0001603978-21-000065 | 10-Q | XBRL Viewer | Aquabounty Technologies INC

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 03, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36426
Entity Registrant Name	AquaBounty Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3156167
Entity Address, Address Line One	2 Mill & Main Place
Entity Address, Address Line Two	Suite 395
Entity Address, City or Town	Maynard
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01754
City Area Code	978
Local Phone Number	648-6000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AQB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,025,738
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Entity Central Index Key	0001603978

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 118,179,653	$ 95,751,160
Marketable securities	79,632,028
Inventory	1,222,223	1,525,377
Prepaid expenses and other current assets	1,197,830	405,370
Total current assets	200,231,734	97,681,907
Property, plant and equipment, net	30,008,937	26,930,338
Right of use assets, net	298,966	341,997
Intangible assets, net	235,268	245,546
Restricted cash	500,000	500,000
Other assets	78,204	76,715
Total assets	231,353,109	125,776,503
Current liabilities:
Accounts payable and accrued liabilities	1,953,716	1,760,103
Other current liabilities	65,072	62,483
Current debt	619,552	259,939
Total current liabilities	2,638,340	2,082,525
Long-term lease obligations	241,102	290,327
Long-term debt, net	8,678,642	8,528,490
Total liabilities	11,558,084	10,901,342
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 80,000,000 shares authorized; 71,025,738 (2020: 55,497,133) shares outstanding	71,026	55,497
Additional paid-in capital	384,763,523	263,629,116
Accumulated other comprehensive loss	(242,863)	(267,258)
Accumulated deficit	(164,796,661)	(148,542,194)
Total stockholders’ equity	219,795,025	114,875,161
Total liabilities and stockholders’ equity	$ 231,353,109	$ 125,776,503

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares outstanding (in shares)	71,025,738	55,497,133

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Product revenues	$ 455,397	$ 67,763	$ 757,162	$ 77,466
Costs and expenses
Product costs	4,311,003	1,355,939	7,713,254	3,238,689
Sales and marketing	201,838	143,646	1,069,354	331,868
Research and development	580,346	458,462	1,512,339	1,662,879
General and administrative	2,177,153	1,722,874	6,541,621	5,053,608
Total costs and expenses	7,270,340	3,680,921	16,836,568	10,287,044
Operating loss	(6,814,943)	(3,613,158)	(16,079,406)	(10,209,578)
Other income (expense)
Interest expense	(79,489)	(38,335)	(238,503)	(73,527)
Other income (expense), net	29,593	1,705	63,442	15
Total other income (expense)	(49,896)	(36,630)	(175,061)	(73,512)
Net loss	(6,864,839)	(3,649,788)	(16,254,467)	(10,283,090)
Other comprehensive income (loss):
Foreign currency	(136,670)	86,491	9,293	(129,993)
Unrealized gains	6,132		15,102
Total other comprehensive income (loss)	(130,538)	86,491	24,395	(129,993)
Comprehensive loss	$ (6,995,377)	$ (3,563,297)	$ (16,230,072)	$ (10,413,083)
Basic and diluted net loss per share	$ (0.10)	$ (0.09)	$ (0.24)	$ (0.31)
Weighted average number of common shares -
basic and diluted	71,025,738	38,911,054	68,889,650	32,756,074

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total
Beginning balance (in shares) at Dec. 31, 2019	21,635,365
Beginning balance at Dec. 31, 2019	$ 21,635	$ 156,241,363	$ (360,160)	$ (132,142,209)	$ 23,760,629
Net loss				(3,109,618)	(3,109,618)
Other comprehensive income (loss)			(381,985)		(381,985)
Issuance of common stock, net of expenses (in shares)	10,350,000
Issuance of common stock, net of expenses	$ 10,350	14,511,354			14,521,704
Share based compensation (in shares)	100,319
Share based compensation	$ 101	205,252			205,353
Ending balance (in shares) at Mar. 31, 2020	32,085,684
Ending balance at Mar. 31, 2020	$ 32,086	170,957,969	(742,145)	(135,251,827)	34,996,083
Beginning balance (in shares) at Dec. 31, 2019	21,635,365
Beginning balance at Dec. 31, 2019	$ 21,635	156,241,363	(360,160)	(132,142,209)	23,760,629
Net loss					(10,283,090)
Other comprehensive income (loss)					(129,993)
Ending balance (in shares) at Sep. 30, 2020	44,916,926
Ending balance at Sep. 30, 2020	$ 44,917	201,402,983	(490,153)	(142,425,299)	58,532,448
Beginning balance (in shares) at Mar. 31, 2020	32,085,684
Beginning balance at Mar. 31, 2020	$ 32,086	170,957,969	(742,145)	(135,251,827)	34,996,083
Net loss				(3,523,684)	(3,523,684)
Other comprehensive income (loss)			165,501		165,501
Issuance of common stock, net of expenses (in shares)	20,000
Issuance of common stock, net of expenses	$ 20	40,580			40,600
Share based compensation		103,891			103,891
Ending balance (in shares) at Jun. 30, 2020	32,105,684
Ending balance at Jun. 30, 2020	$ 32,106	171,102,440	(576,644)	(138,775,511)	31,782,391
Net loss				(3,649,788)	(3,649,788)
Other comprehensive income (loss)			86,491		86,491
Issuance of common stock, net of expenses (in shares)	12,650,000
Issuance of common stock, net of expenses	$ 12,650	29,701,947			29,714,597
Exercise of warrants for common stock (in shares)	161,242
Exercise of warrants for common stock	$ 161	523,876			524,037
Share based compensation		74,720			74,720
Ending balance (in shares) at Sep. 30, 2020	44,916,926
Ending balance at Sep. 30, 2020	$ 44,917	201,402,983	(490,153)	(142,425,299)	58,532,448
Beginning balance (in shares) at Dec. 31, 2020	55,497,133
Beginning balance at Dec. 31, 2020	$ 55,497	263,629,116	(267,258)	(148,542,194)	114,875,161
Net loss				(4,158,891)	(4,158,891)
Other comprehensive income (loss)			80,039		80,039
Cashless exercise of options for common stock (in shares)	4,354
Cashless exercise of options for common stock	$ 4	(4)
Issuance of common stock, net of expenses (in shares)	14,950,000
Issuance of common stock, net of expenses	$ 14,950	119,105,487			119,120,437
Exercise of warrants for common stock (in shares)	491,133
Exercise of warrants for common stock	$ 491	1,595,691			1,596,182
Share based compensation (in shares)	40,525
Share based compensation	$ 41	129,674			129,715
Ending balance (in shares) at Mar. 31, 2021	70,983,145
Ending balance at Mar. 31, 2021	$ 70,983	384,459,964	(187,219)	(152,701,085)	231,642,643
Beginning balance (in shares) at Dec. 31, 2020	55,497,133
Beginning balance at Dec. 31, 2020	$ 55,497	263,629,116	(267,258)	(148,542,194)	114,875,161
Net loss					(16,254,467)
Other comprehensive income (loss)					24,395
Ending balance (in shares) at Sep. 30, 2021	71,025,738
Ending balance at Sep. 30, 2021	$ 71,026	384,763,523	(242,863)	(164,796,661)	219,795,025
Beginning balance (in shares) at Mar. 31, 2021	70,983,145
Beginning balance at Mar. 31, 2021	$ 70,983	384,459,964	(187,219)	(152,701,085)	231,642,643
Net loss				(5,230,737)	(5,230,737)
Other comprehensive income (loss)			74,894		74,894
Exercise of warrants for common stock (in shares)	39,281
Exercise of warrants for common stock	$ 39	127,625			127,664
Share based compensation (in shares)	3,312
Share based compensation	$ 4	87,350			87,354
Ending balance (in shares) at Jun. 30, 2021	71,025,738
Ending balance at Jun. 30, 2021	$ 71,026	384,674,939	(112,325)	(157,931,822)	226,701,818
Net loss				(6,864,839)	(6,864,839)
Other comprehensive income (loss)			(130,538)		(130,538)
Share based compensation		88,584			88,584
Ending balance (in shares) at Sep. 30, 2021	71,025,738
Ending balance at Sep. 30, 2021	$ 71,026	$ 384,763,523	$ (242,863)	$ (164,796,661)	$ 219,795,025

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net loss	$ (16,254,467)	$ (10,283,090)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,308,062	1,082,261
Share-based compensation	305,653	383,964
Other non-cash charge	12,993	40,151
Changes in operating assets and liabilities:
Inventory	303,767	(1,638,981)
Prepaid expenses and other assets	(794,573)	(536,165)
Accounts payable and accrued liabilities	7,273	366,403
Net cash used in operating activities	(15,111,292)	(10,585,457)
Investing activities
Purchase of property, plant and equipment	(4,160,370)	(2,640,039)
Proceeds from sale of asset held for sale		99,816
Purchases of marketable securities, net	(79,647,130)
Proceeds from legal settlement, net		1,014,008
Other investing activities	(11,010)	(18,900)
Net cash used in investing activities	(83,818,510)	(1,545,115)
Financing activities
Proceeds from issuance of debt	606,453	4,129,510
Repayment of term debt	(119,527)	(49,862)
Proceeds from the issuance of common stock, net	119,120,437	44,236,301
Proceeds from the exercise of stock options and warrants	1,723,846	524,037
Net cash provided by financing activities	121,331,209	48,839,986
Effect of exchange rate changes on cash, cash equivalents and restricted cash	27,086	(18,792)
Net change in cash, cash equivalents and restricted cash	22,428,493	36,690,622
Cash, cash equivalents and restricted cash at beginning of period	96,251,160	2,798,744
Cash, cash equivalents and restricted cash at end of period	118,679,653	39,489,366
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:
Cash and cash equivalents	118,179,653	39,489,366
Restricted cash	500,000
Supplemental disclosure of cash flow information and non-cash transactions:
Interest paid in cash	224,595	47,275
Property and equipment included in accounts payable and accrued liabilities	$ 206,423	$ 517,344

Nature of Business and Organization

9 Months Ended

Sep. 30, 2021

Nature of Business and Organization [Abstract]

Nature of Business and Organization

1. Nature of business and organization

AquaBounty Technologies, Inc. (the “Parent” and, together with its subsidiaries, the “Company”) was incorporated in December 1991 in the State of Delaware for the purpose of conducting research and development of the commercial viability of a group of proteins commonly known as antifreeze proteins. In 1996, the Parent obtained the exclusive licensing rights for a gene construct (transgene) used to create a breed of farm-raised Atlantic salmon that exhibit growth rates that are substantially faster than conventional salmon. In 2015, the Parent obtained approval from the US Food and Drug Administration (the “FDA”) for the production and sale of its GE Atlantic salmon in the United States and in 2016, the Parent obtained regulatory approval from Health Canada for the production and sale of its GE Atlantic salmon in Canada. In 2021, the Parent obtained regulatory approval from Brazil’s National Biosafety Technical Commission for the sale of its GE Atlantic salmon in Brazil.

AquaBounty Farms, Inc. (the “U.S. Subsidiary”) was incorporated in December 2014 in the State of Delaware for the purpose of conducting field trials and commercializing the Parent’s products in the United States. During June 2021, the Company established AquaBounty Farms Ohio LLC (the “Ohio Subsidiary”), a wholly owned entity of the U.S. Subsidiary.

Basis of Presentation

9 Months Ended

Sep. 30, 2021

Basis of Presentation [Abstract]

Basis of Presentation

2. Basis of presentation

The unaudited interim condensed consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries, AQUA Bounty Canada Inc.; AquaBounty Farms, Inc.; AquaBounty Panama, S. de R.L.; and AquaBounty Brasil Participações Ltda. The entities are collectively referred to herein as the “Company.” All intercompany transactions and balances have been eliminated upon consolidation.

The unaudited interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related notes for the year ended December 31, 2020. The unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of September 30, 2021 results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. The unaudited interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, as allowed by the relevant U.S. Securities and Exchange Commission (“SEC”) rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.

Liquidity

In February 2021, the Company completed an equity raise with net proceeds of $119.1 million and has $198 million in cash, cash equivalents and marketable securities as of September 30, 2021. While the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient cash to meet the Company's requirements beyond the next twelve months from the filing date of these condensed consolidated financial statements. However, until such time as the Company reaches profitability, it may require additional financing to fund its operations and execute its business plan.

Inventories

Inventories are mainly comprised of feed, eggs and fish in process. Fish in process inventory is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. The Company measures inventory at the lower of cost or net realizable value (NRV). The NRV calculation contains various estimates and assumptions in regard to the calculation of the biomass, including expected yield, the market value of the biomass and estimated costs of completion and transportation.

Revenue recognition

The Company records revenue on the sale of a product when all revenue recognition criteria are fulfilled, including identifying the contract with a customer; identifying the performance obligations in the contract; determining the transaction price; allocating the transaction price to the performance obligations in the contract; and recognizing revenue when (or as) the Company satisfies a performance obligation. The Company evaluates customer credit risk in order to conclude it is “probable” it will collect the amount of consideration due in exchange for the goods or services.

Net loss per share

Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Basic net loss per share is based solely on the number of common shares outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise of warrants and options with an exercise price less than the fair value of the common stock unless the impact of the warrant or option is anti-dilutive to the calculation. Since the Company is reporting a net loss for all periods presented, all potential common shares are considered anti-dilutive and are excluded from the calculation of diluted net loss per share.

At September 30, 2021, the Company had 1,081,866 potentially dilutive securities outstanding, consisting of 418,441 warrants and 663,425 stock options.

Accounting Pronouncements

Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition.

Risks and Uncertainties

9 Months Ended

Sep. 30, 2021

Risks and Uncertainties [Abstract]

Risks and Uncertainties

3. Risks and uncertainties

The Company is subject to risks and uncertainties common in the biotechnology and aquaculture industries. Such risks and uncertainties include, but are not limited to: (i) results from current and planned product development studies and trials; (ii) decisions made by the FDA or similar regulatory bodies in other countries with respect to approval and commercial sale of any of the Company’s proposed products; (iii) the commercial acceptance of any products approved for sale and the Company’s ability to produce, distribute, and sell for a profit any products approved for sale; (iv) the Company’s ability to obtain the necessary patents and proprietary rights to effectively protect its technologies; and (v) the outcome of any collaborations or alliances entered into by the Company.

COVID-19

Although the COVID-19 pandemic has diminished in the United States and other parts of the world as vaccines have become more readily available, several variants of the virus continue to spread. Local governmental authorities in the United States and Canada have issued, and continue to update, directives aimed at minimizing the spread of the virus and the Company continues to monitor its status.

The ultimate impact of the evolving COVID-19 pandemic on the Company’s operations will depend on future developments, which cannot be predicted with confidence, and the Company cannot predict the extent or impact of the extended period of continued business interruption and reduced operations caused by the COVID-19 pandemic or any additional preventative or protective measures taken in response. In connection with the COVID-19 pandemic, management made modifications to biosecurity procedures at the farm sites in early 2020 to adapt to local requirements and to provide a safe work environment. The Company’s current preventative and protective measures include, but are not limited to, segregating farm workers to specific locations, rotating shifts, and monitoring worker temperatures upon arrival at the Company’s facilities. To the extent possible, work-from-home is utilized for employees that do not have fish care responsibilities.

Due to the pandemic, the Company has experienced delays and cost increases in capital projects, additional challenges in its efforts to meet the capacity expectations at existing facilities and continues to experience extended lead times on equipment purchases. The Company may continue to experience delays and cost increases on farm construction, purchases of capital equipment and supplies and other materials required in its operations due to vendor shortages and labor shortages. The Company also expects to continue to be impacted by transportation or other supply chain disruptions to its partners or customers. In addition, the Company is carefully managing and monitoring the impact of labor shortages on its ability to meet the annual capacity expectations at its existing facilities.

The Company was initially impacted by a reduction in the market price and demand for Atlantic salmon due to the pandemic’s impact on the food service sector. This had a negative impact on revenue and inventory value, as the Company was not yet an established vendor and customers were reluctant to add a new supplier during a period of depressed demand.

During the third quarter, the Company was impacted by a shortage of labor at its Indiana farm and increased costs for third-party processing and transportation. This had a negative effect on revenue and inventory values and resulted in higher than expected sales costs for the period. This is expected to continue for the foreseeable future.

The Company remains focused on maintaining a strong balance sheet, liquidity, and financial flexibility and continues to monitor developments as it deals with the disruptions and uncertainties from a business and financial perspective related to the evolving COVID-19 pandemic.

Concentration of credit risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, marketable securities and debt. This risk is mitigated by the Company’s policy of maintaining all balances with highly rated financial institutions, investing cash equivalents with maturities of less than 90 days, and investing marketable securities with maturities of less than 180 days. The Company’s cash balances may at times exceed insurance limitations. The Company holds cash balances in bank accounts located in Canada to fund its local operations. These amounts are subject to foreign currency exchange risk, which is minimized by the Company’s policy to limit the balances held in these accounts. Balances in Canadian bank accounts totaled $229 thousand at September 30, 2021. The Company also holds cash equivalent investments in a highly liquid investment account at a major financial institution. At September 30, 2021 the cash equivalent investment balance was $100.4 million. All of the Company’s interest-bearing debt is at fixed rates, except for the loan with First Farmer’s Bank and Trust, which has a rate reset in July 2025.

Marketable Securities

9 Months Ended

Sep. 30, 2021

Marketable Securities [Abstract]

Marketable Securities

4. Marketable Securities

Marketable securities are classified as available-for-sale. The following table summarizes the amortized cost, gross unrealized gains and losses, and the fair value as of September 30, 2021:


		Amortized		Unrealized		Unrealized		Market
		Cost		Gains		Losses		Value
	September 30, 2021
Government bonds	$	42,298,225	$	140	$	(9,554)	$	42,288,811
Corporate bonds		22,350,050		7,620		(12,967)		22,344,703
Commercial paper		14,998,514		-		-		14,998,514
Marketable securities	$	79,646,789	$	7,760	$	(22,521)	$	79,632,028

Inventory

9 Months Ended

Sep. 30, 2021

Inventory [Abstract]

Inventory

5. Inventory

Major classifications of inventory are summarized as follows:


	September 30, 2021		December 31, 2020
Feed	$	224,941		244,311
Eggs and fry		59,003		54,929
Packaging		—		6,452
Fish in process, net		938,279		1,219,685
Inventory, net	$	1,222,223		1,525,377

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. Property, plant and equipment

Major classifications of property, plant and equipment are summarized as follows:


	September 30, 2021		December 31, 2020
Land	$	725,536	$	724,785
Building and improvements		15,500,661		14,048,917
Construction in process		4,467,496		3,212,287
Equipment		15,432,906		13,819,210
Office furniture and equipment		240,872		202,596
Vehicles		36,247		28,700
Total property and equipment	$	36,403,718	$	32,036,495
Less accumulated depreciation and amortization		(6,394,781)		(5,106,157)
Property, plant and equipment, net	$	30,008,937	$	26,930,338

Depreciation expense was $1.3 million and $1.1 million, for the nine month period ended September 30, 2021 and 2020.

Included in construction in process is $2.0 million for construction related to the Rollo Bay farm site and improvements to the Fortune Bay hatchery, $554 thousand for construction related to the Indiana farm site, and $1.9 million related to design work for the planned Ohio farm.

Accounts Payable and Accrued Liabilities

9 Months Ended

Sep. 30, 2021

Accounts Payable and Accrued Liabilities [Abstract]

Accounts Payable and Accrued Liabilities

7. Accounts payable and accrued liabilities

Accounts payable and accrued liabilities include the following:


	September 30, 2021		December 31, 2020
Accounts payable	$	860,673	$	799,888
Accrued payroll including vacation		577,534		583,301
Accrued professional fees and contract services		394,433		278,165
Accrued taxes and other		121,076		98,749
Accounts payable and accrued liabilities	$	1,953,716	$	1,760,103

Debt

9 Months Ended

Sep. 30, 2021

Debt [Abstract]

Debt

8. Debt

The current material terms and conditions of debt outstanding are as follows:


	Interest ‎rate	Monthly ‎repayment	Maturity ‎date	September 30, 2021		December 31, 2020
ACOA AIF Grant	0%	Royalties	-	$	2,259,339	$	2,253,595
ACOA term loan #1	0%	C$3,120	Feb 2027		159,574		181,203
ACOA term loan #2	0%	C$4,630	Sep 2029		349,641		381,451
ACOA term loan #3	0%	C$6,945	Dec 2025		196,675		—
Kubota Canada Ltd	0%	C$1,142	Jan 2025		35,949		43,925
PEI Finance term loan	4%	C$16,313	Nov 2023		1,964,748		2,014,321
DFO term loan	0%	C$2,091	Aug 2032		405,340		—
First Farmers Bank & Trust term loan	5.375%	$56,832	Oct 2028		4,000,000		4,000,000
Total debt				$	9,371,266	$	8,874,495
less: debt issuance costs					(73,072)		(86,066)
less: current portion					(619,552)		(259,939)
Long-term debt, net				$	8,678,642	$	8,528,490

Estimated principal payments remaining on loan debt are as follows:


	AIF		ACOA		FPEI		Kubota			DFO	FFBT		Total
2021	$	—	$	18,291	$	18,969	$	2,696	$	—	$	116,676	$	156,632
2022		—		73,163		77,582		10,785		—		482,306		643,836
2023		—		138,727		1,868,197		10,785		35,555		509,256		2,562,520
2024		—		138,727		—		10,785		42,667		537,276		729,455
2025		—		138,711		—		898		42,668		567,735		750,012
Thereafter		2,259,339		198,271		—		—		284,450		1,786,751		4,528,811
Total	$	2,259,339	$	705,890	$	1,964,748	$	35,949	$	405,340	$	4,000,000	$	9,371,266

In September 2020, the Canadian Subsidiary entered into a Contribution Agreement with DFO's Atlantic Fisheries Fund, whereby it is eligible to receive up to C$1.9 million ($1.4 million) to finance new equipment for its Rollo Bay farm (the “DFO Term Loan”). On February 25, 2021, the Canadian Subsidiary borrowed C$238,400 ($187,120) and on April 27, 2021 the Canadian Subsidiary borrowed C$276,840 ($219,258) under the DFO Term Loan. Borrowings are interest free and monthly repayments commence in March 2023, with maturity in August 2032. All funding requests must be submitted by August 22, 2022.

On July 8, 2021, the Canadian Subsidiary entered into a contribution agreement with the Atlantic Canada Opportunities Agency under its REGI-Business Scale-up and Productivity program that can provide up to C$250 thousand ($200 thousand) in funding assistance. On August 20, 2021, the Canadian Subsidiary received C$250,000 ($200,075). All funds received are to be repaid over a 36-month term commencing January 2023 at a 0% interest rate.

The Company recognized interest expense of $238 thousand and $73 thousand for the nine months ended September 30, 2021 and 2020, respectively, on its interest-bearing debt.

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

9. Leases

Lease expense for the nine months ended September 30, 2021 and 2020, amounted to $63 thousand and $60 thousand, respectively. The weighted average remaining lease term of the Company’s operating leases was 24 years as of September 30, 2021. Lease payments included in operating cash flows totaled $63 thousand for the nine months ended September 30, 2021 and 2020.

The table below summarizes the Company’s lease obligations and remaining payments at September 30, 2021:


				September 30, 2021		December 31, 2020
	Lease	Lease	Remaining	Remaining	Lease	Remaining	Lease
	Type	Term	Years	Payments	Liability	Payments	Liability

Maynard Office Lease	Operating	Mar 2023	1.4	101,403	92,114	150,918	134,099
Indiana Auto Lease	Operating	Feb 2021		-	-	1,157	821
Indiana Well Lease	Operating	Dec 2048	27.2	674,810	214,060	686,809	217,890
Total				776,213	306,174	838,884	352,810
Less: current portion				(83,960)	(65,072)	(83,571)	(62,483)
Long-term leases				$ 692,253	$ 241,102	$ 755,313	$ 290,327

Remaining payments under leases are as follows at September 30, 2021:


Year	Office	Well	Amount
2021	16,901	4,000	20,901
2022	67,602	16,478	84,080
2023	16,900	16,972	33,872
2024	-	17,481	17,481
2025	-	18,006	18,006
Thereafter	-	601,873	601,873
Total Lease Payments	101,403	674,810	776,213

Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity [Abstract]

Stockholders' Equity

10. Stockholders’ equity

Recent issuances

On February 8, 2021, the Company completed a public offering of 14,950,000 Common Shares for net proceeds of approximately $119.1 million.

Warrants

The following table summarizes information about outstanding warrants at September 30, 2021, all of which were issued in conjunction with a public equity offering in January 2018:


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2020	948,855	$	3.25
Issued	—		-
Exercised	(530,414)		3.25
Expired	—		-
Outstanding at September 30, 2021	418,441		3.25
Exercisable at September 30, 2021	418,441		3.25

All remaining warrants have an expiration date of January 17, 2023.

Share-based compensation

At September 30, 2021, the Company has reserved 663,425 Common Shares issuable upon the exercise of outstanding stock options under its 2006 and 2016 Equity Incentive Plans. An additional 916,516 Common Shares are reserved for future issuance under the 2016 Equity Incentive Plan.

Restricted stock

A summary of the Company’s restricted Common Shares as of September 30, 2021, is as follows:


	Shares	Weighted ‎average grant ‎date fair value
Balance at December 31, 2020	72,653	$	1.90
Granted	43,837		6.67
Vested	(48,858)		3.20
Balance at September 30, 2021	67,632	$	4.05

During the three months ended September 30, 2021 and 2020, the Company expensed $194 thousand and $160 thousand, respectively, related to the restricted stock awards. At September 30, 2021, the balance of unearned share-based compensation to be expensed in future periods related to the restricted stock awards is $193 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 2.5 years.

Stock options

The Company’s option activity is summarized as follows:


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2020	657,414	$	4.28
Granted	48,914		6.72
Exercised	(16,667)		6.90
Forfeited	(1,959)		6.72
Expired	(24,277)		6.39
Outstanding at September 30, 2021	663,425	$	4.31
Exercisable at September 30, 2021	594,458	$	4.33

Unless otherwise indicated, options issued to employees, members of the Board of Directors, and non-employees are vested daily over one to three years and are exercisable for a term of ten years from the date of issuance.

The fair values of stock option grants to employees and members of the Board of Directors during 2021 were measured on the date of grant using Black-Scholes, with the following weighted average assumptions:


		March 2021
Expected volatility		111%
Risk free interest rate		0.80%
Expected dividend yield		0%
Expected life (in years)		5

The weighted average fair value of stock options granted during the three and nine months ended September 30, 2021, was $5.36.

The total intrinsic value of all options outstanding was $958 thousand and $3.6 million at September 30, 2021, and December 31, 2020, respectively. The total intrinsic value of exercisable options was $878 thousand and $3.2 million at September 30, 2021 and December 31, 2020, respectively.

‎

The following table summarizes information about options outstanding and exercisable at September 30, 2021:


Weighted ‎average exercise ‎price of outstanding ‎options	Number of ‎options ‎outstanding	Weighted ‎average remaining ‎estimated life ‎(in years)	Number of ‎options ‎exercisable
$1.88 - $2.50	524,019	7.5	487,390
$3.30 - $6.72	53,916	8.6	21,578
$7.50 - $10.80	16,403	2.6	16,403
$14.20 - $23.40	69,087	4.5	69,087
	663,425		594,458

Total share-based compensation on stock options amounted to $111 thousand and $224 thousand for the three months ended September 30, 2021 and 2020, respectively. At September 30, 2021, the balance of unearned share-based compensation to be expensed in future periods related to unvested share-based awards was $225 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 2.5 years.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies [Abstract]

Commitments and Contingencies

11. Commitments and contingencies

The Company recognizes and discloses commitments when it enters into executed contractual obligations with other parties. The Company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

The Company is subject to legal proceedings and claims arising in the normal course of business. The Company records estimated losses from these legal proceedings and claims when it determines that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Litigation is subject to many factors that are difficult to predict so that there can be no assurance, in the event of a material unfavorable result in one or more claims, the Company will not incur material costs. There have been no other material changes to the commitments and contingencies disclosed in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2020.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Taxes [Abstract]

Income Taxes

12. Income Taxes

The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2021 as the Company incurred losses for the nine months ended September 30, 2021 and is forecasting additional losses through the remainder of fiscal year ending December 31, 2021, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2021. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income taxes have been accounted for using the liability method.

Due to the Company’s history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not.

As of September 30, 2021, the Company had no unrecognized income tax benefits that would reduce the Company’s effective tax rate if recognized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Related Party

9 Months Ended

Sep. 30, 2021

Related Party

13. Related Party

Letter Agreement with Third Security

On July 30, 2021, the Company entered into a letter agreement (the “Letter Agreement”) with TS Aquaculture LLC (“TS Aquaculture”) and certain of its affiliates that required the Company to file a registration statement to register the shares of Common Stock held by TS Aquaculture and certain of its affiliates and keep it effective for a period of not less than 24 months. The registration statement was filed on August 5, 2021. TS Aquaculture agreed to pay all expenses incurred in connection with such registration statements. The Company and TS Aquaculture also agreed to modify the terms of the relationship agreement between the Company and TS Aquaculture as successor in interest to Intrexon Corporation (the “Relationship Agreement”) so as to restrict assignments of the rights of TS Aquaculture thereunder.

The entry into the Letter Agreement constituted a “related party transaction” as defined by Item 404 of Regulation S-K because TS Aquaculture is an affiliate and has appointed three members of the Company’s board pursuant to the Relationship Agreement. Because of this, the Letter Agreement was approved by the disinterested directors and the Audit Committee was responsible for reviewing, negotiating and approving the terms of the Letter Agreement. Additionally, the Company has a policy that the Audit Committee is responsible for the review and approval of any “related party transaction”, as such term is defined in Item 404 of Regulation S-K, after it has reviewed and considered all relevant facts and circumstances, including, but not limited to, whether the transaction is on terms comparable to those that could be obtained in an arm’s length transaction and the extent of the related party’s interest in the transaction.

This transaction was approved by the disinterested members of the Board on July 27, 2021, upon the recommendation of the Audit Committee.

As of September 30, 2021, the registration statement filed pursuant to the Letter Agreement for the Common Stock held by TS Aquaculture and certain of its affiliates was active and no shares have been sold to date.

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On October 12, 2021, the Company and First Farmers Bank & Trust agreed to a modification to the terms of its outstanding loan. The new terms delay the start date of certain of the loan’s negative covenants to the quarter commencing on October 1, 2022 and raises the required restricted cash balance amount from $500 thousand to $1.0 million. The loan had a balance of $4.0 million at September 30, 2021.

‎

Nature of Business and Organization (Policy)

9 Months Ended

Sep. 30, 2021

Nature of Business and Organization [Abstract]

Nature of Business and Organization

Basis of Presentation (Policy)	9 Months Ended
Basis of Presentation (Policy)	Sep. 30, 2021
Basis of Presentation [Abstract]
Consolidation	The unaudited interim condensed consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries, AQUA Bounty Canada Inc.; AquaBounty Farms, Inc.; AquaBounty Panama, S. de R.L.; and AquaBounty Brasil Participações Ltda. The entities are collectively referred to herein as the “Company.” All intercompany transactions and balances have been eliminated upon consolidation.
Basis of Presentation	The unaudited interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related notes for the year ended December 31, 2020. The unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of September 30, 2021 results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. The unaudited interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, as allowed by the relevant U.S. Securities and Exchange Commission (“SEC”) rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.
Liquidity	Liquidity In February 2021, the Company completed an equity raise with net proceeds of $119.1 million and has $198 million in cash, cash equivalents and marketable securities as of September 30, 2021. While the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient cash to meet the Company's requirements beyond the next twelve months from the filing date of these condensed consolidated financial statements. However, until such time as the Company reaches profitability, it may require additional financing to fund its operations and execute its business plan.
Inventories	Inventories Inventories are mainly comprised of feed, eggs and fish in process. Fish in process inventory is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. The Company measures inventory at the lower of cost or net realizable value (NRV). The NRV calculation contains various estimates and assumptions in regard to the calculation of the biomass, including expected yield, the market value of the biomass and estimated costs of completion and transportation.
Revenue Recognition	Revenue recognition The Company records revenue on the sale of a product when all revenue recognition criteria are fulfilled, including identifying the contract with a customer; identifying the performance obligations in the contract; determining the transaction price; allocating the transaction price to the performance obligations in the contract; and recognizing revenue when (or as) the Company satisfies a performance obligation. The Company evaluates customer credit risk in order to conclude it is “probable” it will collect the amount of consideration due in exchange for the goods or services.
Net Loss Per Share	Net loss per share Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Basic net loss per share is based solely on the number of common shares outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise of warrants and options with an exercise price less than the fair value of the common stock unless the impact of the warrant or option is anti-dilutive to the calculation. Since the Company is reporting a net loss for all periods presented, all potential common shares are considered anti-dilutive and are excluded from the calculation of diluted net loss per share. At September 30, 2021, the Company had 1,081,866 potentially dilutive securities outstanding, consisting of 418,441 warrants and 663,425 stock options.
Accounting Pronouncements	Accounting Pronouncements Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2021

Marketable Securities [Abstract]

Schedule of Marketable Securities


		Amortized		Unrealized		Unrealized		Market
		Cost		Gains		Losses		Value
	September 30, 2021
Government bonds	$	42,298,225	$	140	$	(9,554)	$	42,288,811
Corporate bonds		22,350,050		7,620		(12,967)		22,344,703
Commercial paper		14,998,514		-		-		14,998,514
Marketable securities	$	79,646,789	$	7,760	$	(22,521)	$	79,632,028

Inventory (Tables)

9 Months Ended

Sep. 30, 2021

Inventory [Abstract]

Schedule of Inventory


	September 30, 2021		December 31, 2020
Feed	$	224,941		244,311
Eggs and fry		59,003		54,929
Packaging		—		6,452
Fish in process, net		938,279		1,219,685
Inventory, net	$	1,222,223		1,525,377

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	September 30, 2021		December 31, 2020
Land	$	725,536	$	724,785
Building and improvements		15,500,661		14,048,917
Construction in process		4,467,496		3,212,287
Equipment		15,432,906		13,819,210
Office furniture and equipment		240,872		202,596
Vehicles		36,247		28,700
Total property and equipment	$	36,403,718	$	32,036,495
Less accumulated depreciation and amortization		(6,394,781)		(5,106,157)
Property, plant and equipment, net	$	30,008,937	$	26,930,338

Accounts Payable and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Accounts Payable and Accrued Liabilities [Abstract]

Schedule of Accounts Payable and Accrued Liabilities


	September 30, 2021		December 31, 2020
Accounts payable	$	860,673	$	799,888
Accrued payroll including vacation		577,534		583,301
Accrued professional fees and contract services		394,433		278,165
Accrued taxes and other		121,076		98,749
Accounts payable and accrued liabilities	$	1,953,716	$	1,760,103

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt [Abstract]

Terms and Conditions of Long-term Debt Outstanding


	Interest ‎rate	Monthly ‎repayment	Maturity ‎date	September 30, 2021		December 31, 2020
ACOA AIF Grant	0%	Royalties	-	$	2,259,339	$	2,253,595
ACOA term loan #1	0%	C$3,120	Feb 2027		159,574		181,203
ACOA term loan #2	0%	C$4,630	Sep 2029		349,641		381,451
ACOA term loan #3	0%	C$6,945	Dec 2025		196,675		—
Kubota Canada Ltd	0%	C$1,142	Jan 2025		35,949		43,925
PEI Finance term loan	4%	C$16,313	Nov 2023		1,964,748		2,014,321
DFO term loan	0%	C$2,091	Aug 2032		405,340		—
First Farmers Bank & Trust term loan	5.375%	$56,832	Oct 2028		4,000,000		4,000,000
Total debt				$	9,371,266	$	8,874,495
less: debt issuance costs					(73,072)		(86,066)
less: current portion					(619,552)		(259,939)
Long-term debt, net				$	8,678,642	$	8,528,490

Principal Payments Due on Long-term Debt


	AIF		ACOA		FPEI		Kubota			DFO	FFBT		Total
2021	$	—	$	18,291	$	18,969	$	2,696	$	—	$	116,676	$	156,632
2022		—		73,163		77,582		10,785		—		482,306		643,836
2023		—		138,727		1,868,197		10,785		35,555		509,256		2,562,520
2024		—		138,727		—		10,785		42,667		537,276		729,455
2025		—		138,711		—		898		42,668		567,735		750,012
Thereafter		2,259,339		198,271		—		—		284,450		1,786,751		4,528,811
Total	$	2,259,339	$	705,890	$	1,964,748	$	35,949	$	405,340	$	4,000,000	$	9,371,266

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Summary of Lease Obligations and Remaining Payments


				September 30, 2021		December 31, 2020
	Lease	Lease	Remaining	Remaining	Lease	Remaining	Lease
	Type	Term	Years	Payments	Liability	Payments	Liability

Maynard Office Lease	Operating	Mar 2023	1.4	101,403	92,114	150,918	134,099
Indiana Auto Lease	Operating	Feb 2021		-	-	1,157	821
Indiana Well Lease	Operating	Dec 2048	27.2	674,810	214,060	686,809	217,890
Total				776,213	306,174	838,884	352,810
Less: current portion				(83,960)	(65,072)	(83,571)	(62,483)
Long-term leases				$ 692,253	$ 241,102	$ 755,313	$ 290,327

Summary of Remaining Payments under Leases


Year	Office	Well	Amount
2021	16,901	4,000	20,901
2022	67,602	16,478	84,080
2023	16,900	16,972	33,872
2024	-	17,481	17,481
2025	-	18,006	18,006
Thereafter	-	601,873	601,873
Total Lease Payments	101,403	674,810	776,213

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Stockholders' Equity [Abstract]

Information About Outstanding Warrants


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2020	948,855	$	3.25
Issued	—		-
Exercised	(530,414)		3.25
Expired	—		-
Outstanding at September 30, 2021	418,441		3.25
Exercisable at September 30, 2021	418,441		3.25

Restricted Stock Activity


	Shares	Weighted ‎average grant ‎date fair value
Balance at December 31, 2020	72,653	$	1.90
Granted	43,837		6.67
Vested	(48,858)		3.20
Balance at September 30, 2021	67,632	$	4.05

Stock Option Activity


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2020	657,414	$	4.28
Granted	48,914		6.72
Exercised	(16,667)		6.90
Forfeited	(1,959)		6.72
Expired	(24,277)		6.39
Outstanding at September 30, 2021	663,425	$	4.31
Exercisable at September 30, 2021	594,458	$	4.33

Stock Option Grants Weighted Average Assumptions


		March 2021
Expected volatility		111%
Risk free interest rate		0.80%
Expected dividend yield		0%
Expected life (in years)		5

Information About Options Outstanding and Exercisable


Weighted ‎average exercise ‎price of outstanding ‎options	Number of ‎options ‎outstanding	Weighted ‎average remaining ‎estimated life ‎(in years)	Number of ‎options ‎exercisable
$1.88 - $2.50	524,019	7.5	487,390
$3.30 - $6.72	53,916	8.6	21,578
$7.50 - $10.80	16,403	2.6	16,403
$14.20 - $23.40	69,087	4.5	69,087
	663,425		594,458

Basis of Presentation (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
Basis of Presentation (Details) - USD ($) $ in Millions	Feb. 28, 2021	Sep. 30, 2021
Net proceeds from equity	$ 119.1
Cash, cash equivalents and marketable securities		$ 198.0
Potentially dilutive securities outstanding (in shares)		1,081,866
Warrant [Member]
Potentially dilutive securities outstanding (in shares)		418,441
Stock Option [Member]
Potentially dilutive securities outstanding (in shares)		663,425

Risks and Uncertainties (Details) - Canada [Member] - Credit Concentration Risk [Member] $ in Thousands	Sep. 30, 2021 USD ($)
Concentration Risk [Line Items]
Cash in Canadian bank accounts	$ 229
Cash equivalent investment balance	$ 100,400

Marketable Securities (Schedule of Marketable Securities) (Details)	Sep. 30, 2021 USD ($)
Marketable Securities [Line Items]
Amortized cost	$ 79,646,789
Unrealized Gains	7,760
Unrealized Losses	(22,521)
Market Value	79,632,028
Government Bonds [Member]
Marketable Securities [Line Items]
Amortized cost	42,298,225
Unrealized Gains	140
Unrealized Losses	(9,554)
Market Value	42,288,811
Corporate Bonds [Member]
Marketable Securities [Line Items]
Amortized cost	22,350,050
Unrealized Gains	7,620
Unrealized Losses	(12,967)
Market Value	22,344,703
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized cost	14,998,514
Unrealized Gains
Unrealized Losses
Market Value	$ 14,998,514

Inventory (Schedule of Inventory) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Inventory, net	$ 1,222,223	$ 1,525,377
Feed [Member]
Inventory [Line Items]
Inventory, net	224,941	244,311
Eggs And Fry [Member]
Inventory [Line Items]
Inventory, net	59,003	54,929
Packaging [Member]
Inventory [Line Items]
Inventory, net		6,452
Fish In Process, Net [Member]
Inventory [Line Items]
Inventory, net	$ 938,279	$ 1,219,685

Property, Plant and Equipment (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 1,300,000	$ 1,100,000
Gross property, plant, and equipment	36,403,718		$ 32,036,495
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	4,467,496		$ 3,212,287
Rollo Bay Farm And Fortune Bay Hatchery [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	2,000,000.0
Indiana Farm [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	554,000
New 10,000 Metric Ton Farm [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	$ 1,900,000

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 36,403,718	$ 32,036,495
Less accumulated depreciation and amortization	(6,394,781)	(5,106,157)
Property, plant and equipment, net	30,008,937	26,930,338
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	725,536	724,785
Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	15,500,661	14,048,917
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	4,467,496	3,212,287
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	15,432,906	13,819,210
Office Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	240,872	202,596
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 36,247	$ 28,700

Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 860,673	$ 799,888
Accrued payroll including vacation	577,534	583,301
Accrued professional fees and contract services	394,433	278,165
Accrued taxes and other	121,076	98,749
Accounts payable and accrued liabilities	$ 1,953,716	$ 1,760,103

Debt (Narrative) (Details)			1 Months Ended		9 Months Ended
Debt (Narrative) (Details)	Aug. 20, 2021 CAD ($)	Aug. 20, 2021 USD ($)	Sep. 30, 2020 CAD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jul. 08, 2021 CAD ($)	Jul. 08, 2021 USD ($)	Apr. 27, 2021 CAD ($)	Apr. 27, 2021 USD ($)	Feb. 25, 2021 CAD ($)	Feb. 25, 2021 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt					$ 606,453	$ 4,129,510
DFO Term Loan [Member]
Debt Instrument [Line Items]
Maturity date					Aug 2032
Interest rate					0.00%
Interest expense					$ 238,000	$ 73,000
ACOA Term Loan #3 [Member]
Debt Instrument [Line Items]
Maturity date					Dec 2025
Interest rate					0.00%
Canadian Subsidiary [Member] \| DFO Term Loan [Member]
Debt Instrument [Line Items]
Amount borrowed									$ 276,840	$ 219,258	$ 238,400	$ 187,120
Proceeds from issuance of debt			$ 1,900,000	$ 1,400,000
Maturity date					August 2032
Canadian Subsidiary [Member] \| ACOA Term Loan #3 [Member]
Debt Instrument [Line Items]
Loan term	36 months	36 months
Proceeds from issuance of debt	$ 250,000	$ 200,075
Interest rate	0.00%	0.00%
Canadian Subsidiary [Member] \| ACOA Term Loan #3 [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Amount borrowed							$ 250,000	$ 200,000

Debt (Terms and Conditions of Long-term Debt Outstanding) (Details)	9 Months Ended
	Sep. 30, 2021 CAD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Total debt		$ 9,371,266	$ 8,874,495
less: debt issuance costs		(73,072)	(86,066)
less: current portion		(619,552)	(259,939)
Long-term debt, net		$ 8,678,642	8,528,490
ACOA AIF Grant [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Maturity date	-	-
Total debt		$ 2,259,339	2,253,595
ACOA Term Loan #1 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 3,120
Maturity date	Feb 2027	Feb 2027
Total debt		$ 159,574	181,203
ACOA Term Loan #2 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 4,630
Maturity date	Sep 2029	Sep 2029
Total debt		$ 349,641	381,451
ACOA Term Loan #3 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 6,945
Maturity date	Dec 2025	Dec 2025
Total debt		$ 196,675
Kubota Canada Ltd [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 1,142
Maturity date	Jan 2025	Jan 2025
Total debt		$ 35,949	43,925
PEI Finance Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		4.00%
Monthly repayment	$ 16,313
Maturity date	Nov 2023	Nov 2023
Total debt		$ 1,964,748	2,014,321
DFO Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 2,091
Maturity date	Aug 2032	Aug 2032
Total debt		$ 405,340
First Farmers Bank & Trust Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		5.375%
Monthly repayment		$ 56,832
Maturity date	Oct 2028	Oct 2028
Total debt		$ 4,000,000	$ 4,000,000

Debt (Principal Payments Due on Long-term Debt) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Year
2021	$ 156,632
2022	643,836
2023	2,562,520
2024	729,455
2025	750,012
Thereafter	4,528,811
Total debt	9,371,266	$ 8,874,495
ACOA AIF Grant [Member]
Year
2021
2022
2023
2024
2025
Thereafter	2,259,339
Total debt	2,259,339	2,253,595
ACOA [Member]
Year
2021	18,291
2022	73,163
2023	138,727
2024	138,727
2025	138,711
Thereafter	198,271
Total debt	705,890
PEI Finance Term Loan [Member]
Year
2021	18,969
2022	77,582
2023	1,868,197
2024
2025
Thereafter
Total debt	1,964,748	2,014,321
Kubota Canada Ltd [Member]
Year
2021	2,696
2022	10,785
2023	10,785
2024	10,785
2025	898
Thereafter
Total debt	35,949	43,925
DFO Term Loan [Member]
Year
2021
2022
2023	35,555
2024	42,667
2025	42,668
Thereafter	284,450
Total debt	405,340
First Farmers Bank & Trust Term Loan [Member]
Year
2021	116,676
2022	482,306
2023	509,256
2024	537,276
2025	567,735
Thereafter	1,786,751
Total debt	$ 4,000,000	$ 4,000,000

Leases (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Lease expense	$ 63	$ 60
Weighted average remaining lease term	24 years
Lease payment	$ 63	$ 63

Leases (Summary of Lease Obligations and Remaining Payments) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Remaining Payments	$ 776,213	$ 838,884
Remaining Payments - Less: current portion	(83,960)	(83,571)
Remaining Payments - Long-term leases	692,253	755,313
Lease Liability	306,174	352,810
Lease Liability - Less: current portion	(65,072)	(62,483)
Lease Liability - Long-term leases	$ 241,102	290,327
Maynard Office Lease [Member]
Lease Term	Mar 2023
Remaining Years	1 year 4 months 24 days
Remaining Payments	$ 101,403	150,918
Lease Liability	$ 92,114	134,099
Indiana Auto Lease [Member]
Lease Term	Feb 2021
Remaining Payments		1,157
Lease Liability		821
Indiana Well Lease [Member]
Lease Term	Dec 2048
Remaining Years	27 years 2 months 12 days
Remaining Payments	$ 674,810	686,809
Lease Liability	$ 214,060	$ 217,890

Leases (Summary of Remaining Payments under Leases) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
2021	$ 20,901
2022	84,080
2023	33,872
2024	17,481
2025	18,006
Thereafter	601,873
Remaining Payments	776,213	$ 838,884
Office [Member]
Property, Plant and Equipment [Line Items]
2021	16,901
2022	67,602
2023	16,900
2024
2025
Thereafter
Remaining Payments	101,403
Well [Member]
Property, Plant and Equipment [Line Items]
2021	4,000
2022	16,478
2023	16,972
2024	17,481
2025	18,006
Thereafter	601,873
Remaining Payments	$ 674,810

Stockholders' Equity (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended					9 Months Ended
Stockholders' Equity (Narrative) (Details) - USD ($)	Feb. 08, 2021	Feb. 28, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Stockholders' Equity
Proceeds from issuance or sale of equity		$ 119,100,000
Share-based compensation								$ 305,653	$ 383,964
Restricted Stock [Member]
Stockholders' Equity
Share-based compensation expense					$ 160,000			194,000
Unearned share-based compensation expense in future periods			$ 193,000					$ 193,000
Unearned share-based compensation earn period								2 years 6 months
Stock Option [Member]
Stockholders' Equity
Unearned share-based compensation expense in future periods			$ 225,000					$ 225,000
Unearned share-based compensation earn period								2 years 6 months
Weighted average fair value of stock options grants (in dollars per share)			$ 5.36					$ 5.36
Intrinsic value of options outstanding			$ 958,000					$ 958,000		$ 3,600,000
Intrinsic value of exercisable options			878,000					$ 878,000		$ 3,200,000
Share-based compensation			$ 111,000		$ 224,000
2006 and 2016 Equity Incentive Plans [Member]
Stockholders' Equity
Common stock reserved for future issuances (in shares)			663,425					663,425
2016 Equity Incentive Plan [Member]
Stockholders' Equity
Common stock reserved for future issuances (in shares)			916,516					916,516
Common Stock [Member]
Stockholders' Equity
Issued (in shares)				14,950,000	12,650,000	20,000	10,350,000
Common Stock [Member] \| Warrant [Member]
Stockholders' Equity
Expiration date								Jan. 17, 2023
February 2021 Public Offering [Member] \| Common Stock [Member]
Stockholders' Equity
Issued (in shares)	14,950,000
Proceeds from issuance or sale of equity	$ 119,100,000

Stockholders' Equity (Information About Outstanding Warrants) (Details) - Warrant [Member]	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of options
Outstanding, beginning balance \| shares	948,855
Issued \| shares
Exercised \| shares	(530,414)
Expired \| shares
Outstanding, ending balance \| shares	418,441
Exercisable \| shares	418,441
Weighted average exercise price
Outstanding, beginning balance \| $ / shares	$ 3.25
Issued \| $ / shares
Exercised \| $ / shares	3.25
Expired \| $ / shares
Outstanding, ending balance \| $ / shares	3.25
Exercisable \| $ / shares	$ 3.25

Stockholders' Equity (Restricted Stock Activity) (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Shares
Beginning balance \| shares	72,653
Granted \| shares	43,837
Vested \| shares	(48,858)
Ending balance \| shares	67,632
Weighted average grant date fair value
Beginning balance \| $ / shares	$ 1.90
Granted \| $ / shares	6.67
Vested \| $ / shares	3.20
Ending balance \| $ / shares	$ 4.05

Stockholders' Equity (Stock Option Activity) (Details) - Stock Option [Member]	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of options
Outstanding, beginning balance \| shares	657,414
Granted \| shares	48,914
Exercised \| shares	(16,667)
Forfeited \| shares	(1,959)
Expired \| shares	(24,277)
Outstanding, ending balance \| shares	663,425
Exercisable \| shares	594,458
Weighted average exercise price
Outstanding, beginning balance \| $ / shares	$ 4.28
Issued \| $ / shares	6.72
Exercised \| $ / shares	6.90
Forfeited \| $ / shares	6.72
Expired \| $ / shares	6.39
Outstanding, ending balance \| $ / shares	4.31
Exercisable \| $ / shares	$ 4.33

Stockholders' Equity (Stock Option Grants Weighted Average Assumptions) (Details) - Stock Option [Member]	1 Months Ended
	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	111.00%
Risk free interest rate	0.80%
Expected dividend yield	0.00%
Expected life (in years)	5 years

Stockholders' Equity (Information About Options Outstanding and Exercisable) (Details) - Stock Option [Member]	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	663,425
Number of options exercisable	594,458
$1.88 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	524,019
Weighted average remaining estimated life (in years)	7 years 6 months
Number of options exercisable	487,390
$3.30 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	53,916
Weighted average remaining estimated life (in years)	8 years 7 months 6 days
Number of options exercisable	21,578
$7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	16,403
Weighted average remaining estimated life (in years)	2 years 7 months 6 days
Number of options exercisable	16,403
$14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	69,087
Weighted average remaining estimated life (in years)	4 years 6 months
Number of options exercisable	69,087
Minimum [Member] \| $1.88 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	$ 1.88
Minimum [Member] \| $3.30 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	3.30
Minimum [Member] \| $7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	7.50
Minimum [Member] \| $14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	14.20
Maximum [Member] \| $1.88 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	2.50
Maximum [Member] \| $3.30 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	6.72
Maximum [Member] \| $7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	10.80
Maximum [Member] \| $14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	$ 23.40

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2021
Income Taxes [Abstract]
Effective tax rate	0.00%
Unrecognized income tax benefits		$ 0

Subsequent Events (Details) - First Farmers Bank & Trust Modification Loan [Member] - USD ($) $ in Thousands	Oct. 12, 2021	Oct. 11, 2021	Sep. 30, 2021
Subsequent Event [Line Items]
Original loan amount			$ 4,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Required restricted cash balance	$ 1,000	$ 500