Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Interim Balance Sheets

v3.23.1
Condensed Consolidated Interim Balance Sheets
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Current    
Cash and cash equivalents $ 2,732,050 $ 2,269,320
Other receivable 26,320 48,941
Prepaid expenses and other current assets (Note 3) 520,532 598,342
Total current assets 3,278,902 2,916,603
Non-current    
Property and equipment, net 114,983 121,672
Intangible asset (Note 4) 12,936,264 13,089,377
Operating lease right-of-use asset (Note 10) 1,496,964 1,540,748
Construction in progress 2,054,530 2,092,533
Land deposit (Note 3) 2,085,960
Total assets 19,881,643 21,846,893
Current    
Accounts payable and accrued liabilities (Note 5) 813,209 1,147,739
Debentures (Note 6 and 11) 4,266,789 3,941,916
Lease liability – current (Note 10) 272,659 271,110
Total current liabilities 5,352,657 5,360,765
Non-current    
Lease liability – non-current (Note 10) 1,208,649 1,250,060
Derivative liabilities (Note 6 and 8) 5,066,676 4,649,115
Long term loan (Note 7) 44,336 44,300
Total liabilities 11,672,318 11,304,240
Commitments and contingencies (Note 11)
Shareholders’ equity    
Common shares, no par value per share – unlimited shares authorized; 18,314,552 and 15,795,798 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 31,283,690 27,142,762
Additional paid-in-capital 11,947,606 16,816,695
Accumulated deficit (34,494,147) (32,774,094)
Accumulated other comprehensive income (527,824) (642,710)
Total shareholders’ equity 8,209,325 10,542,653
Total liabilities and shareholders’ equity $ 19,881,643 $ 21,846,893