v3.21.2
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the period $ (3,915,207) $ (2,587,062)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 7,606 6,697
Share-based compensation 571,398 463,882
Shares issued for consulting services 298,214 418,926
Loss on extension of debt term 59,055
Issuance cost related to warrants 375,123
Change in fair value of warrants (818,960)
Accretion of interest on senior secured debentures 484,379
Changes in operating assets and liabilities:    
Other receivables (22,574) 40,942
Prepaid expenses and other current assets (266,832) (59,288)
Accounts payable and accrued liabilities 210,330 82,129
Net cash used in operating activities (3,017,468) (1,633,774)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of equipment (17,866) (851)
Acquisition of intangibles (225,000)
Cash paid for construction in progress (744,191)
Net cash used in investing activities (987,057) (851)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Initial Public Offering 15,639,990
IPO costs paid including underwriting discount (2,279,374) (41,200)
Proceeds from exercise warrants 238,800
Proceeds from long-term loan 15,932 29,987
Proceeds from issuance of senior secured debentures 600,000
Financing costs of senior secured debentures (69,000)
Repayment of Senior Secured Debentures (750,000)
Net cash provided by financing activities 13,396,348 (11,213)
Effect of exchange rate changes on cash and cash equivalent (210,717) (59,533)
Change in cash 9,181,106 (1,705,371)
Cash, beginning of period 653,410 2,158,891
Cash, end of period 9,834,516 453,520
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 374,028
Preferred stock dividend paid in common shares 735,932 459,236
Unpaid amount related to construction in progress included in accounts payable 744,191
Conversion of Series A preferred stock to common shares 6,717,873  
Unpaid IPO costs 84,569
Unpaid amount related to intangible assets included in accrued expenses $ 500,000

Source