v3.22.1
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the period $ (3,281,286) $ (884,606)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,527 2,595
Share based compensation 157,982 90,242
Shares issued for consulting services 88,071 188,327
Shares issued for compensation 97,121
Change in fair value of warrants 457,042
Amortization of right-of-use asset 56,028
Changes in operating assets and liabilities:    
Decrease in other receivable 9,718 2,530
Increase in prepaid expenses and other current assets (174,569) (11,955)
(Decrease) increase in accounts payable and accrued liabilities (233,966) 240,889
Operating lease liabilities (50,322)
Net cash used in operating activities (2,870,654) (371,978)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of equipment (2,157)
Payment against acquisition of intangibles (500,000)
Net cash used in investing activities (500,000) (2,157)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of senior secured debentures 600,000
Financing costs of senior secured debentures (69,000)
Payment of IPO costs (61,936)
Net cash provided by financing activities 469,064
Effect of exchange rate changes on cash and cash equivalent (26,515) (12,547)
Change in cash (3,397,169) 82,382
Cash, beginning of period 7,775,290 653,410
Cash, end of period 4,378,121 735,792
Supplemental cash flow information:    
Cash paid during the period for interest
Cash paid during the period for income taxes
Supplemental disclosure of non-cash investing and financing transactions    
Fair value of warrants liability 266,773
Unpaid amount related to construction in progress included in accounts payable 50,000 744,191
Operating lease liability 1,776,599
Operating lease right-of-use asset 1,837,782
Unpaid IPO costs $ 345,368

Source