Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Interim Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the period $ (4,247,025) $ (6,723,871)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 340,599 8,992
Share based compensation 283,299 214,372
Shares issued for consulting services 53,735 648,662
Shares issued for compensation 105,512 331,490
Amortization of debt issuance costs 3,808,460
Change in fair value of derivative liabilities (5,833,025) (218,462)
Loss on debt conversion 433,605
Write-off of deposit 12,000
Obligation to issue shares 97,837
Changes in operating assets and liabilities:    
Other receivables (12,857) (15,016)
Prepaid expenses and other current assets 388,318 232,238
Advance (225,000)
Accounts payable and accrued liabilities 446,943 478,645
Right-of-use asset 57,428 103,074
Lease liabilities (49,825) (118,126)
Net cash used in operating activities (4,339,996) (5,058,002)
CASH FLOWS FROM INVESTING ACTIVITIES    
Payment towards acquisition of intangibles (500,000)
Acquisition of equipment and leasehold improvements (92,479)
Construction in progress (50,000)
Net cash used in investing activities (642,479)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from common shares issued for cash 565,741
Share issuance costs paid (16,142)
Proceeds from debentures – net of discount 4,615,385
Repayment of convertible debentures (1,741,950)
Financing costs of debentures (325,962) (35,000)
Net cash provided by (used in) financing activities 3,097,072 (35,000)
Effect of exchange rate changes on cash and cash equivalent (21,056) (42,899)
Change in cash (1,263,980) (5,778,380)
Cash, beginning of period 2,269,320 7,775,290
Cash, end of period 1,005,340 1,996,910
Supplemental cash flow information:    
Cash paid during the period for interest 171,818
Supplemental disclosure of non-cash investing and financing transactions    
Shares issued for conversion of convertible debt 1,743,701
Reclassified accrued construction in progress fees 39,875
Initial fair value of debenture warrants (“Second Tranche Warrants”) 2,378,000
Initial fair value of conversion feature of debentures (“Second Tranche Debentures”) 1,599,000
Initial fair value of debenture warrants (“First Tranche Warrants”) 4,080,958
Initial fair value of conversion feature of debentures (“First Tranche 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
Initial operating lease liability recognized under Topic 842 1,776,599
Initial lease right-of-use asset recognized under Topic 842 $ 1,837,782