INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
SUMMARY OF INCOME TAX PROVISION |
For
the year ended December 31, 2023 and 2022, loss before income tax provision consisted of the following:
SUMMARY OF INCOME TAX PROVISION
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
|
|
|
|
|
|
|
SCHEDULE OF COMPONENTS OF INCOME TAX |
Income
tax expense (benefit) consists of the following for the years ended December 31, 2023 and 2022:
SCHEDULE OF COMPONENTS OF INCOME TAX
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
|
|
|
|
|
|
|
Loss
before taxes |
|
$ |
) |
|
$ |
) |
Statutory
tax rate |
|
|
27.00 |
% |
|
|
27.00 |
% |
Income
taxes at the statutory rate |
|
$ |
(3,167,967 |
) |
|
$ |
(3,475,738 |
) |
Change
in fair value of derivative liabilities |
|
|
(2,525,761 |
) |
|
|
(1,032,824 |
) |
Non-deductible
accretion interest |
|
|
1,665,506 |
|
|
|
747,719 |
|
Debt conversion and extinguishment losses |
|
|
509,945 |
|
|
|
- |
|
Stock-based
compensation |
|
|
314,023 |
|
|
|
484,035 |
|
Share
issue costs |
|
|
(167,075 |
) |
|
|
(108,685 |
) |
Foreign
currency translation |
|
|
(185,096 |
) |
|
|
298,876 |
|
Other |
|
|
1,893 |
|
|
|
63,035 |
|
Total |
|
$ |
(3,554,532 |
) |
|
$ |
(3,023,582 |
) |
|
|
|
|
|
|
|
|
|
Change
in valuation allowance |
|
$ |
3,554,532 |
|
|
$ |
3,023,582 |
|
Total
income tax expense (benefit) |
|
$ |
- |
|
|
$ |
- |
|
|
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
Deferred
income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more
likely than not that we will not realize those tax assets through future operations. Significant components of the Company’s deferred
taxes are as follows:
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
|
|
December
31, 2023 |
|
|
December
31, 2022 |
|
Deferred
tax assets: |
|
|
|
|
|
|
|
|
Unused
net operating losses carry forward - Canada and United States |
|
$ |
10,964,564 |
|
|
$ |
7,572,932 |
|
Share
issue costs |
|
|
285,654 |
|
|
|
130,732 |
|
Other |
|
|
2,692 |
|
|
|
(5,286 |
) |
Total
deferred tax assets |
|
|
11,252,910 |
|
|
|
7,698,378 |
|
Valuation
allowance |
|
|
(11,252,910 |
) |
|
|
(7,698,378 |
) |
Net
deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
|
SCHEDULE OF NON-CAPITAL LOSSES USED TO OFFSET FUTURE TAXABLE INCOME IN CANADA |
SCHEDULE OF NON-CAPITAL LOSSES USED
TO OFFSET FUTURE TAXABLE INCOME IN CANADA
|
|
|
|
|
2038 |
|
$ |
2,013,889 |
|
2039 |
|
|
4,562,121 |
|
2040 |
|
|
2,351,635 |
|
2041 |
|
|
6,394,857 |
|
2042 |
|
|
11,124,183 |
|
Thereafter |
|
|
10,914,515 |
|
|
|
$ |
37,361,200 |
|
|