0001603978-20-000129 | 10-Q | XBRL Viewer | Aquabounty Technologies INC

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Nov. 02, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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		44,960,806
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001603978
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 38,989,366	$ 2,798,744
Other receivables	62,034	55,198
Inventory	2,869,470	1,232,049
Prepaid expenses and other current assets	820,193	391,162
Total current assets	42,741,063	4,477,153
Property, plant and equipment, net	25,699,143	25,065,836
Right of use assets, net	356,788	399,477
Definite-lived intangible assets, net	147,311	157,588
Indefinite-lived intangible assets	101,661	101,661
Restricted cash	500,000	0
Other assets	50,213	32,024
Total assets	69,596,179	30,233,739
Current liabilities:
Accounts payable and accrued liabilities	2,116,877	1,462,809
Current lease liabilities and other	62,627	62,286
Current debt	152,501	163,155
Total current liabilities	2,332,005	1,688,250
Long-term lease obligations	306,174	352,808
Long-term debt, net	8,425,552	4,432,052
Total liabilities	11,063,731	6,473,110
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 50,000,000 shares authorized; 44,916,926 (2019: 21,635,365) shares outstanding	44,917	21,635
Additional paid-in capital	201,402,983	156,241,363
Accumulated other comprehensive loss	(490,153)	(360,160)
Accumulated deficit	(142,425,299)	(132,142,209)
Total stockholders’ equity	58,532,448	23,760,629
Total liabilities and stockholders’ equity	$ 69,596,179	$ 30,233,739

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	44,916,926	21,635,365

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Product revenues	$ 67,763	$ 0	$ 77,466	$ 140,371
Costs and expenses
Production costs	1,355,939	846,306	3,238,689	2,649,674
Sales and marketing	143,646	206,256	331,868	381,637
Research and development	458,462	446,582	1,662,879	1,923,512
General and administrative	1,722,874	1,500,448	5,053,608	4,960,553
Total costs and expenses	3,680,921	2,999,592	10,287,044	9,915,376
Operating loss	(3,613,158)	(2,999,592)	(10,209,578)	(9,775,005)
Other income (expense)
Interest expense	(38,335)	(17,933)	(73,527)	(45,483)
Other income (expense), net	1,705	(697)	15	11,603
Total other income (expense)	(36,630)	(18,630)	(73,512)	(33,880)
Net loss	(3,649,788)	(3,018,222)	(10,283,090)	(9,808,885)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	86,491	(38,892)	(129,993)	133,448
Total other comprehensive income (loss)	86,491	(38,892)	(129,993)	133,448
Comprehensive loss	$ (3,563,297)	$ (3,057,114)	$ (10,413,083)	$ (9,675,437)
Basic and diluted net loss per share (in dollars per share)	$ (0.09)	$ (0.14)	$ (0.31)	$ (0.50)
Weighted average number of Common Shares -
Basic and diluted (in shares)	38,911,054	21,604,072	32,756,074	19,556,607

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit
Beginning Balance, issued and outstanding (in shares) at Dec. 31, 2018		15,098,837
Beginning Balance at Dec. 31, 2018	$ 23,234,303	$ 15,099	$ 142,707,957	$ (574,186)	$ (118,914,567)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,763,932)				(2,763,932)
Other comprehensive income (loss)	87,552			87,552
Issuance of common stock, net (in shares)		3,345,282
Issuance of common stock, net	6,609,655	$ 3,345	6,606,310
Exercise of warrants (in shares)		76,797
Exercise of warrants	250,424	$ 77	250,347
Share based compensation (in shares)		176,561
Share based compensation	138,498	$ 176	138,322
Ending Balance, issued and outstanding (in shares) at Mar. 31, 2019		18,697,477
Ending Balance at Mar. 31, 2019	27,556,500	$ 18,697	149,702,936	(486,634)	(121,678,499)
Beginning Balance, issued and outstanding (in shares) at Dec. 31, 2018		15,098,837
Beginning Balance at Dec. 31, 2018	23,234,303	$ 15,099	142,707,957	(574,186)	(118,914,567)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(9,808,885)
Other comprehensive income (loss)	133,448
Ending Balance, issued and outstanding (in shares) at Sep. 30, 2019		21,605,322
Ending Balance at Sep. 30, 2019	26,880,083	$ 21,605	156,022,668	(440,738)	(128,723,452)
Beginning Balance, issued and outstanding (in shares) at Mar. 31, 2019		18,697,477
Beginning Balance at Mar. 31, 2019	27,556,500	$ 18,697	149,702,936	(486,634)	(121,678,499)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,026,731)				(4,026,731)
Other comprehensive income (loss)	84,788			84,788
Issuance of common stock, net (in shares)		2,901,078
Issuance of common stock, net	5,785,693	$ 2,901	5,782,792
Share based compensation	318,218		318,218
Ending Balance, issued and outstanding (in shares) at Jun. 30, 2019		21,598,555
Ending Balance at Jun. 30, 2019	29,718,468	$ 21,598	155,803,946	(401,846)	(125,705,230)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,018,222)				(3,018,222)
Other comprehensive income (loss)	(38,892)			(38,892)
Exercise of warrants (in shares)		6,767
Exercise of warrants	21,993	$ 7	21,986
Share based compensation	196,736		196,736
Ending Balance, issued and outstanding (in shares) at Sep. 30, 2019		21,605,322
Ending Balance at Sep. 30, 2019	26,880,083	$ 21,605	156,022,668	(440,738)	(128,723,452)
Beginning Balance, issued and outstanding (in shares) at Dec. 31, 2019		21,635,365
Beginning Balance at Dec. 31, 2019	23,760,629	$ 21,635	156,241,363	(360,160)	(132,142,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,109,618)				(3,109,618)
Other comprehensive income (loss)	(381,985)			(381,985)
Issuance of common stock, net (in shares)		10,350,000
Issuance of common stock, net	14,521,704	$ 10,350	14,511,354
Share based compensation (in shares)		100,319
Share based compensation	205,353	$ 101	205,252
Ending Balance, issued and outstanding (in shares) at Mar. 31, 2020		32,085,684
Ending Balance at Mar. 31, 2020	34,996,083	$ 32,086	170,957,969	(742,145)	(135,251,827)
Beginning Balance, issued and outstanding (in shares) at Dec. 31, 2019		21,635,365
Beginning Balance at Dec. 31, 2019	23,760,629	$ 21,635	156,241,363	(360,160)	(132,142,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,283,090)
Other comprehensive income (loss)	(129,993)
Ending Balance, issued and outstanding (in shares) at Sep. 30, 2020		44,916,926
Ending Balance at Sep. 30, 2020	58,532,448	$ 44,917	201,402,983	(490,153)	(142,425,299)
Beginning Balance, issued and outstanding (in shares) at Mar. 31, 2020		32,085,684
Beginning Balance at Mar. 31, 2020	34,996,083	$ 32,086	170,957,969	(742,145)	(135,251,827)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,523,684)				(3,523,684)
Other comprehensive income (loss)	165,501			165,501
Issuance of common stock, net (in shares)		20,000
Issuance of common stock, net	40,600	$ 20	40,580
Share based compensation	103,891		103,891
Ending Balance, issued and outstanding (in shares) at Jun. 30, 2020		32,105,684
Ending Balance at Jun. 30, 2020	31,782,391	$ 32,106	171,102,440	(576,644)	(138,775,511)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,649,788)				(3,649,788)
Other comprehensive income (loss)	86,491			86,491
Issuance of common stock, net (in shares)		12,650,000
Issuance of common stock, net	29,714,597	$ 12,650	29,701,947
Exercise of warrants (in shares)		161,242
Exercise of warrants	524,037	$ 161	523,876
Share based compensation	74,720		74,720
Ending Balance, issued and outstanding (in shares) at Sep. 30, 2020		44,916,926
Ending Balance at Sep. 30, 2020	$ 58,532,448	$ 44,917	$ 201,402,983	$ (490,153)	$ (142,425,299)

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net loss	$ (10,283,090)	$ (9,808,885)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,082,261	928,476
Share-based compensation	383,964	653,452
Gain on disposal of equipment	(1,816)	(8,548)
Other non-cash charges	41,967	0
Changes in operating assets and liabilities:
Other receivables	(8,252)	45,880
Inventory	(1,638,981)	(400,716)
Prepaid expenses and other assets	(527,913)	(43,404)
Accounts payable and accrued liabilities	366,403	345,569
Net cash used in operating activities	(10,585,457)	(8,288,176)
Investing activities
Purchase of property, plant and equipment	(2,640,039)	(1,824,831)
Proceeds from sale of equipment	99,816	8,548
Proceeds from legal settlement, net	1,014,008	0
Other investing activities	(18,900)	12
Net cash used in investing activities	(1,545,115)	(1,816,271)
Financing activities
Proceeds from issuance of debt	4,221,130	900,767
Payment of debt issuance costs	(91,620)	0
Repayment of term debt	(49,862)	(57,001)
Proceeds from the issuance of common stock, net	44,236,301	12,395,348
Proceeds from the exercise of stock options and warrants, net	524,037	272,416
Net cash provided by financing activities	48,839,986	13,511,530
Effect of exchange rate changes on cash	(18,792)	15,993
Net change in cash, cash equivalents and restricted cash	36,690,622	3,423,076
Cash, cash equivalents and restricted cash at beginning of period	2,798,744	3,002,557
Cash, cash equivalents and restricted cash at the end of period	39,489,366	6,425,633
Supplemental disclosure of cash flow information and non-cash transactions:
Interest paid in cash	47,275	45,483
Property and equipment included in accounts payable and accrued liabilities	$ 517,344	$ 119,541

Nature of business and organization	9 Months Ended
Nature of business and organization	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of business and organization	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, sale, and consumption of its AquAdvantage salmon product in the United States. In 2016, the Parent obtained approval from Health Canada for the sale and consumption of its AquAdvantage salmon product in Canada. Previously, in 2013, the Parent obtained approval from Environment Canada for the production of the product. AQUA Bounty Canada Inc. (the “Canadian Subsidiary”) was incorporated in January 1994 for the purpose of establishing a commercial biotechnology laboratory to conduct research and development programs related to the Parent’s technologies and to commercialize the Parent’s products in Canada. AquaBounty Panama, S. de R.L. (the “Panama Subsidiary”) was incorporated in May 2008 in Panama for the purpose of conducting commercial trials of the Parent’s products. Operations at the site concluded in May 2019. 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. AquaBounty Farms Indiana LLC (the “Indiana Subsidiary”), which is wholly owned by the U.S. Subsidiary, was formed in June 2017 in the State of Delaware for the purpose of operating its aquaculture facility in Albany, Indiana. AquaBounty Brasil Participações Ltda. (the “Brazil Subsidiary”) was incorporated in May 2015 for the purpose of conducting field trials and commercializing the Parent’s products in Brazil.

Basis of presentation	9 Months Ended
Basis of presentation	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation The unaudited interim consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries, AQUA Bounty Canada Inc.; AquaBounty Panama, S. de R.L.; AquaBounty Farms, Inc.; AquaBounty Farms Indiana LLC; 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 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 footnotes for the year ended December 31, 2019. 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, 2020, and its 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 footnotes required by GAAP for complete financial statements, as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. Certain balances in the 2019 financial statements have been reclassified to conform with the presentation of the 2020 unaudited interim consolidated financial statements. Liquidity Matters The Company has experienced net losses and negative cash flows from operations since its inception and has cumulative losses attributable to common stockholders of $142.4 million as of September 30, 2020. At September 30, 2020, the Company’s cash balance totaled $39.5 million. Management has evaluated its cash resources in view of its planned spending for on-going operations, capital expenditures, and working capital and believes that its current cash balance, along with the expected revenues from its farms, will meet the Company’s cash requirements for at least the next twelve months from the filing date, taking into consideration the foreseeable financial impact of delays or other events associated with the COVID-19 pandemic. Management also has the discretion to reduce spending and delay capital projects if necessary, in order to preserve cash. Until such time, if ever, as the Company can generate positive operating cash flows, it may finance its cash needs through a combination of equity offerings, debt financings, government or other third-party funding, strategic alliances, and licensing arrangements. The current COVID-19 pandemic has introduced uncertainty into the financial markets and, as a result, future funding sources may be more difficult to obtain, if at all. Inventories Inventories are mainly comprised of feed, eggs, fish in process and packaging materials. Inventories are measured at the lower of cost or net realizable value (“NRV”), where NRV is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion and transportation. Fish in process inventory is a biological asset that 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. 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 period. Basic net loss is based solely on the number of Common Shares outstanding during the period. Fully diluted net loss per share includes the number of Common Shares potentially issuable upon the exercise of warrants and options with an exercise price less than the fair value of the Common Shares. 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, 2020, the Company had 2,164,610 potentially dilutive securities outstanding, consisting of 1,501,062 warrants and 663,548 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
Risks and uncertainties	Sep. 30, 2020
Risks and Uncertainties [Abstract]
Risks and uncertainties	Risks and uncertainties In addition to the risks inherent in the Company’s industry and its stage of commercialization, the impact of the COVID-19 pandemic introduces a novel risk that is difficult to assess or predict. To date, the Company’s farm operations have not been adversely affected by the pandemic, although the Company has made modifications to its biosecurity procedures and its farm sites to adapt to local requirements and to provide a safe work environment. The Company has experienced delays in capital projects due to the pandemic, including a delay in the completion of its processing facility at the Indiana farm. The delay in the completion of this project is expected to continue into the fourth quarter of 2020 and the Company is therefore utilizing third party alternatives for fish processing in the interim. The Company has also seen a reduction in the market price for Atlantic salmon due to the pandemic’s impact on demand in the food service sector. This has had a negative impact on the Company’s revenue and inventory value in the current quarter and is likely to continue for the near-term. Concentration of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents and restricted cash. This risk is minimized by the Company’s policy of investing in financial instruments with short-term maturities issued by highly rated financial institutions. The Company’s cash, cash equivalents and restricted 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 mitigated by the Company’s policy to limit the balances held in these accounts. Balances in Canadian bank accounts totaled $133 thousand at September 30, 2020.

Inventory

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventory

Major classifications of inventory are summarized as follows:


	September 30,		December 31,
	2020		2019
Feed	$	221,300	$	251,778
Eggs and fry	41,151		55,887
Packaging	3,105		—
Fish in process	2,603,914		924,384
Total inventory	$	2,869,470	$	1,232,049

Property, plant and equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, plant and equipment

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


	September 30,		December 31,
	2020		2019
Land	$	711,073	$	718,586
Building and improvements	13,717,243		13,297,489
Construction in process	2,257,913		2,105,873
Equipment	13,369,665		12,275,619
Office furniture and equipment	200,862		201,813
Vehicles	27,365		28,097
Total property and equipment	$	30,284,121	$	28,627,477
Less accumulated depreciation and amortization	(4,584,978)		(3,561,641)
Property, plant and equipment, net	$	25,699,143	$	25,065,836

Included in construction in process is $1.9 million for construction related to the Rollo Bay farm site. An additional $185 thousand has been committed.

Included in construction in process is $407 thousand for construction related to the Indiana farm site. An additional $1.3 million has been committed.

In December 2019, the Company reclassified certain feed mill equipment at the Indiana farm as held for sale, a component of prepaid expenses and other current assets, and adjusted the carrying value to fair value less estimated selling costs. During the first quarter of 2020, the equipment was sold, resulting in proceeds of $98 thousand. No gain or loss was recognized upon the sale of the equipment.

In March 2020, the Company settled an outstanding legal claim against a third party resulting in net proceeds of $1.0 million. The proceeds received reduced the carrying value of the acquired equipment. Depreciation on these items has been recalculated prospectively over their remaining useful lives.

Accounts payable and accrued liabilities

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities include the following:


	September 30,		December 31,
	2020		2019
Accounts payable	$	983,709	$	809,444
Accrued payroll including vacation	414,228		236,489
Accrued professional fees and contract services	295,272		346,349
Accrued construction costs	277,268		—
Accrued taxes and other	146,400		70,527
Accounts payable and accrued liabilities	$	2,116,877	$	1,462,809

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

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


Original loan amount	Interest rate	Monthly repayment	Maturity date	September 30, 2020		December 31, 2019
ACOA AIF grant (C$2,871,919)	0%	Royalties	-	$	2,148,770	$	2,206,208
ACOA term loan (C$337,000)	0%	C$3,120	June 2026	172,774		184,583
ACOA term loan (C$500,000)	0%	C$4,630	November 2028	363,708		384,100
Kubota Canada Ltd. (C$95,961)	0%	C$1,142	January 2025	44,446		53,533
Finance PEI term loan (C$2,717,093)	4%	C$16,313	November 2023	1,938,608		1,766,783
First Farmers Bank &Trust ($4,000,000)	5.375%	$56,832	October 2028	4,000,000		—
Total debt				$	8,668,306	$	4,595,207
less: debt issuance costs				(90,253)		—
less: current portion				(152,501)		(163,155)
Long-term debt				$	8,425,552	$	4,432,052

Estimated principal payments remaining on loan debt are as follows:


Year	AIF		ACOA		FPEI		Kubota		FFBT		Total
2020	$	—	$	17,396	$	17,982	$	2,564	$	—	$	37,942
2021	—		69,583		73,337		10,257		116,675		269,852
2022	—		69,583		76,325		10,257		482,306		638,471
2023	—		69,582		1,770,964		10,256		509,256		2,360,058
2024	—		69,582		—		10,257		537,276		617,115
Thereafter	2,148,770		240,756		—		855		2,354,487		4,744,868
Total	$	2,148,770	$	536,482	$	1,938,608	$	44,446	$	4,000,000	$	8,668,306

In response to the COVID-19 pandemic, the Company was informed by Atlantic Canada Opportunities Agency (ACOA) on March 19, 2020, that all payments to the Canadian government would be deferred for three months, commencing April 1, 2020. On June 15, 2020, the Company was informed that payments would be deferred an additional three months, recommencing October 1, 2020. On October 14, 2020, the Company was informed that payments would continue to be deferred until further notice. A revised loan amortization schedule has not yet been received from ACOA.

In 2018, the Canadian Subsidiary obtained a new loan from Finance PEI (FPEI) in the amount of C$2.0 million ($1.5 million). The loan has an interest rate of 4% and is collateralized by a mortgage executed by the Canadian Subsidiary, which conveys a first security interest in all of its current and acquired assets. On March 24, 2020, the Company was informed by FPEI that all payments would be deferred for three months due to the pandemic. On April 23, 2020, the Canadian Subsidiary received the final C$300 thousand ($221 thousand) of funds available under the loan. Payments on the loan recommenced on August 1, 2020.

On July 31, 2020, the Company’s Indiana Subsidiary obtained a $4.0 million loan from First Farmers Bank and Trust. Net proceeds were $3.9 million after deducting $90 thousand in loan settlement costs. The loan bears interest at a rate of 5.375% for the first five years. On July 31, 2025 the interest rate resets to the then US Treasury 5-year maturities rate plus 5% and remains fixed at that rate through maturity on October 1, 2028. The note requires interest only payments for the first 13 months, followed by monthly principal and interest payments of approximately $57 thousand through maturity. Proceeds from the loan may be used for the purpose of performing equipment upgrades, purchasing equipment and other improvements to the Indiana farm. The Company must comply with certain financial and non-financial covenants. The loan is also subject to certain prepayment penalties and is secured by the assets of the Indiana subsidiary and a guarantee by the Parent. The loan agreement requires the Company to maintain a $500 thousand minimum cash balance with the bank throughout the loan term. This amount is reflected as restricted cash on the balance sheet.

The Company recognized interest expense of $73 thousand and $44 thousand for the nine months ended September 30, 2020 and 2019, respectively, on its interest-bearing debt.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

LeasesLease expense for the nine months ended September 30, 2020 and 2019, amounted to $60 thousand and $102 thousand, respectively. The weighted average remaining lease term of the Company’s operating leases was 23 years as of September 30, 2020. Lease payments included in operating cash flows totaled $63 thousand and $122 thousand for the nine months ended September 30, 2020 and 2019, respectively.

The table below summarizes the Company’s lease obligations and remaining payments at September 30, 2020:


				September 30, 2020				December 31, 2019
	Lease Type	End Date	Remaining Years	Remaining Payments		Lease Liability		Remaining Payments		Lease Liability
Maynard Office Lease	Operating	Mar 2023	2.5	$	167,374	$	147,541	$	215,556	$	186,323
Indiana Auto Lease	Operating	Feb 2021	0.4	2,368		2,034		5,999		5,533
Indiana Well Lease	Operating	Dec 2048	28.3	690,691		219,226		702,341		223,238
Total leases				$	860,433	$	368,801	$	923,896	$	415,094
Less: current portion				(84,220)		(62,627)		(85,011)		(62,286)
Long-term leases				$	776,213	$	306,174	$	838,885	$	352,808

Remaining payments under leases are as follows at September 30, 2020:


Year	Office		Auto		Well		Total
2020	$	16,456	$	1,211	$	3,883	$	21,550
2021	66,416		1,157		15,998		83,571
2022	67,602		—		16,478		84,080
2023	16,900		—		16,972		33,872
2024	—		—		17,481		17,481
Thereafter	—		—		619,879		619,879
Total Lease Payments	$	167,374	$	2,368	$	690,691	$	860,433

Stockholders' equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

Recent issuances

On February 12, 2020, the Company completed a public offering of 10,350,000 Common Shares. Net proceeds to the Company were $14.5 million after deducting discounts, fees, and expenses. TS Biotechnology Holdings, which is managed by Third Security and is controlled by Randal J. Kirk, our largest shareholder, participated in this offering, purchasing 5,175,000 Common Shares for a total of approximately $7.8 million in gross proceeds.

On May 6, 2020, the Company issued 20,000 restricted common shares to a consultant. The Company recorded a charge of $41 thousand in conjunction with the share issuance.

On August 7, 2020, the Company completed a public offering of 11,000,000 Common Shares. Net proceeds to the Company were $25.8 million after deducting discounts, fees, and expenses. TS Biotechnology Holdings, which is managed by Third Security and is controlled by Randal J. Kirk, our largest shareholder, participated in this offering, purchasing 4,000,000 Common Shares for a total of approximately $10 million in gross proceeds.

On August 17, 2020, the Company issued 1,650,000 Common Shares in conjunction with the overallotment exercise by the underwriters in the August 7, 2020 offering. Net proceeds to the Company were $3.9 million after deducting discounts, fees, and expenses.

Warrants

The following table summarizes information about outstanding warrants at September 30, 2020:


	Number of warrant shares	Weighted average exercise price
Outstanding at December 31, 2019	1,662,304	$3.25

Exercised	(161,242)	3.25

Outstanding at September 30, 2020	1,501,062	$3.25
Exercisable at September 30, 2020	1,501,062	$3.25

During the nine months ended September 30, 2020, the Company issued 161,242 Common Shares at $3.25 per share in conjunction with the exercise of warrants, with total proceeds of $524 thousand.

Share-based compensation

At September 30, 2020, the Company has reserved 1,658,315 shares of common stock issuable upon the exercise of outstanding stock options and future issuances under its 2006 and 2016 Equity Incentive Plans.

Restricted stock

A summary of the Company’s shares of restricted stock as of September 30, 2020, is as follows:


	Shares	Weighted average grant date fair value
Balance at December 31, 2019	39,900	$2.31
Granted	100,319	1.88
Vested	(61,894)	2.10
Balance at September 30, 2020	78,325	$1.92

During the nine months ended September 30, 2020 and 2019, the Company expensed $160 thousand and $279 thousand, respectively, related to the restricted stock awards. At September 30, 2020, the balance of unearned share-based compensation to be expensed in future periods related to the restricted stock awards is $121 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, 2019	573,925	$4.94
Issued	104,458	1.99

Expired	(14,835)	11.62
Outstanding at September 30, 2020	663,548	$4.33
Exercisable at September 30, 2020	587,738	$4.64

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 2020 were measured on the date of grant using Black-Scholes, with the following weighted average assumptions:


	May 2020	March 2020	January 2020
Expected volatility	104%	102%	101%
Risk free interest rate	0.31%	0.66%	1.67%
Expected dividend yield	0%	0%	0%
Expected life (in years)	5	5	5

The weighted average fair value of stock options granted during the nine months ended September 30, 2020, was $1.49.

The total intrinsic value of all options outstanding was $1.2 million and $1 thousand at September 30, 2020, and December 31, 2019, respectively. The total intrinsic value of exercisable options was $1 million at September 30, 2020, and $1 thousand at December 31, 2019, respectively.

The following table summarizes information about options outstanding and exercisable at September 30, 2020:


Weighted average exercise price of outstanding options	Number of options outstanding	Weighted average remaining estimated life (in years)	Number of options exercisable	Weighted average exercise price of outstanding and exercisable options
$1.88 - $2.50	531,519	8.5	455,709
$3.30 - $6.90	37,139	1.8	37,139
$7.50 - $10.80	21,303	3.6	21,303
$14.20 - $23.40	73,587	5.6	73,587
	663,548		587,738	$4.64

Total share-based compensation on stock options amounted to $224 thousand and $374 thousand for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, the balance of unearned share-based compensation to be

expensed in future periods related to unvested share-based awards was $111 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 2.7 years.

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	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. See Note 5 for commitments related to our renovation and construction costs. There have been no other material changes to the commitments and contingencies disclosed in our Annual Report on Form 10-K as of and for the year ended December 31, 2019.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Department of Fisheries and Oceans Loan The Canadian Subsidiary has been approved for a loan from the Department of Fisheries and Oceans in Canada. The loan amount is for C$1.9 million ($1.4 million), the interest rate is 0% and monthly repayments of C$16,865 ($12,650) will commence in March 2023 for a term of 9.5 years. Proceeds will be used to complete construction on the Canadian Subsidiary’s broodstock facility at its Rollo Bay site. Special Shareholder Meeting The Company has filed a preliminary Proxy Statement for a special Shareholder Meeting to seek approval for an increase in the number of authorized shares of common stock from 50 million to 80 million shares. The Special Shareholder Meeting is to be held on November 19, 2020.

Basis of presentation (Policies)	9 Months Ended
Basis of presentation (Policies)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The unaudited interim consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries, AQUA Bounty Canada Inc.; AquaBounty Panama, S. de R.L.; AquaBounty Farms, Inc.; AquaBounty Farms Indiana LLC; 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 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 footnotes for the year ended December 31, 2019. 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, 2020, and its 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 footnotes required by GAAP for complete financial statements, as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.
Inventories	Inventories are mainly comprised of feed, eggs, fish in process and packaging materials. Inventories are measured at the lower of cost or net realizable value (“NRV”), where NRV is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion and transportation. Fish in process inventory is a biological asset that 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.
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 period. Basic net loss is based solely on the number of Common Shares outstanding during the period. Fully diluted net loss per share includes the number of Common Shares potentially issuable upon the exercise of warrants and options with an exercise price less than the fair value of the Common Shares. 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	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.

Inventory (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Major classifications of inventory

Major classifications of inventory are summarized as follows:


	September 30,		December 31,
	2020		2019
Feed	$	221,300	$	251,778
Eggs and fry	41,151		55,887
Packaging	3,105		—
Fish in process	2,603,914		924,384
Total inventory	$	2,869,470	$	1,232,049

Property, plant and equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Major classifications of property, plant and equipment

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


	September 30,		December 31,
	2020		2019
Land	$	711,073	$	718,586
Building and improvements	13,717,243		13,297,489
Construction in process	2,257,913		2,105,873
Equipment	13,369,665		12,275,619
Office furniture and equipment	200,862		201,813
Vehicles	27,365		28,097
Total property and equipment	$	30,284,121	$	28,627,477
Less accumulated depreciation and amortization	(4,584,978)		(3,561,641)
Property, plant and equipment, net	$	25,699,143	$	25,065,836

Accounts payable and accrued liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued liabilities

Accounts payable and accrued liabilities include the following:


	September 30,		December 31,
	2020		2019
Accounts payable	$	983,709	$	809,444
Accrued payroll including vacation	414,228		236,489
Accrued professional fees and contract services	295,272		346,349
Accrued construction costs	277,268		—
Accrued taxes and other	146,400		70,527
Accounts payable and accrued liabilities	$	2,116,877	$	1,462,809

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Material terms and conditions of outstanding debt

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


Original loan amount	Interest rate	Monthly repayment	Maturity date	September 30, 2020		December 31, 2019
ACOA AIF grant (C$2,871,919)	0%	Royalties	-	$	2,148,770	$	2,206,208
ACOA term loan (C$337,000)	0%	C$3,120	June 2026	172,774		184,583
ACOA term loan (C$500,000)	0%	C$4,630	November 2028	363,708		384,100
Kubota Canada Ltd. (C$95,961)	0%	C$1,142	January 2025	44,446		53,533
Finance PEI term loan (C$2,717,093)	4%	C$16,313	November 2023	1,938,608		1,766,783
First Farmers Bank &Trust ($4,000,000)	5.375%	$56,832	October 2028	4,000,000		—
Total debt				$	8,668,306	$	4,595,207
less: debt issuance costs				(90,253)		—
less: current portion				(152,501)		(163,155)
Long-term debt				$	8,425,552	$	4,432,052

Estimated principal payments on loan debt

Estimated principal payments remaining on loan debt are as follows:


Year	AIF		ACOA		FPEI		Kubota		FFBT		Total
2020	$	—	$	17,396	$	17,982	$	2,564	$	—	$	37,942
2021	—		69,583		73,337		10,257		116,675		269,852
2022	—		69,583		76,325		10,257		482,306		638,471
2023	—		69,582		1,770,964		10,256		509,256		2,360,058
2024	—		69,582		—		10,257		537,276		617,115
Thereafter	2,148,770		240,756		—		855		2,354,487		4,744,868
Total	$	2,148,770	$	536,482	$	1,938,608	$	44,446	$	4,000,000	$	8,668,306

- 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

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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Operating lease obligations and remaining payments

The table below summarizes the Company’s lease obligations and remaining payments at September 30, 2020:


				September 30, 2020				December 31, 2019
	Lease Type	End Date	Remaining Years	Remaining Payments		Lease Liability		Remaining Payments		Lease Liability
Maynard Office Lease	Operating	Mar 2023	2.5	$	167,374	$	147,541	$	215,556	$	186,323
Indiana Auto Lease	Operating	Feb 2021	0.4	2,368		2,034		5,999		5,533
Indiana Well Lease	Operating	Dec 2048	28.3	690,691		219,226		702,341		223,238
Total leases				$	860,433	$	368,801	$	923,896	$	415,094
Less: current portion				(84,220)		(62,627)		(85,011)		(62,286)
Long-term leases				$	776,213	$	306,174	$	838,885	$	352,808

Remaining payments under leases

Remaining payments under leases are as follows at September 30, 2020:


Year	Office		Auto		Well		Total
2020	$	16,456	$	1,211	$	3,883	$	21,550
2021	66,416		1,157		15,998		83,571
2022	67,602		—		16,478		84,080
2023	16,900		—		16,972		33,872
2024	—		—		17,481		17,481
Thereafter	—		—		619,879		619,879
Total Lease Payments	$	167,374	$	2,368	$	690,691	$	860,433

Stockholders' equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of outstanding warrants

The following table summarizes information about outstanding warrants at September 30, 2020:


	Number of warrant shares	Weighted average exercise price
Outstanding at December 31, 2019	1,662,304	$3.25

Exercised	(161,242)	3.25

Outstanding at September 30, 2020	1,501,062	$3.25
Exercisable at September 30, 2020	1,501,062	$3.25

Schedule of restricted stock activity

A summary of the Company’s shares of restricted stock as of September 30, 2020, is as follows:


	Shares	Weighted average grant date fair value
Balance at December 31, 2019	39,900	$2.31
Granted	100,319	1.88
Vested	(61,894)	2.10
Balance at September 30, 2020	78,325	$1.92

Schedule of stock option activity

The Company’s option activity is summarized as follows:


	Number of options	Weighted average exercise price
Outstanding at December 31, 2019	573,925	$4.94
Issued	104,458	1.99

Expired	(14,835)	11.62
Outstanding at September 30, 2020	663,548	$4.33
Exercisable at September 30, 2020	587,738	$4.64

Fair value of stock option grants


	May 2020	March 2020	January 2020
Expected volatility	104%	102%	101%
Risk free interest rate	0.31%	0.66%	1.67%
Expected dividend yield	0%	0%	0%
Expected life (in years)	5	5	5

Summary of options outstanding and exercisable

The following table summarizes information about options outstanding and exercisable at September 30, 2020:


Weighted average exercise price of outstanding options	Number of options outstanding	Weighted average remaining estimated life (in years)	Number of options exercisable	Weighted average exercise price of outstanding and exercisable options
$1.88 - $2.50	531,519	8.5	455,709
$3.30 - $6.90	37,139	1.8	37,139
$7.50 - $10.80	21,303	3.6	21,303
$14.20 - $23.40	73,587	5.6	73,587
	663,548		587,738	$4.64

Basis of presentation (Details) - USD ($)	9 Months Ended
Basis of presentation (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 142,425,299	$ 132,142,209
Cash balance	$ 39,489,366	$ 2,798,744	$ 6,425,633	$ 3,002,557
Debt Instrument [Line Items]
Potentially dilutive securities outstanding (in shares)	2,164,610
Warrant
Debt Instrument [Line Items]
Potentially dilutive securities outstanding (in shares)	1,501,062
Stock options
Debt Instrument [Line Items]
Potentially dilutive securities outstanding (in shares)	663,548

Risks and uncertainties (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Concentration of credit risk \| Cash \| Canada
Concentration Risk [Line Items]
Balance in Canadian bank accounts	$ 133

Inventory (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
Inventory	$ 2,869,470	$ 1,232,049
Feed
Inventory [Line Items]
Inventory	221,300	251,778
Eggs and fry
Inventory [Line Items]
Inventory	41,151	55,887
Packaging
Inventory [Line Items]
Inventory	3,105	0
Fish in process
Inventory [Line Items]
Inventory	$ 2,603,914	$ 924,384

Property, plant and equipment - Schedule of property, plant and equipment (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 30,284,121	$ 28,627,477
Less accumulated depreciation and amortization	(4,584,978)	(3,561,641)
Property, plant and equipment, net	25,699,143	25,065,836
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	711,073	718,586
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	13,717,243	13,297,489
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	2,257,913	2,105,873
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	13,369,665	12,275,619
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	200,862	201,813
Vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 27,365	$ 28,097

Property, plant and equipment - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Construction in process			$ 30,284,121		$ 28,627,477
Gain on disposal of equipment			1,816	$ 8,548
Proceeds from legal settlement, net	$ 1,000,000.0		1,014,008	$ 0
Capital Additions \| Rollo Bay farm site
Property, Plant and Equipment [Line Items]
Property, plant, and equipment cost commitment			185,000
Capital Additions \| Indian farm site
Property, Plant and Equipment [Line Items]
Property, plant, and equipment cost commitment			1,300,000
Construction in process
Property, Plant and Equipment [Line Items]
Construction in process			2,257,913		2,105,873
Construction in process \| Rollo Bay farm site
Property, Plant and Equipment [Line Items]
Construction in process			1,900,000
Construction in process \| Indian farm site
Property, Plant and Equipment [Line Items]
Construction in process			407,000
Equipment
Property, Plant and Equipment [Line Items]
Construction in process			$ 13,369,665		$ 12,275,619
Proceeds from sale of equipment		$ 98,000
Gain on disposal of equipment		$ 0

Accounts payable and accrued liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable	$ 983,709	$ 809,444
Accrued payroll including vacation	414,228	236,489
Accrued professional fees and contract services	295,272	346,349
Accrued construction costs	277,268	0
Accrued taxes and other	146,400	70,527
Accounts payable and accrued liabilities	$ 2,116,877	$ 1,462,809

Debt - Schedule of Debt (Details)	9 Months Ended
Debt - Schedule of Debt (Details)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 CAD ($)	Sep. 30, 2020 CAD ($)	Jul. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Total	$ 8,668,306				$ 4,595,207
less: debt issuance costs	(90,253)				0
less: current portion	(152,501)				(163,155)
Long-term debt, net	$ 8,425,552				4,432,052
Grant \| ACOA AIF grant (C$2,871,919)
Debt Instrument [Line Items]
Original loan amount			$ 2,871,919
Interest rate	0.00%		0.00%
Total	$ 2,148,770				2,206,208
Secured debt \| ACOA term loan (C$337,000)
Debt Instrument [Line Items]
Original loan amount			$ 337,000
Interest rate	0.00%		0.00%
Monthly repayment		$ 3,120
Total	$ 172,774				184,583
Secured debt \| ACOA term loan (C$500,000)
Debt Instrument [Line Items]
Original loan amount			$ 500,000
Interest rate	0.00%		0.00%
Monthly repayment		4,630
Total	$ 363,708				384,100
Secured debt \| Kubota Canada Ltd. (C$95,961)
Debt Instrument [Line Items]
Original loan amount			$ 95,961
Interest rate	0.00%		0.00%
Monthly repayment		1,142
Total	$ 44,446				53,533
Secured debt \| Finance PEI term loan (C$2,717,093)
Debt Instrument [Line Items]
Original loan amount			$ 2,717,093
Interest rate	4.00%		4.00%
Monthly repayment		$ 16,313
Total	$ 1,938,608				1,766,783
Secured debt \| First Farmers Bank &Trust ($4,000,000)
Debt Instrument [Line Items]
Original loan amount	$ 4,000,000			$ 4,000,000.0
Interest rate	5.375%		5.375%	5.375%
Monthly repayment	$ 56,832
Total	$ 4,000,000				$ 0

Debt - Debt Maturities (Details)	Sep. 30, 2020 USD ($)
Year
2020	$ 37,942
2021	269,852
2022	638,471
2023	2,360,058
2024	617,115
Thereafter	4,744,868
Total	8,668,306
Atlantic Canada Opportunities Agency AIF Grant
Year
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	2,148,770
Total	2,148,770
Atlantic Canada Opportunities Agency Term Loan
Year
2020	17,396
2021	69,583
2022	69,583
2023	69,582
2024	69,582
Thereafter	240,756
Total	536,482
PEI Finance Term Loan
Year
2020	17,982
2021	73,337
2022	76,325
2023	1,770,964
2024	0
Thereafter	0
Total	1,938,608
Kubota Canada Ltd
Year
2020	2,564
2021	10,257
2022	10,257
2023	10,256
2024	10,257
Thereafter	855
Total	44,446
First Farmers Bank & Trust
Year
2020	0
2021	116,675
2022	482,306
2023	509,256
2024	537,276
Thereafter	2,354,487
Total	$ 4,000,000

Debt - Additional Information (Details) $ in Thousands				9 Months Ended		38 Months Ended	85 Months Ended
Debt - Additional Information (Details) $ in Thousands	Jul. 31, 2020 USD ($)	Apr. 23, 2020 USD ($)	Apr. 23, 2020 CAD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Oct. 01, 2028	Oct. 01, 2028 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 CAD ($)
Debt Instrument [Line Items]
Loan proceeds				$ 4,221,130	$ 900,767
Loan settlement costs				91,620	0
Interest expense on debt				73,000	$ 44,000
PEI Finance Term Loan October 2018 \| Secured debt
Debt Instrument [Line Items]
Original loan amount								$ 1,500,000	$ 2,000
Interest rate								4.00%	4.00%
Loan proceeds		$ 221,000	$ 300
First Farmers Bank & Trust \| Secured debt
Debt Instrument [Line Items]
Original loan amount	$ 4,000,000.0			$ 4,000,000
Interest rate	5.375%			5.375%
Loan proceeds	$ 3,900,000
Loan settlement costs	$ 90,000
Interest rate, period	5 years
Interest only payment period	13 months
Monthly repayment				$ 56,832
Covenant, minimum cash balance	$ 500,000
First Farmers Bank & Trust \| Secured debt \| Forecast
Debt Instrument [Line Items]
Monthly repayment							$ 57,000
First Farmers Bank & Trust \| Secured debt \| Forecast \| US Treasury 5-year maturities rate
Debt Instrument [Line Items]
Basis spread on variable rate						5.00%

Leases - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Lease expense	$ 60	$ 102
Weighted average remaining lease term, all operating leases	23 years
Lease payments	$ 63	$ 122

Leases - Lease Obligations (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Remaining Years	23 years
Remaining Payments	$ 860,433	$ 923,896
Less: remaining payments, current portion	(84,220)	(85,011)
Remaining payments, long-term leases	776,213	838,885
Lease Liability	368,801	415,094
Less: lease liability, current portion	(62,627)	(62,286)
Lease liability, long-term leases	$ 306,174	352,808
Office
Property, Plant and Equipment [Line Items]
Remaining Years	2 years 6 months
Remaining Payments	$ 167,374	215,556
Lease Liability	$ 147,541	186,323
Auto
Property, Plant and Equipment [Line Items]
Remaining Years	4 months 24 days
Remaining Payments	$ 2,368	5,999
Lease Liability	$ 2,034	5,533
Well
Property, Plant and Equipment [Line Items]
Remaining Years	28 years 3 months 18 days
Remaining Payments	$ 690,691	702,341
Lease Liability	$ 219,226	$ 223,238

Leases - Remaining Lease Payments (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
2020	$ 21,550
2021	83,571
2022	84,080
2023	33,872
2024	17,481
Thereafter	619,879
Remaining Payments	860,433	$ 923,896
Office
Property, Plant and Equipment [Line Items]
2020	16,456
2021	66,416
2022	67,602
2023	16,900
2024	0
Thereafter	0
Remaining Payments	167,374	215,556
Auto
Property, Plant and Equipment [Line Items]
2020	1,211
2021	1,157
2022	0
2023	0
2024	0
Thereafter	0
Remaining Payments	2,368	5,999
Well
Property, Plant and Equipment [Line Items]
2020	3,883
2021	15,998
2022	16,478
2023	16,972
2024	17,481
Thereafter	619,879
Remaining Payments	$ 690,691	$ 702,341

Stockholders' equity - Recent Issuances (Details) - USD ($)					3 Months Ended
	Aug. 17, 2020	Aug. 07, 2020	May 06, 2020	Feb. 12, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charge in conjunction with share issuance					$ 29,714,597	$ 40,600	$ 14,521,704	$ 5,785,693	$ 6,609,655
Common Stock \| February 2020 Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)				10,350,000
Proceeds from common shares offering				$ 14,500,000
Common Stock \| February 2020 Public Offering \| Affiliated entity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)				5,175,000
Proceeds from common shares offering				$ 7,800,000
Common Stock \| May 2020 Common Shares Issuance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)			20,000
Charge in conjunction with share issuance			$ 41,000
Common Stock \| August 2020 Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)		11,000,000
Proceeds from common shares offering		$ 25,800,000
Common Stock \| August 2020 Public Offering \| Affiliated entity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)		4,000,000
Proceeds from common shares offering		$ 10,000,000
Common Stock \| Overallotment Exercise
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)	1,650,000
Proceeds from common shares offering	$ 3,900,000

Stockholders' equity - Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020
Weighted average exercise price
Total proceeds	$ 524
Warrant
Number of warrant shares
Outstanding (in shares)	1,662,304
Exercise of warrants (in shares)	161,242
Outstanding (in shares)	1,501,062
Exercisable (in shares)	1,501,062
Weighted average exercise price
Outstanding (in dollars per share)	$ 3.25
Exercised (in dollars per share)	3.25
Outstanding (in dollars per share)	3.25
Exercisable (in dollars per share)	$ 3.25

Stockholders' equity - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuances (in shares)	1,658,315
Intrinsic value of options outstanding	$ 1,200,000		$ 1,000
Intrinsic value of options exercisable	1,000,000		$ 1,000
Share-based compensation	$ 383,964	$ 653,452
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of stock options granted (in dollars per share)	$ 1.49
Share-based compensation	$ 224,000	$ 374,000
Unearned share-based compensation expense	$ 111,000
Period of recognition	2 years 8 months 12 days

Stockholders' equity - Restricted stock activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Shares
Beginning balance (in shares)	39,900
Granted (in shares)	100,319
Vested (in shares)	(61,894)
Ending balance (in shares)	78,325
Weighted average grant date fair value
Beginning balance (in dollars per share)	$ 2.31
Granted (in dollars per share)	1.88
Vested (in dollars per share)	2.10
Ending balance (in dollars per share)	$ 1.92
Expense related to restricted stock awards	$ 160	$ 279
Future expected expense related to restricted stock awards	$ 121
Period of recognition	2 years 6 months

Stockholders' equity - Stock option activity (Details) - Employee Stock Option	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Number of options
Outstanding, beginning balance (in shares) \| shares	573,925
Issued (in shares) \| shares	104,458
Expired (in shares) \| shares	(14,835)
Outstanding, ending balance (in shares) \| shares	663,548
Exercisable (in shares) \| shares	587,738
Weighted average exercise price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 4.94
Issued (in dollars per share) \| $ / shares	1.99
Expired (in dollars per share) \| $ / shares	11.62
Outstanding, ending balance (in dollars per share) \| $ / shares	4.33
Exercisable (in dollars per share) \| $ / shares	$ 4.64
Stock options, exercisable term (in years)	10 years
Minimum
Weighted average exercise price
Stock options, vesting period (in years)	1 year
Maximum
Weighted average exercise price
Stock options, vesting period (in years)	3 years

Stockholders' equity - Weighted Average Assumptions (Details) - Employee Stock Option	1 Months Ended
	May 31, 2020	Mar. 31, 2020	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	104.00%	102.00%	101.00%
Risk free interest rate	0.31%	0.66%	1.67%
Expected dividend yield	0.00%	0.00%	0.00%
Expected life (in years)	5 years	5 years	5 years

Stockholders' equity - Summary of options outstanding and exercisable (Details)	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	663,548
Number of options exercisable (in shares)	587,738
Weighted average exercise price of outstanding and exercisable options (in dollars per share) \| $ / shares	$ 4.64
$1.88 - $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	531,519
Weighted average remaining estimated life (in years)	8 years 6 months
Number of options exercisable (in shares)	455,709
$3.30 - $6.90
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	37,139
Weighted average remaining estimated life (in years)	1 year 9 months 18 days
Number of options exercisable (in shares)	37,139
$7.50 - $10.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	21,303
Weighted average remaining estimated life (in years)	3 years 7 months 6 days
Number of options exercisable (in shares)	21,303
$14.20 - $23.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	73,587
Weighted average remaining estimated life (in years)	5 years 7 months 6 days
Number of options exercisable (in shares)	73,587
Minimum \| $1.88 - $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) \| $ / shares	$ 1.88
Minimum \| $3.30 - $6.90
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) \| $ / shares	3.30
Minimum \| $7.50 - $10.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) \| $ / shares	7.50
Minimum \| $14.20 - $23.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) \| $ / shares	14.20
Maximum \| $1.88 - $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) \| $ / shares	2.50
Maximum \| $3.30 - $6.90
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) \| $ / shares	6.90
Maximum \| $7.50 - $10.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) \| $ / shares	10.80
Maximum \| $14.20 - $23.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) \| $ / shares	$ 23.40

Subsequent Events - Additional Information (Details)	1 Months Ended		9 Months Ended
Subsequent Events - Additional Information (Details)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($)	Nov. 19, 2020 shares	Dec. 31, 2019 shares
Subsequent Event [Line Items]
Proceeds from issuance of debt \| $			$ 4,221,130	$ 900,767
Common Stock, Shares Authorized (in shares)			50,000,000			50,000,000
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Common Stock, Shares Authorized (in shares)					80,000,000
Department of Fisheries and Oceans Loan \| Subsequent Event \| Forecast
Subsequent Event [Line Items]
Proceeds from issuance of debt	$ 1,400,000	$ 1,900,000
Interest rate	0.00%	0.00%
Monthly repayment	$ 12,650	$ 16,865
Debt instrument, term	9 years 6 months	9 years 6 months