SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company has evaluated subsequent events through May 17, 2024, which is the date these condensed consolidated interim financial statements were issued, and has concluded that the following subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated interim financial statements.

The Company issued 1,000,000 Class A Subordinate Voting Shares ("SVS") to Leonid Gontmakher, the former Chief Executive Officer, pursuant to a Severance and Consulting Agreement effective January 8, 2024.

The Company issued 14,718,644 restricted share units (“RSUs”) on April 24, 2024, to certain consultants, directors, and officers of the Company in payment of compensation owed. The RSUs represent the right to receive one SVS upon the earliest to occur of a change in control, disability, death, unforeseeable emergency, separation from service other than for cause, or the date that is 18 months following the grant date, each as more particularly described in the applicable restricted share unit agreement.

In addition, the Company issued 5,483,600 purchase warrants convertible into SVS (each a “Warrant”) to settle debt owed to a service provider. Each Warrant will be exercisable at $0.07 into one SVS for a period of four years upon the satisfaction of specified commercial milestones.