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DE 38-4039116 200 Davenport Road M5R 1J2 Toronto ON 416 223-8500 Yes Yes Non-accelerated Filer true false false 142332019 9107 1295 26722 0 17406 25881 23126 41820 76361 68996 3116979 3080422 5864000 5560000 8980979 8640422 9057340 8709418 5796044 5195602 408414 390621 7839729 6193283 9538781 8920726 13438639 12088911 756079 721154 37777686 33510297 37777686 33510297 0.0001 0.0001 10000000 10000000 0 0 0 0 0 0 0.0001 0.0001 150000000 150000000 142332019 142332019 131332019 131332019 14237 13137 19979030 19760130 -49130851 -46429702 417238 1855556 -28720346 -24800879 9057340 8709418 25995 0 32340 38575 65017 77804 127696 156737 15871 13631 26109 31733 26649 133548 403530 306418 944 3108 1866 -2093 0 0 0 4448 108481 228091 559201 497243 -82486 -228091 -526861 -458668 0 54000 0 108000 135525 137025 266175 276038 0 0 0 501 64535 260291 170930 420678 369001 305003 717091 590319 32111 110399 101243 167521 66003 61495 121516 121825 0 32561 0 47210 9928 10040 16949 21177 0 55388 0 112904 13553 18270 26618 36805 161 11738 422 11738 767824 -148821 788021 -474038 -77007 1205031 632923 2388754 -5479 -1433122 -1159784 -2847422 -814012 -945981 -1541365 -1057425 -819491 -2379103 -2701149 -3904847 -1418394 207798 -1438318 669980 -2237885 -2171305 -4139467 -3234867 -0.01 -0.01 -0.02 -0.02 -0.02 -0.02 -0.03 -0.03 139090260 139090260 125332019 125332019 136591688 136591688 125604550 125604550 131332019 13137 19760130 -46429702 1855556 -24800879 6000000 600 119400 120000 -19924 -19924 -1881658 -1881658 137332019 13737 19879530 -48311360 1835632 -26582461 5000000 500 99500 100000 -1418394 -1418394 -819491 -819491 142332019 14237 19979030 -49130851 417238 -28720346 125272975 12531 19539606 -38570531 -49666 -19068060 809044 81 101049 101130 -750000 -75 75 462182 462182 -1525744 -1525744 125332019 12537 19640730 -40096275 412516 -20030492 207798 207798 -2379103 -2379103 125332019 12537 19640730 -42475378 620314 -22201797 -2701149 -3904847 127696 157344 0 112904 0 108000 1349728 852122 191637 0 0 -227545 0 22242 0 -54109 25876 0 -9577 -15251 3804 3681 306353 844626 -3453 57471 1074790 703753 325499 -797645 126179 190376 0 -57881 0 6625 0 4852 0 111332 0 19875 19014 262836 17745 10219 220000 0 347448 465092 -665135 339007 7812 6454 1295 1263 9107 7717 41405 78638 0 101130 0 75 <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1. Nature of Business and Basis of Presentation</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">SusGlobal Energy Corp. ("SusGlobal") was formed by articles of amalgamation on December 3, 2014, in the Province of Ontario, Canada and its executive office is in Toronto, Ontario, Canada. SusGlobal, a company in the start-up stages and Commandcredit Corp. ("Commandcredit"), an inactive Canadian public company, amalgamated to continue business under the name of SusGlobal Energy Corp.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On May 23, 2017, SusGlobal filed an Application for Authorization to continue in another Jurisdiction with the Ministry of Government Services in Ontario and a certificate of corporate domestication and certificate of incorporation with the Secretary of State of the State of Delaware under which it changed its jurisdiction of incorporation from Ontario to the State of Delaware (the "Domestication"). In connection with the Domestication each of the currently issued and outstanding common shares were automatically converted on a one-for-one basis into common shares compliant with the laws of the state of Delaware (the "Shares"). As a result of the Domestication, pursuant to Section 388 of the General Corporation Law of the State of Delaware (the "DGCL"), SusGlobal continued its existence under the DGCL as a corporation incorporated in the State of Delaware. The business, assets and liabilities of SusGlobal and its subsidiaries on a consolidated basis, as well as its principal location and fiscal year, were the same immediately after the Domestication as they were immediately prior to the Domestication. SusGlobal filed a Registration Statement on Form S-4 to register the Shares and this registration statement was declared effective by the Securities and Exchange Commission on May 12, 2017.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 11, 2018, the Company began trading on the OTCQB venture market exchange, under the ticker symbol SNRG.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">SusGlobal is a renewables company focused on acquiring, developing and monetizing a global portfolio of proprietary technologies in the waste to energy and regenerative products application.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These interim condensed consolidated financial statements of SusGlobal and its wholly-owned subsidiaries, SusGlobal Energy Canada Corp. ("SECC"), SusGlobal Energy Canada I Ltd. ("SGECI"), SusGlobal Energy Belleville Ltd. ("SGEBL"), SusGlobal Energy Hamilton Ltd. ("SEHL") and 1684567 Ontario Inc. ("1684567") (together, the "Company"), have been prepared following generally accepted accounting principles in the United States ("US GAAP") for interim financial information and the Securities Exchange Commission ("SEC") instructions to Form 10-Q and Article 8 of SEC Regulation S-X, and are expressed in United States Dollars. The Company's functional currency is the Canadian Dollar ("C$"). In the opinion of management, all adjustments necessary for a fair presentation have been included.</span></span></p> </div> </div> </div> <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2. Going Concern</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The interim condensed consolidated financial statements have been prepared in accordance with US GAAP, which assumes that the Company will be able to meet its obligations and continue its operations for the next twelve months.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company incurred a net loss of $2,701,149 (2024-$3,904,847) for the six months ended June 30, 2025 and as at that date had a working capital deficit of $37,701,325 (December 31, 2024-$33,441,301) and an accumulated deficit of $49,130,851 (December 31, 2024-$46,429,702) and expects to incur further losses in the development of its business.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On January 10, 2024, the Company stopped receiving waste at its waste processing and composting operation in Belleville, Ontario Canada, to address several non-compliance matters described in orders from the Ministry of the Environment, Conservation and Parks (the "MECP"). <span style="color:#212529">The Company continues to seek investors to raise funds through debt or equity. The Company was unsuccessful in raising funds with a firm through an advisory and distribution agreement announced on December 14, 2023.</span></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These factors cast substantial doubt as to the Company's ability to continue as a going concern, which is dependent upon its ability to obtain the necessary financing to further the development of its business, satisfy its obligations to its creditors, and upon achieving profitable operations through revenue growth. There is no assurance of funding being available or available on acceptable terms. Realization values may be substantially different from carrying values as shown.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These interim condensed consolidated financial statements do not include any adjustments to reflect the future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result if the Company was unable to continue as a going concern.</span></span></p> </div> </div> </div> -2701149 -3904847 37701325 33441301 -49130851 -46429702 <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3. Significant Accounting Policies</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">These interim condensed consolidated financial statements do not include all the information and footnotes required by US GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements of the Company for the years ended December 31, 2024 and 2023 and their accompanying notes.</span></span></p> </div> </div> <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4. Recently Issued Accounting Pronouncements</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis and early adoption is permitted. The Company is currently evaluating the potential effect of this accounting standard update on its consolidated financial statements and related disclosures.</span></span></p> </div> </div> </div> <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5. Financial Instruments</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The carrying value of the Company's financial instruments, such as cash, trade receivables, accounts payable and accrued liabilities approximate fair value due to the short-term nature of these instruments. The carrying amounts of the long-term debt, obligations under capital lease, convertible promissory notes and loans payable to related parties also approximates fair value due to their market interest rate.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest, Credit and Concentration Risk</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Interest rate risk is the risk borne by an interest-bearing asset or liability as a result of fluctuations in interest rates. Financial assets and financial liabilities with variable interest rates expose the Company to cash flow interest rate risk.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company is not exposed to significant interest rate risk on its long-term debt as at June 30, 2025 and December 31, 2024.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Credit risk is the risk of loss associated with a counterparty's inability to perform its payment obligations. As at June 30, 2025, the Company's credit risk is primarily attributable to cash. As at June 30, 2025, the Company's cash was held with a reputable Canadian chartered bank and a United States of America bank.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">With regards to credit risk with customers, the customers' credit evaluation is reviewed by management and account monitoring procedures are used to minimize the risk of loss. The Company believes that no additional credit risk beyond amounts provided for by the allowance for doubtful accounts are inherent in accounts receivable. As at June 30, 2025 and December 31, 2024, there was no allowance for doubtful accounts.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at June 30, 2025, the Company is not exposed to concentration risk as it had no customer balances as at June 30, 2025 and December 31, 2024. The Company had one customer whose revenue individually represented 10% or more of the Company's total revenue. This customer accounted for 100% (June 30, 2024-91%; 43%, 27% and 21% from three customers) of total revenue.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Liquidity Risk</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Liquidity risk is the risk that the Company is unable to meet its obligations as they fall due. The Company takes steps to ensure it has sufficient working capital and available sources of financing to meet future cash requirements for capital programs and operations. Management is considering all its options to repay its creditors. Refer also to going concern, note 2.</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="margin-bottom:0pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company actively monitors its liquidity to ensure that its cash flows and working capital are adequate to support its financial obligations and the Company's capital programs. To continue operations, the Company will need to raise capital and complete the refinancing of its real property and organic waste processing and composting facility (the "Belleville Facility"). There is no assurance </span></span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">of funding being available or available on acceptable terms. Realization values may be substantially different from carrying values as shown. Refer also to going concern, note 2.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Currency Risk</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Although the Company's functional currency is the C$, the Company realizes a portion of its expenses in United States Dollars ("$"). Consequently, certain assets and liabilities are exposed to foreign currency fluctuations. As at June 30, 2025, $2,455,966 (December 31, 2024-$2,323,951) of the Company's net monetary liabilities were denominated in $. The Company has not entered into any hedging transactions to reduce the exposure to currency risk.</span></span></p> </div> </div> </div> 1 10% or more of the Company's total revenue. 1 0.91 0.43 0.27 0.21 3 2455966 2323951 <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>6</strong>. <strong>Prepaid Expenses and Deposits</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Included in prepaid expenses and deposits are costs, primarily for administrative services to be expensed after June 30, 2025.</span></span></p> </div> </div> </div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7</strong>. <strong>Long-lived Assets, net</strong></span></span></p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Cost</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Accumulated</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">depreciation</strong></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Net book value</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net book value</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Land</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,545,164</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,545,164</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,465,060</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Composting buildings</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,222,543</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,031,293</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,191,250</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,192,714</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Gore cover system</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,032,080</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>779,487</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>252,593</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">288,427</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Driveway and paving</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>339,746</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>211,774</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>127,972</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">134,221</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,139,533</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,022,554</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,116,979</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,080,422</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Depreciation for the three and six-month periods ended June 30, 2025, is disclosed in cost of sales in the amount of $65,017 (C$89,952) and $127,696 (C$179,904) (2024-$77,804; C$106,464 and $156,737; C$212,928) respectively, and in office and administration in the amount of $nil (C$nil) and $nil (C$nil) (2024-$306; C$413 and $607; C$827) respectively, in the interim condensed consolidated statements of operations and comprehensive loss.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Long-lived Assets-held for sale</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On July 28, 2024, the Company's real estate broker listed the Company's two properties located in Hamilton, Ontario, Canada, (the "Hamilton Facility") for sale. On the recommendation of the real estate broker, there was no selling price noted.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In accordance with ASC 205-20, a disposal of a component or a group of components should be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when a component of or group of components meets the initial criteria for classification of held for sale to be classified as held for sale. Per the initial criteria for classification of held for sale, a component or a group of components, or a business or nonprofit activity (the entity to be sold), should be classified as held for sale in the period in which all of the following criteria are met:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Management, having the authority to approve the action, commits to a plan to sell the long-lived assets to be sold.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The long-lived assets to be sold are available for immediate sale in their present condition subject only to terms that are usual and customary for sales of such long-lived assets to be sold.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">An active program to locate a buyer or buyers and other actions required to complete the plan to sell the long-lived assets to be sold have been initiated.</span></span></li> </ul> <div style="margin-top:0px;margin-bottom:0"></div> <ul> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The sale of the long-lived assets to be sold is probable (the future event or events are likely to occur), and transfer of the long-lived assets to be sold is expected to qualify for recognition as a completed sale, within one year, unless events or circumstances beyond an entity's control extend the period required to complete the sale as discussed below.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The long-lived assets to be sold are being actively marketed for sale at a price that is reasonable in relation to its current fair value.</span></span></li> </ul> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 31, 2024, the Company recorded an impairment loss in the long-lived assets-held for sale, as a result of current market conditions.</span></span></p> </div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Cost</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Accumulated</strong></span></span></span></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><span style="font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><span style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">depreciation</strong></span></span></span></span></p> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Net book value</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Net book value</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Land</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,545,164</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,545,164</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,465,060</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Composting buildings</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,222,543</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,031,293</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,191,250</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,192,714</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Gore cover system</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,032,080</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>779,487</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>252,593</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">288,427</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Driveway and paving</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>339,746</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>211,774</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>127,972</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:10%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">134,221</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>5,139,533</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2,022,554</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>3,116,979</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,080,422</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> 1545164 0 1545164 1465060 2222543 1031293 1191250 1192714 1032080 779487 252593 288427 339746 211774 127972 134221 5139533 2022554 3116979 3080422 65017 89952 127696 179904 77804 106464 156737 212928 0 0 0 0 306 413 607 827 <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>8. Related Party Transactions</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the three and six-month periods ended June 30, 2025, the Company incurred $108,420 (C$150,000) and $212,940 (C$300,000)  (2024-$109,620; C$150,000 and $220,830; C$300,000) respectively, in management fees expense with Travellers International Inc. ("Travellers"), an Ontario company controlled by a director and the president and chief executive officer (the "CEO"); and $27,105 (C$37,500) and $53,235 (C$75,000) (2024-$27,803; C$37,500 and $55,208; C$75,000) respectively, in management fees expense with the Company's chief financial officer (the "CFO"). As at June 30, 2025, unpaid remuneration and unpaid expenses in the amount of $763,479 (C$1,041,581) (December 31, 2024-$488,294; C$702,581) is included in accounts payable and $279,299 (C$381,436) (December 31, 2024-$212,695; C$306,036) is included in accrued liabilities in the interim condensed consolidated balance sheets.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the three and six-month periods ended June 30, 2025, the Company incurred $32,717 (C$45,449) and $57,228 (C$80,625) (2024-$28,434; C$38,931 and $59,700; C$81,103) respectively, in rent expense paid under a lease agreement with Haute Inc. ("Haute"), an Ontario company controlled by the CEO. The lease agreement had expired and the Company is currently on a month-to-month arrangement.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In the prior year, on January 11, 2024, Travellers converted $101,130 (C$135,600) of accounts payable into 809,044 common shares of the Company at the closing trading price immediately prior to the conversion.  There was no gain or loss on this conversion.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the independent directors, the Company recorded directors' compensation during the three and six-month periods ended June 30, 2025 of $13,553 (C$18,750) and $26,618 (C$37,500) (2024-$18,270; C$25,000 and $36,805; C$50,000) respectively. As at June 30, 2025, outstanding directors' compensation of $287,368 (C$392,043) (December 31, 2024-$246,407; C$354,543) is included in accrued liabilities in the interim condensed consolidated balance sheets.</span></span></p> </div> </div> </div> 108420 150000 212940 300000 109620 150000 220830 300000 27105 37500 53235 75000 27803 37500 55208 75000 763479 1041581 488294 702581 279299 381436 212695 306036 32717 45449 57228 80625 28434 38931 59700 81103 101130 135600 809044 13553 18750 26618 37500 18270 25000 36805 50000 287368 392043 246407 354543 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9. Long-Term Debt</strong></span></span></p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;white-space:nowrap;width:5%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)i)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due June 1, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,116,733</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,903,315</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)ii)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due March 1, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,099,500</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,042,500</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)iii)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due November 2, 2025</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,466,000</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,390,000</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)iv)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due November 2, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>769,650</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">729,750</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)v)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due December 14, 2024 </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,637,007</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,552,141</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)vi)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due October 2, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>449,891</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">303,020</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9,538,781</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,920,726</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> </tr> <tr> <td colspan="2" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Current portion</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(9,538,781</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(8,920,726</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td colspan="2" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Long-Term portion</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> </tr> </table> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Refer also to going concern, note 2.</span></span></p> <p style="text-align:justify;text-indent:-31pt;margin-left:36pt;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(a) i.<span style="display:inline-block;width:12.5pt"> </span>On December 1, 2023, this 1st mortgage was renewed with a new maturity date of June 1, 2024 and a fixed interest rate of 13% per annum. On renewal, the 1st mortgage was increased by $305,133 (C$416,280), from $3,811,600 (C$5,200,000) to $4,116,733 (C$5,616,280), to account for increased interest based on the previous variable rate, three months of prepaid interest and a financing fee. The 1st mortgage is secured by the shares held of 1684567, a 1st mortgage on the Belleville Facility and a general assignment of rents. Financing fees on the 1st mortgage totaled $333,822 (C$455,419) and have been fully amortized at December 31, 2024. As at June 30, 2025 $749,556 (C$1,022,586) (December 31, 2024-$456,982; C$657,528) of accrued interest is included in accrued liabilities in the interim condensed consolidated balance sheets.</span></span></p> <div style="margin-top:13.3333px;margin-bottom:0px"></div> <p style="margin-left:36pt;margin-bottom:0pt;text-indent:-31pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="display:inline-block;width:13.5pt"> </span>ii.<span style="display:inline-block;width:9.5pt"> </span>On March 1, 2023, the Company obtained a 2nd mortgage in the amount of $1,099,500 (C$1,500,000) bearing interest at the annual rate of 12%, repayable monthly, interest only with a maturity date of March 1, 2024, secured as noted under paragraph i) above. The Company incurred financing fees of $43,980 (C$60,000) and have been fully amortized by December 31, 2024. As at June 30, 2025 $175,920 (C$240,000) (December 31, 2024-$104,250; C$150,000) of accrued interest is included in accrued liabilities in the interim condensed consolidated balance sheets. An additional mortgage, as noted below under paragraph iv), was arranged to complete the purchase.</span></span></p> <p style="margin-left:36pt;margin-bottom:0pt;text-indent:-31pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="display:inline-block;width:13.5pt"> </span>iii.<span style="display:inline-block;width:6.5pt"> </span>On November 2, 2023, the Company completed the purchase of additional land, consisting of a 2.03-acre site in Hamilton, Ontario, Canada for $2,272,300 (C$3,100,000), prior to an additional disbursement of $42,862 (C$58,475) representing land transfer tax. The Company obtained a vendor take-back mortgage in the amount of $1,466,000 (C$2,000,000) bearing interest at 7% annually, payable monthly, interest only and maturing November 2, 2025.</span></span></p> <p style="margin-left:36pt;margin-bottom:0pt;text-indent:-31pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="display:inline-block;width:14pt"> </span>iv.<span style="display:inline-block;width:7.5pt"> </span>In connection with the purchase of additional land noted above under paragraph iii) above, a 2nd mortgage was obtained in the amount of $769,650 (C$1,050,000) bearing interest at 13% annually, payable monthly interest only and secured by a 3rd mortgage on the property at the Belleville Facility.</span></span></p> <p style="margin-left:36pt;margin-bottom:0pt;text-indent:-31pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="display:inline-block;width:14pt"> </span>v.<span style="display:inline-block;width:10.5pt"> </span>On December 14, 2023, the Company made arrangements to repay the previous 1st mortgage on the first property purchased in Hamilton, Ontario, Canada on August 17, 2021, for a new 1st mortgage in the amount of $1,637,007 ($C2,233,298) with new creditors. The original 1st mortgage was a vendor take back mortgage in the amount of $1,553,482 (C$2,000,000).</span></span></p> <p style="margin-left:36pt;margin-bottom:0pt;text-indent:-31pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="display:inline-block;width:13.5pt"> </span>vi.<span style="display:inline-block;width:7.5pt"> </span>On April 2, 2024, the Company received funds in the amount of $143,689 (C$196,028) for a $237,335 ($323,786) 4th mortgage secured by the Belleville Facility bearing interest at 12% annually payable monthly interest only maturing October 2, 2024, cross collateralized by a 3rd mortgage secured by the additional land in Hamilton, Ontario, Canada, net of any unpaid interest, a financing fee of $19,791 (C$27,000) and six months of capitalized interest. Further, additional sums totaling $130,303 (C$177,767) were advanced after April 2, 2024, resulting in a balance of $449,891 (C$613,767) at June 30, 2025.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the three and six-month periods ended June 30, 2025, $261,053 (C$360,775) and $527,739 (C$743,504) (2024-$282,951; C$386,939 and $545,064; C$740,476) respectively, in interest was incurred on the mortgages payable.</span></span></p> </div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;white-space:nowrap;width:5%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;white-space:nowrap"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)i)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due June 1, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>4,116,733</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,903,315</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)ii)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due March 1, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,099,500</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,042,500</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)iii)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due November 2, 2025</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,466,000</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,390,000</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)iv)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due November 2, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>769,650</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">729,750</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)v)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due December 14, 2024 </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,637,007</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,552,141</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)vi)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Mortgage Payable-due October 2, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>449,891</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">303,020</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;width:5%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>9,538,781</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">8,920,726</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"> </td> </tr> <tr> <td colspan="2" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Current portion</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(9,538,781</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(8,920,726</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td colspan="2" style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Long-Term portion</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> </tr> </table> 4116733 3903315 1099500 1042500 1466000 1390000 769650 729750 1637007 1552141 449891 303020 9538781 8920726 9538781 8920726 0 0 2024-06-01 0.13 305133 416280 3811600 5200000 4116733 5616280 333822 455419 749556 1022586 456982 657528 1099500 1500000 0.12 2024-03-01 43980 60000 175920 240000 104250 150000 2.03 2272300 3100000 42862 58475 1466000 2000000 0.07 2025-11-02 769650 1050000 0.13 1637007 2233298 1553482 2000000 143689 196028 237335 323786 0.12 2024-10-02 19791 27000 130303 177767 449891 613767 261053 360775 527739 743504 282951 386939 545064 740476 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>10. Convertible Promissory Notes</strong></span></span></p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible promissory note-October 28 and 29, 2021</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,845,942</span></span></strong></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,432,025</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(b)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible promissory note-March 3 and 7, 2022</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,751,472</span></span></strong></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,927,508</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(c)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible promissory note- June 23, 2022</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,625,750</span></span></strong></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,564,475</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(d) </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible promissory note-April 12, 2024, amended May 23, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">215,475</span></span></strong></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">164,903</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,438,639</span></span></strong></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,088,911</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The convertible promissory notes are accounted for under the fair value option in the interim condensed consolidated balance sheets. The actual principal outstanding on the balance of the notes as at June 30, 2025 is $9,315,732 including accrued interest of $2,973,349 (2024-$8,733,833, including accrued interest of $2,391,450).</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="margin-left:24pt;margin-bottom:0pt;text-indent:-24pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(a)<span style="display:inline-block;width:12.5pt"> </span>On October 28 and 29, 2021, the Company entered into two securities purchase agreement (the "October 2021 SPAs) with two investors (the "October 2021 Investors") pursuant to which the Company issued to the October 2021 Investors two 15% OID unsecured convertible promissory notes (the "October 2021 Investor Notes") in the principal amount of $1,765,118. The October 2021 Investor Notes are convertible, with accrued interest, from time to time on notice of a liquidity event (a "Liquidity Event"). A Liquidity Event is defined as a public offering of the Company's common stock resulting in the listing for trading of the common stock on any one of several exchanges. The October 2021 Investor Notes can be prepaid prior to maturity for an amount of 120% of the prepayment amount.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The maturity date of the October 2021 Investor Notes is the earlier of (i) July 28 and 29, 2022 and (ii) the occurrence of a Liquidity Event, as described above (the "Maturity Date"). Upon the occurrence of a Liquidity Event, the October 2021 Investors are entitled to convert all or a portion of their October 2021 Investor Notes including any accrued and unpaid interest at a conversion price (the "Conversion Price") equal to 70% (representing a 30% discount) multiplied by the price per share of the Common Stock at the public offering associated with the Liquidity Event.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Upon the occurrence of an event of default, the interest rate on the October 2021 Investor Notes will immediately accrue at 24% per annum and be paid in cash monthly to the October 2021 Investors, until the default is cured. And the Conversion Price will be reset to 85% of the lowest volume weighted average price for the ten consecutive trading days ending on the trading day that is immediately prior to the applicable conversion date.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On May 11, 2022, the holder of the October 29, 2021, investor note, 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 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 provided in the amendment.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On August 16, 2022, the Company was sent a notice of default from one of the October 2021 Investors, whose investor note was issued on October 29, 2021. On September 15, 2022, the Company and the investor of the October 2021 investor note entered into an amendment to the October 2021 investor note which served as a cure to the previously issued default notice.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Pursuant to the September 15, 2022 amendment, the Company and the October 29, 2021 investor agreed that the outstanding principal amount of the October 29, 2021 investor note would increase by 10% to $1,618,100 from the previously issued principal amount of $1,471,000. The new agreed upon maturity date was changed to November 15, 2022, subject to certain conditions and the maturity date would automatically be extended to January 15, 2023, provided that the October 29, 2021 investor does not notify the Company in writing prior to the maturity date that the automatic extension of the maturity date has been cancelled. In connection with this amendment, the Company agreed to use its best efforts to promptly facilitate the conversion of the October 29, 2021 investor note into shares of the Company's common stock.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As a result of the default on November 15, 2022, the Company was informed that the October 29, 2021 investor will now be accruing interest at the default rate of 24% per annum.  In addition, on October 4, 2023, an action was launched by the October 29, 2021 investor, who claimed he was owed $1,300,000 plus accrued interest which is after conversions of $318,100 during 2022 and 2023 and accrued interest of $812,055 as at June 30, 2025 (December 31, 2024-$657,337). The fair value of this convertible promissory note, included in the total in the table above, is $3,173,137 (December 31, 2024-$2,835,298). The Company intends to repay the balance owed when it is financially able to do so.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Further, the October 29, 2021 investor agreed not to convert more than $100,000 in any one conversion notice and the October 29, 2021 investor agreed not to issue an additional conversion notice unless and until any previously issued conversion shares have been sold by the October 29, 2021 investor or exceed 10% of the daily trading volume in selling the shares of the Company's common stock.</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 22, 2022, the October 28, 2021 investor, whose October 28, 2021 investor note had a previous Principal Amount of $294,118 and a maturity date of July 28, 2022, provided the Company with an amendment whereby the maturity date of the October 28, 2021 investor note was extended to the earlier of July 28, 2023 or the occurrence of a Liquidity Event. In addition, the Company agreed that the investor could convert his October 28, 2021, investor note into shares of the Company's common stock at any time at the investor's option. Previously, the October 28, 2021 Note was only convertible upon the occurrence of the Liquidity Event. The Company also agreed to change the conversion price to be the lowest trading bid price of the Company's common stock on the trading day immediately prior to the conversion date multiplied with a 35% discount to that lowest price.</span></span></p> <p style="margin-bottom:0pt;text-align:justify;margin-top:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Previously, the conversion price was a 30% discount to the price at which the securities were sold in connection with the Liquidity Event. In consideration for the extension of the maturity date, the Company agreed to issue the investor 500,000 shares of the Company's common stock. The Company used the with-and-without method to allocate the proceeds between the convertible promissory note and the common shares. As a result, all the proceeds were allocated to the convertible promissory note and $nil to the common shares. As a result of the default on July 28, 2023, the Company is now incurring interest at the default rate of 24%. As at June 30, 2025, this note had a principal balance of $470,865 (December 31, 20243-$432,523) including accrued interest of $148,705 (December 31, 2024-$110,363). The fair value of this convertible promissory note, included in the table above, is $672,805 (December 31, 2024-$596,727).</span></span></p> <p style="margin-bottom:0pt;text-align:justify;margin-top:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On June 8, 2023, the October 29, 2021 investor's counsel sent the Company a notice of default on the October 29, 2021 investor note and the March 2022 Investor Notes, described below. The default was caused by the holders of these promissory notes not being able to receive shares of the Company's common stock, par value $0.0001 (the "Common Stock") pursuant to the conversion terms of these promissory notes. All cure periods available pursuant to the promissory notes had expired prior to June 8, 2023. The October 29, 2021, investor note had a principal balance of $1,300,000 before the default and the March 2022 Investor Notes, whose principal balance totaled $2,640,000 prior to the notice of default, increased by 20% or $528,000 in total as a result of the notice of default. In addition, default interest at the rate of 24% per annum continues to accrue on the October 29, 2021 investor note and the March 2022 Investor Notes.</span></span></p> <p style="margin-left:24.1pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company initially reserved 1,905,000 of its authorized and unissued Common Stock (the "October 2021 Reserved Amount"), free from pre-emptive rights, to be issued upon conversion of the October 2021 Investor Notes.</span></span></p> <p style="margin-left:24pt;text-indent:-24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(b)<span style="display:inline-block;width:12pt"> </span>On March 3 and 7, 2022, the Company executed two unsecured convertible promissory notes with two investors (the "March 2022 Investors"), who purchased 25% original issue discount (the "OID") unsecured convertible promissory notes (the "The March 2022 Investor Notes") in the aggregate principal amount totaling $2,000,000 (the "Principal Amount") with such Principal Amount convertible into shares of the Company's common stock (the "Common Stock") from time to time triggered by the occurrence of certain events. The March 2022 Investor Notes carried an OID totaling $500,000 which is included in the principal balance of the Notes. The funds were received on March 7, 2022 and March 11, 2022 in the total amount of $1,425,000, net of the OID and professional fees.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The maturity date of the Notes is the earlier of (i) June 3 and 7, 2022, and (ii) the occurrence of a Liquidity Event (as defined in the Notes) (the "Maturity Date"). The final payment of the Principal Amount (and default interest, if any) shall be paid by the Company to the Investors on the Maturity Date. On an event of default, the principal amount of the March 2020 Investor Notes will increase to 120% of their original principal amounts. The Investors are entitled to, following an event of default, (as defined in the March 2022 Investor Notes) to convert all or any amount of the Principal Amount and any interest accruing at the default interest rate of 24% per annum into Common Stock, at a conversion price (the "Conversion Price") equal to 70% (representing a 30% discount) multiplied by the price per share of the Common Stock at any national security exchange or over-the-counter marketplace for the five (5) trading days immediately prior to the March 2022 Investors' notice of conversion.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On May 11, 2022, the holder of the March 3, 2022 Investor Note and on May 13, 2022, the holder of the March 7, 2022 Investor Note, each provided an amendment for an optional conversion of their 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 provided in amendment for each.</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="margin-left:24pt;margin-bottom:0pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Further, on June 29, 2022, the March 2022 Investors revised their March 2022 Investor Notes, to extend the maturity date to August 15, 2022 and increase the principal amount of each of the March 2022 Investor Notes by twenty percent (20%), from a Principal Amount of $2,000,000 to $2,400,000. In addition, the Company agreed to issue 100,000 common shares to the March 2022 Investor. These restricted shares of the Company's common stock will survive a reverse stock split prior to listing. The common shares were issued on July 11, 2022. The restructurings were accounted for as extinguishments as they were renegotiated after maturity.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On August 16, 2022, the Company was sent notices of default from the March 2022 Investors. And, on September 15, 2022, the Company and the March 2022 Investors entered into an amendment to the March 2022 Investor Notes which served as a cure to the previously issued default notices.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Pursuant to the September 15, 2022 amendment, the Company and the March 2022 Investors agreed that the outstanding principal amount totaling $2,400,000 would increase by 10% to $2,640,000. The new agreed upon maturity date was November 15, 2022, subject to certain conditions and the maturity date was extended to January 15, 2023. In connection with this amendment, the Company agreed to use its best efforts to promptly facilitate the conversion of the March 2022 Investor Notes into shares of the Company's common stock only after the October 29, 2021 investor note, as described under paragraph (a) above, has been fully converted.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Further, in the event that the October 29, 2021 investor note has been fully converted and the conversion shares sold, thereafter, the March 2022 Investor Notes may both be converted at the March 2022 Investors' discretion on a pari-passu basis, provided, however, that no conversion shall exceed $50,000 for each of the March 2022 Investor Notes and each of the March 2022 Investors shall not sell more than 5% of the daily trading volume in selling the Company's shares of common stock.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As noted above, on June 8, 2023 the counsel for the March 2022 Investors provided the Company with a notice of default. This resulted in the principal balance of the March 2022 Investor Notes increasing in principal from $2,640,000 in total to $3,168,000, in total. In addition, interest is accruing at the rate of 24% per annum. As at June 30, 2025, the principal balance of the March 2022 investor notes totaled $5,159,414, including accrued interest of $1,991,414 (December 31, 2024-$4,782,378 including accrued interest of $1,614,378) is included in the convertible promissory notes balance.</span></span></p> <p style="margin-left:24pt;text-indent:-24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(c)<span style="display:inline-block;width:13pt"> </span>On June 23, 2022, the Company executed one convertible promissory note (the "June 2022 Investor Note") with an investor (the "June 2022 Investor") in the amount of $1,200,000 bearing interest at 10% per annum and having an OID of 10%. The maturity date of the June 2022 Investor Note is the earlier of December 23, 2022 and the date of the Company's uplist to a national securities exchange. The proceeds from the June 2022 Investor Note were used to repay this investor's June 2021 Investor Note and their December 2021 Investor Note which matured June 16, 2022 and June 2, 2022 respectively, plus accrued interest. The net proceeds, after repaying the December 2021 Investor Note and the June 2021 Investor Note with accrued interest and related disbursements totaled approximately $204,000. The net proceeds were received on June 28, 2022. In addition, the Company issued 1,333,333 common shares to the June 2022 Investor on June 29, 2022 which have been included in the determination of the extinguishment gain and recognized at fair value. The restructuring was accounted for as extinguishments as it was renegotiated after maturity.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The June 2022 Investor may convert the principal amount and any accrued but unpaid interest into the Company's common stock from time to time following an event of default ('Event of Default"), as defined in the June 2022 Investor Note, with interest accruing at the default interest rate of 15% per annum from the Event of Default, at a conversion price (the "Conversion Price") equal to the lesser of 90% (representing a 10% discount) multiplied by the price per share of the Common Stock at the public offering associated with the Event of Default.</span></span></p> <p style="margin-left:24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 29, 2022, the Company and the investor agreed to extend the maturity date to the earlier of June 23, 2023 or the occurrence of a Liquidity Event. In consideration for the extension of the maturity date, the Company agreed to: (i) increase the principal amount to $1,320,000.00 (the "Increased Principal Amount"); (ii) that interest is payable on the Increased Principal</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amount and that such interest (but not any default interest that becomes due) is paid in full and in advance by the Company issuing to the June 2022 Investor 450,000 shares of the Company's common stock and (iii) issue to the June 2022 Investor 666,667 shares of the Company's common stock (the "Modification Fee Shares"). The parties agreed that the Modification Fee Shares served as an increase in the amount of commitment fee shares issued to the investor pursuant to the securities purchase agreement signed by the Company and the June 2022 Investor on June 23, 2022, in connection with the issuance of the June 2022 Investor Note.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company used the with-and-without method to allocate the proceeds between the convertible promissory note and the common shares. As a result, all the proceeds were allocated to the convertible promissory note and $nil to the common shares.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On June 29, 2023, the June 2022 Investor provided a 45-day extension of the June 2022 Investor Note in exchange for an increase in the principal balance of the June 2022 Investor Note of $100,000, from $1,320,000 to $1,420,000.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt;margin-left:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company initially reserved 8,000,000 of its authorized and unissued Common Stock (the "June 2022 Reserved Amount"), free from pre-emptive rights, to provide for the issuance of Common Stock upon the full conversion of the June 2022 Investor Note.</span></span></p> <p style="margin-left:23pt;text-indent:-23pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(d)<span style="display:inline-block;width:11.5pt"> </span>On April 12, 2024, the Company executed one convertible promissory note (the "April 2024 Investor Note") with the June 2022 in the amount of $120,000 bearing interest at 10% per annum and having an OID of 10%. The April 2024 Investor Note was amended by the June 2022 Investor on May 23, 2024 resulting in a principal increase of $12,223. The maturity date of the April 2024 Investor Note is October 12, 2024. The proceeds from the April 2024 Investor Note were used to repay certain outstanding accounts. If this April 2024 Investor Note is not repaid by the maturity date, it will bear interest at the lesser of 18% and the maximum amount permitted under the law from the due date until paid. The June 2022 Investor may convert this April 2024 Investor Note on an event of default. The conversion price, only upon an event of default, will be 90% (a 10% discount) based on the lowest trading price on the previous twenty trading days ending on the date of conversion. The initial reserved amount shall be 5,000,000 shares of common stock. The Company also incurred professional fees of $8,500 which reduced the net proceeds on this April 2024 Investor Note. As at June 30, 2025, the principal balance of the April 2024 Investor Note totaled $153,398, including accrued interest of $21,175 (December 31, 2024- $141,595 including accrued interest of $9,372).</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Pursuant to the terms of the security purchase agreements for the convertible promissory notes described above, for so long as the noted investors own any shares of Common Stock issued upon the conversion of the applicable investor notes, the Company has covenanted to secure and maintain the listing of such shares of Common Stock. The Company is also subject to certain customary negative covenants under the investor notes and the security purchase agreements, including but not limited to the requirement to maintain its corporate existence and assets, require registration of or stockholder approval for the investor notes or the Common Stock upon the conversion of the applicable investor notes.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The convertible promissory notes described above contain certain representations, warranties, covenants and events of default including if the Company is delinquent in its periodic report filings with the Securities and Exchange Commission which would increase the amount of the principal and interest rates under the convertible promissory notes in the event of such defaults. In the event of a default, at the option of the applicable investor and in their sole discretion, the applicable investor may consider any of their convertible promissory notes immediately due and payable.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Refer also to going concern, note 2.</span></span></p> <p style="margin-bottom:0pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Fair value option for the convertible promissory notes</i></span></span></p> <p style="margin-top:0pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company is eligible to elect the fair value option under ASC 825, <i>Financial Instruments</i> and bypass analysis of the potential embedded derivative features described above. The Company believes that the fair value option better reflects the underlying economics of the convertible promissory notes issued after December 31, 2020. As a result, the 2021 and 2022 promissory notes were recorded at fair value upon issuance and subsequently remeasured at each reporting date until settled or converted. The Company recognized the notes initially at fair value, which exceeded the proceeds received resulting in a day one loss that has been recognized in net loss.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Any transaction and other issuance costs have been expensed as incurred. Subsequently, the Company recognizes the notes at fair value with changes in net loss.</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Gains and losses attributable to changes in credit risk were insignificant during the three and six-month periods ended June 30, 2025 and 2024. The Company recognized a loss of $730,973 and $1,349,728 (2024- $656,293 and $852,122) attributed to the change in fair value of the convertible promissory notes for the three and six -month periods ended June 30, 2025 and 2024 respectively.</span></span></p> </div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(a)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible promissory note-October 28 and 29, 2021</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,845,942</span></span></strong></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,432,025</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(b)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible promissory note-March 3 and 7, 2022</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">7,751,472</span></span></strong></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,927,508</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top;background-color:rgb(230, 239, 255)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(c)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible promissory note- June 23, 2022</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,625,750</span></span></strong></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,564,475</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(d) </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Convertible promissory note-April 12, 2024, amended May 23, 2024</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">215,475</span></span></strong></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">164,903</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,438,639</span></span></strong></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,088,911</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> 3845942 3432025 7751472 6927508 1625750 1564475 215475 164903 13438639 12088911 9315732 2973349 8733833 2391450 0.15 1765118 1.20 0.70 0.30 0.24 0.85 0.35 0.30 0.35 1.7 0.35 0.10 1618100 1471000 0.24 1300000 318100 812055 657337 3173137 2835298 100000 October 29, 2021 investor agreed not to issue an additional conversion notice unless and until any previously issued conversion shares have been sold by the October 29, 2021 investor or exceed 10% of the daily trading volume in selling the shares of the Company's common stock. 294118 0.35 0.30 500000 0 0.24 470865 432523 148705 110363 672805 596727 0.0001 1300000 2640000 0.20 528000 0.24 1905000 0.25 2000000 500000 1425000 1425000 1.20 0.24 0.70 0.30 5 0.35 0.30 0.35 1.7 0.35 0.20 2000000 2400000 100000 2400000 0.10 2640000 50000 2640000 3168000 0.24 5159414 1991414 4782378 1614378 1200000 0.10 0.10 204000 1333333 0.15 0.90 0.10 1320000 450000 666667 0 100000 1320000 1420000 8000000 120000 0.10 0.10 12223 0.18 0.90 0.10 5000000 8500 153398 21175 141595 9372 730973 1349728 656293 852122 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>11. Fair Value Measurement</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table presents information about the Company's financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:</span></span></p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td colspan="7" style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Fair value as at June 30, 2025 and December 31, 2024 Using:</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Level 3</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assets:</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Liabilities:</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible promissory notes</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,438,639</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,088,911</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,438,639</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,088,911</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During each of the three-month periods ended June 30, 2025 and 2024, there were no transfers between Level 1, Level 2, or Level 3. There were no financial assets or other liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes the change in Level 3 financial instruments during the six-month period ended June 30, 2025 and year ended December 31, 2024.</span></span></p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right;border-bottom:0.75pt solid rgb(0, 0, 0)"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right;border-bottom:0.75pt solid rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value at December 31, 2024 and 2023</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,088,911</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10,519,824</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value at issuance</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">182,143</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amendment</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,191</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mark to market</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,349,728</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,373,753</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value at June 30, 2025 and December 31, 2024</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,438,639</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,088,911</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the convertible promissory notes at issuance and subsequent financial reporting dates was estimated based on significant inputs not observable in the market, which represent level 3 measurements within the fair value hierarchy.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The fair value of the convertible promissory notes at issuance and at each reporting period was estimated based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The Company used a scenario-based binomial model to estimate the fair value of the convertible promissory notes. The model determines the fair value from a market participant's perspective by evaluating the payouts under hold, convert, or call decisions. The most significant estimates and assumptions used as inputs are those concerning type, timing and probability of specific scenario outcomes. Specifically, the Company assigned a probability of default, which would increase the required payout as described in Note 10 and calculated the fair value under each scenario.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">At the issuance dates of the convertible promissory notes, the probability of default ("PD") was assumed to be 75% (December 31, 2024-75%), except for those which were amended post maturity, which were assumed to be 100%. The probability of default was determined in reference to a 1-year PD rate for a 'CCC+' rating at issuance, and a combination of 'CC' and 'CCC' credit ratings at March 31, 2025 and December 31, 2024. Increasing (decreasing) the probability of default would result in a significantly higher (lower) fair value measurement.</span></span></p> <div style="margin-top:0px;margin-bottom:0px"></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other significant unobservable inputs include the expected volatility and the credit spread. The expected volatility was based on the historical volatility over a look-back period that was consistent with the balance-remaining term of the instruments. A range of 243.2% to 289.3% (December 31, 2024-220.4% to 247.8%) was used for the expected volatility. The discount for lack of marketability was determined using a range of option pricing methodologies using the remaining restriction term corresponding to each instrument on the relevant valuation date. The credit spread was determined in reference to credit yields of companies with similar credit risk at the date of valuation. A premium of 10% (December 31, 2024-10%) was added to the credit spread as an instrument specific adjustment to reflect the Company's risk of default. A value of 22.28% (December 31, 2024-23.07%) was used for the credit spread.</span></span></p> </div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td colspan="7" style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Fair value as at June 30, 2025 and December 31, 2024 Using:</strong></span></span></td> <td colspan="1" style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Level 3</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Assets:</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Liabilities:</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible promissory notes</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,438,639</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,088,911</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,438,639</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:10%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,088,911</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> </table> 0 0 13438639 12088911 13438639 12088911 <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right;border-bottom:0.75pt solid rgb(0, 0, 0)"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right;border-bottom:0.75pt solid rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value at December 31, 2024 and 2023</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12,088,911</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10,519,824</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value at issuance</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">182,143</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Amendment</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13,191</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Mark to market</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>1,349,728</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,373,753</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair value at June 30, 2025 and December 31, 2024</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13,438,639</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,088,911</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> 12088911 10519824 0 182143 0 13191 1349728 1373753 13438639 12088911 0.75 0.75 which were amended post maturity, which were assumed to be 100%. The probability of default was determined in reference to a 1-year PD rate for a 'CCC+' rating at issuance, and a combination of 'CC' and 'CCC' credit ratings at March 31, 2025 and December 31, 2024. 2.432 2.893 2.204 2.478 0.10 0.10 0.2228 0.2307 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>12. Loans Payable to Related Parties</strong></span></span></p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Directors </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>48,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">48,500</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>CFO</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>26,131</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">23,533</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Shareholders</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Haute Inc.</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>681,448</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">646,121</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>756,079</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">721,154</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> <p style="margin-top:10pt;margin-bottom:10pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The loans owing to directors were received by the Company on June 6, 2022, March 16, 2023 and June 21, 2024, are unsecured, bearing interest at 5% per annum and due on demand. During the three and six-month periods ended June 30, 2025, $505 and $1,278 (2024-$685 and $1,276) respectively, in interest was incurred on the loans owing to directors.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On December 5, 2023, the Company received a loan from Haute Inc., in the amount of $439,800 (C$600,000) bearing interest at 13% per annum, due June 5, 2024. The net proceeds were $246,651 (C$336,495) after deducting outstanding interest on existing mortgages for a wholly owned subsidiary, 1684567, and other disbursements in the amount of $149,653 (C$204,165), a financing fee in the amount of $13,194 (C$18,000) plus the applicable harmonized sales taxes of $1,715 (C$2,340). In addition, six months of interest in the amount of $28,587 (C$39,000) was capitalized.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On January 9, 2024, the Company received a loan from Haute Inc., in the amount of $241,648 (C$329,670) bearing interest at 13% per annum due July 9, 2024. The proceeds received on January 9, 2024 net of capitalized interest of $14,294 (C$19,500) for six months and a financing fee of $6,507 (C$9,000) plus the applicable harmonized sales taxes of $858 (C$1,170) amounted to $219,900 (C$300,000).</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three and six-month periods ended June 30, 2025, $21,875 (C$30,214) and $42,892 (C$60,429) (2024-$20,272; C$27,748 and $41,741; C$56,705) respectively, in interest was incurred on the two loans from Haute Inc.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In addition, on January 11, 2024, Travellers converted $101,130 (C$135,600) of accounts payable into 809,044 common shares of the Company at the closing trading price immediately prior to the conversion. There was no gain or loss on this conversion.</span></span></p> </div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Directors </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>48,500</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">48,500</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>CFO</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>26,131</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">23,533</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Shareholders</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,000</span></span></td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Haute Inc.</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>681,448</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">646,121</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Total</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>756,079</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:0.75pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">721,154</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> 48500 48500 26131 23533 0 3000 681448 646121 756079 721154 0.05 0.05 0.05 505 1278 685 1276 439800 600000 0.13 2024-06-05 246651 336495 149653 204165 13194 18000 1715 2340 28587 39000 241648 329670 0.13 2024-07-09 14294 19500 6507 9000 858 1170 219900 300000 21875 30214 42892 60429 20272 27748 41741 56705 101130 135600 809044 <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>13. Capital Stock</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As at June 30, 2025, the Company had 150,000,000 common shares authorized with a par value of $.0001 per share and 142,332,019 (December 31, 2024-131,332,019) common shares issued and outstanding.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three and six-month periods ended June 30, 2025, the Company raised $220,000 in three private placements for the issuance of a total of 11,000,000 common shares to Travellers, at a price of $0.02 per share.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three and six-month periods ended June 30, 2025, Travellers converted a total of $nil (C$nil) and $nil (C$nil) (2024-$nil; C$nil and $101,130; C$135,600) of accounts payable owing to Travellers for nil (2024 - 809,044) common shares of the Company at the closing trading price immediately prior to the conversion.  There was no gain or loss on this conversion.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In addition, on March 18, 2024, the Company submitted a cancellation order to its transfer agent to cancel 750,000 common shares issued in the prior year to a consultant. There was no gain or loss on this cancellation.</span></span></p> </div> </div> </div> 150000000 0.0001 142332019 142332019 131332019 131332019 220000 220000 11000000 11000000 0.02 0 0 0 0 0 0 101130 135600 0 809044 750000 <div style="margin-top:0px;margin-bottom:0px"> <p style="text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>14. Commitments</strong></span></span></p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%"> <tr> <td style="vertical-align:top;text-align:justify;width:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a)</span></span></td> <td style="vertical-align:top;width:auto"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0px;margin-bottom:0px;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effective January 1, 2023, new executive consulting agreements were finalized for the services of the CEO and the CFO, for two years and one year, respectively. The CEO's monthly fee was $29,320 (C$40,000) for 2023 and is $36,650 (C$50,000) for 2024 and for the CFO was $9,163 (C$12,500) for 2023. There is no future minimum commitment under these consulting agreements since both the CEO and the CFO are providing their services on a month-to-month basis.</span></span></p> </td> </tr> <tr> <td style="text-align:justify;width:24pt"> </td> <td style="text-align:justify;width:auto"> </td> </tr> <tr> <td style="vertical-align:top;text-align:justify;width:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b)</span></span></td> <td style="vertical-align:top;width:auto"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0px;margin-bottom:0px;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has agreed to lease its office premises from Haute on a month-to-month basis, at the monthly rate of $7,330 (C$10,000). The Company is responsible for all expenses and outlays in connection with its occupancy of the leased premises, including, but not limited to utilities, realty taxes and maintenance.</span></span></p> </td> </tr> <tr> <td style="text-align:justify;width:24pt"> </td> <td style="text-align:justify;width:auto"> </td> </tr> <tr> <td style="vertical-align:top;text-align:justify;width:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c)</span></span></td> <td style="vertical-align:top;width:auto"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0px;margin-bottom:0px;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effective February 3, 2021, upon the successful completion of a Nasdaq listing, the Company has committed a payment of $300,000 to a consulting firm providing advisory and consulting services.</span></span></p> </td> </tr> <tr> <td style="text-align:justify;width:24pt"> </td> <td style="text-align:justify;width:auto"> </td> </tr> <tr> <td style="vertical-align:top;text-align:justify;width:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">d)</span></span></td> <td style="vertical-align:top;width:auto"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0px;margin-bottom:0px;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On November 5, 2021, the Company committed to the design and construction of its Hamilton Facility including architectural and general contracting fees in the amount of $6,689,218 (C$9,125,809) plus applicable harmonized sales taxes. As noted under note 7, Long-lived Assets, net, the Hamilton Facility, is now held for sale.</span></span></p> </td> </tr> <tr> <td style="text-align:justify;width:24pt"> </td> <td style="text-align:justify;width:auto"> </td> </tr> <tr> <td style="vertical-align:top;text-align:justify;width:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">e)</span></span></td> <td style="vertical-align:top;width:auto"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0px;margin-bottom:0px;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Effective November 1, 2022, the Company acquired the exclusive rights to the use of a well-known athlete's name, endorsement and the like, for the purposes of advertisement, promotion and sale of the Company's products. In return, the Company issued 500,000 common shares of the Company and the individual's company is entitled to the following fees:</span></span></p> </td> </tr> </table> <div style="margin-top:0px;margin-bottom:0px"> <p style="margin-left:63.6pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">• $125,000 sixty days subsequent to the Company's shares listed on the Nasdaq or another senior exchange.</span></span></p> <p style="margin-top:0pt;margin-left:63.6pt;margin-bottom:0pt;text-indent:-18pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">• $125,000 on the one-year anniversary of the first payment above and,</span></span></p> <p style="margin-top:0pt;margin-left:63.6pt;text-indent:-18pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">• $125,000 on the one-year anniversary of the second payment above.</span></span></p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%"> <tr> <td style="text-align:justify;width:24pt;vertical-align:top"> </td> <td style="vertical-align:top;width:auto"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0px;margin-bottom:0px;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">There is also an arrangement to issue 250,000 warrants to the company once the Company's shares are listed on the Nasdaq or another major exchange.</span></span></p> </td> </tr> <tr> <td style="text-align:justify;width:24pt"> </td> <td style="text-align:justify;width:auto"> </td> </tr> <tr> <td style="vertical-align:top;text-align:justify;width:24pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">f)</span></span></td> <td style="vertical-align:top;width:auto"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0px;margin-bottom:0px;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company was assigned the land lease on the purchase of certain assets of Astoria Organic Matters Ltd., and Astoria Organic Matters Canada LP on September 15, 2017. The land lease, which comprises 13.88 acres in Roslin, Ontario, Canada, has a term expiring March 31, 2034. The basic monthly rent on the net lease is $2,199 (C$3,000) and is subject to adjustment based on the consumer price index as published by Statistics Canada ("CPI"). To date, no adjustment for CPI has been charged. The Company is also responsible for any property taxes, maintenance, insurance and utilities. In addition, the Company had the right to extend the lease for five further terms of five years each and one further term of five years less one day. As the Company acquired the business of 1684567, the previous landlord, in 2019, there are no future commitments for this lease. The Company is responsible through a special provision of the site plan agreement with the City of Belleville (the "City"), Ontario, Canada, that it is required to fund road maintenance required by the City through to September 30, 2025 at an annual rate of $7,330 (C$10,000). The future minimum commitment is as follows:</span></span></p> </td> </tr> </table> <p style="text-align:justify;margin-top:0px;margin-bottom:0px"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>For the six-month period ending December 31, 2025</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,330</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Up until September 30, 2023, PACE had provided the Company a letter of credit in favor of the MECP in the amount of $202,917 (C$276,831) and, as security, had registered a charge of lease over the Company's Belleville Facility located at 704 Phillipston Road, Roslin (near Belleville), Ontario, Canada.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The current letter of credit required by the MECP for the Belleville Facility is $467,388 (C$637,637) and now $107,375 (C$146,487), while the Company re-assesses and re-submits it financial assurance to the MECP with the assistance of its environmental consultant. The Company has not yet satisfied this requirement of the MECP.</span></span></p> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman,Times,serif;text-align:left;font-size:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span id="page_21"></span></span></span></p> <div></div> <p style="margin-bottom:0pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The letter of credit is a requirement of the MECP and is in connection with the financial assurance provided by the Company for it to be in compliance with the MECPs environmental objectives. The MECP regularly evaluates the Company's Belleville Facility to ensure compliance is adhered to and the letter of credit is subject to change by the MECP. The Company had engaged an environmental consulting firm to re-evaluate the financial assurance with the MECP which is based on the estimated environmental remediation and clean-up costs for the Belleville Facility. As a result of inspections carried out by the MECP during the prior years, some of which have resulted in MECP orders having been issued, the Company has accrued estimated and actual costs for corrective measures in orders issued by the MECP $2,837,406 (C$3,870,950) (December 31, 2024-$2,344,600; C$3,373,525).</span></span></p> </div> </div> 29320 40000 36650 50000 9163 12500 7330 10000 300000 6689218 9125809 500000 125000 125000 125000 250000 2199 3000 7330 10000 <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>For the six-month period ending December 31, 2025</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:1.5pt solid #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>7,330</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:1.5pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> 7330 202917 276831 467388 637637 107375 146487 2837406 3870950 2344600 3373525 <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>15. Other Expenses </strong></span></span></p> <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">June 30, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(a) Loss on revaluation of convertible promissory notes</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,349,728</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(852,122</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(b) Provision for loss</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(191,637</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(c) Loss on settlement of claim</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(227,545</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(d) Gain on forgiveness of CEBE loans</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">22,242</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,541,365</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,057,425</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> </div> <p style="margin-left:24pt;text-indent:-24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(a)<span style="display:inline-block;width:12pt"> </span>Loss on revaluation of convertible promissory notes. Refer also to convertible promissory notes, note 10.</span></span></p> <p style="margin-left:24pt;text-indent:-24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(b)<span style="display:inline-block;width:12pt"> </span>The provision for loss relates to one of the March 2022 Investor Notes as disclosed under note17, legal proceedings.</span></span></p> <p style="margin-left:24pt;text-indent:-24pt;text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(c)<span style="display:inline-block;width:12pt"> </span>The loss is on the settlement of the claim with the general contractor for the property under construction in Hamilton, Ontario, Canada. Refer also to legal proceedings, note 17.</span></span></p> <p style="margin-left:24pt;text-indent:-24pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(d)<span style="display:inline-block;width:12pt"> </span>In the prior period ended June 30, 2024, the Company recognized a gain on the forgiveness of the Canada Emergency Business Account ("CEBA") as a result of repaying the required portion of the CEBA loans within the time period to allow for a forgiven amount of $22,242 (C$30,000).</span></span></p> </div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt;border-color:#000000"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>June 30, 2025</strong></span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;white-space:nowrap;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">June 30, 2024</span></span></td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(a) Loss on revaluation of convertible promissory notes</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,349,728</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(852,122</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(b) Provision for loss</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(191,637</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left"> </td> <td style="vertical-align:bottom;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(c) Loss on settlement of claim</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong> </strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(227,545</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"><strong><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(d) Gain on forgiveness of CEBE loans</span></span></strong></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>-</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;border-bottom:0.75pt solid #000000"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:12%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">22,242</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:2%;text-align:left;border-bottom:0.75pt solid #000000"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff"> </td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>$</strong></span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>(1,541,365</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>)</strong></span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;width:1%;text-align:left;background-color:#e6efff;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;background-color:#e6efff"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(1,057,425</span></span></td> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff;border-bottom:2.25pt double #000000"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> </table> 1349728 852122 191637 0 0 227545 0 22242 -1541365 -1057425 22242 30000 <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>16. Economic Dependence</strong></span></span></p> <p style="text-align:justify;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company generated 80% and 100% of its revenue from one customer, during the three and six-month periods ended June 30, 2025 (2024-0% and 91% from three customers) respectively.</span></span></p> </div> </div> 0.80 1 0 0.91 <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>17. Legal Proceedings</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are currently no claims or actions pending against us, the ultimate disposition of which would have a material adverse effect on our results of operations, financial condition, or cash flows, except as follows:</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has a claim against it for unpaid legal fees in the amount of $47,822 (C$65,241). The amount is included in accounts payable on the Company's consolidated balance sheets.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On October 4, 2023, an action was launched by one of the October 2021 Investors, who claimed he was owed $1,300,000 plus accrued interest. The principal balance in the accounts and noted under convertible promissory notes, note 10(a) is $2,034,269 (December 31, 2024-$1,957,337), which is after conversions of $318,100 during 2022 and 2023 and includes accrued interest of $734,269 (December 31, 2024-$657,337). The Company has disclosed the fair value of this convertible promissory note as $3,173,137 (December 31, 2024-$2,835,298). The Company intends to repay the balance owed when it is financially able to do so.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On November 27, 2023 and March 6, 2024, the Company experienced an outflow of leachate impacted water from the stormwater pond at the Belleville Facility into the City of Belleville's (the "City") roadside ditch. The Company is collaborating with its environmental consultants and its Canadian legal counsel to assess the damage caused, remediate this occurrence and report regularly to the MECP. As noted below, on August 30, 2024, the Company and the City remediated with a settlement in the amount of $95,290 (C$130,000). This amount is included under accrued liabilities in the Company's interim condensed consolidated balance sheets.</span></span></p> <div></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On October 24, 2023, the Company received a letter from the utility company for unpaid hydro bills in the amount of $245,768 (C$335,291). The amount of this original claim and any amounts subsequently invoiced are included in accounts payable on the Company's interim condensed consolidated balance sheets.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In addition, on November 17, 2023, the Company received an amended claim filed against it from 2023 by Tradigital in the sum of $219,834 in owed fees plus the difference in stock price, 300,000 common shares of the Company, plus attorney fees and expenses. The case went to arbitration on March 11, 2024 and the Company defended its position. On April 4, 2024, the International Centre for Dispute Resolution indicated that no additional evidence is to be submitted and the hearings were declared closed as of April 29, 2024. The tribunal endeavored to render the final decision within the timeframe provided for in the rules. Management agrees that outstanding fees, which are included in accounts payable in the interim condensed consolidated balance sheets, are only in the amount of $30,000, which was agreed to by the parties in earlier communications and through various e-mail correspondence.  In addition, management has no issue with the outstanding common shares to be provided to the claimant totaling 300,000. Management believes that the additional claim amount of $189,834 is without merit. Of the total of 300,000 common shares, 50,000 have been issued and the remaining 250,000 were previously disclosed as shares to be issued in the consolidated statements of stockholders' deficiency. On April 26, 2024, the arbitrator for this claim awarded Tradigital the sum of $118,170 which had been accrued by the Company. In addition, the remaining 250,000 common shares were not required to be issued by the Company and are no longer disclosed as shares to be issued.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On April 1, 2024, the Company received notice of a complaint filed against it by one of the March 2022 Investors, seeking damages of no less than $4,545,393. The Company had thirty calendar days to respond and on April 30, 2024, the Company was able to extend the time to respond with opposing counsel, a further fifteen days. The Company has been unable to retain counsel to represent it in this matter. The full amount of the complaint was included in the accounts at December 31, 2023, March 31, 2024 and June 30, 2024. On May 21, 2024, the counsel for the plaintiff requested an entry for a default judgement against the Company. On September 11, 2024, the default judgement was filed in the amount of $2,848,744. In addition, pre-judgement interest was granted in the amount of $87,414 at the rate of 10% per annum on the principal balance from May 22, 2024 through September 11, 2024. On the filing of this default judgement, the March 2022 Investor removed two causes of action previously filed in their complaint which the Company received notice of on April 1, 2024 and accrued for accordingly. The impact of the removal of the two causes of action totaling $2,250,000, plus the additional pre-judgement and other interest charged resulted in a reduction in the previous accrual for loss in the amount of $1,191,033, which was disclosed in the December 31, 2024 consolidated financial statements. During the current three and six-month periods ended June 30, 2025, the Company has accrued interest of 15% on the outstanding balance, as noted in the default judgement. Refer also to other expenses, note 15(b).</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On May 16, 2024, the Company was informed by its Canadian legal counsel that the City issued an order against the Belleville Facility, its numbered company, 1684567 and its officers for the repayment of the cost of pumping out contaminated water from the City's roadside ditch, along with legal and other associated costs. On May 31, 2024, the companies and the officers filed notices of appeal to the Ontario Land Tribunal. The Company and its Canadian legal counsel were in discussions with the legal representatives from the City, to come to a resolution before any action by the Ontario Land Tribunal. On August 30, 2024, minutes of settlement were finalized between the City and the Company to settle for an amount of $95,290 (C$130,000) ten days following the sale of the Hamilton Facility. There are certain events of default, including not meeting the timeline set above and if the sale of the Hamilton Facility does not occur before January 31, 2025, it would result in the actual cost incurred by the City to be paid by the Company. The actual costs noted in the minutes of settlement totaled $141,095 (C$192,490). In addition, in connection with the minutes of settlement, the Company and its officers subsequently withdrew their appeals with the Ontario Land Tribunal on September 4, 2024, and the Ontario Land Tribunal closed their case. The Company's Hamilton Facility was not sold by January 31, 2025 and on February 10, 2025, the City issued a second order to the Companies and its two officers for an additional sum of $27,273 (C$37,207) representing additional costs resulting from the spill. The Company's counsel has responded to the City's counsel. See below on March 12, 2025.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On June 10, 2024, the Company received a statement of claim from the general contractor, Gillam Construction Group Ltd. ("Gillam"), for the construction of the Hamilton Facility. Gillam also named the Company's two officers as defendants. The Company and its Canadian legal counsel were able to resolve the matter with the Plaintiff with a final settlement of $2,125,700 (C$2,900,000) if paid on or before November 30, 2024. Effective December 1, 2024, as a result of non-payment by the Company, the final settlement was now $2,199,000 ($3,000,000) and accrues interest at a variable rate using the Bank of Nova Scotia prime rate plus four percent (4%), compounded daily, due February 1, 2025. The settlement reached was over and above the original amount included in the accounts of the Company. The Company provided for this excess in the amount of $300,565 (C$409,122) as a loss on settlement during the year ended December 31, 2024. On February 1, 2025, the Company signed an extension to May 29, 2025, to repay the principal amount of $2,199,000 (C$3,000,000) plus accrued interest and legal fees. Effective February 1, 2025, the principal amount is accruing interest at a fixed rate of twelve and one-half percent (12.5%) annually, compounded daily. On May 29, 2025, the Company signed an extension with Gillam, extending the repayment date from May 29, 2025 to August 15, 2025 on the same terms and conditions as the previous extension dated February 1, 2025. For the three and six-month periods ended June 30, 2025, interest in the amount of $85,568 (C$119,036) and $145,182 (C$204,538) respectively is included under interest expense in the interim condensed consolidated statements of operations and comprehensive loss.</span></span></p> <div></div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On September 5, 2024, one of the Company's subsidiaries was served with a construction lien on the property at the Belleville Facility in the amount of $167,054 (C$227,904) representing outstanding accounts payable for environmental services provided by the contractor.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On March 3, 2025, the Company received a notice from the Ontario Supreme Court of Justice for unpaid fees with the Company's prior auditors. The outstanding amount includes fees of $52,102 (C$71,081), which is included under accounts payable in the interim condensed consolidated balance sheets and interest charged of $28,643 (C$39,076), which has been provided for, in total $80,745 (C$110,157). On May 6, 2025, the Company received an amended notice of motion returnable the week of May 19, 2025. The plaintiff would also seek to recover other costs and disbursements along with additional interest.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On March 10, 2025, the City provided 1684567, the owner of the property at the Belleville Facility with a statement of outstanding property taxes, annual road maintenance assessments, interest, penalties and related totaling $165,517 (C$225,807). The outstanding property taxes, including annual road maintenance costs, interest and penalties at December 31, 2024, are included in accounts payable in the interim condensed consolidated balance sheets.</span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On March 12, 2025, the City informed 1684567 for outstanding property taxes, other charges including the amounts described above for costs resulting from the spill at the Belleville Facility. The amount noted by the City includes certain costs relating to 2025, in total $315,683 ($430,672). The City demanded payment on or before April 23, 2025. On April 22, 2025, the City and 1684567 signed an extension agreement to provide for the payment of the amounts noted above along with the property taxes to be invoiced by the City during the extension period and any additional interest and penalties. The payments are to be made monthly, commencing April 22, 2025 through to March 22, 2026 in the amount of $33,547 (C$45,767). The payments have been made monthly with funds provided by one of the mortgage holders and included in the mortgage payable. Refer also to long-term debt, note 9(a)(vi).</span></span></p> <p style="text-align:justify;margin-top:10px;margin-bottom:0px"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In a letter dated March 20, 2025, the Canada Revenue Agency (the "CRA"), informed the Company of outstanding harmonized sales taxes and payroll remittance amounts, including interest and penalties, owing for the Belleville Facility. The total amount is $560,074 (C$764,084) and includes amounts relating to 2025. The Company has included under accounts payable and under accrued liabilities in the interim condensed consolidated financial statements the amounts owing as at June 30, 2025. Management has been in discussions with the CRA to repay the outstanding amounts over a reasonable amount of time once funding is received.</span></span></p> </div> </div> </div> 47822 65241 1300000 2034269 1957337 318100 734269 657337 3173137 2835298 95290 130000 245768 335291 219834 300000 30000 300000 189834 300000 50000 250000 118170 250000 4545393 2848744 87414 0.10 2250000 1191033 0.15 95290 130000 141095 192490 27273 37207 2125700 2900000 2199000 3000000 accrues interest at a variable rate using the Bank of Nova Scotia prime rate plus four percent (4%), compounded daily 300565 409122 2199000 3000000 0.125 85568 119036 145182 204538 167054 227904 52102 71081 28643 39076 80745 110157 165517 225807 315683 430672 33547 45767 560074 764084 <div> <div> <div> <div> <p style="text-align:justify;margin-top:0pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>18. Subsequent Events</strong></span></span></p> <p style="text-align:justify;margin-top:10pt;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">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:</span></span></p> <p style="margin-left:24pt;text-indent:-24pt;text-align:justify;margin-top:10pt;margin-bottom:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(a)<span style="display:inline-block;width:12pt"> </span>On July 25, 2025, the Company received the funds disclosed under accrued receivables in the interim condensed consolidated balance sheets relating to the sale of carbon credits in the three-month period ended June 30, 2025.</span></span></p> </div> </div> </div> </div>