AMALGAMATION WITH MAGICMED INDUSTRIES INC. (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

SCHEDULE OF BUSINESS ACQUISITIONS

The following table represents the purchase price:

Stock (9,951,217 common shares issued)	$	27,067,310
Fair value of warrants		10,724,578
Fair value of options		1,250,394
Total Purchase Price	$	39,042,282

SCHEDULE OF RECOGNIZED IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED

The following table summarizes the purchase price allocations relating to the Acquisition:

Description	Fair Value
Assets acquired:
Cash	$	3,055,328
Prepaid expenses and other current assets		471,202
Government remittances recoverable		25,606
Property and equipment		118,935
Right-of-use lease assets		201,653
Other assets		10,155
In process research and development		18,900,000
Psybrary™ and patent applications		16,600,000
Goodwill		9,834,855
Total assets acquired	$	49,217,734
Liabilities assumed:
Accounts payable	$	828,865
Accrued expenses and other liabilities		83,007
Right-of-use lease liabilities		201,653
Deferred Tax Liabilities		9,061,927
Total liabilities assumed		10,175,452
Estimated fair value of net assets acquired attributable to the Company	$	39,042,282

SCHEDULE OF PROFORMA INFORMATION

	For the years ended December 31,
	2021			2020
Revenues	$	—		$	—
Net loss	$	(54,127,203	)	$	(7,707,699	)