NOTE 27 MANAGEMENT OF CAPITAL

12 Months Ended

Dec. 31, 2020

NOTE 27 MANAGEMENT OF CAPITAL

MANAGEMENT OF CAPITAL

27. MANAGEMENT OF CAPITAL

The Company’s objectives of capital management are intended to safeguard the Company’s normal operating requirements on an ongoing basis. At December 31, 2020, the capital of the Company consists of consolidated deficit, notes payable, convertible notes payable, and loans payable, net of cash.

	As at December 31,
	2020			2019
	$			$
Deficit		(5,490,401	)		(3,514,913	)
Notes payable		708,361			969,891
Convertible debentures payable		-			427,320
Convertible notes payable		200,530			192,717
Current portion of loans payable		992,070			761,711
Loans payable		1,140,157			-
		(2,449,283	)		(1,163,274	)
Less: Cash		(4,889,824	)		(179,153	)
		(7,339,107	)		(1,342,427	)

The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain future development of the business. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

In order to facilitate the management of its capital requirements, the Company prepares expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions.

The Company also has in place a planning, budgeting and forecasting process which is used to identify the amount of funds required to ensure the Company has appropriate liquidity to meet short and long-term operating objectives.

The Company is dependent on cash flows generated from its clinical operations and from external financing to fund its activities. In order to maintain or adjust its capital structure, the Company may issue new shares or debt.

At December 31, 2020 and 2019, the Company was not subject to any externally imposed capital requirements.