transaction costs   (959 )   (986 )
  Accretion   196     127  
  Convertible debentures $ 5,131   $ 5,199  
v3.8.0.1
Capital Stock (Tables)
3 Months Ended
Mar. 31, 2018
Schedule of Stock by Class [Table Text Block]
      March 31,     December 31,  
      2018     2017  
               
  Authorized -            
               
  200,000,000 common shares of $0.00001 par value            
  20,000,000 preferred shares of $0.00001 par value            
               
  Issued -            
               
  67,731,467 (December 31, 2017 - 67,031,467) common shares $ 1   $ 1  
v3.8.0.1
Revenues (Tables)
3 Months Ended
Mar. 31, 2018
Disaggregation of Revenue [Table Text Block]
      March 31,   2018     March 31, 2017  
               
  (in U.S. $ thousands)            
               
  Research and development agreements $ 239   $ 22  
  Licensing agreements   -     409  
  Deferred revenue (sale of future royalties)   -     922  
    $ 239   $ 1,353  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]
      March 31, 2018     March 31, 2017  
               
  (in U.S. $ thousands)            
               
  Product and services transferred at point in time $   -   $ 409  
  Products and services transferred over time   239     944  
    $ 239   $ 1,353  
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
      March 31, 2018     March 31, 2017  
  (in U.S. $ thousands)            
               
  Europe $ 204     22  
               
  Canada   35     378  
               
  U.S.   -     922  
               
  Other foreign countries   -     31  
    $ 239   $ 1,353  
v3.8.0.1
Going Concern (Narrative) (Details)
3 Months Ended
Mar. 31, 2018
USD ($)
Going Concern 1 $ 2,383
v3.8.0.1
Leasehold Improvements and Equipment (Narrative) (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2018
USD ($)
Leasehold Improvements And Equipment 1 $ 1,188
Leasehold Improvements And Equipment 2 $ 822
v3.8.0.1
Bank Indebtedness (Narrative) (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2018
USD ($)
Mar. 31, 2018
CAD ($)
Bank Indebtedness 1   $ 250,000
Bank Indebtedness 2   75
Bank Indebtedness 3 $ 60  
Bank Indebtedness 4   $ 425,000
Bank Indebtedness 5 2.00% 2.00%
Bank Indebtedness 6   $ 4,250,000
Bank Indebtedness 7 20.00% 20.00%
Bank Indebtedness 8 50.00% 50.00%
v3.8.0.1
Long-term Debt (Narrative) (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2018
CAD ($)
Long-term Debt 1 $ 4,000
Long-term Debt 2 2.50%
Long-term Debt 3 $ 62
Long-term Debt 4 $ 1,000
Long-term Debt 5 7.30%
Long-term Debt 6 $ 17
v3.8.0.1
Convertible Debentures (Narrative) (Details)
3 Months Ended
Mar. 31, 2018
CAD ($)
Convertible Debentures 1 $ 6,838,000
Convertible Debentures 2 6,838,000
Convertible Debentures 3 $ 1,000
Convertible Debentures 4 8.00%
Convertible Debentures 5 $ 1.35
Convertible Debentures 6 740
Convertible Debentures 7 $ 1,000
Convertible Debentures 8 762,000
Convertible Debentures 9 6,838,000
Convertible Debentures 10 7,600,000
Convertible Debentures 11 1,000
Convertible Debentures 12 1,237,000
Convertible Debentures 13 93,000
Convertible Debentures 14 $ 150,000
v3.8.0.1
Additional Paid-In Capital (Narrative) (Details)
3 Months Ended
Mar. 31, 2018
USD ($)
yr
shares
Additional Paid-in Capital 1 | shares 100,000
Additional Paid-in Capital 2 $ 0.79
Additional Paid-in Capital 3 | yr 2
Additional Paid-in Capital 4 25.00%
Additional Paid-in Capital 5 | yr 10
Additional Paid-in Capital 6 $ 44,000
Additional Paid-in Capital 7 | shares 300,000
Additional Paid-in Capital 8 $ 0.89
Additional Paid-in Capital 9 | yr 10
Additional Paid-in Capital 10 $ 143,000
Additional Paid-in Capital 11 | shares 50,000
Additional Paid-in Capital 12 | shares 50,000
Additional Paid-in Capital 13 $ 0
Additional Paid-in Capital 14 21,000
Additional Paid-in Capital 15 21,000
Additional Paid-in Capital 16 50,000
Additional Paid-in Capital 17 170,000
Additional Paid-in Capital 18 48,000
Additional Paid-in Capital 19 168,000
Additional Paid-in Capital 20 2,000
Additional Paid-in Capital 21 2,000
Additional Paid-in Capital 22 181,000
Additional Paid-in Capital 23 $ 238,000
Additional Paid-in Capital 24 | shares 700,000
Additional Paid-in Capital 25 | shares 700,000
Additional Paid-in Capital 26 $ 0
Additional Paid-in Capital 27 395,000
Additional Paid-in Capital 28 $ 395,000
Additional Paid-in Capital 29 | shares 560,000
Additional Paid-in Capital 30 | shares 560,000
Additional Paid-in Capital 31 $ 0
Additional Paid-in Capital 32 316,000
Additional Paid-in Capital 33 $ 316,000
v3.8.0.1
Revenues (Narrative) (Details)
3 Months Ended
Mar. 31, 2018
USD ($)
Revenues 1 $ 562
Revenues 2 4,051
Revenues 3 $ 28,751
v3.8.0.1
Related Party Transactions (Narrative) (Details)
3 Months Ended
Mar. 31, 2018
USD ($)
Related Party Transactions 1 $ 8,000
Related Party Transactions 2 0
Related Party Transactions 3 3,000
Related Party Transactions 4 15,000
Related Party Transactions 5 0
Related Party Transactions 6 3,000
Related Party Transactions 7 3,000
Related Party Transactions 8 1,000
Related Party Transactions 9 11,000
Related Party Transactions 10 8,000
Related Party Transactions 11 3,000
Related Party Transactions 12 119,000
Related Party Transactions 13 69,000
Related Party Transactions 14 $ 68,000
v3.8.0.1
Subsequent events (Narrative) (Details)
3 Months Ended
Mar. 31, 2018
USD ($)
yr
$ / shares
shares
Subsequent Events 1 | shares 275,000
Subsequent Events 2 5
Subsequent Events 3 | $ / shares $ 0.66
Subsequent Events 4 | yr 2
Subsequent Events 5 25.00%
Subsequent Events 6 | shares 320
Subsequent Events 7 $ 10,000
Subsequent Events 8 $ 3,200,000
Subsequent Events 9 | shares 7,940
Subsequent Events 10 $ 5,000
Subsequent Events 11 6.00%
Subsequent Events 12 | shares 7,690
Subsequent Events 13 6.00%
Subsequent Events 14 $ 0.80
Subsequent Events 15 0.80
Subsequent Events 16 $ 157,800
Subsequent Events 17 | shares 243,275
Subsequent Events 18 | $ / shares $ 0.80
v3.8.0.1
Schedule of Estimated Useful Lives of Leasehold Improvements and Equipment (Details)
3 Months Ended
Mar. 31, 2018
Laboratory and office equipment [Member]  
Property, Plant and Equipment, Depreciation Methods 20%
Computer equipment [Member]  
Property, Plant and Equipment, Depreciation Methods 30%
Manufacturing equipment [Member] | Minimum [Member]  
Property, Plant and Equipment, Useful Life 5 years
Manufacturing equipment [Member] | Maximum [Member]  
Property, Plant and Equipment, Useful Life 10 years
v3.8.0.1
Schedule of Leasehold Improvements and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Cost $ 8,283  
Accumulated Depreciation 1,850  
Net Carrying Amount 6,433 $ 6,346
Manufacturing equipment [Member]    
Cost 3,666  
Accumulated Depreciation 426  
Net Carrying Amount 3,240 2,953
Laboratory and office equipment [Member]    
Cost 1,348  
Accumulated Depreciation 642  
Net Carrying Amount 706 759
Computer equipment [Member]    
Cost 104  
Accumulated Depreciation 60  
Net Carrying Amount 44 44
Leasehold improvements [Member]    
Cost 3,165  
Accumulated Depreciation 722  
Net Carrying Amount $ 2,443 $ 2,590
v3.8.0.1
Term loan (Details) - USD ($)
Mar. 31, 2018
Jan. 31, 2017
Term loan facility $ 2,029 $ 2,233
Secured loan 478 531
Total debt 2,507 2,764
Less: current portion 752 772
Total long-term debt $ 1,755 $ 1,992
v3.8.0.1
Term loan principal repayments (Details) - Mar. 31, 2018
USD ($)
CAD ($)
2018 $ 568 $ 733
2019 733 945
2020 733 945
2021 $ 473 $ 610
v3.8.0.1
Schedule of Convertible Debt (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Dec. 31, 2017
Convertible Debt $ 5,894 $ 6,058
Transaction costs (959) (986)
Accretion 196 127
Convertible debentures $ 5,131 $ 5,199
v3.8.0.1
Schedule of Stock by Class (Details) - USD ($)
$ / shares in Units, $ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Common Stock, Shares Authorized 200,000,000 200,000,000
Common Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Preferred Stock, Shares Authorized 20,000,000  
Preferred Stock, Par or Stated Value Per Share $ 0.00001  
Common Stock, Shares, Issued 67,731,467 67,031,467
Common Stock, Value, Issued $ 1 $ 1
v3.8.0.1
Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Total Revenues $ 239 $ 1,353
Research and development agreements [Member]    
Total Revenues 239 22
Licensing Agreements [Member]    
Total Revenues 0 409
Deferred revenue [Member]    
Total Revenues $ 0 $ 922
v3.8.0.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Total Revenues $ 239 $ 1,353
Transferred at Point in Time [Member]    
Total Revenues 0 409
Transferred over Time [Member]    
Total Revenues $ 239 $ 944
v3.8.0.1
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Total Revenues $ 239 $ 1,353
Europe [Member]    
Total Revenues 204 22
Canada [Member]    
Total Revenues 35 378
U.S. [Member]    
Total Revenues 0 922
Other foreign countries [Member]    
Total Revenues $ 0 $ 31