v3.22.2.2
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the period $ (10,120,501) $ (3,915,207)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 15,706 7,606
Share based compensation 282,828 571,398
Shares issued for consulting services 708,162 298,214
Accretion of interest on senior secured debentures 1,688,672 484,379
Issuance cost related to warrants 375,123
Loss on extension of debt term 59,055
Shares issued for compensation and bonuses 432,054
Change in fair value of derivative liabilities (1,683,489) (818,960)
Gain on debt conversion (93,973)
Changes in operating assets and liabilities:    
Other receivables (14,411) (22,574)
Prepaid expenses and other current assets (60,914) (266,832)
Accounts payable and accrued liabilities (35,791) 210,330
Right-of-use asset 249,038
Lease liabilities (255,731)
Net cash used in operating activities (8,888,350) (3,017,468)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of equipment and leasehold improvements (93,259) (17,866)
Payment against acquisition of intangibles (500,000) (225,000)
Refund for purchase of land 20,000
Construction in progress (50,000) (744,191)
Net cash used in investing activities (623,259) (987,057)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from debentures – net of discount 12,750,000
Repayment of convertible debentures (1,122,000)  
Interest paid on convertible debentures (173,376)  
Financing costs of debentures (1,634,894) (69,000)
Proceeds from Initial Public Offering 15,639,990
Payment of IPO costs (2,279,374)
Proceeds from exercise warrants 238,800
Proceeds from issuance of senior secured debentures 600,000
Proceeds from long-term loan 15,932
Repayment of Senior Secured Debentures (750,000)
Net cash used in financing activities 9,819,730 13,396,348
Effect of exchange rate changes on cash and cash equivalent (214,383) (210,717)
Change in cash 93,738 9,181,106
Cash, beginning of period 7,775,290 653,410
Cash, end of period 7,869,028 9,834,516
Supplemental cash flow information:    
Cash paid during the period for interest 173,376
Supplemental disclosure of non-cash investing and financing transactions    
Fair value of warrant liability 374,028
Fair value of debenture warrants 4,342,877
Fair value of conversion feature of debentures 2,249,000
Prefunded warrants issued related to intangible assets 8,996,586
Prefunded warrants issued related to land deposit 2,085,960
Shares issued for conversion of convertible debt 131,532
Preferred stock dividend paid in common shares 735,932
Initial operating lease liability recognized under Topic 842 1,776,599
Initial lease right-of-use asset recognized under Topic 842 1,837,782
Conversion of Series A preferred stock to common shares 6,717,873
Unpaid amount related to intangible assets included in accrued expenses $ 500,000

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