XML 30 R18.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Share Capital
6 Months Ended
Jun. 30, 2024
Share Capital [Abstract]  
SHARE CAPITAL
11. SHARE CAPITAL

 

  a) Authorized share capital

 

The Company is authorized to issue an unlimited number of Class A Shares and an unlimited number of common shares. The Class A Shares and common shares do not have any special rights or restrictions attached, respectively. The Class A shares were converted to common shares on December 22, 2023, and as of December 31, 2023, there were no Class A Shares issued and outstanding and only common shares outstanding.

 

  b) Issued share capital

 

During the year ended December 31, 2023, the Company:

 

  i) Issued 156,250 shares at a price of $14.40 per share for total proceeds of $2,250,000 in a registered direct offering. In connection with the offering, the Company incurred $226,544 in issuance costs as part of the transaction.

 

  ii) Issued 283,875 common shares pursuant to exercise of 283,875 warrants at a price of $17.37 per share for total proceeds of $4,561,200.

 

  iii) Issued 815,217 shares at a price of $3.68 per share for total proceeds of $3,000,000 in a registered direct offering. In connection with the offering, the Company incurred $453,345 in issuance costs as part of the transaction.

 

  iv) Issued 989,903 shares at a price of $2.59 per share for total proceeds of $2,562,660 in a private placement.

 

  v) Issued 21 shares upon the conversion of Class A shares.

 

During the six months ended June 30, 2024, the Company:

 

  i) Did not enter into any capital transactions.

 

  c) Stock options

 

The Company may grant incentive stock options to its officers, directors, employees, and consultants. The Company has implemented a rolling Stock Option Plan (the “Plan”) whereby the Company can issue up to 10% of the issued and outstanding common shares of the Company. Options have a maximum term of ten years and vesting is determined by the Board of Directors.

 

A continuity schedule of outstanding stock options is as follows:

 

   Number
Outstanding
   Weighted Average
Exercise Price
 
       ($) 
Balance – December 31, 2022   14,238    594.08 
Granted   25,000    14.40 
Exercised   
-
    
-
 
Forfeited   (10,247)   392.60 
Balance – December 31, 2023   28,990    165.38 
Granted   
-
    
-
 
Exercised   
-
    
-
 
Forfeited   (13,860)   186.49 
Balance – June 30, 2024   15,130    146.03 

 

During the three months ended June 30, 2024 and 2023 the Company recorded share-based compensation of none and $90,896, respectively, relating to options vested during the period. During the six months ended June 30, 2024 and 2023 the Company recorded share-based compensation of $160,865 and $(1,156,217), respectively, relating to options vested during the period.

 

The Company used the following assumptions in calculating the fair value of stock options for the period ended:

 

    June 30,
2024
    June 30,
2023
 
Risk-free interest rate     3.93 %     3.93 %
Expected life of options     3.38 years       5.0 years  
Expected dividend yield     Nil       Nil  
Volatility     132.65 %     132.65 %

 

At June 30, 2024, the Company had incentive stock options outstanding as follows:

 

Expiry Date  Options Outstanding   Exercise
Price
   Weighted
Average
Remaining Life
 
       ($)   (years) 
September 27, 2024   572    1,087.20    0.24 
July 24, 2025   287    715.20    1.07 
July 31, 2025   276    715.20    1.08 
June 1, 2026   59    1,689.60    1.92 
August 19, 2026   761    1,008.00    2.14 
August 17, 2027   1,504    96.00    3.13 
September 20, 2027   140    55.20    3.22 
February 13, 2028   11,531    14.40    3.62 
    15,130    146.03    3.27 

  

  d) Share purchase warrants

 

A continuity schedule of outstanding share purchase warrants is as follows:

 

   Number
Outstanding
   Weighted
Average
Exercise
Price
 
       ($) 
Balance –December 31, 2022   329,908    91.84 
Exercised   (283,875)   16.19 
Expired   
-
    
-
 
Issued   850,612    3.83 
Balance – December 31, 2023   896,645    32.36 
Exercised   
-
    
-
 
Expired   
-
    
-
 
Issued   
-
    
-
 
Balance – June 30, 2024   896,645    32.36 

 

During the year ended December 31, 2023, the Company:

 

  i) Issued 10,938 placement agent warrants in conjunction with a registered direct offering on February 2, 2023, with an exercise price of $14.40 per share.

 

  ii) Issued 815,217 warrants in conjunction with a public offering on October 17, 2023, with an exercise price of $3.68 per share.

 

  iii) Issued 24,457 placement agent warrants in conjunction with a public offering on October 17, 2023, with an exercise price of $4.05 per share.

 

The Company used the following assumptions in calculating the fair value of the warrants for the period ended:

 

   June 30,
2024
   December 31,
2023
 
Risk-free interest rate  4.13% – 4.49%   4.13% – 4.49% 
Expected life of warrants  1.81 – 4.55 years   2.06 – 4.80 years 
Expected dividend yield  Nil   Nil 
Volatility  132.78%   132.78% 
Weighted average fair value per warrant  $4.44   $4.69 

 

At June 30, 2024, the Company had share purchase warrants outstanding as follows:

 

Expiration Date 

Warrants

Outstanding

  

Exercise

Price

   Weighted
Average
Remaining
Life
 
       ($)   (years) 
January 20, 2026   7,030    1,800.00    1.56 
February 28, 2027   20,689    460.80    2.67 
December 6, 2027   13,781    20.00    3.43 
December 9, 2027   9,876    17.60    3.44 
January 18, 2028   25,906    124.80    3.55 
February 2, 2028   10,938    14.40    3.60 
October 17, 2028   783,968    3.68    4.30 
October 17, 2028   24,457    4.05    4.30 
    896,645    32.36    4.19