0001603978-22-000049 | 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, 2022	Nov. 07, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2022
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		71,110,713
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Entity Central Index Key	0001603978

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 127,008,620	$ 88,454,988
Marketable securities		101,773,781
Inventory	2,104,251	1,259,910
Prepaid expenses and other current assets	4,041,029	1,536,484
Total current assets	133,153,900	193,025,163
Property, plant and equipment, net	88,002,701	33,815,119
Right of use assets, net	238,699	284,320
Intangible assets, net	221,565	231,842
Restricted cash	1,000,000	1,000,000
Other assets	68,343	79,548
Total assets	222,685,208	228,435,992
Current liabilities:
Accounts payable and accrued liabilities	15,544,254	4,317,615
Accrued employee compensation	764,748	874,589
Current debt	709,597	627,365
Other current liabilities	36,706	66,269
Total current liabilities	17,055,305	5,885,838
Long-term lease obligations	204,396	224,058
Long-term debt, net	7,617,173	8,523,333
Total liabilities	24,876,874	14,633,229
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 150,000,000 and 80,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; 71,110,713 and 71,025,738 shares outstanding at September 30, 2022 and December 31, 2021, respectively	71,111	71,026
Additional paid-in capital	385,279,809	384,852,107
Accumulated other comprehensive loss	(589,909)	(255,588)
Accumulated deficit	(186,952,677)	(170,864,782)
Total stockholders’ equity	197,808,334	213,802,763
Total liabilities and stockholders’ equity	$ 222,685,208	$ 228,435,992

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	80,000,000
Common stock, shares outstanding (in shares)	71,110,713	71,025,738

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Product revenues	$ 653,432	$ 455,397	$ 2,686,019	$ 757,162
Costs and expenses
Product costs	3,518,296	4,311,003	10,044,092	7,713,254
Sales and marketing	186,393	201,838	783,882	1,069,354
Research and development	220,598	580,346	596,079	1,512,339
General and administrative	2,264,755	2,177,153	7,472,921	6,541,621
Total costs and expenses	6,190,042	7,270,340	18,896,974	16,836,568
Operating loss	(5,536,610)	(6,814,943)	(16,210,955)	(16,079,406)
Other income (expense)
Interest expense	(72,313)	(79,489)	(222,295)	(238,503)
Other income, net	168,796	29,593	345,355	63,442
Total other income (expense)	96,483	(49,896)	123,060	(175,061)
Net loss	(5,440,127)	(6,864,839)	(16,087,895)	(16,254,467)
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(303,725)	(136,670)	(374,422)	9,293
Unrealized gain on marketable securities	32,370	6,132	40,101	15,102
Total other comprehensive (loss) income	(271,355)	(130,538)	(334,321)	24,395
Comprehensive loss	$ (5,711,482)	$ (6,995,377)	$ (16,422,216)	$ (16,230,072)
Basic and diluted net loss per share	$ (0.08)	$ (0.10)	$ (0.23)	$ (0.24)
Weighted average number of Common Shares -
basic and diluted	71,070,196	71,025,738	71,047,999	68,889,650

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, 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
Beginning balance (in shares) at Dec. 31, 2021	71,025,738
Beginning balance at Dec. 31, 2021	$ 71,026	384,852,107	(255,588)	(170,864,782)	213,802,763
Net loss				(5,111,726)	(5,111,726)
Other comprehensive income (loss)			(31,160)		(31,160)
Share based compensation (in shares)	83,963
Share based compensation	$ 84	211,244			211,328
Ending balance (in shares) at Mar. 31, 2022	71,109,701
Ending balance at Mar. 31, 2022	$ 71,110	385,063,351	(286,748)	(175,976,508)	208,871,205
Beginning balance (in shares) at Dec. 31, 2021	71,025,738
Beginning balance at Dec. 31, 2021	$ 71,026	384,852,107	(255,588)	(170,864,782)	213,802,763
Net loss					(16,087,895)
Other comprehensive income (loss)					(334,321)
Ending balance (in shares) at Sep. 30, 2022	71,110,713
Ending balance at Sep. 30, 2022	$ 71,111	385,279,809	(589,909)	(186,952,677)	197,808,334
Beginning balance (in shares) at Mar. 31, 2022	71,109,701
Beginning balance at Mar. 31, 2022	$ 71,110	385,063,351	(286,748)	(175,976,508)	208,871,205
Net loss				(5,536,042)	(5,536,042)
Other comprehensive income (loss)			(31,806)		(31,806)
Exercise of warrants for common stock (in shares)	1,012
Exercise of warrants for common stock	$ 1	1,537			1,538
Share based compensation		107,280			107,280
Ending balance (in shares) at Jun. 30, 2022	71,110,713
Ending balance at Jun. 30, 2022	$ 71,111	385,172,168	(318,554)	(181,512,550)	203,412,175
Net loss				(5,440,127)	(5,440,127)
Other comprehensive income (loss)			(271,355)		(271,355)
Share based compensation		107,641			107,641
Ending balance (in shares) at Sep. 30, 2022	71,110,713
Ending balance at Sep. 30, 2022	$ 71,111	$ 385,279,809	$ (589,909)	$ (186,952,677)	$ 197,808,334

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net loss	$ (16,087,895)	$ (16,254,467)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,501,381	1,308,062
Share-based compensation	426,249	305,653
Other non-cash charge	18,997	12,993
Changes in operating assets and liabilities:
Inventory	(857,331)	303,767
Prepaid expenses and other assets	(2,475,197)	(794,573)
Accounts payable and accrued liabilities	(369,254)	13,040
Accrued employee compensation	(109,841)	(5,767)
Net cash used in operating activities	(17,952,891)	(15,111,292)
Investing activities
Purchases of and deposits on property, plant and equipment	(44,882,996)	(4,160,370)
Maturities of marketable securities	149,435,173	23,810,038
Purchases of marketable securities	(47,621,291)	(103,457,168)
Other investing activities	12,500	(11,010)
Net cash provided by (used in) investing activities	56,943,386	(83,818,510)
Financing activities
Proceeds from issuance of debt	42,338	606,453
Repayment of term debt	(478,870)	(119,527)
Proceeds from the issuance of common stock, net		119,120,437
Proceeds from the exercise of stock options and warrants	1,538	1,723,846
Net cash (used in) provided by financing activities	(434,994)	121,331,209
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,869)	27,086
Net change in cash, cash equivalents and restricted cash	38,553,632	22,428,493
Cash, cash equivalents and restricted cash at beginning of period	89,454,988	96,251,160
Cash, cash equivalents and restricted cash at end of period	128,008,620	118,679,653
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:
Cash and cash equivalents	127,008,620	118,179,653
Restricted cash	1,000,000	500,000
Cash, cash equivalents and restricted cash at end of period	128,008,620	118,679,653
Supplemental disclosure of cash flow information and non-cash transactions:
Interest paid in cash	209,666	224,595
Property and equipment included in accounts payable and accrued liabilities	$ 14,496,747	$ 206,423

Nature of Business and Organization

9 Months Ended

Sep. 30, 2022

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 wholly owned 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 regulatory approval from the U.S. Food and Drug Administration (“FDA”) for the production and sale of its genetically engineered (“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 the National Biosafety Technical Commission for the sale of its GE Atlantic salmon in Brazil. In 2021, the Company began harvesting and selling its GE Atlantic salmon in the United States and Canada.

Basis of Presentation

9 Months Ended

Sep. 30, 2022

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. 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, 2021. The unaudited interim condensed 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, 2022 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 condensed 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

The Company had $128 million in cash and cash equivalents and restricted cash as of September 30, 2022. The Company’s plans include the construction of a 10,000 metric ton salmon farm in Ohio at a cost that is currently expected to exceed $320 million. The Company plans to use cash-on-hand and debt financing to fund the construction. To date, the Company has invested over $60 million in the project. Though the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient uncommitted cash, and the ability to manage construction effort timing, 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 will require additional financing to fund its operations and execute its business plan.

Inventories

Inventories are mainly comprised of feed, eggs, fish in process and finished goods. 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. The Company considers fish that has been harvested and transported from its farm to be finished goods inventory.

Revenue recognition

The Company generates revenue from the sale of its products. Revenue is recognized when the customer takes physical control of the goods, in an amount that reflects the transaction price consideration that the Company expects to receive in exchange for the goods. Revenue excludes any sales tax collected and includes any estimate of future credits.

During the period ended September 30, 2022, the Company recognized the following product revenue:


	Three Months Ended September 30, 2022
		U.S.		Canada		Total
GE Atlantic salmon	$	539,311	$	54,764	$	594,075
Non-GE Atlantic salmon eggs		-		-		-
Non-GE Atlantic salmon fry				48,570		48,570
Other revenue		-		10,787		10,787
Total Revenue	$	539,311	$	114,121	$	653,432

	Nine Months Ended September 30, 2022
		U.S.		Canada		Total
GE Atlantic salmon	$	2,140,703	$	394,478	$	2,535,181
Non-GE Atlantic salmon eggs		-		46,692		46,692
Non-GE Atlantic salmon fry		-		81,665		81,665
Other revenue		-		22,481		22,481
Total Revenue	$	2,140,703	$	545,316	$	2,686,019

During the period ended September 30, 2022, the Company had the following customer concentration of revenue:


	Three Months Ended
	September 30, 2022
Customer A		36%
Customer B		18%
Customer C		18%
All other		28%
Total of all customers		100%

	Nine Months Ended
	September 30, 2022
Customer A		37%
Customer B		18%
Customer C		14%
All other		31%
Total of all customers		100%

Net loss per share

Basic 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. Fully diluted net loss per share includes the number of Common Shares issuable upon the exercise of warrants and options with an exercise price less than the fair value of the Common Shares, 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.

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:


	Three Months Ended
Average Outstanding	September 30, 2022	September 30, 2021
Stock options	850,864	672,796
Warrants	418,441	418,441
Unvested restricted shares	191,257	68,898

	Nine Months Ended
Average Outstanding	September 30, 2022	September 30, 2021
Stock options	809,583	671,783
Warrants	418,441	560,865
Unvested restricted shares	158,065	69,951

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, 2022

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. 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 its 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 other labor shortages. The Company expects to continue to be impacted by transportation or supply chain disruptions to its partners or customers and it is carefully managing and monitoring the impact of labor shortages on its ability to meet the annual capacity expectations at its existing facilities.

Concentration of credit risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents. 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. 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 $122 thousand and $224 thousand as of September 30, 2022 and December 31, 2021, respectively. The Company also holds cash equivalent investments in a highly liquid investment account at a major financial institution. As of September 30, 2022 and December 31, 2021 the cash equivalent investment balance was $15.5 million and $73.3 million, respectively.

Marketable Securities

9 Months Ended

Sep. 30, 2022

Marketable Securities [Abstract]

Marketable Securities

4. Marketable Securities

Marketable securities are classified as available-for-sale. During the current quarter ended September 30, 2022, all remaining investments in marketable securities matured. The following tables summarize the amortized cost, gross unrealized gains and losses, and the fair value (level 2) as of September 30, 2022 and December 31, 2021:


		Amortized		Unrealized		Unrealized		Market
		Cost		Gains		Losses		Value
	December 31, 2021
Government bonds	$	28,453,161	$	82	$	(18,255)	$	28,434,988
Corporate bonds		29,874,696		-		(21,928)		29,852,768
Commercial paper		43,486,025		-		-		43,486,025
Marketable securities	$	101,813,882	$	82	$	(40,183)	$	101,773,781

	September 30, 2022
Government bonds	$	-	$	-	$	-	$	-
Corporate bonds		-		-		-		-
Commercial paper		-		-		-		-
Marketable securities	$	-	$	-	$	-	$	-

Inventory

9 Months Ended

Sep. 30, 2022

Inventory [Abstract]

Inventory

5. Inventory

Major classifications of inventory are summarized as follows:


	September 30, 2022		December 31, 2021
Feed, net	$	313,095		162,047
Eggs and fry		111,120		—
Fish in process		1,565,145		926,360
Finished goods		114,891		171,503
Inventory, net	$	2,104,251		1,259,910

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2022

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, 2022		December 31, 2021
Land	$	2,952,075	$	725,799
Building and improvements		15,372,971		15,580,385
Construction in process		60,502,996		8,119,575
Equipment		16,912,691		15,981,408
Office furniture and equipment		257,665		240,939
Vehicles		91,343		36,280
Total property and equipment	$	96,089,741	$	40,684,386
Less accumulated depreciation and amortization		(8,087,040)		(6,869,267)
Property, plant and equipment, net	$	88,002,701	$	33,815,119

Depreciation expense was 1.5 million and $1.3 million, for the nine months ended September 30, 2022 and 2021, respectively.

Included in construction in process is $2.5 million for construction related to the Rollo Bay farm site and improvements to the Fortune Bay hatchery, $429 thousand for construction related to the Indiana farm site, and $57.6 million related to design work and construction activities for the Ohio farm. An additional $1.8 million has been contractually committed for the Indiana and Rollo Bay farm sites and $21.3 million has been committed for the construction of the Ohio farm.

Debt

9 Months Ended

Sep. 30, 2022

Debt [Abstract]

Debt

7. Debt

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


	Interest ‎rate	Monthly ‎repayment	Maturity ‎date	September 30, 2022		December 31, 2021
ACOA AIF Grant	0%	Royalties	-	$	2,089,895	$	2,261,349
ACOA term loan #1	0%	C$3,120	Feb 2027		120,362		152,346
ACOA term loan #2	0%	C$4,630	Sep 2029		282,988		339,015
ACOA term loan #3	0%	C$6,945	Dec 2025		181,925		196,850
Kubota Canada Ltd	0%	C$1,142	Jan 2025		23,277		33,283
DFO term loan	0%	C$2,091	Aug 2032		413,841		405,700
PEI Finance term loan	4%	C$16,313	Nov 2023		1,746,344		1,947,510
First Farmers Bank & Trust term loan	5.375%	$56,832	Oct 2028		3,524,189		3,883,325
Total debt				$	8,382,821	$	9,219,378
less: debt issuance costs					(56,051)		(68,680)
less: current portion					(709,597)		(627,365)
Long-term debt, net				$	7,617,173	$	8,523,333

Estimated principal payments remaining on debt outstanding are as follows:


	Total
2022 remaining	$	160,840
2023		2,411,944
2024		719,137
2025		740,437
2026		710,697
Thereafter		3,639,766
Total	$	8,382,821

In September 2020, the Canadian Subsidiary entered into a Contribution Agreement with the Department of Fisheries and Ocean'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 April 6, 2022, the Canadian Subsidiary borrowed an additional C$53,456 ($42,338) under the DFO Term Loan. Borrowings are interest free and monthly repayments commence in March 2023, with maturity in August 2032. All funding requests were to be submitted by August 22, 2022, but the Canadian Subsidiary has requested an extension.

In August 2020, the Indiana Subsidiary entered into a term loan agreement with First Farmers Bank and Trust (“FFBT”) in the amount of $4 million, which is secured by the assets of the Indiana subsidiary and a corporate guarantee. The agreement contains certain financial and non-financial covenants, which if not met, could result in an event of default pursuant to the terms of the loan. At September 30, 2022, the Indiana subsidiary was in compliance with its loan covenants.

The Company recognized interest expense of $222 thousand and $238 thousand for the nine months ended September 30, 2022 and 2021, respectively, on its interest-bearing debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

8. Leases

Lease expense for the nine months ended September 30, 2022 and 2021, amounted to $64 thousand and $63 thousand, respectively. The weighted average remaining lease term of the Company’s operating leases was 24 years as of September 30, 2022. Lease payments included in operating cash flows totaled $67 thousand and $63 thousand for the nine months ended September 30, 2022 and 2021, respectively.

The table below summarizes the Company’s lease obligations and remaining payments at September 30, 2022 and December 31, 2021:



	September 30,		December 31, 2021
		Lease Liability		Lease Liability
Total leases	$	241,102	$	290,327
Less: current portion		(36,706)		(66,269)
Long-term leases	$	204,396	$	224,058

Remaining payments under leases are as follows:


Year		Amount
2022 remaining	$	17,045
2023		20,830
2024		4,495
2025		4,340
2026		4,215
Thereafter		190,177
Total lease payments	$	241,102

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity [Abstract]

Stockholders' Equity

9. 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

At September 30, 2022 and December 31, 2021, there were 418,441 warrants outstanding at an exercise price of $3.25, all of which were issued in conjunction with a public equity offering in January 2018. All remaining warrants have an expiration date of January 17, 2023.

Share-based compensation

At September 30, 2022, the Company has reserved 835,542 Common Shares issuable upon the exercise of outstanding stock options awarded under its 2006 and 2016 Equity Incentive Plans. An additional 490,576 Common Shares are reserved for future award and issuance under the 2016 Equity Incentive Plan.

Restricted stock

A summary of the Company’s restricted Common Shares for the nine months ended September 30, 2022, is as follows:


	Shares	Weighted ‎average grant ‎date fair value
Unvested at December 31, 2021	65,100	$	4.10
Granted	260,088		1.53
Vested	(127,495)		2.26
Forfeited	(1,755)		1.52
Unvested at September 30, 2022	195,938	$	1.90

During the nine months ended September 30, 2022 and 2021, the Company expensed $294 thousand and $194 thousand, respectively, related to the restricted stock awards. At September 30, 2022, the balance of unearned share-based compensation to be expensed in future periods related to the restricted stock awards is $250 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, 2021	663,425	$	4.31
Issued	209,755		1.55
Exercised	(1,012)		1.52
Forfeited	(8,020)		1.52
Expired	(28,606)		5.85
Outstanding at September 30, 2022	835,542	$	3.59
Exercisable at September 30, 2022	650,364	$	4.06

Unless otherwise indicated, options issued to employees, members of the Board of Directors, and non-employees are vested daily over one to six 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 2022 were measured on the date of grant using Black-Scholes, with the following weighted average assumptions:


		2022
Expected volatility		103%
Risk free interest rate		2.10%
Expected dividend yield		0%
Expected life (in years)		5

The weighted average fair value of stock options granted during the nine months ended September 30, 2022 was $1.12.

The total intrinsic value of all options outstanding was $0 and $18 thousand at September 30, 2022, and December 31, 2021, respectively. The total intrinsic value of exercisable options was $0 and $11 thousand at September 30, 2022 and December 31, 2021, respectively.

The following table summarizes information about options outstanding and exercisable at September 30, 2022:


Weighted ‎average exercise ‎price of outstanding ‎options	Number of ‎options ‎outstanding	Weighted ‎average remaining ‎estimated life ‎(in years)	Number of ‎options ‎exercisable
$1.52 - $2.50	711,250	7.3	541,366
$5.44 - $6.72	45,402	7.8	30,108
$7.50 - $10.80	12,303	1.2	12,303
$14.20 - $23.40	66,587	3.5	66,587
	835,542		650,364

Total share-based compensation on stock options amounted to $133 thousand and $111 thousand for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, the balance of unearned share-based compensation to be expensed in future periods related to unvested share-based awards was $276 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, 2022

Commitments and Contingencies [Abstract]

Commitments and Contingencies

10. 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, 2021.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Taxes [Abstract]

Income Taxes

11. Income Taxes

The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2022 as the Company incurred losses for the nine months ended September 30, 2022 and is forecasting additional losses through the remainder of the year ending December 31, 2022, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2022. 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, 2022, 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

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+ Details

Nature of Business and Organization (Policy)	9 Months Ended
Nature of Business and Organization (Policy)	Sep. 30, 2022
Nature of Business and Organization [Abstract]
Nature of Business and Organization	AquaBounty Technologies, Inc. (the “Parent” and, together with its wholly owned 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 regulatory approval from the U.S. Food and Drug Administration (“FDA”) for the production and sale of its genetically engineered (“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 the National Biosafety Technical Commission for the sale of its GE Atlantic salmon in Brazil. In 2021, the Company began harvesting and selling its GE Atlantic salmon in the United States and Canada.

Basis of Presentation (Policy)	9 Months Ended
Basis of Presentation (Policy)	Sep. 30, 2022
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. 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, 2021. The unaudited interim condensed 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, 2022 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 condensed 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 The Company had $128 million in cash and cash equivalents and restricted cash as of September 30, 2022. The Company’s plans include the construction of a 10,000 metric ton salmon farm in Ohio at a cost that is currently expected to exceed $320 million. The Company plans to use cash-on-hand and debt financing to fund the construction. To date, the Company has invested over $60 million in the project. Though the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient uncommitted cash, and the ability to manage construction effort timing, 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 will require additional financing to fund its operations and execute its business plan.
Inventories	Inventories Inventories are mainly comprised of feed, eggs, fish in process and finished goods. 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. The Company considers fish that has been harvested and transported from its farm to be finished goods inventory.
Revenue Recognition	Revenue recognition The Company generates revenue from the sale of its products. Revenue is recognized when the customer takes physical control of the goods, in an amount that reflects the transaction price consideration that the Company expects to receive in exchange for the goods. Revenue excludes any sales tax collected and includes any estimate of future credits.
Net Loss Per Share	Net loss per share Basic 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. Fully diluted net loss per share includes the number of Common Shares issuable upon the exercise of warrants and options with an exercise price less than the fair value of the Common Shares, 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.
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

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2022

Basis of Presentation [Abstract]

Schedule of Product Information


	Three Months Ended September 30, 2022
		U.S.		Canada		Total
GE Atlantic salmon	$	539,311	$	54,764	$	594,075
Non-GE Atlantic salmon eggs		-		-		-
Non-GE Atlantic salmon fry				48,570		48,570
Other revenue		-		10,787		10,787
Total Revenue	$	539,311	$	114,121	$	653,432

	Nine Months Ended September 30, 2022
		U.S.		Canada		Total
GE Atlantic salmon	$	2,140,703	$	394,478	$	2,535,181
Non-GE Atlantic salmon eggs		-		46,692		46,692
Non-GE Atlantic salmon fry		-		81,665		81,665
Other revenue		-		22,481		22,481
Total Revenue	$	2,140,703	$	545,316	$	2,686,019

Schedule of Customer Concentration of Revenue


	Three Months Ended
	September 30, 2022
Customer A		36%
Customer B		18%
Customer C		18%
All other		28%
Total of all customers		100%

	Nine Months Ended
	September 30, 2022
Customer A		37%
Customer B		18%
Customer C		14%
All other		31%
Total of all customers		100%

Schedule of Impact of Potentially Dilutive Securities Outstanding


	Three Months Ended
Average Outstanding	September 30, 2022	September 30, 2021
Stock options	850,864	672,796
Warrants	418,441	418,441
Unvested restricted shares	191,257	68,898

	Nine Months Ended
Average Outstanding	September 30, 2022	September 30, 2021
Stock options	809,583	671,783
Warrants	418,441	560,865
Unvested restricted shares	158,065	69,951

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2022

Marketable Securities [Abstract]

Schedule of Marketable Securities


		Amortized		Unrealized		Unrealized		Market
		Cost		Gains		Losses		Value
	December 31, 2021
Government bonds	$	28,453,161	$	82	$	(18,255)	$	28,434,988
Corporate bonds		29,874,696		-		(21,928)		29,852,768
Commercial paper		43,486,025		-		-		43,486,025
Marketable securities	$	101,813,882	$	82	$	(40,183)	$	101,773,781

	September 30, 2022
Government bonds	$	-	$	-	$	-	$	-
Corporate bonds		-		-		-		-
Commercial paper		-		-		-		-
Marketable securities	$	-	$	-	$	-	$	-

Inventory (Tables)

9 Months Ended

Sep. 30, 2022

Inventory [Abstract]

Schedule of Inventory


	September 30, 2022		December 31, 2021
Feed, net	$	313,095		162,047
Eggs and fry		111,120		—
Fish in process		1,565,145		926,360
Finished goods		114,891		171,503
Inventory, net	$	2,104,251		1,259,910

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	September 30, 2022		December 31, 2021
Land	$	2,952,075	$	725,799
Building and improvements		15,372,971		15,580,385
Construction in process		60,502,996		8,119,575
Equipment		16,912,691		15,981,408
Office furniture and equipment		257,665		240,939
Vehicles		91,343		36,280
Total property and equipment	$	96,089,741	$	40,684,386
Less accumulated depreciation and amortization		(8,087,040)		(6,869,267)
Property, plant and equipment, net	$	88,002,701	$	33,815,119

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt [Abstract]

Terms and Conditions of Long-term Debt Outstanding


	Interest ‎rate	Monthly ‎repayment	Maturity ‎date	September 30, 2022		December 31, 2021
ACOA AIF Grant	0%	Royalties	-	$	2,089,895	$	2,261,349
ACOA term loan #1	0%	C$3,120	Feb 2027		120,362		152,346
ACOA term loan #2	0%	C$4,630	Sep 2029		282,988		339,015
ACOA term loan #3	0%	C$6,945	Dec 2025		181,925		196,850
Kubota Canada Ltd	0%	C$1,142	Jan 2025		23,277		33,283
DFO term loan	0%	C$2,091	Aug 2032		413,841		405,700
PEI Finance term loan	4%	C$16,313	Nov 2023		1,746,344		1,947,510
First Farmers Bank & Trust term loan	5.375%	$56,832	Oct 2028		3,524,189		3,883,325
Total debt				$	8,382,821	$	9,219,378
less: debt issuance costs					(56,051)		(68,680)
less: current portion					(709,597)		(627,365)
Long-term debt, net				$	7,617,173	$	8,523,333

Principal Payments Due on Long-term Debt


	Total
2022 remaining	$	160,840
2023		2,411,944
2024		719,137
2025		740,437
2026		710,697
Thereafter		3,639,766
Total	$	8,382,821

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Summary of Lease Obligations and Remaining Payments



	September 30,		December 31, 2021
		Lease Liability		Lease Liability
Total leases	$	241,102	$	290,327
Less: current portion		(36,706)		(66,269)
Long-term leases	$	204,396	$	224,058

Summary of Remaining Payments under Leases


Year		Amount
2022 remaining	$	17,045
2023		20,830
2024		4,495
2025		4,340
2026		4,215
Thereafter		190,177
Total lease payments	$	241,102

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity [Abstract]

Restricted Stock Activity


	Shares	Weighted ‎average grant ‎date fair value
Unvested at December 31, 2021	65,100	$	4.10
Granted	260,088		1.53
Vested	(127,495)		2.26
Forfeited	(1,755)		1.52
Unvested at September 30, 2022	195,938	$	1.90

Stock Option Activity


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2021	663,425	$	4.31
Issued	209,755		1.55
Exercised	(1,012)		1.52
Forfeited	(8,020)		1.52
Expired	(28,606)		5.85
Outstanding at September 30, 2022	835,542	$	3.59
Exercisable at September 30, 2022	650,364	$	4.06

Stock Option Grants Weighted Average Assumptions


		2022
Expected volatility		103%
Risk free interest rate		2.10%
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
$1.52 - $2.50	711,250	7.3	541,366
$5.44 - $6.72	45,402	7.8	30,108
$7.50 - $10.80	12,303	1.2	12,303
$14.20 - $23.40	66,587	3.5	66,587
	835,542		650,364

Basis of Presentation (Details) kg in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) kg
Cash, cash equivalents and marketable securities	$ 128.0
10,000 metric ton salmon farm, Ohio [Member]
Amount invested in project	$ 60.0
Construction In Process [Member] \| 10,000 metric ton salmon farm, Ohio [Member]
Capacity of fish farm \| kg	10,000
Expected construction cost	$ 320.0

Basis of Presentation (Revenue Recognition) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues	$ 653,432	$ 455,397	$ 2,686,019	$ 757,162
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Percentage	100.00%		100.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer A [Member]
Concentration Risk, Percentage	36.00%		37.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer B [Member]
Concentration Risk, Percentage	18.00%		18.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer C [Member]
Concentration Risk, Percentage	18.00%		14.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| All other customers [Member]
Concentration Risk, Percentage	28.00%		31.00%
U.S. [Member]
Revenues	$ 539,311		$ 2,140,703
Canada [Member]
Revenues	114,121		545,316
GE Atlantic salmon [Member]
Revenues	594,075		2,535,181
GE Atlantic salmon [Member] \| U.S. [Member]
Revenues	539,311		2,140,703
GE Atlantic salmon [Member] \| Canada [Member]
Revenues	54,764		394,478
Non-GE Atlantic salmon eggs [Member]
Revenues			46,692
Non-GE Atlantic salmon eggs [Member] \| Canada [Member]
Revenues			46,692
Non-GE Atlantic salmon fry [Member]
Revenues	48,570		81,665
Non-GE Atlantic salmon fry [Member] \| Canada [Member]
Revenues	48,570		81,665
Other Revenue [Member]
Revenues	10,787		22,481
Other Revenue [Member] \| Canada [Member]
Revenues	$ 10,787		$ 22,481

Basis of Presentation (Impact of Potentially Dilutive Securities) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock Options [Member]
Potentially dilutive securities	850,864	672,796	809,583	671,783
Warrants [Member]
Potentially dilutive securities	418,441	418,441	418,441	560,865
Unvested Restricted Shares [Member]
Potentially dilutive securities	191,257	68,898	158,065	69,951

Risks and Uncertainties (Details) - Credit Concentration Risk [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Cash equivalent investment balance	$ 15,500	$ 73,300
Canada [Member]
Concentration Risk [Line Items]
Cash in Canadian bank accounts	$ 122	$ 224

Marketable Securities (Schedule of Marketable Securities) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized cost		$ 101,813,882
Unrealized Gains		82
Unrealized Losses		(40,183)
Market Value		101,773,781
Government Bonds [Member]
Marketable Securities [Line Items]
Amortized cost		28,453,161
Unrealized Gains		82
Unrealized Losses		(18,255)
Market Value		28,434,988
Corporate Bonds [Member]
Marketable Securities [Line Items]
Amortized cost		29,874,696
Unrealized Gains
Unrealized Losses		(21,928)
Market Value		29,852,768
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized cost		43,486,025
Unrealized Gains
Unrealized Losses
Market Value		$ 43,486,025

Inventory (Schedule of Inventory) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Inventory, net	$ 2,104,251	$ 1,259,910
Feed, net [Member]
Inventory [Line Items]
Inventory, net	313,095	162,047
Eggs And Fry [Member]
Inventory [Line Items]
Inventory, net	111,120
Fish in process [Member]
Inventory [Line Items]
Inventory, net	1,565,145	926,360
Finished Goods [Member]
Inventory [Line Items]
Inventory, net	$ 114,891	$ 171,503

Property, Plant and Equipment (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 1,500,000	$ 1,300,000
Gross property, plant, and equipment	96,089,741		$ 40,684,386
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	60,502,996		$ 8,119,575
Rollo Bay Farm And Fortune Bay Hatchery [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	2,500,000
Indiana Farm [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	429,000
10,000 metric ton salmon farm, Ohio [Member] \| Capital Addition Purchase Commitments [Member]
Property, Plant and Equipment [Line Items]
Commitments to purchase property, plant, and equipment	21,300,000
10,000 metric ton salmon farm, Ohio [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	57,600,000
Rollo Bay and Indiana Farm [Member] \| Capital Addition Purchase Commitments [Member]
Property, Plant and Equipment [Line Items]
Commitments to purchase property, plant, and equipment	$ 1,800,000

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 96,089,741	$ 40,684,386
Less accumulated depreciation and amortization	(8,087,040)	(6,869,267)
Property, plant and equipment, net	88,002,701	33,815,119
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	2,952,075	725,799
Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	15,372,971	15,580,385
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	60,502,996	8,119,575
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	16,912,691	15,981,408
Office Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	257,665	240,939
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 91,343	$ 36,280

Debt (Narrative) (Details)	1 Months Ended		9 Months Ended
Debt (Narrative) (Details)	Sep. 30, 2020 CAD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Apr. 06, 2022 CAD ($)	Apr. 06, 2022 USD ($)	Aug. 31, 2020 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 42,338	$ 606,453
DFO Term Loan [Member]
Debt Instrument [Line Items]
Maturity date			Aug 2032
Interest rate			0.00%
Interest expense			$ 222,000	$ 238,000
ACOA Term Loan #3 [Member]
Debt Instrument [Line Items]
Maturity date			Dec 2025
Interest rate			0.00%
First Farmers Bank & Trust Term Loan [Member]
Debt Instrument [Line Items]
Maturity date			Oct 2028
Interest rate			5.375%
Secured Debt [Member] \| First Farmers Bank & Trust Term Loan [Member]
Debt Instrument [Line Items]
Amount borrowed							$ 4,000,000
Canadian Subsidiary [Member] \| Secured Debt [Member] \| DFO Term Loan [Member]
Debt Instrument [Line Items]
Amount borrowed					$ 53,456	$ 42,338
Proceeds from issuance of debt	$ 1,900,000	$ 1,400,000
Maturity date			August 2032

Debt (Terms and Conditions of Long-term Debt Outstanding) (Details)	9 Months Ended
	Sep. 30, 2022 CAD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total		$ 8,382,821	$ 9,219,378
less: debt issuance costs		(56,051)	(68,680)
less: current portion		(709,597)	(627,365)
Long-term debt, net		$ 7,617,173	8,523,333
ACOA AIF Grant [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Maturity date	-	-
Total		$ 2,089,895	2,261,349
ACOA Term Loan #1 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 3,120
Maturity date	Feb 2027	Feb 2027
Total		$ 120,362	152,346
ACOA Term Loan #2 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 4,630
Maturity date	Sep 2029	Sep 2029
Total		$ 282,988	339,015
ACOA Term Loan #3 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 6,945
Maturity date	Dec 2025	Dec 2025
Total		$ 181,925	196,850
Kubota Canada Ltd [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 1,142
Maturity date	Jan 2025	Jan 2025
Total		$ 23,277	33,283
DFO Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 2,091
Maturity date	Aug 2032	Aug 2032
Total		$ 413,841	405,700
PEI Finance Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		4.00%
Monthly repayment	$ 16,313
Maturity date	Nov 2023	Nov 2023
Total		$ 1,746,344	1,947,510
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		$ 3,524,189	$ 3,883,325

Debt (Principal Payments Due on Long-term Debt) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Estimated principal payments remaining on debt outstanding
2022 remaining	$ 160,840
2023	2,411,944
2024	719,137
2025	740,437
2026	710,697
Thereafter	3,639,766
Total	$ 8,382,821	$ 9,219,378

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Leases (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Lease expense	$ 64	$ 63
Weighted average remaining lease term	24 years
Lease payment	$ 67	$ 63

Leases (Summary of Lease Obligations and Remaining Payments) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Lease Obligations [Abstract]
Lease Liability	$ 241,102	$ 290,327
Lease Liability - Less: current portion	(36,706)	(66,269)
Lease Liability - Long-term leases	$ 204,396	$ 224,058

Leases (Summary of Remaining Payments under Leases) (Details)	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 remaining	$ 17,045
2023	20,830
2024	4,495
2025	4,340
2026	4,215
Thereafter	190,177
Total lease payments	$ 241,102

Stockholders' Equity (Narrative) (Details) - USD ($)		9 Months Ended
Stockholders' Equity (Narrative) (Details) - USD ($)	Feb. 08, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Stockholders' Equity
Share-based compensation		$ 426,249	$ 305,653
Class of Warrant or Right, Outstanding		418,441		418,441
Restricted Stock [Member]
Stockholders' Equity
Share-based compensation expense		$ 294,000	194,000
Unearned share-based compensation expense in future periods		$ 250,000
Unearned share-based compensation earn period		2 years 6 months
Stock Options [Member]
Stockholders' Equity
Unearned share-based compensation expense in future periods		$ 276,000
Unearned share-based compensation earn period		2 years 6 months
Weighted average fair value of stock options grants (in dollars per share)		$ 1.12
Intrinsic value of options outstanding		$ 0		$ 18,000
Intrinsic value of exercisable options		0		$ 11,000
Share-based compensation		$ 133,000	$ 111,000
Share-based Compensation
Exercisable term		10 years
Minimum [Member] \| Stock Options [Member]
Share-based Compensation
Award vesting period		1 year
Maximum [Member] \| Stock Options [Member]
Share-based Compensation
Award vesting period		6 years
2006 and 2016 Equity Incentive Plans [Member]
Stockholders' Equity
Common stock reserved for future issuances (in shares)		835,542
2016 Equity Incentive Plan [Member]
Stockholders' Equity
Common stock reserved for future issuances (in shares)		490,576
Warrants [Member]
Stockholders' Equity
Exercise price (in dollars per share)		$ 3.25		$ 3.25
Common Stock [Member] \| Warrants [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 (Restricted Stock Activity) (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Shares
Beginning balance \| shares	65,100
Granted \| shares	260,088
Vested \| shares	(127,495)
Forfeited \| shares	(1,755)
Ending balance \| shares	195,938
Weighted average grant date fair value
Beginning balance \| $ / shares	$ 4.10
Granted \| $ / shares	1.53
Vested \| $ / shares	2.26
Forfeited \| $ / shares	1.52
Ending balance \| $ / shares	$ 1.90

Stockholders' Equity (Stock Option Activity) (Details) - Stock Options [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of options
Outstanding, beginning balance \| shares	663,425
Issued \| shares	209,755
Exercised \| shares	(1,012)
Forfeited \| shares	(8,020)
Expired \| shares	(28,606)
Outstanding, ending balance \| shares	835,542
Exercisable \| shares	650,364
Weighted average exercise price
Outstanding, beginning balance \| $ / shares	$ 4.31
Issued \| $ / shares	1.55
Exercised \| $ / shares	1.52
Forfeited \| $ / shares	1.52
Expired \| $ / shares	5.85
Outstanding, ending balance \| $ / shares	3.59
Exercisable \| $ / shares	$ 4.06

Stockholders' Equity (Stock Option Grants Weighted Average Assumptions) (Details) - Stock Options [Member]	9 Months Ended
	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	103.00%
Risk free interest rate	2.10%
Expected dividend yield	0.00%
Expected life (in years)	5 years

Stockholders' Equity (Information About Options Outstanding and Exercisable) (Details) - Stock Options [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	835,542
Number of options exercisable	650,364
$1.52 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	711,250
Weighted average remaining estimated life (in years)	7 years 3 months 18 days
Number of options exercisable	541,366
$5.44 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	45,402
Weighted average remaining estimated life (in years)	7 years 9 months 18 days
Number of options exercisable	30,108
$7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	12,303
Weighted average remaining estimated life (in years)	1 year 2 months 12 days
Number of options exercisable	12,303
$14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	66,587
Weighted average remaining estimated life (in years)	3 years 6 months
Number of options exercisable	66,587
Minimum [Member] \| $1.52 - $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	$ 1.52
Minimum [Member] \| $5.44 - $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	5.44
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] \| $1.52 - $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] \| $5.44 - $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 ($)	9 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Unrecognized income tax benefits	$ 0
Income Tax Expense (Benefit)	$ 0
Forecast [Member]
Tax Credit Carryforward [Line Items]
Effective tax rate		0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details