SHARE CAPITAL (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Equity [Abstract] |
|
| SCHEDULE OF SHARE CAPITAL |
The
Company had the following common share transactions during the year ended December 31, 2023:
SCHEDULE OF SHARE CAPITAL
| |
|
#
of shares |
|
|
Amount |
|
| Shares
issued for cash, net of share issuance costs |
|
|
124,652 |
|
|
$ |
939,695 |
|
| Shares
issued in private placement |
|
|
20,000 |
|
|
|
204,880 |
|
| Common
shares issued for conversion of convertible debt |
|
|
4,566,970 |
|
|
|
9,292,871 |
|
| Shares
issued on conversion of vested prefunded warrants |
|
|
141,175 |
|
|
|
11,576,224 |
|
| Shares
issued for compensation |
|
|
54,083 |
|
|
|
348,199 |
|
| Common
shares issued to consultants |
|
|
580,900 |
|
|
|
324,311 |
|
| Fractional
shares issued due to roundup from reverse split |
|
|
37,349 |
|
|
|
- |
|
| Total
common shares issued |
|
|
5,525,129 |
|
|
$ |
22,686,180 |
|
The
Company had the following common share transactions during the year ended December 31, 2022:
| |
|
#
of shares |
|
|
Amount |
|
| Common
shares issued for bonuses and compensation |
|
|
5,336 |
|
|
$ |
520,230 |
|
| Common
shares issued for conversion of convertible debt |
|
|
1,351 |
|
|
|
131,532 |
|
| Common
shares issued to consultants |
|
|
5,695 |
|
|
|
853,457 |
|
| Total
common shares issued |
|
|
12,382 |
|
|
$ |
1,505,219 |
|
|
| SCHEDULE OF STOCK OPTION ACTIVITY |
The
following summarizes stock option activity during the years ended December 31, 2023 and 2022:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
|
Number
of
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Remaining Life
(years) |
|
| |
|
|
|
|
|
|
|
|
|
| Balance
at December 31, 2021 |
|
|
14,338 |
|
|
$ |
281.57 |
|
|
|
4.48 |
|
| Granted |
|
|
14,942 |
|
|
$ |
57.00 |
|
|
|
4.88 |
|
| Forfeited |
|
|
(512 |
) |
|
$ |
350.00 |
|
|
|
- |
|
| Cancelled |
|
|
(1,116 |
) |
|
$ |
213.56 |
|
|
|
- |
|
| Balance
at December 31, 2022 |
|
|
27,652 |
|
|
$ |
165.09 |
|
|
|
4.24 |
|
| Granted |
|
|
57,364 |
|
|
$ |
4.50 |
|
|
|
4.70 |
|
| Forfeited |
|
|
(3,776 |
) |
|
$ |
133.66 |
|
|
|
- |
|
| Cancelled |
|
|
(5,126 |
) |
|
$ |
224.24 |
|
|
|
- |
|
| Balance
at December 31, 2023 |
|
|
76,114 |
|
|
$ |
41.75 |
|
|
|
4.37 |
|
|
| SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK OPTIONS |
The
Company’s outstanding and exercisable stock options at December 31, 2023 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 |
|
|
1,844 |
|
|
|
2.50 |
|
|
|
179.57 |
|
|
|
1,844 |
|
|
|
179.57 |
|
| May
31, 2026 |
|
|
3,450 |
|
|
|
2.42 |
|
|
|
350.00 |
|
|
|
2,870 |
|
|
|
350.00 |
|
| July
15, 2026 |
|
|
1,109 |
|
|
|
2.54 |
|
|
|
350.00 |
|
|
|
828 |
|
|
|
350.00 |
|
| September
30, 2026 |
|
|
986 |
|
|
|
2.75 |
|
|
|
350.00 |
|
|
|
738 |
|
|
|
350.00 |
|
| November
18, 2027 |
|
|
11,361 |
|
|
|
3.88 |
|
|
|
57.00 |
|
|
|
5,676 |
|
|
|
57.00 |
|
| September
12, 2028 |
|
|
57,364 |
|
|
|
4.70 |
|
|
|
4.50 |
|
|
|
14,344 |
|
|
|
4.50 |
|
| Total
Share Options |
|
|
76,114 |
|
|
|
4.37 |
|
|
|
41.75 |
|
|
|
26,300 |
|
|
|
86.38 |
|
|
| SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS OF OPTIONS |
The
following table summarizes the Company’s weighted average assumptions used in the valuation of options granted during the year
ended December 31, 2023 and December 31, 2022:
SCHEDULE
OF WEIGHTED AVERAGE ASSUMPTIONS OF OPTIONS
| |
|
December
31, 2023 |
|
|
December
31, 2022 |
|
| Expected
volatility |
|
|
77.46 |
% |
|
|
78.05 |
% |
| Expected
term (in years) |
|
|
2.82 |
|
|
|
3.07 |
|
| Risk-free
interest rate |
|
|
3.97 |
% |
|
|
3.35 |
% |
| Fair
value of options |
|
$ |
2.31 |
|
|
$ |
30.25 |
|
|
| SCHEDULE OF OUTSTANDING WARRANTS |
The
Company’s outstanding warrants as of December 31, 2023 were:
SCHEDULE OF OUTSTANDING WARRANTS
| |
|
Number
of
warrants |
|
|
Weighted
average
exercise price |
|
|
Expiry
Date |
| |
|
|
|
|
|
|
$ |
|
|
|
| Outstanding,
December 31, 2021 |
|
|
115,407 |
|
|
|
333.09 |
|
|
|
| Granted
June 30, 2022 |
|
|
82,129 |
|
|
|
122.10 |
a |
|
December
30, 2025 |
| Outstanding,
December 31, 2022 |
|
|
197,536 |
|
|
|
245.37 |
|
|
|
| Granted
January 17, 2023 |
|
|
53,226 |
|
|
|
62.00 |
a |
|
July
17, 2026 |
| Granted
June 20, 2023 |
|
|
20,000 |
|
|
|
25.00 |
|
|
June
20, 2025 |
| Granted
October 18, 2023 |
|
|
620,230 |
|
|
|
2.62 |
a |
|
April
18, 2027 |
| Granted
November 30, 2023 |
|
|
1,986,112 |
|
|
|
0.90 |
|
|
May
30, 2027 |
| Outstanding,
December 31, 2023 |
|
|
2,877,104 |
|
|
|
14.39 |
|
|
|
| (a) |
The
issuance of the Fourth Tranche Debenture on November 30, 2023 triggered the down round provision, adjusting the exercise prices of
the Debenture Warrants to $0.90
(Note 11). Subsequent to December 31, 2023, a Convertible Debt Investor purchased an additional tranche of $1,100,000
in convertible debentures (the “Fifth tranche”) and received 3,341,122
warrants (the “Fifth tranche of Debenture Warrants”). The convertible debt and warrants were issued with an exercise
price of $0.214.
The issuance of the additional tranche triggered the down round provision, adjusting the exercise prices of the First, Second,
Third, and Fourth tranche of Debentures and the First, Second, Third, Fourth tranche of Debenture Warrants to $0.214. |
|
| SCHEDULE OF 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):
SCHEDULE
OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE
| |
|
|
|
|
|
|
|
|
| |
|
December
31, 2023 |
|
|
December
31, 2022 |
|
| Warrants |
|
|
2,877,104 |
|
|
|
197,536 |
|
| Options |
|
|
76,114 |
|
|
|
27,652 |
|
| Prefunded
warrants |
|
|
- |
|
|
|
22,923 |
|
| Convertible
debentures |
|
|
13,444,835 |
|
|
|
99,730 |
|
| Total
anti-dilutive weighted average shares |
|
|
16,398,053 |
|
|
|
347,841 |
|
|