Quarterly report pursuant to Section 13 or 15(d)

SHARE CAPITAL

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SHARE CAPITAL
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
SHARE CAPITAL

10. SHARE CAPITAL

 

During June 2023, the Company issued shares for cash under its at-the market agreement (the “ATM”). In total 1,073,770 shares were issued for $315,741 less share issuance costs of $16,142.

 

On June 20, 2023 the Company entered in to a private placement agreement issuing 1,000,000 units of one common share and one whole Private Placement Warrant at a strike price of $0.50 with an expiry date of June 20, 2025 for total consideration of $250,000. The fair value of the Private Placement Warrants at initial recognition was $45,120.

 

On June 30, 2023, the Company owed $97,837 worth of stock-based compensation to Company officers. The balance issuable was classified as an Obligation to issue shares, and during July 2023 the obligation was settled with the issuance of 424,564 shares.

 

Basic and diluted net loss per share represents the loss attributable to shareholders divided by the weighted average number of shares and prefunded warrants outstanding during the period on an as converted basis.

 

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):

 

   

June 30,

2023

    

June 30,

2022

  
Warrants     13,537,969       9,876,680  
Options     1,339,024       641,730  
Convertible debentures     45,250,548       6,317,567  
Total anti-dilutive weighted average shares     60,127,541       16,835,977