|12 Months Ended|
Dec. 31, 2022
12. SHARE CAPITAL
On March 1, 2019, the Company changed its share structure to replace Class – A voting shares with Common voting Shares, eliminated Class-B non-voting shares, and created a new series of Preferred shares with no par value and unlimited number of shares. Holders of Preferred shares shall be entitled to receive distribution ahead of holders of Common shares. In addition, Preferred shareholders are also entitled to a fixed premium (if specifically provided in the special rights and restrictions attached to a specific series of Preferred shares), prior to any distributions to holders of Common shares in the event of dissolution, liquidation or winding-up of the Company.
The Company had the following common share transactions during the year ended December 31, 2022:
SCHEDULE OF SHARE CAPITAL
The Company had the following common share transactions during the year ended December 31, 2021:
The Company has adopted a stock option plan (the “Option Plan”) for its directors, officers, employees and consultants to acquire common shares of the Company. The terms and conditions of the stock options are determined by the Board of Directors.
On May 28, 2019, at the Company’s annual general meeting, shareholders approved an amendment to the Option Plan to increase the number of authorized shares subject to the Option Plan to % of the issued and outstanding shares of the Company (including any unconverted Series A Preferred Shares).
For the year ended December 31, 2022, the Company recorded aggregate share-based compensation expense of $ (December 31, 2021 - $ ) for all stock options on a straight-line basis over the vesting period.
As of December 31, 2022, (December 31, 2021 – ) Options were outstanding at a weighted average exercise price of $(December 31, 2021 - $(December 31, 2021 – ) were exercisable.
The amounts recognized as share-based payments and stock options are included in share-based compensation on the Statement of Loss and Comprehensive Loss.
As of December 31, 2022, there was $ (December 31, 2021 - $ ) of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted; that cost is expected to be recognized over a period of years (December 31, 2021 – years).
SCHEDULE OF STOCK OPTION ACTIVITY
The Company’s outstanding and exercisable stock options at December 31, 2022 were:
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK OPTIONS
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS
The Company’s outstanding warrants as of December 31, 2022 were:
SCHEDULE OF OUTSTANDING WARRANTS
(a) Subsequent to the year end, the issuance of additional tranches of Debentures triggered the down round provision, adjusting the exercise prices of the Debenture Warrants to $(Note 9).
Diluted net loss attributable to common shareholders per share does not differ from basic net loss attributable to common shareholders per share for the years ended December 31, 2022 and December 31, 2021, since the effect of the Company’s warrants, stock options and convertible debentures are anti-dilutive.
ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef