0001603978-21-000026 | 10-Q | XBRL Viewer | Aquabounty Technologies INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 03, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-36426
Entity Registrant Name	AquaBounty Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3156167
Entity Address, Address Line One	2 Mill & Main Place
Entity Address, Address Line Two	Suite 395
Entity Address, City or Town	Maynard
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01754
City Area Code	978
Local Phone Number	648-6000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AQB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,022,426
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Entity Central Index Key	0001603978

Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 210,899,434	$ 95,751,160
Inventory	2,106,473	1,525,377
Prepaid expenses and other current assets	470,961	405,370
Total current assets	213,476,868	97,681,907
Property, plant and equipment, net	27,904,874	26,930,338
Right of use assets, net	327,386	341,997
Intangible assets, net	242,120	245,546
Restricted cash	500,000	500,000
Other assets	84,685	76,715
Total assets	242,535,933	125,776,503
Current liabilities:
Accounts payable and accrued liabilities	1,555,066	1,760,103
Other current liabilities	62,765	62,483
Current debt	378,791	259,939
Total current liabilities	1,996,622	2,082,525
Long-term lease obligations	274,232	290,327
Long-term debt, net	8,622,436	8,528,490
Total liabilities	10,893,290	10,901,342
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 80,000,000 shares authorized; 70,983,145 (2020: 55,497,133) shares outstanding	70,983	55,497
Additional paid-in capital	384,459,964	263,629,116
Accumulated other comprehensive loss	(187,219)	(267,258)
Accumulated deficit	(152,701,085)	(148,542,194)
Total stockholders’ equity	231,642,643	114,875,161
Total liabilities and stockholders’ equity	$ 242,535,933	$ 125,776,503

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares outstanding (in shares)	70,983,145	55,497,133

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Product revenues	$ 74,372	$ 6,753
Costs and expenses
Product costs	1,554,655	841,434
Sales and marketing	318,635	50,788
Research and development	500,620	568,762
General and administrative	1,785,510	1,637,190
Total costs and expenses	4,159,420	3,098,174
Operating loss	(4,085,048)	(3,091,421)
Other income (expense)
Interest expense	(78,804)	(17,045)
Other income (expense), net	4,961	(1,152)
Total other income (expense)	(73,843)	(18,197)
Net loss	(4,158,891)	(3,109,618)
Other comprehensive income (loss):
Foreign currency translation income (loss)	80,039	(381,985)
Total other comprehensive income (loss)	80,039	(381,985)
Comprehensive loss	$ (4,078,852)	$ (3,491,603)
Basic and diluted net loss per share	$ (0.06)	$ (0.11)
Weighted average number of common shares -
basic and diluted	64,550,920	27,116,754

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total
Beginning balance (in shares) at Dec. 31, 2019	21,635,365
Beginning balance at Dec. 31, 2019	$ 21,635	$ 156,241,363	$ (360,160)	$ (132,142,209)	$ 23,760,629
Net loss				(3,109,618)	(3,109,618)
Other comprehensive income (loss)			(381,985)		(381,985)
Issuance of common stock, net of expenses (in shares)	10,350,000
Issuance of common stock, net of expenses	$ 10,350	14,511,354			14,521,704
Share based compensation (in shares)	100,319
Share based compensation	$ 101	205,252			205,353
Ending balance (in shares) at Mar. 31, 2020	32,085,684
Ending balance at Mar. 31, 2020	$ 32,086	170,957,969	(742,145)	(135,251,827)	34,996,083
Beginning balance (in shares) at Dec. 31, 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

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net loss	$ (4,158,891)	$ (3,109,618)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	422,185	347,859
Share-based compensation	129,715	205,353
Other non-cash charge	4,203
Changes in operating assets and liabilities:
Inventory	(577,154)	(610,200)
Prepaid expenses and other assets	(63,966)	(107,922)
Accounts payable and accrued liabilities	(274,486)	339,818
Net cash used in operating activities	(4,518,394)	(2,934,710)
Investing activities
Purchase of property, plant and equipment	(1,208,183)	(691,351)
Proceeds from sale of asset held for sale		98,000
Proceeds from legal settlement, net		1,014,008
Other investing activities	(11,010)	(1,307)
Net cash (used in) provided by investing activities	(1,219,193)	419,350
Financing activities
Proceeds from issuance of debt	187,120
Repayment of term debt	(38,885)	(39,391)
Proceeds from the issuance of common stock, net	119,120,437	14,521,704
Proceeds from the exercise of stock options and warrants, net	1,596,182
Net cash provided by financing activities	120,864,854	14,482,313
Effect of exchange rate changes on cash, cash equivalents and restricted cash	21,007	(15,951)
Net change in cash, cash equivalents and restricted cash	115,148,274	11,951,002
Cash, cash equivalents and restricted cash at beginning of period	96,251,160	2,798,744
Cash, cash equivalents and restricted cash at end of period	211,399,434	14,749,746
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:
Cash and cash equivalents	210,899,434	14,749,746
Restricted cash	500,000
Supplemental disclosure of cash flow information and non-cash transactions:
Interest paid in cash	73,685	17,045
Property and equipment included in accounts payable and accrued liabilities	$ 82,068	$ 257,884

Nature of Business and Organization

3 Months Ended

Mar. 31, 2021

Nature of Business and Organization [Abstract]

Nature of Business and Organization

1. Nature of business and organization

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

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

3 Months Ended

Mar. 31, 2021

Basis of Presentation [Abstract]

Basis of Presentation

2. 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, 2020. The unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of March 31, 2021, 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.

Liquidity

In February 2021, the Company completed an equity raise with net proceeds of $119.1 million and has $210.9 million in cash and cash equivalents as of March 31, 2021. While the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient cash to meet the Company's requirements for at least the next twelve months from the filing date. However, until such time as the Company reaches profitability, it may require additional financing to fund its operations and execute its business plan.

Inventories

Inventories are mainly comprised of feed, eggs, fish in process and packaging materials. 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. As of March 31, 2021, the NRV of the Company’s conventional salmon biomass was valued at $0 as a result of its decision to harvest and donate this fish. The NRV of the Company’s AquAdvantage salmon biomass was valued at $1.8 million.

The Company also considers capacity utilization in calculating its inventory value with any excess capacity charged to production costs as idle capacity. Inventory reserves are recorded as needed to represent the difference between the carrying value and the NRV calculation, taking into consideration the expected timing and disposition of the inventory.

Revenue recognition

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

Net loss per share

Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Basic net loss is based solely on the number of common shares outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise of warrants and options with an exercise price less than the fair value of the common stock. 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 March 31, 2021, the Company had 1,141,847 potentially dilutive securities outstanding, consisting of 457,722 warrants and 684,125 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

3 Months Ended

Mar. 31, 2021

Risks and Uncertainties [Abstract]

Risks and Uncertainties

3. Risks and uncertainties

The Company is subject to risks and uncertainties common in the biotechnology and aquaculture industries. Such risks and uncertainties include, but are not limited to: (i) results from current and planned product development studies and trials; (ii) decisions made by the FDA or similar regulatory bodies in other countries with respect to approval and commercial sale of any of the Company’s proposed products; (iii) the commercial acceptance of any products approved for sale and the Company’s ability to manufacture, 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

The COVID-19 pandemic continues to spread throughout the United States and the world, and now includes several variants of the virus. Because infections of this virus and the incidences of the disease it causes, certain national, provincial, state, and local governmental authorities in the United States and Canada have issued, and continue to update, proclamations and directives aimed at minimizing the spread of the virus. These directives currently remain in effect and the Company is monitoring their status.

The ultimate impact of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 pandemic, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in an extended period of continued business disruption and reduced operations.

To date, the Company’s farm operations have not been materially affected by the pandemic, although management has made modifications to biosecurity procedures and the farm sites to adapt to local requirements and to provide a safe work environment. The Company’s current preventative and protective measures include, but are not limited to, segregating farm workers to specific

locations, rotating shifts, and monitoring worker temperatures upon arrival at the Company’s facilities. To the extent possible, work-from-home is utilized for employees that do not have fish care responsibilities.

The Company experienced delays in capital projects due to the pandemic, including, but not limited to, a six-month delay in the completion of the processing facility at the Indiana farm, which did not become operational until November 2020. Management utilized third party alternatives for fish processing during the delay. During Q1 2021, project delays were limited to extended lead-times on equipment purchases. However, the Company could experience delays on purchases of capital equipment and supplies and other materials required in its operations due to vendor shortages or it could be impacted by transportation or other supply chain disruptions to its partners or customers.

The Company has been primarily impacted by a reduction in the market price and demand for Atlantic salmon due to the pandemic’s impact on the food service sector. This had and continues to have a negative impact on revenue and inventory value, as the company is not yet an established vendor and customers have been reluctant to add a new supplier during a period of depressed demand. Consequently, in December 2020, the Company made the decision to donate substantially all of the conventional salmon to local food charities, which are experiencing unprecedented need during the pandemic. This decision was made to ease the capacity constraints at the Indiana farm to provide space for the growing biomass of AquAdvantage salmon. The donation program commenced in February 2021 and is expected to be completed in May 2021, though the Company is exploring the possibility of continuing the donation program for fish that do not meet customer specifications.

Management expects the financial impact of the pandemic to continue through at least the first half of 2021, as the industry waits for the roll-out of COVID-19 vaccines and the subsequent reopening of the food service sector. Any financial impact beyond the near-term cannot be reasonably estimated at this time but may have a material adverse impact on the Company’s business, financial condition, and results of operations in 2021.

Concentration of credit risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents and certificates of deposit. This risk is mitigated by the Company’s policy of investing in financial instruments with short-term maturities issued by highly rated financial institutions. 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 $83 thousand at March 31, 2021.

Inventory

3 Months Ended

Mar. 31, 2021

Inventory [Abstract]

Inventory

4. Inventory

Major classifications of inventory are summarized as follows:


	March 31, 2021		December 31, 2020
Feed	$	234,804		244,311
Eggs and fry		57,175		54,929
Packaging		4,422		6,452
Fish in process, net		1,810,072		1,219,685
Inventory, net	$	2,106,473		1,525,377

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

5. Property, plant and equipment

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


	March 31, 2021		December 31, 2020
Land	$	728,316	$	724,785
Building and improvements		14,214,666		14,048,917
Construction in process		3,887,384		3,212,287
Equipment		14,380,752		13,819,210
Office furniture and equipment		217,246		202,596
Vehicles		29,044		28,700
Total property and equipment	$	33,457,408	$	32,036,495
Less accumulated depreciation and amortization		(5,552,534)		(5,106,157)
Property, plant and equipment, net	$	27,904,874	$	26,930,338

Included in construction in process is $2.1 million for construction related to the Rollo Bay farm site and renovations to the Fortune Bay hatchery, $1.2 million for construction related to the Indiana farm site, and $583 thousand related to design work for a new 10,000 metric ton farm. An additional $1.2 million has been committed to these projects.

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2021

Accounts Payable and Accrued Liabilities [Abstract]

Accounts Payable and Accrued Liabilities

6. Accounts payable and accrued liabilities

Accounts payable and accrued liabilities include the following:


	March 31, 2021		December 31, 2020
Accounts payable	$	644,459	$	799,888
Accrued payroll including vacation		520,162		583,301
Accrued professional fees and contract services		246,968		278,165
Accrued construction costs		141,767		86,052
Accrued taxes and other		1,710		12,697
Accounts payable and accrued liabilities	$	1,555,066	$	1,760,103

Debt

3 Months Ended

Mar. 31, 2021

Debt [Abstract]

Debt

7. Debt

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


	Interest ‎rate	Monthly ‎repayment	Maturity ‎date	March 31, 2021		December 31, 2020
ACOA AIF Grant	0%	Royalties	-	$	2,280,591	$	2,253,595
ACOA term loan #1	0%	C$3,120	Feb 2027		175,941		181,203
ACOA term loan #2	0%	C$4,630	Sep 2029		374,990		381,451
Kubota Canada Ltd	0%	C$1,142	Jan 2025		41,730		43,925
PEI Finance term loan	4%	C$16,313	Nov 2023		2,020,523		2,014,321
DFO term loan	0%	C$2,091	Aug 2032		189,313		—
First Farmers Bank & Trust term loan	5.375%	$56,832	Oct 2028		4,000,000		4,000,000
Total debt				$	9,083,088	$	8,874,495
less: debt issuance costs					(81,861)		(86,066)
less: current portion					(378,791)		(259,939)
Long-term debt, net				$	8,622,436	$	8,528,490

Estimated principal payments remaining on loan debt are as follows:


	AIF		ACOA		FPEI		Kubota			DFO	FFBT		Total
2021	$	—	$	55,388	$	56,441	$	8,165	$	—	$	116,675	$	236,669
2022		—		73,851		78,313		10,886		—		482,306		645,356
2023		—		73,852		1,885,769		10,886		16,606		509,256		2,496,369
2024		—		73,851		—		10,886		19,928		537,276		641,941
2025		—		73,851		—		907		19,928		567,735		662,421
Thereafter		2,280,591		200,138		—		—		132,851		1,786,752		4,400,332
Total	$	2,280,591	$	550,931	$	2,020,523	$	41,730	$	189,313	$	4,000,000	$	9,083,088

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

The Company recognized interest expense of $79 thousand and $17 thousand for the three months ended March 31, 2021 and 2020, respectively, on its interest-bearing debt.

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

8. Leases

Lease expense for the three months ended three months ended March 31, 2021 and 2020, amounted to $22 thousand and $20 thousand, respectively. The weighted average remaining lease term of the Company’s operating leases was 23 years as of March 31, 2021. Lease payments included in operating cash flows totaled $22 thousand and $21 thousand for the three months ended March 31, 2021 and 2020, respectively.

The table below summarizes the Company’s lease obligations and remaining payments at March 31, 2021:


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

Maynard Office Lease	Operating	Mar 2023	1.92	134,463	120,384	150,918	134,099
Indiana Auto Lease	Operating	Feb 2021		-	-	1,157	821
Indiana Well Lease	Operating	Dec 2048	27.69	682,809	216,613	686,809	217,890
Total				817,272	336,997	838,884	352,810
Less: current portion				(82,979)	(62,765)	(83,571)	(62,483)
Long-term leases				$ 734,293	$ 274,232	$ 755,313	$ 290,327

Remaining payments under leases are as follows at March 31, 2021:


Year	Office	Well	Amount
2021	49,960	11,999	61,959
2022	67,602	16,478	84,080
2023	16,901	16,972	33,873
2024	-	17,481	17,481
2025	-	18,006	18,006
Thereafter	-	601,873	601,873
Total Lease Payments	134,463	682,809	817,272

Stockholders' Equity

3 Months Ended

Mar. 31, 2021

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

The following table summarizes information about outstanding warrants at March 31, 2021:


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2020	948,855	$	3.25
Issued	—		-
Exercised	(491,133)		3.25
Expired	—		-
Outstanding at March 31, 2021	457,722		3.25
Exercisable at March 31, 2021	457,722		3.25

During the three months ended March 31, 2021, the Company issued 491,133 Common Shares at $3.25 per share in conjunction with the exercise of warrants, with total proceeds of $1.6 million. All remaining warrants have an expiration date of January 17, 2023.

Share-based compensation

At March 31, 2021, the Company has reserved 1,591,453 Common Shares 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 restricted Common Shares as of March 31, 2021, is as follows:


	Shares	Weighted ‎average grant ‎date fair value
Balance at December 31, 2020	72,653	$	1.90
Granted	40,525		6.72
Vested	(43,822)		3.27
Balance at March 31, 2021	69,356	$	3.85

During the three months ended March 31, 2021 and 2020, the Company expensed $107 thousand and $84 thousand, respectively, related to the restricted stock awards. At March 31, 2021, the balance of unearned share-based compensation to be expensed in future periods related to the restricted stock awards is $260 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 3 years.

Stock options

The Company’s option activity is summarized as follows:


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2020	657,414	$	4.28
Granted	48,914		6.72
Exercised	(16,667)		6.90
Expired	(5,536)		6.90
Outstanding at March 31, 2021	684,125	$	4.37
Exercisable at March 31, 2021	586,746	$	4.39

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

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


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

The weighted average fair value of stock options granted during the three months ended March 31, 2021, was $5.31.

The total intrinsic value of all options outstanding was $2.4 million and $3.6 million at March 31, 2021, and December 31, 2020, respectively. The total intrinsic value of exercisable options was $2.1 million and $3.2 million at March 31, 2021 and December 31, 2020, respectively.

The following table summarizes information about options outstanding and exercisable at March 31, 2021:


Weighted ‎average exercise ‎price of outstanding ‎options	Number of ‎options ‎outstanding	Weighted ‎average remaining ‎estimated life ‎(in years)	Number of ‎options ‎exercisable	Weighted average ‎price of outstanding ‎and exercisable ‎options
$1.88 - $2.50	531,519	8.0	481,470
$3.30 - $6.72	60,516	8.7	13,186
$7.50 - $10.80	20,503	3.3	20,503
$14.20 - $23.40	71,587	5.0	71,587
	684,125		586,746	$4.39

Total share-based compensation on stock options amounted to $22 thousand and $121 thousand for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, the balance of unearned share-based compensation to be expensed in future periods related to unvested share-based awards was $324 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 3 years.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

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.

See Note 5 for commitments related to the Company’s renovation and construction costs.

The Company is subject to legal proceedings and claims arising in the normal course of business. There have been no other material changes to the commitments and contingencies disclosed in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2020.

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

11. Subsequent Events

Department of Fisheries and Oceans Loan

On April 27, 2021, the Canadian Subsidiary borrowed C$276,840 or approximately $221,470 under its DFO Term Loan (see Note 7).

‎

Nature of Business and Organization (Policy)

3 Months Ended

Mar. 31, 2021

Nature of Business and Organization [Abstract]

Nature of Business and Organization

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 (Policy)	3 Months Ended
Basis of Presentation (Policy)	Mar. 31, 2021
Basis of Presentation [Abstract]
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.
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, 2020. The unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of March 31, 2021, 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.
Liquidity	Liquidity In February 2021, the Company completed an equity raise with net proceeds of $119.1 million and has $210.9 million in cash and cash equivalents as of March 31, 2021. While the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient cash to meet the Company's requirements for at least the next twelve months from the filing date. However, until such time as the Company reaches profitability, it may require additional financing to fund its operations and execute its business plan.
Inventories	Inventories Inventories are mainly comprised of feed, eggs, fish in process and packaging materials. 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. As of March 31, 2021, the NRV of the Company’s conventional salmon biomass was valued at $0 as a result of its decision to harvest and donate this fish. The NRV of the Company’s AquAdvantage salmon biomass was valued at $1.8 million. The Company also considers capacity utilization in calculating its inventory value with any excess capacity charged to production costs as idle capacity. Inventory reserves are recorded as needed to represent the difference between the carrying value and the NRV calculation, taking into consideration the expected timing and disposition of the inventory.
Revenue Recognition	Revenue recognition The Company records revenue on the sale of a product when all revenue recognition criteria are fulfilled, including identifying the contract with a customer; identifying the performance obligations in the contract; determining the transaction price; allocating the transaction price to the performance obligations in the contract; and recognizing revenue when (or as) the Company satisfies a performance obligation. The Company evaluates customer credit risk in order to conclude it is “probable” it will collect the amount of consideration due in exchange for the goods or services.
Net Loss Per Share	Net loss per share Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Basic net loss is based solely on the number of common shares outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise of warrants and options with an exercise price less than the fair value of the common stock. 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 March 31, 2021, the Company had 1,141,847 potentially dilutive securities outstanding, consisting of 457,722 warrants and 684,125 stock options.
Accounting Pronouncements	Accounting Pronouncements Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition.

- Definition

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

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Inventory (Tables)

3 Months Ended

Mar. 31, 2021

Inventory [Abstract]

Schedule of Inventory


	March 31, 2021		December 31, 2020
Feed	$	234,804		244,311
Eggs and fry		57,175		54,929
Packaging		4,422		6,452
Fish in process, net		1,810,072		1,219,685
Inventory, net	$	2,106,473		1,525,377

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	March 31, 2021		December 31, 2020
Land	$	728,316	$	724,785
Building and improvements		14,214,666		14,048,917
Construction in process		3,887,384		3,212,287
Equipment		14,380,752		13,819,210
Office furniture and equipment		217,246		202,596
Vehicles		29,044		28,700
Total property and equipment	$	33,457,408	$	32,036,495
Less accumulated depreciation and amortization		(5,552,534)		(5,106,157)
Property, plant and equipment, net	$	27,904,874	$	26,930,338

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Accounts Payable and Accrued Liabilities [Abstract]

Schedule of Accounts Payable and Accrued Liabilities


	March 31, 2021		December 31, 2020
Accounts payable	$	644,459	$	799,888
Accrued payroll including vacation		520,162		583,301
Accrued professional fees and contract services		246,968		278,165
Accrued construction costs		141,767		86,052
Accrued taxes and other		1,710		12,697
Accounts payable and accrued liabilities	$	1,555,066	$	1,760,103

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt [Abstract]

Terms and Conditions of Long-term Debt Outstanding


	Interest ‎rate	Monthly ‎repayment	Maturity ‎date	March 31, 2021		December 31, 2020
ACOA AIF Grant	0%	Royalties	-	$	2,280,591	$	2,253,595
ACOA term loan #1	0%	C$3,120	Feb 2027		175,941		181,203
ACOA term loan #2	0%	C$4,630	Sep 2029		374,990		381,451
Kubota Canada Ltd	0%	C$1,142	Jan 2025		41,730		43,925
PEI Finance term loan	4%	C$16,313	Nov 2023		2,020,523		2,014,321
DFO term loan	0%	C$2,091	Aug 2032		189,313		—
First Farmers Bank & Trust term loan	5.375%	$56,832	Oct 2028		4,000,000		4,000,000
Total debt				$	9,083,088	$	8,874,495
less: debt issuance costs					(81,861)		(86,066)
less: current portion					(378,791)		(259,939)
Long-term debt, net				$	8,622,436	$	8,528,490

Principal Payments Due on Long-term Debt


	AIF		ACOA		FPEI		Kubota			DFO	FFBT		Total
2021	$	—	$	55,388	$	56,441	$	8,165	$	—	$	116,675	$	236,669
2022		—		73,851		78,313		10,886		—		482,306		645,356
2023		—		73,852		1,885,769		10,886		16,606		509,256		2,496,369
2024		—		73,851		—		10,886		19,928		537,276		641,941
2025		—		73,851		—		907		19,928		567,735		662,421
Thereafter		2,280,591		200,138		—		—		132,851		1,786,752		4,400,332
Total	$	2,280,591	$	550,931	$	2,020,523	$	41,730	$	189,313	$	4,000,000	$	9,083,088

- Definition

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

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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Summary of Lease Obligations and Remaining Payments


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

Maynard Office Lease	Operating	Mar 2023	1.92	134,463	120,384	150,918	134,099
Indiana Auto Lease	Operating	Feb 2021		-	-	1,157	821
Indiana Well Lease	Operating	Dec 2048	27.69	682,809	216,613	686,809	217,890
Total				817,272	336,997	838,884	352,810
Less: current portion				(82,979)	(62,765)	(83,571)	(62,483)
Long-term leases				$ 734,293	$ 274,232	$ 755,313	$ 290,327

Summary of Remaining Payments under Leases


Year	Office	Well	Amount
2021	49,960	11,999	61,959
2022	67,602	16,478	84,080
2023	16,901	16,972	33,873
2024	-	17,481	17,481
2025	-	18,006	18,006
Thereafter	-	601,873	601,873
Total Lease Payments	134,463	682,809	817,272

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity [Abstract]

Information About Outstanding Warrants


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2020	948,855	$	3.25
Issued	—		-
Exercised	(491,133)		3.25
Expired	—		-
Outstanding at March 31, 2021	457,722		3.25
Exercisable at March 31, 2021	457,722		3.25

Restricted Stock Activity


	Shares	Weighted ‎average grant ‎date fair value
Balance at December 31, 2020	72,653	$	1.90
Granted	40,525		6.72
Vested	(43,822)		3.27
Balance at March 31, 2021	69,356	$	3.85

Stock Option Activity


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2020	657,414	$	4.28
Granted	48,914		6.72
Exercised	(16,667)		6.90
Expired	(5,536)		6.90
Outstanding at March 31, 2021	684,125	$	4.37
Exercisable at March 31, 2021	586,746	$	4.39

Stock Option Grants Weighted Average Assumptions


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

Information About Options Outstanding and Exercisable


Weighted ‎average exercise ‎price of outstanding ‎options	Number of ‎options ‎outstanding	Weighted ‎average remaining ‎estimated life ‎(in years)	Number of ‎options ‎exercisable	Weighted average ‎price of outstanding ‎and exercisable ‎options
$1.88 - $2.50	531,519	8.0	481,470
$3.30 - $6.72	60,516	8.7	13,186
$7.50 - $10.80	20,503	3.3	20,503
$14.20 - $23.40	71,587	5.0	71,587
	684,125		586,746	$4.39

Basis of Presentation (Details) - USD ($)	1 Months Ended	3 Months Ended
Basis of Presentation (Details) - USD ($)	Feb. 28, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Net proceeds from equity	$ 119,100,000
Cash and cash equivalents		$ 210,899,434	$ 95,751,160	$ 14,749,746
Potentially dilutive securities outstanding (in shares)		1,141,847
Warrant [Member]
Potentially dilutive securities outstanding (in shares)		457,722
Employee Stock Option [Member]
Potentially dilutive securities outstanding (in shares)		684,125
Conventional Salmon Biomass [Member]
Net realizable value (NRV)		$ 0
AquAdvantage Salmon Biomass [Member]
Net realizable value (NRV)		$ 1,800,000

Risks and Uncertainties (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Canada [Member] \| Credit Concentration Risk [Member]
Concentration Risk [Line Items]
Cash in Canadian bank accounts	$ 83

Inventory (Schedule of Inventory) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Inventory, net	$ 2,106,473	$ 1,525,377
Feed [Member]
Inventory [Line Items]
Inventory, net	234,804	244,311
Eggs And Fry [Member]
Inventory [Line Items]
Inventory, net	57,175	54,929
Packaging [Member]
Inventory [Line Items]
Inventory, net	4,422	6,452
Fish In Process, Net [Member]
Inventory [Line Items]
Inventory, net	$ 1,810,072	$ 1,219,685

Property, Plant and Equipment (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	$ 33,457,408	$ 32,036,495
Capital Addition Purchase Commitments [Member]
Property, Plant and Equipment [Line Items]
Commitments to purchase property, plant, and equipment	1,200,000
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	3,887,384	$ 3,212,287
Rollo Bay Farm Site [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	2,100,000
Indiana Farm [Member] \| Capital Addition Purchase Commitments [Member]
Property, Plant and Equipment [Line Items]
Commitments to purchase property, plant, and equipment	583,000
Indiana Farm [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	$ 1,200,000

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 33,457,408	$ 32,036,495
Less accumulated depreciation and amortization	(5,552,534)	(5,106,157)
Property, plant and equipment, net	27,904,874	26,930,338
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	728,316	724,785
Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	14,214,666	14,048,917
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	3,887,384	3,212,287
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	14,380,752	13,819,210
Office Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	217,246	202,596
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 29,044	$ 28,700

Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 644,459	$ 799,888
Accrued payroll including vacation	520,162	583,301
Accrued professional fees and contract services	246,968	278,165
Accrued construction costs	141,767	86,052
Accrued taxes and other	1,710	12,697
Accounts payable and accrued liabilities	$ 1,555,066	$ 1,760,103

Debt (Narrative) (Details)	1 Months Ended		3 Months Ended
Debt (Narrative) (Details)	Sep. 30, 2020 CAD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Feb. 25, 2021 CAD ($)	Feb. 25, 2021 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 187,120
DFO Term Loan [Member]
Debt Instrument [Line Items]
Amount borrowed					$ 238,400	$ 187,120
Interest rate			0.00%
Proceeds from issuance of debt	$ 1,900,000	$ 1,400,000
Maturity date			Aug 2032
Interest expense			$ 79,000	$ 17,000

Debt (Terms and Conditions of Long-term Debt Outstanding) (Details)	3 Months Ended
	Mar. 31, 2021 CAD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Total debt		$ 9,083,088	$ 8,874,495
less: debt issuance costs		81,861	86,066
less: current portion		(378,791)	(259,939)
Long-term debt, net		$ 8,622,436	8,528,490
ACOA AIF Grant [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Maturity date	-	-
Total debt		$ 2,280,591	2,253,595
ACOA Term Loan#1 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 3,120
Maturity date	Feb 2027	Feb 2027
Total debt		$ 175,941	181,203
ACOA Term Loan#2 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 4,630
Maturity date	Sep 2029	Sep 2029
Total debt		$ 374,990	381,451
Kubota Canada Ltd [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 1,142
Maturity date	Jan 2025	Jan 2025
Total debt		$ 41,730	43,925
PEI Finance Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		4.00%
Monthly repayment	$ 16,313
Maturity date	Nov 2023	Nov 2023
Total debt		$ 2,020,523	2,014,321
DFO Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 2,091
Maturity date	Aug 2032	Aug 2032
Total debt		$ 189,313
First Farmers Bank & Trust Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		5.375%
Monthly repayment		$ 56,832
Maturity date	Oct 2028	Oct 2028
Total debt		$ 4,000,000	$ 4,000,000

Debt (Principal Payments Due on Long-term Debt) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Year
2021	$ 236,669
2022	645,356
2023	2,496,369
2024	641,941
2025	662,421
Thereafter	4,400,332
Total debt	9,083,088	$ 8,874,495
ACOA AIF Grant [Member]
Year
2021
2022
2023
2024
2025
Thereafter	2,280,591
Total debt	2,280,591	2,253,595
ACOA [Member]
Year
2021	55,388
2022	73,851
2023	73,852
2024	73,851
2025	73,851
Thereafter	200,138
Total debt	550,931
PEI Finance Term Loan [Member]
Year
2021	56,441
2022	78,313
2023	1,885,769
2024
2025
Thereafter
Total debt	2,020,523	2,014,321
Kubota Canada Ltd [Member]
Year
2021	8,165
2022	10,886
2023	10,886
2024	10,886
2025	907
Thereafter
Total debt	41,730	43,925
DFO Term Loan [Member]
Year
2021
2022
2023	16,606
2024	19,928
2025	19,928
Thereafter	132,851
Total debt	189,313
First Farmers Bank & Trust Term Loan [Member]
Year
2021	116,675
2022	482,306
2023	509,256
2024	537,276
2025	567,735
Thereafter	1,786,752
Total debt	$ 4,000,000	$ 4,000,000

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Lease expense	$ 22	$ 20
Weighted average remaining lease term	23 years
Lease payment	$ 22	$ 21

Leases (Summary of Lease Obligations and Remaining Payments) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Remaining Payments	$ 817,272	$ 838,884
Remaining Payments - Less: current portion	(82,979)	(83,571)
Remaining Payments - Long-term leases	734,293	755,313
Lease Liability	336,997	352,810
Lease Liability - Less: current portion	(62,765)	(62,483)
Lease Liability - Long-term leases	$ 274,232	290,327
Maynard Office Lease [Member]
Lease Term	Mar 2023
Remaining Years	1 year 11 months 1 day
Remaining Payments	$ 134,463	150,918
Lease Liability	$ 120,384	134,099
Indiana Auto Lease [Member]
Lease Term	Feb 2021
Remaining Payments		1,157
Lease Liability		821
Indiana Well Lease [Member]
Lease Term	Dec 2048
Remaining Years	27 years 8 months 8 days
Remaining Payments	$ 682,809	686,809
Lease Liability	$ 216,613	$ 217,890

Leases (Summary of Remaining Payments under Leases) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
2021	$ 61,959
2022	84,080
2023	33,873
2024	17,481
2025	18,006
Thereafter	601,873
Remaining Payments	817,272	$ 838,884
Office [Member]
Property, Plant and Equipment [Line Items]
2021	49,960
2022	67,602
2023	16,901
2024
2025
Thereafter
Remaining Payments	134,463
Well [Member]
Property, Plant and Equipment [Line Items]
2021	11,999
2022	16,478
2023	16,972
2024	17,481
2025	18,006
Thereafter	601,873
Remaining Payments	$ 682,809

Stockholders' Equity (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended
Stockholders' Equity (Narrative) (Details) - USD ($)	Feb. 08, 2021	Feb. 28, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Stockholders' Equity
Proceeds from issuance or sale of equity		$ 119,100,000
Common stock reserved for future issuances (in shares)			1,591,453
Share-based compensation			$ 129,715	$ 205,353
Restricted Stock [Member]
Stockholders' Equity
Share-based compensation expense			107,000	84,000
Unearned share-based compensation expense in future periods			$ 260,000
Unearned share-based compensation earn period			3 years
Employee Stock Option [Member]
Stockholders' Equity
Unearned share-based compensation expense in future periods			$ 324,000
Unearned share-based compensation earn period			3 years
Weighted average fair value of stock options grants (in dollars per share)			$ 5.31
Intrinsic value of options outstanding			$ 2,400,000		$ 3,600,000
Intrinsic value of exercisable options			2,100,000		$ 3,200,000
Share-based compensation			$ 22,000	$ 121,000
Common Stock [Member]
Stockholders' Equity
Issued (in shares)			14,950,000	10,350,000
Common Stock [Member] \| Warrant [Member]
Stockholders' Equity
Issued (in shares)			491,133
Price per share			$ 3.25
Proceeds from issuance or sale of equity			$ 1,600,000
Expiration date			Jan. 17, 2023
February 2021 Public Offering [Member] \| Common Stock [Member]
Stockholders' Equity
Issued (in shares)	14,950,000
Proceeds from issuance or sale of equity	$ 119,100,000

Stockholders' Equity (Information About Outstanding Warrants) (Details) - Warrant [Member]	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of options
Outstanding, beginning balance \| shares	948,855
Issued \| shares
Exercised \| shares	(491,133)
Expired \| shares
Outstanding, ending balance \| shares	457,722
Exercisable \| shares	457,722
Weighted average exercise price
Outstanding, beginning balance \| $ / shares	$ 3.25
Issued \| $ / shares
Exercised \| $ / shares	3.25
Expired \| $ / shares
Outstanding, ending balance \| $ / shares	3.25
Exercisable \| $ / shares	$ 3.25

Stockholders' Equity (Restricted Stock Activity) (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Shares
Beginning balance \| shares	72,653
Granted \| shares	40,525
Vested \| shares	(43,822)
Ending balance \| shares	69,356
Weighted average grant date fair value
Beginning balance \| $ / shares	$ 1.90
Granted \| $ / shares	6.72
Vested \| $ / shares	3.27
Ending balance \| $ / shares	$ 3.85

Stockholders' Equity (Stock Option Activity) (Details) - Employee Stock Option [Member]	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of options
Outstanding, beginning balance \| shares	657,414
Granted \| shares	48,914
Exercised \| shares	(16,667)
Expired \| shares	(5,536)
Outstanding, ending balance \| shares	684,125
Exercisable \| shares	586,746
Weighted average exercise price
Outstanding, beginning balance \| $ / shares	$ 4.28
Issued \| $ / shares	6.72
Exercised \| $ / shares	6.90
Expired \| $ / shares	6.90
Outstanding, ending balance \| $ / shares	4.37
Exercisable \| $ / shares	$ 4.39

Stockholders' Equity (Stock Option Grants Weighted Average Assumptions) (Details) - Employee Stock Option [Member]	3 Months Ended
	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	111.00%
Risk free interest rate	0.80%
Expected dividend yield	0.00%
Expected life (in years)	5 years

Stockholders' Equity (Information About Options Outstanding and Exercisable) (Details) - Employee Stock Option [Member]	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	684,125
Number of options exercisable	586,746
Weighted average price of outstanding and exercisable options \| $ / shares	$ 4.39
$1.88 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	531,519
Weighted average remaining estimated life (in years)	8 years
Number of options exercisable	481,470
$3.30 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	60,516
Weighted average remaining estimated life (in years)	8 years 8 months 12 days
Number of options exercisable	13,186
$7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	20,503
Weighted average remaining estimated life (in years)	3 years 3 months 18 days
Number of options exercisable	20,503
$14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	71,587
Weighted average remaining estimated life (in years)	5 years
Number of options exercisable	71,587
Minimum [Member] \| $1.88 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	$ 1.88
Minimum [Member] \| $3.30 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	3.30
Minimum [Member] \| $7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	7.50
Minimum [Member] \| $14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	14.20
Maximum [Member] \| $1.88 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	2.50
Maximum [Member] \| $3.30 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	6.72
Maximum [Member] \| $7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	10.80
Maximum [Member] \| $14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	$ 23.40

Subsequent Events (Details) - DFO Term Loan [Member]	Apr. 27, 2021 CAD ($)	Apr. 27, 2021 USD ($)	Feb. 25, 2021 CAD ($)	Feb. 25, 2021 USD ($)
Subsequent Event [Line Items]
Amount borrowed			$ 238,400	$ 187,120
Subsequent Event [Member]
Subsequent Event [Line Items]
Amount borrowed	$ 276,840	$ 221,470