Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Interim Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss for the period $ (3,442,585) $ (1,206,983) $ (6,723,871) $ (2,091,589)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation 5,465 2,728 8,992 5,323  
Share based compensation 56,390 65,559 214,372 155,801  
Shares issued for consulting services     648,662 220,509  
Shares issued for debt term extension     60,000  
Accretion of interest on senior secured debentures 427,360 427,360  
Loss on extension of debt term     59,259  
Shares issued for compensation and bonuses     331,490  
Change in fair value of warrants (675,504) (218,462)  
Amortization of right-of-use asset     103,074  
Changes in operating assets and liabilities:          
Other receivables     (15,016) (538)  
Prepaid expenses and other current assets     232,238 (16,793)  
Accounts payable and accrued liabilities     478,645 380,986  
Lease liabilities     (118,126)  
Net cash used in operating activities     (5,058,002) (799,682)  
CASH FLOWS FROM INVESTING ACTIVITIES          
Acquisition of equipment and leasehold improvements     (92,479) (2,190)  
Payment against acquisition of intangibles     (500,000)  
Construction in progress     (50,000)    
Net cash used in investing activities     (642,479) (2,190)  
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from issuance of senior secured debentures     600,000  
Financing costs of debentures     (35,000) (69,000)  
Proceeds from long-term loan     15,932  
Payment of IPO costs     (173,541)  
Net cash used in financing activities     (35,000) 373,391  
Effect of exchange rate changes on cash and cash equivalent     (42,899) (67,878)  
Change in cash     (5,778,380) (496,359)  
Cash, beginning of period     7,775,290 653,410 $ 653,410
Cash, end of period $ 1,996,910 $ 157,051 1,996,910 157,051 $ 7,775,290
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 shares in connection with extension of senior secured debentures     60,000  
Fair value of debenture warrants     4,080,958  
Fair value of conversion feature of debentures     3,336,535  
Debt receivable     11,910,000  
Prefunded warrants issued related to intangible assets     7,705,600  
Unpaid financing cost     1,600,312  
Preferred stock dividend paid in common shares     532,258  
Unpaid amount related to construction in progress included in accounts payable     744,191  
Initial operating lease liability recognized under Topic 842     1,776,599  
Initial lease right-of-use asset recognized under Topic 842     1,837,782  
Unpaid IPO costs     $ 803,694