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:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
|
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:
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK OPTIONS
| |
|
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:
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS
| |
|
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:
SCHEDULE OF OUTSTANDING WARRANTS
| |
|
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):
ANTI-DILUTIVE SECURITIES EXCLUDED FROM
COMPUTATION OF EARNINGS PER SHARE
| |
|
|
|
|
|
|
|
|
| |
|
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 |
|
|