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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Certain new accounting standards and interpretations have been published that are not mandatory for the August 31, 2018 reporting period. Those new standards have been assessed but are not expected to have any impact on the Company’s financial statements.
All of the Company’s significant accounting policies and estimates are included in Notes 3 and 4 of its audited consolidated financial statements for the year ended November 30, 2017.
FINANCIAL INSTRUMENTS
The Company’s financial instruments consist of cash, restricted cash, receivables, marketable securities, accounts payable and accrued liabilities, due to and from related parties, convertible debentures, promissory notes and senior convertible loan. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest or currency risks arising from these financial instruments. Credit risk Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company’s credit risk is primarily attributable to its liquid financial assets including cash, and receivables. The Company limits its exposure to credit risk on liquid financial assets through maintaining its cash with high-credit quality financial institutions. Foreign exchange risk The Company is exposed to foreign exchange risk as the Company has major financing arrangements in US dollars (“US$”). The Company usually exchanges a large amount of US dollars into Canadian dollars upon receiving the US$ funds and leave only a small US$ balance in bank, as the Company’s operation is primary in Canadian dollars. A change in the currency exchange rates between the US dollars and Canadian dollars could have a negative effect on the Company’s results of operations, financial position or cash flows. |
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