Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the year $ (6,643,116) $ (3,221,526)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 11,797 9,059
Share based compensation 796,141 571,210
Shares issued for consulting services 321,121 438,076
Shares issued for compensation 134,383
Loss on extension of debt term 58,952
Write-off of deposit 151,711
Issuance cost related to warrants 374,465
Change in fair value of warrants (1,191,383)
Accretion of interest on senior secured debentures 483,529
Changes in operating assets and liabilities:    
Decrease (increase) in other receivables (23,353) 38,724
Decrease (increase) in prepaid expenses and other current assets (235,713) 54,779
Increase in accounts payable and accrued liabilities 662,173 257,967
Lease deposit, non-current (50,608)
Deferred rent 12,954
Net cash used in operating activities (5,136,947) (1,851,711)
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisition of equipment (25,522) (1,574)
Acquisition of intangibles (225,000)
Deposit for purchase of land (12,000) (170,000)
Cash paid for construction in progress (744,191)
Net cash used in investing activities (1,006,713) (171,574)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Initial Public Offering 15,639,990
IPO costs paid including underwriting discount (2,279,374) (93,495)
Proceeds from exercise of warrants 238,800 666,878
Proceeds from long term loan 15,932 31,417
Proceeds from senior secure debentures - net 600,000
Financing costs of senior secured debentures (69,000)
Repayment of Senior Secured Debentures (750,000)
Proceeds from exercise of options 9,123
Net cash provided by financing activities 13,405,471 604,800
Effect of exchange rate changes on cash (139,931) (86,996)
Change in cash 7,121,880 (1,505,481)
Cash, beginning of year 653,410 2,158,891
Cash, end of year 7,775,290 653,410
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 warrants liability 374,028
Preferred stock dividend paid in common shares 735,932 948,064
Unpaid amount related to construction in progress included in accounts payable 744,191
Conversion of Series A preferred stock to common shares 6,717,873
Unpaid IPO costs 297,437
Unpaid amount related to intangible assets included in accrued expenses $ 500,000