v3.21.2
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the period $ (2,091,589) $ (1,613,735)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,323 4,412
Share-based compensation 155,801 246,591
Shares issued for consulting services 220,509 133,387
Shares issued for debt term extension 60,000
Accretion of interest on senior secured debentures 427,360
Loss on extension of debt term 59,259
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (538) 43,068
(Increase) decrease in prepaid expenses and other current assets (16,793) 32,396
Increase (decrease) in accounts payable and accrued liabilities 380,986 (32,665)
Net cash used in operating activities (799,682) (1,186,546)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of equipment (2,190) (844)
Net cash used in investing activities (2,190) (844)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from long-term loan 15,932 29,351
Proceeds from issuance of senior secured debentures 600,000
Financing costs of senior secured debentures (69,000)
Payment of IPO costs (173,541) (41,200)
Net cash provided by financing activities 373,391 (11,849)
Effect of exchange rate changes on cash and cash equivalent (67,878) (51,570)
Change in cash (496,359) (1,250,809)
Cash, beginning of period 653,410 2,158,891
Cash, end of period 157,051 908,082
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    
Preferred stock dividend paid in common shares 532,258 459,236
Unpaid amount related to construction in progress included in accounts payable 744,191 744,191
Unpaid IPO costs 803,694 80,580
Fair value of obligation to issue warrants in connection with senior secured debentures 270,669
Fair value of shares in connection with extension of senior secured debentures $ 60,000

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