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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One) |
|
|
|
|
|
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACMT OF 1934
For
the quarterly period ended September 30, 2024 |
|
|
|
|
|
or |
|
|
|
|
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____ to _____ |
|
Commission
File Number: 001-40578
AGRIFORCE
GROWING SYSTEMS LTD.
(Exact
name of registrant as specified in its charter)
British
Columbia |
|
Not
Applicable |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
800
– 525 West 8th Avenue
Vancouver,
BC, Canada |
|
V5Z
1C6 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(604)
757-0952
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Shares |
|
AGRI |
|
NASDAQ
Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer”
and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
|
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
|
|
Emerging
growth company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As
of November 19, 2024, the registrant has 155,029,573
shares of common stock, no par value per share,
outstanding.
TABLE
OF CONTENTS
Cautionary
Note Regarding Forward-Looking Information
This
Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of Section 27A of the Securities
Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). These forward-looking statements represent our expectations, beliefs, intentions or strategies concerning future events,
including, but not limited to, any statements regarding our assumptions about financial performance; the continuation of historical trends;
the sufficiency of our cash balances for future liquidity and capital resource needs; the expected impact of changes in accounting policies
on our results of operations, financial condition or cash flows; anticipated problems and our plans for future operations; and the economy
in general or the future of the agriculture technology industry, all of which were subject to various risks and uncertainties.
When
used in this Quarterly Report on Form 10- Q and other reports, statements, and information we have filed with the Securities and Exchange
Commission (“Commission” or “SEC”), in our press releases, in our periodic reports on Forms 10-K and 10-Q, in
oral statements made by or with the approval of an executive officer, the words or phrases “believes,” “may,”
“will,” “expects,” “should,” “continue,” “anticipates,” “intends,”
“will likely result,” “estimates,” “projects” or similar expressions and variations thereof are intended
to identify such forward-looking statements. However, any statements contained in this Quarterly Report on Form 10-Q that are not statements
of historical fact may be deemed to be forward-looking statements. We caution that these statements by their nature involve risks and
uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important
factors.
We
do not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors
described in this annual report. In this Quarterly Report on Form 10-Q, AgriFORCE Growing Systems Ltd. has identified important factors
that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict
or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements
AGRIFORCE
GROWING SYSTEMS LTD.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Expressed
in US dollars)
| |
Note | | |
September
30, 2024 | | |
December
31, 2023 | |
| |
| | |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Current | |
| | | |
| | | |
| | |
Cash | |
| | | |
$ | 1,373,294 | | |
$ | 3,878,578 | |
Accounts
receivable | |
| | | |
| 163 | | |
| - | |
Other
receivable | |
| | | |
| 23,646 | | |
| 30,859 | |
Prepaid
expenses and other current assets | |
| 4 | | |
| 499,682 | | |
| 272,872 | |
Inventories | |
| 5 | | |
| 47,174 | | |
| 38,857 | |
Total
current assets | |
| | | |
| 1,943,959 | | |
| 4,221,166 | |
| |
| | | |
| | | |
| | |
Non-current | |
| | | |
| | | |
| | |
Property
and equipment, net | |
| | | |
| 2,612 | | |
| 11,801 | |
Intangible
assets, net | |
| 6 | | |
| 8,370,423 | | |
| 12,733,885 | |
Goodwill | |
| | | |
| 314,387 | | |
| - | |
Lease
deposit | |
| | | |
| 48,206 | | |
| 63,708 | |
Construction
in progress | |
| | | |
| 112,281 | | |
| 113,566 | |
Investment | |
| 7 | | |
| - | | |
| 223,801 | |
Total
assets | |
| | | |
$ | 10,791,868 | | |
$ | 17,367,927 | |
| |
| | | |
| | | |
| | |
LIABILITIES
AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Current | |
| | | |
| | | |
| | |
Accounts
payable and accrued liabilities | |
| 8 | | |
$ | 2,024,621 | | |
$ | 1,942,011 | |
Debentures | |
| 9 | | |
| 1,093,907 | | |
| 4,084,643 | |
Contingent consideration payable - current | |
| | | |
| 41,659 | | |
| - | |
Contract
liabilities | |
| 10 | | |
| - | | |
| 15,336 | |
Total
current liabilities | |
| | | |
| 3,160,187 | | |
| 6,041,990 | |
| |
| | | |
| | | |
| | |
Non-current | |
| | | |
| | | |
| | |
Other
liabilities | |
| | | |
| 25,165 | | |
| 25,684 | |
Derivative
liabilities | |
| 12 | | |
| 854,022 | | |
| 2,690,308 | |
Contingent consideration payable – non-current | |
| | | |
| 38,559 | | |
| - | |
Long
term loan | |
| 11 | | |
| 44,448 | | |
| 45,365 | |
Total
liabilities | |
| | | |
| 4,122,381 | | |
| 8,803,347 | |
Commitments
and contingencies | |
| 16 | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
Shareholders’
equity | |
| | | |
| | | |
| | |
Common
shares, no par value per share - unlimited shares authorized; 99,343,334 and 5,841,045 shares issued and outstanding at September
30, 2024 and December 31, 2023, respectively* | |
| 13 | | |
| 62,130,241 | | |
| 49,828,942 | |
Additional
paid-in-capital | |
| | | |
| 2,964,795 | | |
| 3,472,444 | |
Obligation
to issue shares | |
| 13 | | |
| 44,214 | | |
| 97,094 | |
Accumulated
deficit | |
| | | |
| (57,914,468 | ) | |
| (44,507,304 | ) |
Accumulated
other comprehensive loss | |
| | | |
| (555,295 | ) | |
| (326,596 | ) |
Total
shareholders’ equity | |
| | | |
| 6,669,487 | | |
| 8,564,580 | |
| |
| | | |
| | | |
| | |
Total
liabilities and shareholders’ equity | |
| | | |
$ | 10,791,868 | | |
$ | 17,367,927 | |
The
accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.
AGRIFORCE
GROWING SYSTEMS LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
(Expressed
in US dollars)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
Months Ended September 30, | | |
Nine
Months Ended September 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenue | |
| - | | |
| - | | |
| 41,315 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Cost
of Sales | |
| - | | |
| - | | |
| 34,192 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Gross
profit | |
| - | | |
| - | | |
| 7,123 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Operating
expenses | |
| | | |
| | | |
| | | |
| | |
Wages
and salaries | |
$ | 486,521 | | |
$ | 603,242 | | |
$ | 1,205,741 | | |
$ | 2,319,026 | |
Consulting | |
| 177,215 | | |
| 147,190 | | |
| 363,411 | | |
| 1,032,210 | |
Professional
fees | |
| 112,361 | | |
| 277,694 | | |
| 442,090 | | |
| 1,026,044 | |
Office
and administrative | |
| 285,186 | | |
| 191,829 | | |
| 864,983 | | |
| 821,358 | |
Investor
and public relations | |
| 61,814 | | |
| 61,319 | | |
| 104,460 | | |
| 451,184 | |
Depreciation
and amortization | |
| 169,248 | | |
| 172,096 | | |
| 499,187 | | |
| 512,695 | |
Share
based compensation | |
| 63,552 | | |
| 80,537 | | |
| 127,674 | | |
| 565,861 | |
Sales
and marketing | |
| 20,281 | | |
| 11,242 | | |
| 96,107 | | |
| 173,568 | |
Lease
expense | |
| 782 | | |
| 73,261 | | |
| 59,358 | | |
| 222,535 | |
Travel
and entertainment | |
| 23,757 | | |
| 3,813 | | |
| 31,915 | | |
| 104,938 | |
Shareholder
and regulatory | |
| 13,431 | | |
| 35,857 | | |
| 98,880 | | |
| 114,674 | |
Research
and development | |
| 54,036 | | |
| (27,046 | ) | |
| 58,130 | | |
| 22,312 | |
Intangible asset impairment (Note 6) | |
| 4,137,271 | | |
| - | | |
| 4,137,271 | | |
| - | |
Operating
expenses | |
| 5,605,455 | | |
| 1,631,034 | | |
| 8,089,207 | | |
| 7,366,405 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
loss | |
| (5,605,455 | ) | |
| (1,631,034 | ) | |
| (8,082,084 | ) | |
| (7,366,405 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
expenses | |
| | | |
| | | |
| | | |
| | |
Accretion
of interest on debentures (Note 9) | |
| 469,684 | | |
| 2,064,936 | | |
| 2,672,765 | | |
| 6,045,214 | |
Loss
on conversion of convertible debt (Note 9) | |
| 235,376 | | |
| 108,125 | | |
| 1,627,858 | | |
| 541,730 | |
Loss
on debt extinguishment (Note 9) | |
| (75,119 | ) | |
| - | | |
| 2,223,250 | | |
| - | |
(Gain)
loss on extinguishment of warrant liability | |
| (14,769 | ) | |
| - | | |
| (14,769 | ) | |
| - | |
Change
in fair value of derivative liabilities (Note 12) | |
| (505,628 | ) | |
| (326,042 | ) | |
| (1,198,554 | ) | |
| (6,159,067 | ) |
Loss on long-term investment | |
| 97,488 | | |
| - | | |
| 97,488 | | |
| - | |
Foreign
exchange gain | |
| 63,834 | | |
| 25,472 | | |
| (22,918 | ) | |
| (1,317 | ) |
Other
loss | |
| - | | |
| - | | |
| 4,252 | | |
| - | |
Write-off
of inventory | |
| - | | |
| - | | |
| 38,470 | | |
| - | |
Write-off
of deposit (Note 4) | |
| - | | |
| - | | |
| - | | |
| 12,000 | |
Other
income | |
| (28,956 | ) | |
| (10,472 | ) | |
| (102,762 | ) | |
| (64,887 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
loss | |
$ | (5,847,365 | ) | |
$ | (3,493,053 | ) | |
$ | (13,407,164 | ) | |
$ | (7,740,078 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
comprehensive income (loss) | |
| | | |
| | | |
| | | |
| | |
Foreign
currency translation | |
| 179,950 | | |
| (226,286 | ) | |
| (228,699 | ) | |
| 84,719 | |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive
loss attributable to common shareholders | |
$ | (5,667,415 | ) | |
$ | (3,719,339 | ) | |
$ | (13,635,863 | ) | |
$ | (7,655,359 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
and diluted net loss attributed to common share | |
$ | (0.06 | ) | |
$ | (4,03 | ) | |
$ | (0.27 | ) | |
$ | (12.58 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
average number of common shares outstanding – basic and diluted* | |
| 92,015,605 | | |
| 867,110 | | |
| 50,333,281 | | |
| 615,152 | |
The
accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.
AGRIFORCE
GROWING SYSTEMS LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(Expressed
in US dollars, except share numbers)
| |
#
of Shares* | | |
Amount | | |
paid-in-
capital | | |
to
issue shares | | |
Accumulated
deficit | | |
comprehensive
income | | |
shareholders’
equity | |
| |
For
the three months ended September 30 | | |
| |
| |
Common
shares | | |
Additional | | |
Obligation | | |
| | |
Accumulated
other | | |
Total | |
| |
#
of Shares* | | |
Amount | | |
paid-in-
capital | | |
to
issue shares | | |
Accumulated
deficit | | |
comprehensive
income | | |
shareholders’
equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Shares
issued for conversion of convertible debt | |
| 9,500,000 | | |
| 708,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 708,000 | |
Shares
issued for compensation | |
| 509,442 | | |
| 42,218 | | |
| - | | |
| (42,218 | ) | |
| - | | |
| - | | |
| - | |
Shares
issued for business combination | |
| 5,000,000 | | |
| 295,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 295,000 | |
Share based compensation | |
| - | | |
| - | | |
| 10,912 | | |
| - | | |
| - | | |
| - | | |
| 10,912 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,847,365 | ) | |
| - | | |
| (5,847,365 | ) |
Foreign
currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 179,950 | | |
| 179,950 | |
Balance,
September 30, 2024 | |
| 99,343,334 | | |
$ | 62,130,241 | | |
$ | 2,964,795 | | |
$ | 44,214 | | |
$ | (57,914,468 | ) | |
$ | (555,295 | ) | |
$ | 6,669,487 | |
| |
For
the nine months ended September 30 | | |
| |
Balance,
January 1, 2024 | |
| 5,841,045 | | |
$ | 49,828,942 | | |
$ | 3,472,444 | | |
$ | 97,094 | | |
$ | (44,507,304 | ) | |
$ | (326,596 | ) | |
$ | 8,564,580 | |
Shares
issued for conversion of convertible debt | |
| 87,499,099 | | |
| 11,332,607 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 11,332,607 | |
Shares
issued for compensation | |
| 854,455 | | |
| 115,639 | | |
| - | | |
| (52,880 | ) | |
| - | | |
| - | | |
| 62,759 | |
Shares
issued for consulting services | |
| 142,310 | | |
| 27,624 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 27,624 | |
Shares
issued for business combination | |
| 5,000,000 | | |
| 295,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 295,000 | |
Shares
issued on conversion of vested prefunded warrants | |
| 6,425 | | |
| 530,429 | | |
| (530,429 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Share based compensation | |
| - | | |
| - | | |
| 22,780 | | |
| - | | |
| - | | |
| - | | |
| 22,780 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (13,407,164 | ) | |
| - | | |
| (13,407,164 | ) |
Foreign
currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (228,699 | ) | |
| (228,699 | ) |
Balance,
September 30, 2024 | |
| 99,343,334 | | |
$ | 62,130,241 | | |
$ | 2,964,795 | | |
$ | 44,214 | | |
$ | (57,914,468 | ) | |
$ | (555,295 | ) | |
$ | 6,669,487 | |
| |
#
of Shares* | | |
Amount | | |
paid-in-
capital | | |
to
issue shares | | |
Accumulated
deficit | | |
comprehensive
income | | |
shareholders’
equity | |
| |
For
the three months ended September 30 | | |
| |
| |
Common
shares | | |
Additional | | |
Obligation | | |
| | |
Accumulated
other | | |
Total | |
| |
#
of Shares* | | |
Amount | | |
paid-in-
capital | | |
to
issue shares | | |
Accumulated
deficit | | |
comprehensive
income | | |
shareholders’
equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance,
July 1, 2023 | |
| 454,335 | | |
$ | 33,086,067 | | |
$ | 11,478,156 | | |
$ | 97,837 | | |
$ | (37,021,119 | ) | |
$ | (331,705 | ) | |
$ | 7,309,236 | |
Shares
issued for conversion of convertible debt | |
| 422,104 | | |
| 3,013,171 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,013,171 | |
Shares
issued for compensation | |
| 31,890 | | |
| 205,678 | | |
| - | | |
| (53,623 | ) | |
| - | | |
| - | | |
| 152,055 | |
Shares
issued for cash, net of issuance costs | |
| 103,177 | | |
| 640,096 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 640,096 | |
Shares
issued for consulting services | |
| 350 | | |
| 27,150 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 27,150 | |
Shares
issued on conversion of vested prefunded warrants | |
| 59,660 | | |
| 4,919,568 | | |
| (4,919,568 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Share based compensation | |
| - | | |
| - | | |
| (72,056 | ) | |
| - | | |
| - | | |
| - | | |
| (72,056 | ) |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,493,053 | ) | |
| - | | |
| (3,493,053 | ) |
Foreign
currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (226,286 | ) | |
| (226,286 | ) |
Balance,
September 30, 2023 | |
| 1,071,516 | | |
$ | 41,891,730 | | |
$ | 6,486,532 | | |
$ | 44,214 | | |
$ | (40,514,172 | ) | |
$ | (557,991 | ) | |
$ | 7,350,313 | |
| |
For
the nine months ended September 30 | | |
| |
Balance,
January 1, 2023 | |
| 315,916 | | |
$ | 27,142,762 | | |
$ | 16,816,695 | | |
$ | - | | |
$ | (32,774,094 | ) | |
$ | (642,710 | ) | |
$ | 10,542,653 | |
Balance | |
| 315,916 | | |
$ | 27,142,762 | | |
$ | 16,816,695 | | |
$ | - | | |
$ | (32,774,094 | ) | |
$ | (642,710 | ) | |
$ | 10,542,653 | |
Shares
issued for conversion of convertible debt | |
| 472,431 | | |
| 4,756,872 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4,756,872 | |
Shares
issued for compensation | |
| 35,007 | | |
| 311,190 | | |
| - | | |
| 44,214 | | |
| - | | |
| - | | |
| 355,404 | |
Shares
issued for cash, net of issuance costs | |
| 124,652 | | |
| 939,695 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 939,695 | |
Shares
issued in private placement | |
| 20,000 | | | | 204,880 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 204,880 | |
Shares
issued for consulting services | |
| 900 | | |
| 80,885 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 80,885 | |
Shares
issued on conversion of vested prefunded warrants | |
| 102,610 | | |
| 8,455,446 | | |
| (8,455,446 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled
prefunded warrants | |
| - | | |
| - | | |
| (2,085,960 | ) | |
| - | | |
| - | | |
| - | | |
| (2,085,960 | ) |
Share based compensation | |
| - | | |
| - | | |
| 211,243 | | |
| - | | |
| - | | |
| - | | |
| 211,243 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (7,740,078 | ) | |
| - | | |
| (7,740,078 | ) |
Foreign
currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 84,719 | | |
| 84,719 | |
Balance,
September 30, 2023 | |
| 1,071,516 | | |
$ | 41,891,730 | | |
$ | 6,486,532 | | |
$ | 44,214 | | |
$ | (40,514,172 | ) | |
$ | (557,991 | ) | |
$ | 7,350,313 | |
Balance | |
| 1,071,516 | | |
$ | 41,891,730 | | |
$ | 6,486,532 | | |
$ | 44,214 | | |
$ | (40,514,172 | ) | |
$ | (557,991 | ) | |
$ | 7,350,313 | |
The
accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.
AGRIFORCE
GROWING SYSTEMS LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed
in US Dollars)
| |
Note | | |
2024 | | |
2023 | |
| |
| | |
For
the nine months ended September 30, | |
| |
Note | | |
2024 | | |
2023 | |
| |
| | |
| | |
| |
CASH
FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | | |
| | |
Net
loss for the period | |
| | | |
$ | (13,407,164 | ) | |
$ | (7,740,078 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | | |
| | |
Depreciation
and amortization | |
| | | |
| 499,187 | | |
| 512,695 | |
Impairment of intangible asset | |
| | | |
| 4,137,271 | | |
| - | |
Share
based compensation | |
| | | |
| 22,780 | | |
| 211,243 | |
Shares
issued for consulting services | |
| | | |
| 27,624 | | |
| 80,885 | |
Shares
issued for compensation | |
| | | |
| 62,759 | | |
| 355,404 | |
Amortization
of debt issuance costs | |
| | | |
| 2,619,362 | | |
| 5,873,396 | |
Change
in fair value of derivative liabilities | |
| 12 | | |
| (1,198,554 | ) | |
| (6,159,067 | ) |
Loss
on debt conversion | |
| 9 | | |
| 1,627,858 | | |
| 541,730 | |
Loss
on debt extinguishment | |
| 9 | | |
| 2,223,250 | | |
| - | |
Loss
on disposal of fixed assets | |
| | | |
| 4,252 | | |
| - | |
Loss on long-term investment | |
| | | |
| 97,488 | | |
| - | |
Write-off
of deposit | |
| | | |
| - | | |
| 12,000 | |
Changes
in operating assets and liabilities: | |
| | | |
| | | |
| | |
Accounts
receivable | |
| | | |
| (164 | ) | |
| - | |
Other
receivables | |
| | | |
| 7,213 | | |
| (25,794 | ) |
Prepaid
expenses and other current assets | |
| | | |
| (226,810 | ) | |
| 344,309 | |
Inventories | |
| | | |
| (8,317 | ) | |
| (38,167 | ) |
Advance | |
| | | |
| - | | |
| (225,000 | ) |
Accounts
payable and accrued liabilities | |
| | | |
| 82,610 | | |
| 783,725 | |
Lease
deposit asset | |
| | | |
| 15,502 | | |
| - | |
Contract
liabilities | |
| | | |
| (15,336 | ) | |
| 23,333 | |
Right-of-use
asset | |
| | | |
| - | | |
| 134,688 | |
Lease
liabilities | |
| | | |
| - | | |
| (122,894 | ) |
Net
cash used in operating activities | |
| | | |
| (3,429,189 | ) | |
| (5,437,592 | ) |
| |
| | | |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | | |
| | |
Purchase of note payable | |
| | | |
| (202,093 | ) | |
| - | |
Cash consideration paid for business combination | |
| | | |
| (153,986 | ) | |
| - | |
Net cash used in investing
activities | |
| | | |
| (356,079 | ) | |
| - | |
| |
| | | |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | | |
| | |
Proceeds
from common shares issued for cash | |
| 13 | | |
| - | | |
| 1,342,915 | |
Share
issuance costs paid | |
| 13 | | |
| - | | |
| (153,220 | ) |
Proceeds
from debentures – net of discount | |
| 9 | | |
| 2,250,000 | | |
| 4,615,385 | |
Repayment
of convertible debentures | |
| 9 | | |
| (802,282 | ) | |
| (1,741,950 | ) |
Financing
costs of debentures | |
| 9 | | |
| (84,463 | ) | |
| (325,962 | ) |
Net
cash provided by financing activities | |
| | | |
| 1,363,255 | | |
| 3,737,168 | |
| |
| | | |
| | | |
| | |
Effect
of exchange rate changes on cash and cash equivalent | |
| | | |
| (83,271 | ) | |
| 17,669 | |
Change
in cash | |
| | | |
| (2,505,284 | ) | |
| (1,682,755 | ) |
Cash, beginning of
period | |
| | |