Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.24.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current    
Cash $ 3,878,578 $ 2,269,320
Other receivable 30,859 48,941
Prepaid expenses and other current assets 272,872 598,342
Inventories 38,857
Total current assets 4,221,166 2,916,603
Non-current    
Property and equipment, net 11,801 121,672
Intangible asset, net 12,733,885 13,089,377
Operating lease right-of-use asset 1,540,748
Lease deposit, non-current 63,708
Construction in progress 113,566 2,092,533
Investment 223,801
Land deposit 2,085,960
Total assets 17,367,927 21,846,893
Current    
Accounts payable and accrued liabilities 1,942,011 1,147,739
Debentures 4,084,643 3,941,916
Contract liabilities 15,336
Lease liability – current 271,110
Total current liabilities 6,041,990 5,360,765
Non-current    
Lease deposit, non-current 25,684
Lease liability – non-current 1,250,060
Derivative liabilities 2,690,308 4,649,115
Long term loan 45,365 44,300
Total liabilities 8,803,347 11,304,240
Commitments and contingencies
Shareholders’ equity    
Common shares, no par value per share - unlimited shares authorized; 5,841,045 and 315,916 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively [1] 49,828,942 27,142,762
Additional paid-in-capital 3,472,444 16,816,695
Obligation to issue shares 97,094
Accumulated deficit (44,507,304) (32,774,094)
Accumulated other comprehensive loss (326,596) (642,710)
Total shareholders’ equity 8,564,580 10,542,653
Total liabilities and shareholders’ equity $ 17,367,927 $ 21,846,893
[1] reflects the 1:50 reverse stock split effected on October 11, 2023.