Quarterly report pursuant to Section 13 or 15(d)

SHARE CAPITAL

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SHARE CAPITAL
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
SHARE CAPITAL

12. SHARE CAPITAL

 

During the nine months ended September 30, 2023, the Company issued shares for cash under its at-the market agreement (the “ATM”). In total 124,652 shares were issued for $1,092,915 less share issuance costs of $153,220.

 

On June 20, 2023 the Company entered in to a private placement agreement issuing 20,000 units of one common share and one whole Private Placement Warrant at a strike price of $25.00 with an expiry date of June 20, 2025 for total consideration of $250,000. The fair value of the Private Placement Warrants at initial recognition was $45,120.

 

On September 30, 2023, the Company owed $44,214 worth of stock-based compensation to Company officers. The balance issuable was classified as an Obligation to issue shares.

 

Basic and diluted net loss per share represents the loss attributable to shareholders divided by the weighted average number of shares and prefunded warrants outstanding during the period on an as converted basis.

 

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):

 

   

September 30,

2023

    

September 30,

2022

  
Warrants     270,762       197,536  
Options     76,185       12,711  
Convertible debentures     2,020,390       114,892  
Total anti-dilutive weighted average shares     2,367,337       325,139