v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the year $ (16,274,815) $ (11,733,210)
Adjustments to reconcile net loss to net cash used in operating activities:    
Write down of construction in progress deposit 1,963,304
Depreciation and amortization 667,061 679,844
Impairment of intangible asset 4,137,271
Share based compensation 22,780 317,933
Shares issued for consulting services 27,624 324,311
Shares issued for compensation 62,759 445,293
Loss (gain) on debt conversion 1,627,858 1,190,730
Loss on debt extinguishment 2,805,306 680,935
Loss on disposal of fixed assets 4,252 75,362
Loss on long-term investment 97,488
Loss on termination of right of use asset 30,322
Amortization of debt issuance costs 2,583,211 7,764,872
Write-off of deposit 50,000 12,000
Prepaid research and development 63,566
Change in fair value of derivative liabilities (1,392,530) (9,360,886)
Changes in operating assets and liabilities:    
Revenue from crypto asset production (26,282)  
Other receivables (84,661) 18,082
Prepaid expenses and other current assets (286,399) 313,470
Inventories (3,586) (38,857)
Deposit receivable (73,849)  
Lease deposit asset 15,502 (63,708)
Contingent payable 80,218
Accounts payable and accrued liabilities 641,284 834,147
Contract liabilities (15,336) 15,300
Lease deposit liability 25,684
Net cash used in operating activities (5,271,278) (6,505,072)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investment (225,000)
Acquisition of plant and equipment (839,937)
Acquisition of power agreement (673,769)
Cash consideration paid for business combination (356,079)
Net cash used in investing activities (1,869,785) (225,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from common shares issued for cash 2,775,616 1,342,915
Share issuance costs paid (153,220)
Proceeds from debentures – net of discount 2,250,000 9,615,385
Repayment of convertible debentures (1,331,467) (2,143,091)
Financing costs of debentures (84,463) (387,917)
Net cash provided by financing activities 3,609,686 8,274,072
Effect of exchange rate changes on cash 142,667 65,258
Change in cash (3,388,710) 1,609,258
Cash, beginning of year 3,878,578 2,269,320
Cash, end of year 489,868 3,878,578
Supplemental cash flow information:    
Cash paid during the period for interest 53,403 198,427
Supplemental disclosure of non-cash investing and financing transactions    
Initial fair value of debenture warrants (“Second Tranche Warrants”) 2,378,000
Initial fair value of conversion feature of debentures (“Second Tranche Debentures”) 1,599,000
Initial fair value of debenture warrants (“Third Tranche Warrants”) 1,251,000
Initial fair value of conversion feature of debentures (“Third Tranche Debentures”) 1,152,000
Initial fair value of debenture warrants (“Fourth Tranche Warrants”) 1,053,000
Initial fair value of conversion feature of debentures (“Fourth Tranche Debentures”) 1,065,000
Reclassified accrued construction in progress fees 39,875
Shares issued for conversion of convertible debt 9,292,871
Initial fair value of debenture warrants (“Fifth Tranche Warrants”) 564,000
Initial fair value of conversion feature of debentures (“Fifth Tranche Debentures”) 359,000
Initial fair value of debenture warrants (“Sixth Tranche Warrants”) 198,000
Initial fair value of conversion feature of debentures (“Sixth Tranche Debentures”) 242,000
Initial fair value of conversion feature of debentures (“Seventh Tranche Debentures”) 297,000
Initial fair value of debenture warrants (“Seventh Tranche Warrants”) 369,000
Shares issued for conversion of convertible debt 11,469,407
Prefunded warrants related to land deposit cancelled $ 2,085,960

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