SHARE CAPITAL (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

SCHEDULE OF SHARE CAPITAL

The Company had the following common share transactions during the year ended December 31, 2022:

	# of shares		Amount
Common shares issued for bonuses and compensation		266,765	$	520,230
Common shares issued for conversion of convertible debt		67,568		131,532
Common shares issued to consultants		284,767		853,457
Total common shares issued		619,100	$	1,505,219

The Company had the following common share transactions during the year ended December 31, 2021:

	# of shares		Amount
Common shares issued for cash		3,127,998	$	13,262,712
Common shares issued for conversion of series A preferred stock		2,258,826		6,717,873
Common shares issued on exercise of warrants		39,800		238,800
Common shares issued on cashless exercise of warrants		36,275		-
Common shares issued on exercise of options		7,018		9,123
Common shares issued on cashless exercise of options		820,029		-
Common shares issued for bonus and compensation		159,775		648,449
Common shares issued for consulting services		76,364		381,663
Common shares issued for settlement of accrued director’s fee		19,992		46,783
Common shares issued for dividend on preferred shares		189,004		735,932
Share issue costs		-		(2,099,842	)
Total common shares issued		6,735,081	$	19,941,493

SCHEDULE OF STOCK OPTION ACTIVITY

The following summarizes stock option activity during the years ended December 31, 2022 and 2021:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Life (years)
Balance at December 31, 2020		1,450,918		$	2.01		4.38
Granted		509,788		$	7.00		4.47
Exercised		(1,120,719	)	$	3.23		-
Forfeited		(28,947	)	$	4.75		-
Cancelled		(94,021	)	$	6.70		-
Balance at December 31, 2021		717,019		$	5.63		4.48
Granted		747,060		$	1.14		4.48
Forfeited		(25,542	)	$	7.00		-
Cancelled		(55,908	)	$	4.27		-
Balance at December 31, 2022		1,382,629		$	3.30		4.24

SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK OPTIONS

The Company’s outstanding and exercisable stock options at December 31, 2022 were:

	Outstanding Options						Exercisable Options
Expiry Date	Number		Weighted Average Remaining Life (years)		Weighted Average Exercise Price		Number		Weighted Average Exercise Price
					$				$
June 30, 2026		210,489		3.50		3.51		210,489		3.51
May 31, 2026		320,351		3.42		7.00		160,176		7.00
July 15, 2026		55,445		3.54		7.00		23,100		7.00
September 30, 2026		49,284		3.75		7.00		20,540		7.00
November 18, 2027		747,060		4.88		1.14		-		-
Total Share Options		1,382,629		4.24		3.30		414,305		5.23

SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS

The following table summarizes the Company’s assumptions used in the valuation of options granted during the year ended December 31, 2022 and December 31, 2021:

	December 31, 2022			December 31, 2021
Expected volatility		78.05	%		80.00	%
Expected term (in years)		3.07			3.31
Risk-free interest rate		3.35	%		0.92	%
Fair value of options	$	0.60		$	2.59

SCHEDULE OF OUTSTANDING WARRANTS

The Company’s outstanding warrants as of December 31, 2022 were:

	Number of warrants			Weighted average exercise price			Expiry Date
				$
Outstanding, December 31, 2020		2,546,065			7.46
Granted July 12, 2021		3,263,997			6.00		July 12, 2024
Granted July 28, 2021		93,938			3.99		July 28, 2024
Exercised in 2021		(133,738	)		4.59		n/a
Outstanding, December 31, 2021		5,770,262			5.91
Granted June 30, 2022		4,106,418			2.44	a	December 30, 2025
Outstanding, December 31, 2022		9,876,680			4.91

(a) Subsequent to the year end, the issuance of additional tranches of Debentures triggered the down round provision, adjusting the exercise prices of the Debenture Warrants to $1.24 (Note 9).

ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE

Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):

	December 31, 2022		December 31, 2021
Warrants		9,876,680		5,770,262
Options		1,382,629		717,019
Prefunded warrants		1,146,132		-
Convertible debentures		4,986,486		-
Total anti-dilutive weighted average shares		17,391,927		6,487,281