Subsequent Events

3 Months Ended

Mar. 31, 2022

17. Subsequent Events

The Company's management has evaluated subsequent events up to the date the interim condensed consolidated financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following to be material subsequent events:

(a)	On April 21, 2022, the Company received proceeds from an employee of $28,000 on a private placement for 70,708 common shares of the Company, at a price of $0.396.

(b)	On May 5, 2022, the March 2021 Investor converted a portion of his March 2021 Investor Note, in the amount of $300,000 for 1,500,000 common shares of the Company, at a conversion price of $0.20 per share as stipulated in the March 2021 SPA and forgave the balance of the March 2021 Investor Note. In addition, on May 5, 2022, the August 2021 Investor converted the balance of his August 2021 Investor Note for 141,878 common shares of the Company at a conversion price of $0.3307 per share, based on the conversion formula in the August 2021 SPA.

(c)	On May 5 and 6, 2022, the Company received proceeds of $700,000, on two private placements for 2,333,333 common shares of the Company, at a price of $0.30 per share.

(d)	On May 11, 2022, the holder of the October 29, 2021 and March 3, 2022 investor notes, provided an amendment for an optional conversion of his investor notes. The conversion price was amended to be (i) the product of the Liquidity Event price multiplied by the discount of 35% (previously 30%) or (2) the greater of (i) the product of the closing price per share of the Company’s Common Stock as reported by the applicable trading market on the trading day immediately prior to the conversion date multiplied by the discount (35%) or $1.70 multiplied by the discount (35%), provided that in the event of a conversion, of his investor note, at a time that a Liquidity Event shall not have previously occurred and be continuing, the conversion price for such conversion shall be as provide in (2)(i) above.

(e)	On May 13, 2022, the holder of the March 7, 2022 investor note, provided an amendment for an optional conversion of his investor note. The conversion price was amended to be (i) the product of the Liquidity Event Price multiplied by the discount of 35% (previously 30%) or (ii) the greater of the product of the closing price per share of the Company’s Common Stock as reported by the applicable trading market on the trading day immediately prior to the conversion date multiplied by the discount (35%) or $1.70 multiplied by the discount (35%), provided that in the event of a conversion, of his investor note, at a time that a Liquidity Event shall not have previously occurred and be continuing, the conversion price for such conversion shall be as provide in (2)(i) above.