Annual report pursuant to Section 13 and 15(d)

SHARE CAPITAL (Tables)

v3.22.4
SHARE CAPITAL (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
SCHEDULE OF SHARE CAPITAL

The Company had the following common share transactions during the year ended December 31, 2022:

 SCHEDULE OF SHARE CAPITAL

    # of shares     Amount  
Common shares issued for bonuses and compensation     266,765     $ 520,230  
Common shares issued for conversion of convertible debt     67,568       131,532  
Common shares issued to consultants     284,767       853,457  
Total common shares issued     619,100     $ 1,505,219  

 

The Company had the following common share transactions during the year ended December 31, 2021:

 

    # of shares     Amount  
Common shares issued for cash     3,127,998     $ 13,262,712  
Common shares issued for conversion of series A preferred stock     2,258,826       6,717,873  
Common shares issued on exercise of warrants     39,800       238,800  
Common shares issued on cashless exercise of warrants     36,275       -  
Common shares issued on exercise of options     7,018       9,123  
Common shares issued on cashless exercise of options     820,029       -  
Common shares issued for bonus and compensation     159,775       648,449  
Common shares issued for consulting services     76,364       381,663  
Common shares issued for settlement of accrued director’s fee     19,992       46,783  
Common shares issued for dividend on preferred shares     189,004       735,932  
Share issue costs     -       (2,099,842 )
Total common shares issued     6,735,081     $ 19,941,493  
SCHEDULE OF STOCK OPTION ACTIVITY

The following summarizes stock option activity during the years ended December 31, 2022 and 2021:

 

    Number of Options     Weighted Average Exercise Price     Weighted Average Remaining Life (years)  
                   
Balance at December 31, 2020     1,450,918     $ 2.01       4.38  
Granted     509,788     $ 7.00       4.47  
Exercised     (1,120,719 )   $ 3.23       -  
Forfeited     (28,947 )   $ 4.75       -  
Cancelled     (94,021 )   $ 6.70       -  
Balance at December 31, 2021     717,019     $ 5.63       4.48  
Granted     747,060     $ 1.14       4.48  
Forfeited     (25,542 )   $ 7.00       -  
Cancelled     (55,908 )   $ 4.27       -  
Balance at December 31, 2022     1,382,629     $ 3.30       4.24  
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK OPTIONS

The Company’s outstanding and exercisable stock options at December 31, 2022 were:

 

    Outstanding Options     Exercisable Options  
Expiry Date   Number     Weighted Average Remaining Life (years)     Weighted Average Exercise Price     Number     Weighted Average Exercise Price  
                $           $  
June 30, 2026     210,489       3.50       3.51       210,489       3.51  
May 31, 2026     320,351       3.42       7.00       160,176       7.00  
July 15, 2026     55,445       3.54       7.00       23,100       7.00  
September 30, 2026     49,284       3.75       7.00       20,540       7.00  
November 18, 2027     747,060       4.88       1.14       -       -  
Total Share Options     1,382,629       4.24       3.30       414,305       5.23  
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS

The following table summarizes the Company’s assumptions used in the valuation of options granted during the year ended December 31, 2022 and December 31, 2021:

 

    December 31, 2022     December 31, 2021  
Expected volatility     78.05 %     80.00 %
Expected term (in years)     3.07       3.31  
Risk-free interest rate     3.35 %     0.92 %
Fair value of options   $ 0.60     $ 2.59  
SCHEDULE OF OUTSTANDING WARRANTS

The Company’s outstanding warrants as of December 31, 2022 were:

 

    Number of warrants     Weighted average exercise price     Expiry Date
          $      
Outstanding, December 31, 2020     2,546,065       7.46      
Granted July 12, 2021     3,263,997       6.00     July 12, 2024
Granted July 28, 2021     93,938       3.99     July 28, 2024
Exercised in 2021     (133,738 )     4.59     n/a
Outstanding, December 31, 2021     5,770,262       5.91      
Granted June 30, 2022     4,106,418       2.44 a   December 30, 2025
Outstanding, December 31, 2022     9,876,680       4.91      

 

(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 $1.24 (Note 9).

ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE

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):

                 
   

December 31, 2022

   

December 31, 2021

 
Warrants     9,876,680       5,770,262  
Options     1,382,629       717,019  
Prefunded warrants     1,146,132       -  
Convertible debentures     4,986,486       -  
Total anti-dilutive weighted average shares     17,391,927       6,487,281