The fair value hierarchy of financial assets and liabilities measured at fair value on the consolidated statements of financial position as at December 31, 2017 is as follows:
| Level 1 | Level 2 | Level 3 | ||||||||||
| Financial assets | ||||||||||||
| Assets held for sale | $ | - | $ | 14,052,861 | $ | - | ||||||
| Holdback receivable | - | - | 12,068,773 | |||||||||
| Financial liabilities | ||||||||||||
| Accounts payable and accrued liabilities | $ | - | $ | - | $ | 877,150 | ||||||
| Current portion of royalty obligation | - | - | 1,537,202 | |||||||||
| Liabilities held for sale | - | 6,976,313 | - | |||||||||
| Royalty obligation | - | - | 2,911,810 | |||||||||
| License fee payable | - | - | 501,800 | |||||||||
| Other long-term liability | - | - | 1,135,007 | |||||||||
The fair value hierarchy of financial instruments measured at fair value on the consolidated statements of financial position as at December 31, 2016 is as follows:
| Level 1 | Level 2 | Level 3 | ||||||||||
| Financial liabilities | ||||||||||||
| Short-term borrowings | $ | - | $ | 1,383,864 | $ | - | ||||||
| Accounts payable and accrued liabilities | - | - | 100,000 | |||||||||
| Current portion of finance lease obligations | - | 89,241 | - | |||||||||
| Current portion of long-term debt | - | 2,883,752 | - | |||||||||
| Current portion of royalty obligation | - | - | 2,019,243 | |||||||||
| Finance lease obligations | - | 242,449 | - | |||||||||
| Long-term debt | - | 68,180,424 | - | |||||||||
| Royalty obligation | - | - | 3,666,479 | |||||||||
| Derivative option on Apicore Class C shares | - | - | 32,901,006 | |||||||||
| Liability to repurchase Apicore Class E shares | - | - | 2,700,101 | |||||||||
| Fair value of Apicore Series A-1 preferred shares | - | - | 1,755,530 | |||||||||