Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the year $ (11,733,210) $ (12,873,102)
Adjustments to reconcile net loss to net cash used in operating activities:    
Write down of construction in progress deposit 1,963,304
Depreciation and amortization 679,844 22,413
Share based compensation 317,933 420,715
Shares issued for consulting services 324,311 760,162
Shares issued for compensation 445,293 520,230
Loss (gain) on debt conversion 1,190,730 (93,973)
Loss on debt extinguishment 680,935
Loss on disposal of fixed assets 75,362
Loss on termination of right of use asset 30,322
Amortization of debt issuance costs 7,764,872 3,057,825
Write-off of deposit 12,000
Change in fair value of derivative liabilities (9,360,886) (3,719,869)
Changes in operating assets and liabilities:    
Other receivables 18,082 (16,615)
Prepaid expenses and other current assets 313,470 (274,302)
Inventories (38,857)
Lease deposit asset (63,708)
Accounts payable and accrued liabilities 834,147 75,552
Right-of-use asset 297,034
Lease liabilities (255,429)
Contract liabilities 15,300
Lease deposit liability 25,684
Net cash used in operating activities (6,505,072) (12,079,359)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investment (225,000)  
Acquisition of equipment and leasehold improvements (104,986)
Payment against acquisition of intangibles (500,000)
Return of deposit on purchase of land 20,000
Construction in progress (55,028)
Net cash used in investing activities (225,000) (640,014)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from common shares issued for cash 1,342,915
Share issuance costs paid (153,220)
Proceeds from debentures – net of discount 9,615,385 12,750,000
Repayment of convertible debentures (2,143,091) (2,805,000)
Financing costs of debentures (387,917) (1,634,894)
Payment for acquisition of intangible asset (750,000)
Net cash provided by financing activities 8,274,072 7,560,106
Effect of exchange rate changes on cash 65,258 (346,703)
Change in cash 1,609,258 (5,505,970)
Cash, beginning of year 2,269,320 7,775,290
Cash, end of year 3,878,578 2,269,320
Supplemental cash flow information:    
Cash paid during the period for interest 198,427 338,753
Supplemental disclosure of non-cash investing and financing transactions    
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 (“Third Tranche Warrants”) 1,251,000
Initial fair value of conversion feature of debentures (“Third Tranche Debentures”) 1,152,000
Initial fair value of debenture warrants (“Fourth Tranche Warrants”) 1,053,000
Initial fair value of conversion feature of debentures (“Fourth Tranche Debentures”) 1,065,000
Reclassified accrued construction in progress fees 39,875
Shares issued for conversion of convertible debt 9,292,871 131,532
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
Prefunded warrants issued related to intangible assets 12,106,677
Prefunded warrants related to land deposit 2,085,960
Prefunded warrants related to land deposit cancelled 2,085,960
Initial operating lease liability recognized under Topic 842 1,776,599
Initial lease right-of-use asset recognized under Topic 842 $ 1,837,782