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Income tax expense (Tables)
12 Months Ended
Dec. 31, 2022
Income tax expense  
Income Tax Expense

For the years ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

Net loss before income taxes

 

$(6,733,076)

 

$(3,123,799)

 

$(6,028,228)

Canadian statutory income tax rate

 

 

23.0%

 

 

23.0%

 

 

24.0%

Income tax (recovery) at statutory income tax rate

 

 

(1,548,607)

 

 

(718,474)

 

 

(1,446,775)

Effect of non- deductible expenses and other items:

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation and other expenses

 

 

53,379

 

 

 

67,948

 

 

 

44,225

 

Change in statutory tax rates

 

 

(11,997)

 

 

(92,850)

 

 

(131,242)

Foreign exchange adjustments

 

 

-

 

 

 

662

 

 

 

29,910

 

True-up

 

 

(3,280)

 

 

-

 

 

 

-

 

Other

 

 

(33,113)

 

 

1,206,056

 

 

 

258,091

 

Change in valuation allowance

 

 

1,543,618

 

 

 

(463,342)

 

 

1,245,791

 

Income tax expense (recovery)

 

 

-

 

 

 

-

 

 

 

-

 

Valuation Allowance

For the years ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Net operating losses carried forward:

 

 

 

 

 

 

 

 

 

Canada (expiration dates 2027 to 2041)

 

$9,136,353

 

 

$8,051,504

 

 

$7,809,363

 

USA (expiration dates 2023 to 2026)

 

 

169,359

 

 

 

248,289

 

 

 

1,223,212

 

Timing differences on property & equipment, Right

 

 

 

 

 

 

 

 

 

 

 

 

of Use of Assets, Lease obligations and financing costs

 

 

1,726,603

 

 

 

1,674,085

 

 

 

1,945,086

 

SRED Expenditures

 

 

676,518

 

 

 

575,747

 

 

 

369,522

 

Foreign Tax Credit

 

 

285,772

 

 

 

285,772

 

 

 

285,772

 

 

 

 

11,994,605

 

 

 

10,835,397

 

 

 

11,632,955

 

Intellectual property

 

 

(3,028,757)

 

 

(3,411,411)

 

 

3,745,627)

Less valuation allowance

 

 

(8,965,848)

 

 

(7,423,986)

 

 

(7,887,328)