Quarterly report pursuant to Section 13 or 15(d)

SHARE CAPITAL

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SHARE CAPITAL
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
SHARE CAPITAL

13. SHARE CAPITAL

 

On June 17, 2024 the Company’s Board of Directors authorized a share repurchase program (the “Repurchase Program”) under which the Company may repurchase up to $1 million of its outstanding common shares, for a period of six months, subject to contractual requirements. As at September 30, 2024, no shares have been repurchased under the Repurchase Program.

 

As at September 30, 2024, the Company owed $44,214 worth of stock-based compensation to a former officer of the Company. The balance issuable was classified as an Obligation to issue shares.

 

Basic and diluted net loss per share represents the loss attributable to shareholders divided by the weighted average number of shares and prefunded warrants outstanding during the period on an as converted basis.

 

Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):

 

    September 30, 2024     September 30, 2023  
Warrants     13,761,493       270,762  
Options     61,567       76,185  
Convertible debentures     22,890,431       2,020,390  
Total anti-dilutive weighted average shares     36,713,491       2,367,337