INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| SUMMARY OF INCOME TAX PROVISION |
For
the year ended December 31, 2024 and 2023, loss before income tax provision consisted of the following:
SUMMARY OF INCOME TAX PROVISION
| |
|
December
31,
2024 |
|
|
December
31,
2023 |
|
| |
|
|
|
|
|
|
|
| SCHEDULE OF COMPONENTS OF INCOME TAX |
Income
tax expense (benefit) consists of the following for the years ended December 31, 2024 and 2023:
SCHEDULE OF COMPONENTS OF INCOME TAX
| |
|
December 31,
2024
|
|
|
December
31,
2023 |
|
| |
|
|
|
|
|
|
| Statutory tax rate |
|
|
27.00 |
% |
|
|
27.00 |
% |
| Income taxes at the statutory rate |
|
$ |
(4,394,200 |
) |
|
$ |
(3,167,967 |
) |
| Change in fair value of derivative liabilities |
|
|
(377,536 |
) |
|
|
(2,525,761 |
) |
| Non-deductible accretion interest |
|
|
671,064 |
|
|
|
1,665,506 |
|
| Debt conversion and extinguishment losses |
|
|
1,195,929 |
|
|
|
509,945 |
|
| Stock-based compensation |
|
|
109,803 |
|
|
|
314,023 |
|
| Share issue costs |
|
|
(126,529 |
) |
|
|
(167,075 |
) |
| Foreign currency translation |
|
|
1,159,454 |
|
|
|
(185,096 |
) |
| Other |
|
|
(80,453 |
) |
|
|
1,893 |
|
| Total |
|
$ |
(1,842,468 |
) |
|
$ |
(3,554,532 |
) |
| |
|
|
|
|
|
|
|
|
| Change in valuation allowance |
|
$ |
1,842,468 |
|
|
$ |
3,554,532 |
|
| Total income tax expense
(benefit) |
|
$ |
- |
|
|
$ |
- |
|
|
| SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
Deferred
income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more
likely than not that we will not realize those tax assets through future operations. Significant components of the Company’s deferred
taxes are as follows:
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
| |
|
December
31,
2024 |
|
|
December
31,
2023 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Unused net operating losses carry
forward - Canada and United States |
|
$ |
11,941,424 |
|
|
$ |
10,964,564 |
|
| Share issue costs |
|
|
261,984 |
|
|
|
285,654 |
|
| Tangible capital assets |
|
|
(51,391 |
) |
|
|
2,692 |
|
| Intangible capital assets |
|
|
943,361 |
|
|
|
- |
|
| Total deferred tax assets |
|
|
13,095,378 |
|
|
|
11,252,910 |
|
| Valuation allowance |
|
|
(13,095,378 |
) |
|
|
(11,252,910 |
) |
| Net
deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
|
| SCHEDULE OF NON-CAPITAL LOSSES USED TO OFFSET FUTURE TAXABLE INCOME IN CANADA |
SCHEDULE OF NON-CAPITAL LOSSES USED
TO OFFSET FUTURE TAXABLE INCOME IN CANADA
| |
|
|
|
|
| 2038 |
|
$ |
1,855,758 |
|
| 2039 |
|
|
4,203,902 |
|
| 2040 |
|
|
2,166,985 |
|
| 2041 |
|
|
5,892,732 |
|
| 2042 |
|
|
10,250,711 |
|
| Thereafter |
|
|
14,375,687 |
|
| |
|
$ |
38,745,775 |
|
|