Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Unaudited)

v3.20.2
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Sales (Note 8) $ 8,974,063 $ 62,738,544 $ 37,470,425 $ 67,502,779
Cost of goods sold 5,433,145 37,630,423 21,890,044 40,448,336
Gross profit 3,540,918 25,108,121 15,580,381 27,054,443
Expenses        
Advertising and promotion 130,201 320,900 358,576 865,952
Amortization of intangible assets (Note 6) 389,675 219,781 779,336 438,734
Consulting fees, technical support, and commissions 2,834,170 6,487,001 8,344,181 9,379,871
Depreciation (Note 5) 49,208 13,937 96,650 23,381
Foreign exchange loss (gain) 207,488 170,632 44,536 421,474
Office and miscellaneous 278,914 556,509 935,922 1,050,155
Operating lease expense (Note 18) 118,038 103,329 248,167 205,791
Professional fees 279,519 371,771 892,635 682,457
Research and development 4,368   4,368  
Salaries and wage expenses 1,119,887 1,434,060 3,322,274 2,351,596
Transfer agent and filing fees 71,450 21,700 140,765 129,938
Travel and accommodation 109,988 674,551 172,570 1,333,568
Warranty and related (Note 11) 383,414 1,226,087 1,247,295 1,354,791
Total expenses 5,976,320 11,600,258 16,587,275 18,237,708
(Loss) income before other income (expenses) (2,435,402) 13,507,863 (1,006,894) 8,816,735
Other income (expenses)        
Gain on de-consolidation of subsidiary (Note 17) 239,174   239,174  
Gain (loss) on change in fair value of derivative liability (Note 9) 58,380 65,547 49,563 (71,407)
Gain on reduction of acquisition costs of subsidiary (Note 7) 3,240,250   3,240,250  
Financing interest income 243,575 14,668 301,290 29,636
Interest expense (33,741) (2,005) (22,465) (3,505)
Provision for loan 4,754   4,754  
Gain on termination of lease 3,019   3,019  
Total other income (expense) 3,755,411 78,210 3,815,585 (45,276)
Net income for the period 1,320,009 13,586,073 2,808,691 8,771,459
Other comprehensive income        
Foreign currency translation gain 139,842 384,328 84,044 463,543
Comprehensive income for the period $ 1,459,851 $ 13,970,401 $ 2,892,735 $ 9,235,002
Net income per share, basic and diluted (in Dollars per share) $ 0.03 $ 0.30 $ 0.06 $ 0.19
Weight average number of common shares outstanding, basic (in Shares) [1] 46,102,259 46,030,439 46,037,720 46,030,439
Weight average number of dilutive shares outstanding, diluted (in Shares) 46,254,406 46,030,439 46,204,757 46,030,439
[1] The period ended September 30, 2020, includes 312,500 stock options (September 30, 2019 – 537,000) as they are exercisable at any time and for nominal cash consideration.