Common Shares

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Common Shares

6. Common Shares

On July 21, 2022, the authorized capital of the Company was increased from 95,000,000 to 500,000,000 shares of common stock with the par value of $0.000001.

On July 22, 2022, the Company converted an aggregate of $3,038,000 in debt owed to the President and Vice-President of the Company into 46,738,460 shares of common stock at a price of $0.065 per share.

At September 30, 2023, the Company had 131,903,029 shares of common stock outstanding. (December 31, 2022 – 131,903,029 common shares).

Basic and diluted loss per share

The calculation of the basic and diluted loss per share for the nine months ended September 30, 2023 was based on the loss attributable to common shareholders of $445,023 (September 30, 2022 – $1,243,218) and a weighted average number of common shares outstanding of 131,903,029 (September 30, 2022 – 97,148,790).

At September 30, 2023, there were 6,300,000 stock options that were excluded from the diluted weighted average number of common shares calculation as their effect would have been anti-dilutive.