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<div> 1. NATURE OF OPERATIONS C21 Investments Inc. (the "Company" or "C21") was incorporated January 15, 1987, under the Company Act of British Columbia. The Company is a publicly traded company with its registered office is 1900-885 West Georgia Street, Vancouver, BC, V6C 3H4. Pursuant to a change of business announced on January 29, 2018 to the Cannabis industry, the Company commenced acquiring and operating revenue-producing cannabis operations in the USA. On June 15, 2018, the Company's common shares were delisted from the TSX Venture Exchange ("TSX-V") at the Company's request and on June 18, 2018 the Company commenced trading on the Canadian Securities Exchange ("CSE"), completed its change of business to the cannabis industry and commenced trading under the symbol CXXI. The Company registered its common shares in the United States and on May 6, 2019, its shares were cleared by the Financial Industry Regulatory Authority for trading on the OTC Markets platform under the U.S. trading symbol CXXIF. On September 28, 2020, the Company began trading on the OTCQB® Venture Market. For the year ended January 31, 2021, the Company operated in two segments: recreational cannabis in Oregon, USA and recreational and medical cannabis in Nevada, USA (note 17). During the year ended January 31, 2022, the Company made the strategic decision to exit operations in Oregon. The comparative results of operations have been re-stated to present the operating results of the Oregon segment as discontinued operations. The Nevada segment remains engaged in the cultivation of and manufacturing of cannabis flower products, vape products and extract products for wholesale and retail sales. At January 31, 2022, the Company had cash of $3,067,983, a working capital deficit of $4,444,076, and an accumulated deficit of $68,510,333. However, for the year ended January 31, 2022, the Company generated net income and positive cash flows from operations. Management has taken several actions to ensure that the Company will continue as a going concern through January 31, 2023, including the closing of its operations in Oregon (note 4), selling the assets in Oregon, reducing headcount, and reducing discretionary expenditures. The Company is seeking additional financing in the form of debt which could consolidate existing debt on its balance sheet on more favorable terms. Management believes that these actions will enable the Company to continue as a going concern through August 15, 2023, one year from the date these consolidated financial statements were issued. In the United States, 36 states, the District of Columbia, and four out of five U.S. territories allow the use of medical cannabis. The recreational adult-use of cannabis is legalized in 17 states, including Alaska, Arizona, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Montana, Nevada, New Jersey, New Mexico, New York, Oregon, Vermont, Virginia, Washington, and the District of Columbia. At the federal level, however, cannabis currently remains a Schedule I controlled substance under the Federal Controlled Substances Act of 1970. Under U.S. federal law, a Schedule I drug or substance has a high potential for abuse, no accepted medical use in the United States, and a lack of accepted safety for the use of the drug under medical supervision. As such, even in those states in which marijuana is legalized under state law, the manufacture, importation, possession, use or distribution of cannabis remains illegal under U.S. federal law. This has created a dichotomy between state and federal law, whereby many states have elected to regulate and remove state-level penalties regarding a substance which is still illegal at the federal level. There remains uncertainty about the US federal government's position on cannabis with respect to cannabis-legal status. A change in its enforcement policies could impact the ability of the Company to continue as a going concern. </div>

3067983

-4444076

-68510333

<div> <div> 2. BASIS OF PREPARATION Basis of presentation These consolidated financial statements as at and for the years ended January 31, 2022 and 2021 ("consolidated financial statements") are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). These consolidated financial statements have been prepared on an accrual basis and are based on historical costs, except for certain financial instruments classified as fair value through profit or loss. Functional and reporting currency The functional currency of C21 Investments Inc. is Canadian dollars, and the functional currency of the Company's subsidiaries is U.S. dollars. C21 has determined that the U.S. dollar is the most relevant and appropriate reporting currency as the Company's operations are conducted in U.S. dollars and its financial results are prepared and reviewed internally by management in U.S. dollars. The consolidated financial statements are presented in U.S. dollars unless otherwise noted. Basis of consolidation The consolidated financial statements incorporate the accounts of the Company and all the entities in which the Company has a controlling voting interest and is deemed to be the primary beneficiary. All consolidated entities were under common control during the entirety of the periods for which their respective results of operations were included in the consolidated statements (i.e. from the date of acquisition). All intercompany balances and transactions are eliminated upon consolidation. The following are the Company's subsidiaries that are included in these consolidated financial statements as at and for the year ended January 31, 2022: <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 30.98%; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Name of Subsidiary </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Country of Incorporation </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Percentage Ownership </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Functional Currency </td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Principal Activity </td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff;"> 320204 US Holdings Corp. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff;"> USA </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff;"> USD </td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff;"> Holding Company </td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> 320204 Oregon Holdings Corp. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> 320204 Nevada Holdings Corp. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> 320204 Re Holdings, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> Eco Firma Farms LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis producer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> Silver State Cultivation LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Cannabis producer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> Silver State Relief LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis retailer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> Swell Companies LTD </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Cannabis processor, distributor</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> Megawood Enterprises Inc. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis retailer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> Phantom Venture Group, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> Phantom Brands, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> Phantom Distribution, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Cannabis distributor</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> 63353 Bend, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis producer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> 20727-4 Bend, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Cannabis processor</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> 4964 BFH, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis producer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; border-bottom: 1.5pt solid #000000;"> Workforce Concepts 21, Inc. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Payroll and benefits services</td> </tr> </table> </div> </div>

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 30.98%; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Name of Subsidiary </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Country of Incorporation </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Percentage Ownership </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Functional Currency </td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;"> Principal Activity </td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff;"> 320204 US Holdings Corp. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff;"> USA </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff;"> USD </td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff;"> Holding Company </td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> 320204 Oregon Holdings Corp. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> 320204 Nevada Holdings Corp. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> 320204 Re Holdings, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> Eco Firma Farms LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis producer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> Silver State Cultivation LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Cannabis producer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> Silver State Relief LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis retailer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> Swell Companies LTD </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Cannabis processor, distributor</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> Megawood Enterprises Inc. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis retailer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> Phantom Venture Group, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> Phantom Brands, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Holding Company</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> Phantom Distribution, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Cannabis distributor</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> 63353 Bend, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis producer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom;"> 20727-4 Bend, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">Cannabis processor</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; background-color: #e6efff;"> 4964 BFH, LLC </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff;">Cannabis producer</td> </tr> <tr> <td style="width: 30.98%; vertical-align: bottom; border-bottom: 1.5pt solid #000000;"> Workforce Concepts 21, Inc. </td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: center;">USA</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: center;">100%</td> <td style="width: 14.16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: center;">USD</td> <td style="width: 26.52%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Payroll and benefits services</td> </tr> </table>

<div> <div> <div> 3. SIGNIFICANT ACCOUNTING POLICIES <div> Significant accounting estimates and assumptions The preparation of the Company's financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from those estimates and judgments. Areas requiring a significant degree of estimation and judgment relate to the determination of fair values of assets acquired and liabilities assumed in business combinations, impairment of long-lived assets and inventory, fair value measurements, useful lives, depreciation and amortization of property, equipment and intangible assets, the recoverability and measurement of deferred tax assets and liabilities, share-based compensation, and fair value of derivative liabilities. </div> <div> Cash Cash held in financial institutions and cash held at retail locations, have carrying values that approximate fair value. </div> <div> Foreign currency translation Foreign currency transactions are translated into U.S. dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting date. All differences are recorded in the consolidated statements of income and comprehensive income (loss). Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Assets and liabilities of foreign operations are translated into U.S. dollars at year-end exchange rates and any revenue and expenses are translated at the average exchange rate for the year. The resulting exchange differences are recognized in other comprehensive income (loss). </div> <div> Inventory Inventory consists of raw materials, consumables and packaging supplies used in the process to prepare inventory for sale; work in process consisting of pre-harvested cannabis plants, by-products to be extracted, oils and terpenes; and finished goods. Inventory is valued at the lower of cost and net realizable value, with cost determined using the weighted average cost method. Net realizable value is calculated as the estimated selling price in the ordinary course of business, less any estimated costs to complete and sell the goods. Costs are capitalized to inventory, until substantially ready for sale. Costs include direct and indirect labor, raw materials, consumables, packaging supplies, utilities, facility costs, quality and testing costs, production related depreciation and other overhead costs. The Company records inventory reserves for obsolete and slow-moving inventory. Inventory reserves are based on inventory obsolescence trends, and the historical and professional experience of management. The Company classifies cannabis inventory as a current asset, although, due to the duration of the cultivation, drying, and conversion process, certain inventory items may not be realized in cost of sales within one year. </div> <div> </div> <div> <div> Property and equipment Property and equipment is measured at cost less accumulated depreciation and losses on impairment. </div> Depreciation is provided on the straight-line basis over the estimated useful lives of the assets as follows: <div> Buildings 45 years Leasehold improvements shorter of the life of the improvement or the remaining life of the lease Furniture & fixtures 5 years Computer equipment 3 years Machinery & equipment 2-7 years </div> </div> </div> </div> <div> <div> Intangible assets </div> Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. Amortization of intangible assets begins when the asset becomes available for use. Brands, licenses, and customer relationships are amortized over 10 years, which reflect the estimated useful lives of the intangible assets. </div> <div> Goodwill and indefinite lived Intangible assets Intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Goodwill represents the excess of the purchase price paid for the acquisition of subsidiaries over the fair value of the net intangible and tangible assets acquired. Following the initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. The Company's goodwill is part of the Nevada reporting unit. Goodwill is tested annually for any impairment, or more frequently in the case that events or circumstances indicate that the carrying amount of a reporting unit may not be recoverable. The Company may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If factors indicate this is the case, then a quantitative test is performed and an impairment is recorded for any excess carrying value above the reporting unit's fair value, not to exceed the amount of goodwill. For the years ended January 31, 2022 and 2021, the recoverable amount of goodwill allocated to the Nevada reporting unit exceeded its carrying amount and as such, no impairment was noted. </div> <div> Impairment of long-lived assets Long-lived assets include property and equipment, right-of-use assets, and intangible assets with finite useful lives. At the end of each fiscal year, the Company reviews the intangible assets' estimated useful lives and amortization methods, with the effect of any changes in estimates accounted for on a prospective basis. <div> </div> Long-lived assets are reviewed for indicators of impairment at each statement of balance sheet date or whenever events or changes in circumstances indicate that a potential impairment has occurred. The Company groups assets at the lowest level for which cash flows are separately identifiable, referred to as an asset group. When indicators of potential impairment are present the Company prepares a projected undiscounted cash flow analysis to determine the recoverable amount for the respective asset or asset group. An impairment loss is recognized whenever the carrying amount of the asset exceeds its recoverable amount and is recorded as in profit or loss equal to the amount by which the carrying amount exceeds the fair value. </div> <div> Assets and liabilities held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. The comparative consolidated balance sheet is re-presented to classify assets as held for sale in the period that the respective assets are classified as held for sale. </div> <div> Business combinations Acquisitions are accounted for in accordance with ASC 805 - Business Combinations, with the assets and liabilities acquired recorded at their fair values at the acquisition date. The Company is required to allocate the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values. The excess of the purchase price over those fair values of the net assets acquired is recorded as goodwill. Any excess of the fair value of the net assets acquired over the consideration, is a gain on business acquisition and would be recognized as a gain in the consolidated statement of loss and comprehensive loss. </div> <div> Convertible instruments In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting standards update 2020-06-debt-debt with conversion and other options (subtopic 470-20) and derivatives and hedging-contracts in entity's own equity (subtopic 815-40): accounting for convertible instruments and contracts in an entity's own equity, an update to simplify the accounting for convertible debt and other equity-linked instruments. The new guidance simplifies the accounting for convertible instruments by eliminating the cash conversion and beneficial conversion feature models used to separately account for embedded conversion features as a component of equity. Instead, the Company will account for the convertible debt as a single unit of account, unless the conversion feature requires bifurcation and recognition as a derivative. Additionally, the guidance requires the Company to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of potential share settlement for instruments that may be settled in cash or shares. The Company early adopted this new guidance using the full retrospective method as of February 1, 2020. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements and there was no impact to the number of potentially dilutive shares in each of the periods presented. </div> <div> </div> <div> Leases In February 2016, the FASB issued ASU 2016-02, Leases ("ASC 842"), a standard that requires lessees to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. The requirements of this standard include a significant increase in required disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The FASB has issued several amendments and practical expedients to the standard, including clarifying guidance, transition relief on comparative reporting at adoption, a practical expedient, which allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases, and codification improvements to clarify that lessees and lessors are exempt from certain interim disclosure requirement associated with adopting the new leases standard. The standard was adopted by the Company beginning February 1, 2020 and the standard was adopted using the modified retrospective transition approach, which allows the Company to recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption rather than restate comparative prior year periods. The cumulative effect adjustment to the opening balance of accumulated deficit was $nil. The Company has elected not to recognize right-of-use assets and liabilities for short-term leases that have a term of 12 months or less. Upon commencement of a contract containing a lease, the Company classifies leases other than short-term leases as either an operating lease or a finance lease according to the criteria prescribed by ASC 842. The lease classification is reassessed only when: (a) the contract is modified and the modification is not accounted for as a separate contract, and (b) there is a change in the lease term or the assessment of whether the lessee is reasonably certain to exercise an option to purchase the underlying asset. For both finance leases and operating leases, right-of-use assets and lease liabilities are initially measured as the present value of future lease payments and initial direct costs discounted at the interest rate implicit in the lease, or if that rate is not readily determinable, the Company's incremental borrowing rate. Subsequent measurement of lease liabilities classified as finance leases is at amortized cost using the effective interest rate method. Subsequent measurement of right-of-use assets classified as finance leases is at carrying amount less accumulated amortization, where amortization is recorded straight-line over the lease term. Subsequent measurement of lease liabilities classified as operating leases is at the present value of the unpaid lease payments discounted at the discount rate for the lease established at the commencement date. Subsequent measurement of right-of-use assets classified as operating leases is carrying amount less accumulated amortization where amortization is calculated as the difference between straight-line lease cost for the period, including amortization of initial direct costs, and the periodic accretion of the lease liability. </div> <div> Financial instruments Financial instruments are contracts that give rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are recorded initially at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Subsequent measurement depends on how the financial instrument has been classified and may be at fair value or amortized cost. For financial instruments subsequently measured at fair value, the Company calculates the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, the Company uses standard pricing models including the Black-Scholes option pricing model. <div> </div> Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 - Inputs that are not based on observable market data. There have been no transfers between fair value hierarchy levels during the years ended January 31, 2022 and 2021. The Company's measures the derivative liability at fair value using Level 3 inputs. The Company's cash, receivables, accounts payable and accrued liabilities, and income taxes payable are recorded at cost. The carrying values of these financial instruments approximate their fair value due to their short-term maturities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. Financial instruments subsequently measured at amortized cost include promissory note payable, and reclamation obligation. </div> <div> Share-based compensation The Company measures equity settled share-based payments based on their fair value at their grant date and recognizes share-based compensation expense over the vesting period based on the Company's estimate of equity instruments that will eventually vest. Consideration paid to the Company on the exercise of stock options is recorded as common stock. </div> <div> Income taxes The Company uses the asset and liability method to account for income taxes. Deferred income tax assets and liabilities are determined based on enacted tax rates and laws for the years in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As the Company operates in the cannabis industry, it is subject to the limits of IRC Section 280E under which the Company is only allowed to deduct expenses directly related to the cost of producing the products or cost of production. The Company recognizes uncertain income tax positions at the largest amount that is more-likely-than-not to be sustained upon examination by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Recognition or measurement is reflected in the period in which the likelihood changes. Any interest and penalties related to unrecognized tax liabilities are presented within income tax expense in the consolidated statements of comprehensive income (loss). </div> <div> </div> <div> Earnings (loss) per share The Company presents basic and diluted loss per share data for its common shares. Basic loss per share is calculated using the weighted average number of shares outstanding during the respective years. Diluted loss per share is computed by dividing net loss by the weighted average shares outstanding adjusted for additional shares from the assumed exercise of stock options, restricted share units, or warrants, if dilutive. The number of additional shares is calculated by assuming the outstanding dilutive convertible instruments, options, and warrants are exercised and that the assumed proceeds are used to acquire common shares at the average market price during the year. Diluted loss per share figures for the years presented are equal to those of basic loss per share for the years since the effects of convertible instruments, stock options and warrants are anti-dilutive. </div> <div> Revenue recognition Revenue is recognized by the Company in accordance with ASC 606. Through application of the standard, the Company recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In order to recognize revenue under ASC 606, the Company applies the following five steps: 1. Identify a customer along with a corresponding contract 2. Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer 3. Determine the transaction price that the Company expects to be entitled to in exchange for transferring promised goods or services to a customer 4. Allocate the transaction price to the performance obligation(s) in the contract 5. Recognize revenue when or as the Company satisfies the performance obligation(s) in the contract The Company's contracts with customers for the sale of dried cannabis and other products derived from cannabis consist of one performance obligation, being the transfer of control of the goods to the customer at the point of sale. The Company transfers control and satisfies its performance obligation when collection has taken place, compliant documentation has been signed, and the product was accepted by the buyer. The Company does not have performance obligations subsequent to delivery on the sale of goods to customers and revenues from sale of goods are recognized at a "point in time", which is upon passing of control to the customer. Transaction costs associated with a business combination, (i.e., other than those associated with the issuance of debt or equity), are expensed as incurred as a line item in the consolidated statement of loss and comprehensive loss. </div> <div> </div> <div> Reclamation obligation The Company recognizes the fair value of a legal or constructive liability for a reclamation obligation in the year in which it is incurred and when a reasonable estimate of fair value can be made. The carrying amount of the related long-lived asset is increased by the same amount as the liability. Changes in the liability for a reclamation obligation due to the passage of time will be recognized within accretion expense. The amount will be recognized as an increase in the liability and an accretion expense in the consolidated statements comprehensive income (loss) . Changes resulting from revisions to the timing or the amount of the original estimate of undiscounted cash flows are recognized as an increase or a decrease to the carrying amount of the liability and the related long-lived asset. </div> <div> Recently issued accounting pronouncements Recent accounting pronouncements, other than those below, issued by the FASB, the American Institute of Certified Public Accountants("AICPA") and the U.S. Securities and Exchange Commission ("SEC") did not or are not believed by management to have a material effect on the Company's present or future financial statements. Debt In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options ("ASU 2020-06"), (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. The FASB reduced the number of accounting models for convertible debt and convertible preferred stock instruments and made certain disclosure amendments to improve the information provided to users. In addition, the FASB amended the derivative guidance for the own stock scope exception and certain aspects of the earnings-per-share guidance. The amendments are effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted for after December 15, 2020. The Company early adopted this new guidance using the full retrospective method as of February 1, 2020. Leases In February 2016, the FASB issued new guidance on the recognition and measurement of leases, ASC 842 - Leases. Under this guidance, a lessee recognizes assets and liabilities on its balance sheet for most leases. Lease expense continues to be consistent with previous guidance. Additionally, this guidance requires enhanced disclosures regarding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company adopted this guidance effective February 1, 2020 using the modified retrospective transition method and comparative year ended January 31, 2021. The adoption of this guidance resulted in the recognition of operating lease right-of-use assets of $5,001,360, and $5,001,360 of lease liabilities, with a $nil impact on deficit. The transition to ASC 842 did not have a material impact on the Company's results of operations or liquidity. When measuring lease liabilities, the Company used its incremental borrowing rate, estimated at 10%. Revenue In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which provides a single comprehensive model for accounting for revenue from contracts with customers and supersedes nearly all previously existing revenue recognition guidance. The core principle of ASU 2014-09 is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the standard as of February 1, 2020. There was no impact of adopting ASU 2014-09 on the consolidated financial statements. <div> </div> Financial instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires the measurement of current expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Adoption of ASU 2016-13 will require financial institutions and other organizations to use forward-looking information to better formulate their credit loss estimates. In addition, the ASU amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. This update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted ASU 2016-13 on February 1, 2020 and adoption did not have a material impact on the Company's consolidated financial statements. Fair value measurement In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). ASU 2018-13 adds, modifies, and removes certain fair value measurement disclosure requirements. ASU 2018-13 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted. The Company adopted ASU 2018-13 on February 1, 2020 and the adoption did not have a material impact on the Company's consolidated financial statements. Income taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and was adopted on February 1, 2021 and the adoption did not have a material impact on the Company's consolidated financial statements. </div> </div>

<div> Significant accounting estimates and assumptions The preparation of the Company's financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from those estimates and judgments. Areas requiring a significant degree of estimation and judgment relate to the determination of fair values of assets acquired and liabilities assumed in business combinations, impairment of long-lived assets and inventory, fair value measurements, useful lives, depreciation and amortization of property, equipment and intangible assets, the recoverability and measurement of deferred tax assets and liabilities, share-based compensation, and fair value of derivative liabilities. </div>

<div> Cash Cash held in financial institutions and cash held at retail locations, have carrying values that approximate fair value. </div>

<div> Foreign currency translation Foreign currency transactions are translated into U.S. dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting date. All differences are recorded in the consolidated statements of income and comprehensive income (loss). Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Assets and liabilities of foreign operations are translated into U.S. dollars at year-end exchange rates and any revenue and expenses are translated at the average exchange rate for the year. The resulting exchange differences are recognized in other comprehensive income (loss). </div>

<div> Inventory Inventory consists of raw materials, consumables and packaging supplies used in the process to prepare inventory for sale; work in process consisting of pre-harvested cannabis plants, by-products to be extracted, oils and terpenes; and finished goods. Inventory is valued at the lower of cost and net realizable value, with cost determined using the weighted average cost method. Net realizable value is calculated as the estimated selling price in the ordinary course of business, less any estimated costs to complete and sell the goods. Costs are capitalized to inventory, until substantially ready for sale. Costs include direct and indirect labor, raw materials, consumables, packaging supplies, utilities, facility costs, quality and testing costs, production related depreciation and other overhead costs. The Company records inventory reserves for obsolete and slow-moving inventory. Inventory reserves are based on inventory obsolescence trends, and the historical and professional experience of management. The Company classifies cannabis inventory as a current asset, although, due to the duration of the cultivation, drying, and conversion process, certain inventory items may not be realized in cost of sales within one year. </div>

<div> <div> Property and equipment Property and equipment is measured at cost less accumulated depreciation and losses on impairment. </div> Depreciation is provided on the straight-line basis over the estimated useful lives of the assets as follows: <div> Buildings 45 years Leasehold improvements shorter of the life of the improvement or the remaining life of the lease Furniture & fixtures 5 years Computer equipment 3 years Machinery & equipment 2-7 years </div> </div>

<div> Buildings 45 years Leasehold improvements shorter of the life of the improvement or the remaining life of the lease Furniture & fixtures 5 years Computer equipment 3 years Machinery & equipment 2-7 years </div>

P45Y

shorter of the life of the improvement or the remaining life of the lease

P5Y

P3Y

P2Y

P7Y

<div> <div> Intangible assets </div> Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives. Amortization of intangible assets begins when the asset becomes available for use. Brands, licenses, and customer relationships are amortized over 10 years, which reflect the estimated useful lives of the intangible assets. </div>

P10Y

<div> Goodwill and indefinite lived Intangible assets Intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Goodwill represents the excess of the purchase price paid for the acquisition of subsidiaries over the fair value of the net intangible and tangible assets acquired. Following the initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. The Company's goodwill is part of the Nevada reporting unit. Goodwill is tested annually for any impairment, or more frequently in the case that events or circumstances indicate that the carrying amount of a reporting unit may not be recoverable. The Company may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If factors indicate this is the case, then a quantitative test is performed and an impairment is recorded for any excess carrying value above the reporting unit's fair value, not to exceed the amount of goodwill. For the years ended January 31, 2022 and 2021, the recoverable amount of goodwill allocated to the Nevada reporting unit exceeded its carrying amount and as such, no impairment was noted. </div>

<div> Impairment of long-lived assets Long-lived assets include property and equipment, right-of-use assets, and intangible assets with finite useful lives. At the end of each fiscal year, the Company reviews the intangible assets' estimated useful lives and amortization methods, with the effect of any changes in estimates accounted for on a prospective basis. <div> </div> Long-lived assets are reviewed for indicators of impairment at each statement of balance sheet date or whenever events or changes in circumstances indicate that a potential impairment has occurred. The Company groups assets at the lowest level for which cash flows are separately identifiable, referred to as an asset group. When indicators of potential impairment are present the Company prepares a projected undiscounted cash flow analysis to determine the recoverable amount for the respective asset or asset group. An impairment loss is recognized whenever the carrying amount of the asset exceeds its recoverable amount and is recorded as in profit or loss equal to the amount by which the carrying amount exceeds the fair value. </div>

<div> Assets and liabilities held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. The comparative consolidated balance sheet is re-presented to classify assets as held for sale in the period that the respective assets are classified as held for sale. </div>

<div> Business combinations Acquisitions are accounted for in accordance with ASC 805 - Business Combinations, with the assets and liabilities acquired recorded at their fair values at the acquisition date. The Company is required to allocate the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values. The excess of the purchase price over those fair values of the net assets acquired is recorded as goodwill. Any excess of the fair value of the net assets acquired over the consideration, is a gain on business acquisition and would be recognized as a gain in the consolidated statement of loss and comprehensive loss. </div>

<div> Convertible instruments In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting standards update 2020-06-debt-debt with conversion and other options (subtopic 470-20) and derivatives and hedging-contracts in entity's own equity (subtopic 815-40): accounting for convertible instruments and contracts in an entity's own equity, an update to simplify the accounting for convertible debt and other equity-linked instruments. The new guidance simplifies the accounting for convertible instruments by eliminating the cash conversion and beneficial conversion feature models used to separately account for embedded conversion features as a component of equity. Instead, the Company will account for the convertible debt as a single unit of account, unless the conversion feature requires bifurcation and recognition as a derivative. Additionally, the guidance requires the Company to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of potential share settlement for instruments that may be settled in cash or shares. The Company early adopted this new guidance using the full retrospective method as of February 1, 2020. The adoption of this new guidance did not have a material impact on the Company's consolidated financial statements and there was no impact to the number of potentially dilutive shares in each of the periods presented. </div>

<div> Leases In February 2016, the FASB issued ASU 2016-02, Leases ("ASC 842"), a standard that requires lessees to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. The requirements of this standard include a significant increase in required disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The FASB has issued several amendments and practical expedients to the standard, including clarifying guidance, transition relief on comparative reporting at adoption, a practical expedient, which allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases, and codification improvements to clarify that lessees and lessors are exempt from certain interim disclosure requirement associated with adopting the new leases standard. The standard was adopted by the Company beginning February 1, 2020 and the standard was adopted using the modified retrospective transition approach, which allows the Company to recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption rather than restate comparative prior year periods. The cumulative effect adjustment to the opening balance of accumulated deficit was $nil. The Company has elected not to recognize right-of-use assets and liabilities for short-term leases that have a term of 12 months or less. Upon commencement of a contract containing a lease, the Company classifies leases other than short-term leases as either an operating lease or a finance lease according to the criteria prescribed by ASC 842. The lease classification is reassessed only when: (a) the contract is modified and the modification is not accounted for as a separate contract, and (b) there is a change in the lease term or the assessment of whether the lessee is reasonably certain to exercise an option to purchase the underlying asset. For both finance leases and operating leases, right-of-use assets and lease liabilities are initially measured as the present value of future lease payments and initial direct costs discounted at the interest rate implicit in the lease, or if that rate is not readily determinable, the Company's incremental borrowing rate. Subsequent measurement of lease liabilities classified as finance leases is at amortized cost using the effective interest rate method. Subsequent measurement of right-of-use assets classified as finance leases is at carrying amount less accumulated amortization, where amortization is recorded straight-line over the lease term. Subsequent measurement of lease liabilities classified as operating leases is at the present value of the unpaid lease payments discounted at the discount rate for the lease established at the commencement date. Subsequent measurement of right-of-use assets classified as operating leases is carrying amount less accumulated amortization where amortization is calculated as the difference between straight-line lease cost for the period, including amortization of initial direct costs, and the periodic accretion of the lease liability. </div>

<div> Financial instruments Financial instruments are contracts that give rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are recorded initially at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Subsequent measurement depends on how the financial instrument has been classified and may be at fair value or amortized cost. For financial instruments subsequently measured at fair value, the Company calculates the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, the Company uses standard pricing models including the Black-Scholes option pricing model. <div> </div> Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 - Inputs that are not based on observable market data. There have been no transfers between fair value hierarchy levels during the years ended January 31, 2022 and 2021. The Company's measures the derivative liability at fair value using Level 3 inputs. The Company's cash, receivables, accounts payable and accrued liabilities, and income taxes payable are recorded at cost. The carrying values of these financial instruments approximate their fair value due to their short-term maturities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. Financial instruments subsequently measured at amortized cost include promissory note payable, and reclamation obligation. </div>

<div> Share-based compensation The Company measures equity settled share-based payments based on their fair value at their grant date and recognizes share-based compensation expense over the vesting period based on the Company's estimate of equity instruments that will eventually vest. Consideration paid to the Company on the exercise of stock options is recorded as common stock. </div>

<div> Income taxes The Company uses the asset and liability method to account for income taxes. Deferred income tax assets and liabilities are determined based on enacted tax rates and laws for the years in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As the Company operates in the cannabis industry, it is subject to the limits of IRC Section 280E under which the Company is only allowed to deduct expenses directly related to the cost of producing the products or cost of production. The Company recognizes uncertain income tax positions at the largest amount that is more-likely-than-not to be sustained upon examination by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Recognition or measurement is reflected in the period in which the likelihood changes. Any interest and penalties related to unrecognized tax liabilities are presented within income tax expense in the consolidated statements of comprehensive income (loss). </div>

<div> Earnings (loss) per share The Company presents basic and diluted loss per share data for its common shares. Basic loss per share is calculated using the weighted average number of shares outstanding during the respective years. Diluted loss per share is computed by dividing net loss by the weighted average shares outstanding adjusted for additional shares from the assumed exercise of stock options, restricted share units, or warrants, if dilutive. The number of additional shares is calculated by assuming the outstanding dilutive convertible instruments, options, and warrants are exercised and that the assumed proceeds are used to acquire common shares at the average market price during the year. Diluted loss per share figures for the years presented are equal to those of basic loss per share for the years since the effects of convertible instruments, stock options and warrants are anti-dilutive. </div>

<div> Revenue recognition Revenue is recognized by the Company in accordance with ASC 606. Through application of the standard, the Company recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In order to recognize revenue under ASC 606, the Company applies the following five steps: 1. Identify a customer along with a corresponding contract 2. Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer 3. Determine the transaction price that the Company expects to be entitled to in exchange for transferring promised goods or services to a customer 4. Allocate the transaction price to the performance obligation(s) in the contract 5. Recognize revenue when or as the Company satisfies the performance obligation(s) in the contract The Company's contracts with customers for the sale of dried cannabis and other products derived from cannabis consist of one performance obligation, being the transfer of control of the goods to the customer at the point of sale. The Company transfers control and satisfies its performance obligation when collection has taken place, compliant documentation has been signed, and the product was accepted by the buyer. The Company does not have performance obligations subsequent to delivery on the sale of goods to customers and revenues from sale of goods are recognized at a "point in time", which is upon passing of control to the customer. Transaction costs associated with a business combination, (i.e., other than those associated with the issuance of debt or equity), are expensed as incurred as a line item in the consolidated statement of loss and comprehensive loss. </div>

<div> Reclamation obligation The Company recognizes the fair value of a legal or constructive liability for a reclamation obligation in the year in which it is incurred and when a reasonable estimate of fair value can be made. The carrying amount of the related long-lived asset is increased by the same amount as the liability. Changes in the liability for a reclamation obligation due to the passage of time will be recognized within accretion expense. The amount will be recognized as an increase in the liability and an accretion expense in the consolidated statements comprehensive income (loss) . Changes resulting from revisions to the timing or the amount of the original estimate of undiscounted cash flows are recognized as an increase or a decrease to the carrying amount of the liability and the related long-lived asset. </div>

<div> Recently issued accounting pronouncements Recent accounting pronouncements, other than those below, issued by the FASB, the American Institute of Certified Public Accountants("AICPA") and the U.S. Securities and Exchange Commission ("SEC") did not or are not believed by management to have a material effect on the Company's present or future financial statements. Debt In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options ("ASU 2020-06"), (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. The FASB reduced the number of accounting models for convertible debt and convertible preferred stock instruments and made certain disclosure amendments to improve the information provided to users. In addition, the FASB amended the derivative guidance for the own stock scope exception and certain aspects of the earnings-per-share guidance. The amendments are effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted for after December 15, 2020. The Company early adopted this new guidance using the full retrospective method as of February 1, 2020. Leases In February 2016, the FASB issued new guidance on the recognition and measurement of leases, ASC 842 - Leases. Under this guidance, a lessee recognizes assets and liabilities on its balance sheet for most leases. Lease expense continues to be consistent with previous guidance. Additionally, this guidance requires enhanced disclosures regarding the amount, timing, and uncertainty of cash flows arising from leasing arrangements. The Company adopted this guidance effective February 1, 2020 using the modified retrospective transition method and comparative year ended January 31, 2021. The adoption of this guidance resulted in the recognition of operating lease right-of-use assets of $5,001,360, and $5,001,360 of lease liabilities, with a $nil impact on deficit. The transition to ASC 842 did not have a material impact on the Company's results of operations or liquidity. When measuring lease liabilities, the Company used its incremental borrowing rate, estimated at 10%. Revenue In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which provides a single comprehensive model for accounting for revenue from contracts with customers and supersedes nearly all previously existing revenue recognition guidance. The core principle of ASU 2014-09 is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the standard as of February 1, 2020. There was no impact of adopting ASU 2014-09 on the consolidated financial statements. <div> </div> Financial instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires the measurement of current expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Adoption of ASU 2016-13 will require financial institutions and other organizations to use forward-looking information to better formulate their credit loss estimates. In addition, the ASU amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. This update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted ASU 2016-13 on February 1, 2020 and adoption did not have a material impact on the Company's consolidated financial statements. Fair value measurement In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820). ASU 2018-13 adds, modifies, and removes certain fair value measurement disclosure requirements. ASU 2018-13 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted. The Company adopted ASU 2018-13 on February 1, 2020 and the adoption did not have a material impact on the Company's consolidated financial statements. Income taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and was adopted on February 1, 2021 and the adoption did not have a material impact on the Company's consolidated financial statements. </div>

5001360

<div> 4. DISCONTINUED OPERATIONS In January 2022, the Company entered into to a lease-to-own arrangement with a lessee for certain licenses, land and equipment in Oregon, USA, representing its outdoor growing operation. The lease-to-own arrangement concludes in January 2027 with total undiscounted payments over the term amounting to $2,514,805. The Company determined that the arrangement should be accounted for as a sales-type lease and concluded that it is not probable that all required payments will be made such that title will transfer at the end of the term. As such, in accordance with ASC 842, the land and equipment have not been derecognized and payments received will be recorded as a deposit liability until such time that collectability becomes probable. As at January 31, 2022, $100,000 has been received under the arrangement and has been recorded as a deposit liability. As a result of non-profitable operations in the Oregon reporting unit, the Company began to wind down operations in Oregon beginning in the year ended January 31, 2021. At January 31, 2021, the Company classified the assets and liabilities in Swell and Megawood as held for sale and completed the sale of these assets in April 2021. By January 31, 2022, the Company made the decision to cease all growing, manufacturing, and processing activities in Bend, Oregon. As the Oregon reporting unit comprises the assets of multiple components in distinct geographic locations, management anticipates completing the sale on a piecemeal basis. Management is engaged in an active program to seek buyers for the major classes of assets and liabilities in Oregon in order to complete a sale in the next twelve months. <div> </div> Remaining inventory on hand at January 31, 2022 had an estimated aggregate net realizable value of approximately $363,391. For the year ended January 31, 2022, net loss from discontinued operations included impairment of inventory in Oregon in the amount of $1,093,308 (2021 - $1,384,922) in order to report inventory at its net realizable value. Subsequent to January 31, 2022, the Company sold the remaining Oregon inventory on July 20, 2022. Prepaid expenses classified as held for sale primarily relates to the renewal of licenses that may be transferred in the event of a sale. Otherwise, prepaid expenses will be expensed within loss from discontinued operations over the next twelve months. For the year ended January 31, 2022, the Company recorded a provision for expected credit losses on previously recorded management fees receivable of $111,616 (2021 - $nil). Long-term debt consists of vehicle loans and a building mortgage. The mortgage began on February 1, 2015 and matures on January 1, 2035 (20 years). The mortgage bears interest at a fixed rate of 4.5% with payments made monthly. The equipment and vehicle loans consist of three loans with maturity dates ranging from June 1, 2021 through May 15, 2023 and interest rates ranging from 5.59% to 19.9% with payments made monthly. The following table summarizes the major classes of assets and liabilities of the discontinued Oregon operation that have been classified as held-for-sale in the consolidated balance sheets: <div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; background-color: #e6efff;">Carrying amounts of the major classes of assets included in discontinued operations:</td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Receivables</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">64,456</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">93,855</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;">Inventory</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">363,391</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,296,009</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;">Prepaid expenses and deposits</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">111,617</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">153,904</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;">Deferred tax asset</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">152,177</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">109,753</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;">Property and equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,139,517</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,895,572</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;">Right-of-use assets</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">346,987</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,074,930</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;">Intangible assets</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">182,137</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;">Total assets classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,178,145</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">4,806,160</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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify;">Current portion of assets classified as held for sale</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(2,178,145</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(1,492,826</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;">Non-current portion of assets classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">-</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="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">3,313,334</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> <tr> <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: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; background-color: #e6efff;">Carrying amounts of the major classes of liabilities included in discontinued operations:</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </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;">Lease liabilities</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">412,093</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,217,499</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; border-bottom: 0.75pt solid #000000;">Long-term debt</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">462,286</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">543,330</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; border-bottom: 0.75pt solid #000000;">Total liabilities classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">874,379</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">1,760,829</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; 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; border-bottom: 0.75pt solid #000000;">Current portion of liabilities classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">(874,379</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="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">(628,171</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> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Non-current portion of liabilities classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">1,132,658</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div> In connection with the wind-down of operations, the Company concluded that the customer relationship intangible asset held in the Oregon reporting unit had no value and recognized $363,510 of impairment (2021 - $nil). Other income for the year ended January 31, 2022 contains a gain on the sale of assets that were held for sale at January 31, 2021 of $324,694, and other income of $79,274, offset by interest expense of $8,227. Other expenses for the year ended January 31, 2021 included interest expense of $183,404, acquisition re-organization costs of $1,204,740, and impairment on capital assets of $116,881, offset by other income of $231,212. <div> </div> <div> The following table provides the major classes of line items constituting pre-tax loss from discontinued operations: <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Revenue</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,128,403</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,661,223</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; border-bottom: 0.75pt solid #000000;">Cost of sales</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">1,602,257</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">2,393,417</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;">Gross margin</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(473,854</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">267,806</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;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </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;">Expenses (income)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </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;">General and administration</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">361,028</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">630,691</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;">Provision for expected credit losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">111,616</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</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;">Sales, marketing, and promotion</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">68,941</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">27,933</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;">Operating lease cost</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,233</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">56,650</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;">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">207,319</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">378,113</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;">Impairment of inventory</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,093,308</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,384,922</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;">Impairment of intangible asset</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">363,510</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Other (income) expenses</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(395,741</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,273,813</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; border-bottom: 0.75pt solid #000000;">Net loss from discontinued operations before income taxes</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(2,285,068</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(3,484,316</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; 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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Income tax expense</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">42,424</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="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">256,260</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> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Net loss from discontinued operations after income taxes</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">(2,242,644</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">(3,228,056</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">)</td> </tr> </table> The following table summarizes the cash flows from discontinued operations: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> January 31, 2022 </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Net cash (used in) provided by operating activities of discontinued operations</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,602,478</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">241,753</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Net cash provided by investing activities of discontinued operations</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,168,349</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">100,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Net cash used in financing activities of discontinued operations</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(105,360</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(119,914</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> </tr> </table> </div> </div>

2514805

100000

363391

1093308 1384922 111616

P20Y

0.045

interest rates ranging from 5.59% to 19.9% with payments made monthly

<div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; background-color: #e6efff;">Carrying amounts of the major classes of assets included in discontinued operations:</td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Receivables</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">64,456</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">93,855</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;">Inventory</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">363,391</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,296,009</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;">Prepaid expenses and deposits</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">111,617</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">153,904</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;">Deferred tax asset</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">152,177</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">109,753</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;">Property and equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,139,517</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,895,572</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;">Right-of-use assets</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">346,987</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,074,930</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;">Intangible assets</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">182,137</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;">Total assets classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,178,145</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">4,806,160</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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify;">Current portion of assets classified as held for sale</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(2,178,145</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(1,492,826</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;">Non-current portion of assets classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">-</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="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">3,313,334</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> <tr> <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: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt; background-color: #e6efff;">Carrying amounts of the major classes of liabilities included in discontinued operations:</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </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;">Lease liabilities</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">412,093</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,217,499</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; border-bottom: 0.75pt solid #000000;">Long-term debt</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">462,286</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">543,330</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; border-bottom: 0.75pt solid #000000;">Total liabilities classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">874,379</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">1,760,829</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; 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; border-bottom: 0.75pt solid #000000;">Current portion of liabilities classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">(874,379</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="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">(628,171</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> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Non-current portion of liabilities classified as held for sale</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">1,132,658</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div>

64456

93855

363391

1296009

111617

153904

152177

109753

1139517

1895572

346987 1074930

182137

2178145

4806160

2178145

1492826

3313334

412093 1217499 462286 543330

874379

1760829

874379

628171

1132658

363510

324694

79274

8227

183404

1204740

116881

231212

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Revenue</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,128,403</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,661,223</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; border-bottom: 0.75pt solid #000000;">Cost of sales</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">1,602,257</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">2,393,417</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;">Gross margin</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(473,854</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">267,806</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;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </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;">Expenses (income)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </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;">General and administration</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">361,028</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">630,691</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;">Provision for expected credit losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">111,616</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</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;">Sales, marketing, and promotion</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">68,941</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">27,933</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;">Operating lease cost</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,233</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">56,650</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;">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">207,319</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">378,113</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;">Impairment of inventory</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,093,308</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,384,922</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;">Impairment of intangible asset</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">363,510</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Other (income) expenses</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(395,741</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,273,813</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; border-bottom: 0.75pt solid #000000;">Net loss from discontinued operations before income taxes</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(2,285,068</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(3,484,316</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; 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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Income tax expense</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">42,424</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="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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;">256,260</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> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Net loss from discontinued operations after income taxes</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">(2,242,644</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">(3,228,056</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;">)</td> </tr> </table>

1128403

2661223

1602257

2393417

-473854

267806

361028

630691

111616 0 68941 27933 1233 56650

207319

378113

1093308 1384922 363510 0 395741 -1273813

-2285068

-3484316

-42424

-256260

-2242644

-3228056

-1602478

241753

1168349

100000

-105360

-119914

<div> 5. SECURITY DEPOSIT The Company has a security deposit with the Alberta Energy Regulator ("AER") under the AER's Liability Management programs to cover potential liabilities relating to its wells. The required security deposit with the AER is determined based on a monthly licensee management rating assessment. At January 31, 2022, the security deposit had a balance of $49,011 (January 31, 2021 - $47,739). </div>

49011

47739

<div> 6. RECEIVABLES <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Sales taxes receivable</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">11,945</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14,809</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; border-bottom: 0.75pt solid #000000;">Trade receivables, net</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">198,478</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">101,208</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">210,423</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">116,017</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> At January 31, 2022, trade receivables are presented net of a provision for expected credit losses of $nil (January 31, 2021 - $nil). </div>

11945 14809

198478

101208

210423

116017

<div> 7. INVENTORY <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Finished goods</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,848,392</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,946,638</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;">Work in process</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,029,133</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">582,655</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Raw materials</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">176,948</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">163,354</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; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">4,054,473</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">2,692,647</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div>

1848392

1946638

2029133

582655

176948

163354

4054473

2692647

<div> 8. PROPERTY AND EQUIPMENT AND RIGHT-OF-USE ASSETS Property and equipment The following table summarizes the Company's property and equipment: <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Land</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,330,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,330,000</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;">Leasehold improvements</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,758,229</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">244,472</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;">Furniture & fixtures</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">460,890</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">376,207</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;">Computer equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">46,484</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">94,846</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;">Machinery & equipment</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,305,217</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,261,340</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="padding-right: 5.4pt; padding-left: 5.4pt; 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: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">5,900,820</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">3,306,865</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Less: accumulated depreciation and amortization</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,031,227</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(558,229</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; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">4,869,593</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">2,748,636</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> Total depreciation and amortization expense for the year ended January 31, 2022 was $472,998 (year ended January 31, 2021 - $630,818). Of the total expense, $260,006 was allocated to inventory (2021 - $135,950). At January 31, 2022, the Company reclassified buildings with a cost of $1,370,212 and accumulated depreciation of $230,695 to assets classified as held for sale. The prior period comparative amounts of cost of $1,370,212 and accumulated depreciation of $202,072 were also re-classified. During the year ended January 31, 2021, the Company recorded a loss of $116,881 related to the disposal of various items of leasehold improvements, furniture and fixtures, computer equipment and machinery and equipment related to the Oregon operations. The cost of the property and equipment disposed of was $318,314 and accumulated depreciation was $201,433. There was $nil gross proceeds and the loss has been recorded as other expenses within net loss from discontinued operations. During the year ended January 31, 2021, the Company transferred lights and equipment with a cost of $324,371 and accumulated depreciation of $128,319 between operating units resulting in a classification change from leasehold improvements to machinery and equipment. At January 31, 2021, the Company reclassified property and equipment with a cost of $1,479,014 and accumulated depreciation of $751,582 to assets classified as to held for sale. The assets consisted primarily of redundant processing and extraction equipment as well as leasehold improvements and fixtures in a right-of-use asset. Management estimated the fair value less costs to sell exceeds the carrying value and therefore the assets are measured at their carrying values. <div> </div> Right-of-use assets The Company's right-of-use assets result from its operating leases (note 11) and consist of land and buildings used in the cultivation, processing, and warehousing of its products. During the year ended January 31, 2021, the Company amended lease agreements on three leases to extend their term. This resulted in right-of-use asset additions of $7,236,663. For the year ended January 31, 2022, operating lease costs include right-of-use asset amortization of $461,364 (2021 - $800,269). Of this, $265,788 was allocated to inventory (2021 - $450,413). At January 31, 2021, the Company reclassified right-of-use assets with a carrying amount of $583,257 to held for sale following an assessment that the Swell and Pure Green properties were redundant to the Company's operation. In addition, the Company reclassified the associated lease liabilities of $628,171 to be classified as held for sale. Management estimated the fair value less costs to sell exceeds the carrying value and therefore the assets are measured at their carrying values. At January 31, 2022, the Company reclassified right-of-use assets with a carrying amount of $346,987 (2021 - $491,672) to held for sale. Management estimated the fair value less costs to sell exceeds the carrying value and therefore the assets are measured at their carrying values. </div>

1330000

1758229

244472

460890

376207

46484

94846

2305217

1261340

5900820

3306865

1031227

558229

4869593

2748636

472998

630818

260006 135950

1370212

230695

1370212

202072

116881

318314

201433

324371

128319

1479014

751582

7236663

461364

800269

265788 450413

583257

628171

346987

491672

<div> 9. INTANGIBLE ASSETS AND GOODWILL Intangible assets The following table summarizes the Company's intangible assets: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;">$</td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right;">$</td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Licenses</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">12,141,476</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">12,141,476</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;">Brands</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">868,982</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">868,982</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Customer relationships</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,758,553</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,122,063</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="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">14,769,011</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">15,132,521</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Less: accumulated amortization</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(5,544,846</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(4,174,560</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; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">9,224,165</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">10,957,961</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> Total amortization expense from intangible assets for the year ended January 31, 2022 was $1,370,286 (2021 - $1,464,528). During the year ended January 31, 2022, the Company recognized impairment charges of $363,510 on customer relationships allocated to the Oregon reporting unit (note 4). During the year ended January 31, 2021, the Company sold a brand for $100,000. At the time of the sale, the brand had a carrying amount of $100,000 comprised of cost of $117,737 and accumulated amortization of $17,737. <div> </div> At January 31, 2021, the Company reclassified intangible assets with a cost of $400,009 and accumulated amortization of $217,872 to held for sale. The intangible assets classified as held for sale consist of licenses, customer lists, and startup costs associated with a right-of-use asset that has also been classified as held for sale. Management estimated the fair value less costs to sell exceeds the carrying value and therefore the assets are measured at their carrying values. Goodwill As at January 31, 2022, the Company had goodwill of $28,541,323 (2021 - $28,541,323) which was allocated to the Nevada reporting unit. </div>

12141476

868982 868982

1758553

2122063

14769011

15132521

5544846

4174560

9224165

10957961

1370286

1464528

363510

100000

117737

17737

400009

217872

28541323

<div> 10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES The following table summarizes the Company's accounts payable and accrued liabilities: <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; 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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</td> <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;">Accounts payable</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,402,546</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,382,519</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;">Accrued liabilities</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,040,914</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,183,259</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Interest payable</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">65,409</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">115,218</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; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">2,508,869</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">2,680,996</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div>

1402546

1382519

1040914

1183259

65409

115218

2508869

2680996

<div> 11. LEASES On February 1, 2020 the Company adopted ASC 842 using the modified retrospective transition approach which requires the recognition of lease assets and liabilities for operating and finance leases. Beginning on February 1, 2020, the Company's financial statements are presented in accordance with the revised policy. The Company's accounting policy is described in note 3. As a result of the adoption of ASC 842, the Company recorded operating right-of-use assets of $5,001,360, and operating lease liabilities of $5,001,360. The Company's leases consist of land and buildings used in the cultivation, processing, and warehousing of its products. All leases were found to be operating leases in accordance with ASC 842. The following table presents the Company's active leases and total lease term under contract: <div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 1.5pt solid black; border-top: 1px solid black;">Entity Name/Lessee</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap; text-align: center;">Asset</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap; text-align: center;">Useful life (years)</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap; text-align: center;">Type</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Swell Companies, LTD</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Silver State Cultivation LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> 12 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Silver State Relief LLC (Sparks)</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;"> 12 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Silver State Relief LLC (Fernley)</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> 12 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Megawood Enterprises Inc.</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Phantom Distribution, LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">63353 Bend, LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">20727-4 Bend, LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">4964 BFH, LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> </table> </div> For the years ended January 31, 2022 and 2021, the Company incurred operating lease costs of $1,403,743 and $1,249,422, respectively. Of these amounts, $812,368 and $700,185, were allocated to inventory, respectively. <div> </div> The following table displays the weighted average discount rate used in calculating lease liabilities and weighted average remaining lease term: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Weighted average discount rate</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">10%</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">10%</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Weighted average remaining lease term (years)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> 10.46 </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> 11.32 </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div> The maturity of the contractual undiscounted lease liabilities of the Company's operating leases as of January 31, 2022 is as follows: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap;">Year ending January, </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">2023</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,239,090</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">2024</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,276,263</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;">2025</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,314,551</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;">2026</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,353,987</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;">2027</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,394,607</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; border-bottom: 0.75pt solid #000000;">Thereafter</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">9,148,938</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;">Total undiscounted lease liabilities</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">15,727,436</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; border-bottom: 0.75pt solid #000000;">Interest on lease liabilities</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(6,448,313</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;">Total present value of minimum lease payments</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">9,279,123</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; border-bottom: 0.75pt solid #000000;">Current portion of lease liability</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">325,698</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Lease liability</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">8,953,425</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> As at January 31, 2022, liabilities classified as held for sale includes lease liabilities of $412,093 (2021 - 1,217,499). The Company has total undiscounted lease liabilities with related parties of $16,792,993 (note 18). Of the total undiscounted lease liabilities, $1,065,557 are classified as held for sale. </div>

5001360

<div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 1.5pt solid black; border-top: 1px solid black;">Entity Name/Lessee</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap; text-align: center;">Asset</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap; text-align: center;">Useful life (years)</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; white-space: nowrap; text-align: center;">Type</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Swell Companies, LTD</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Silver State Cultivation LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> 12 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Silver State Relief LLC (Sparks)</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;"> 12 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Silver State Relief LLC (Fernley)</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> 12 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Megawood Enterprises Inc.</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Phantom Distribution, LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">63353 Bend, LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">20727-4 Bend, LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;">Operating lease</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">4964 BFH, LLC</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: center;">Land/Building</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: center;"> 5 </td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: center;">Operating lease</td> </tr> </table> </div>

P5Y

P12Y

P5Y

1403743

1249422

812368 700185 <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Weighted average discount rate</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">10%</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">10%</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Weighted average remaining lease term (years)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> 10.46 </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;"> 11.32 </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div>

0.10

P10Y5M15D

P11Y3M25D

1239090

1276263

1314551

1353987

1394607

9148938

15727436

6448313

9279123

325698

8953425

412093 1217499 16792993 1065557

<div> 12. CONVERTIBLE DEBENTURES AND PROMISSORY NOTES The Company early adopted ASU 2020-06 on February 1, 2021 using the full retrospective method. The adoption eliminates the cash conversion and beneficial conversion feature models used to separately account for embedded conversion features as a component of equity. Transaction costs related to the issuance of convertible promissory notes are apportioned to their respective financial liability and equity components (if applicable) in proportion to the allocation of proceeds as a reduction to the carrying amount of each component. When valuing the financial liability component of the convertible debentures and promissory notes, the Company used specific interest rates assuming no conversion features existed. The resulting liability component is accreted to its face value over the convertible note's term until its maturity date. <div> </div> Convertible debentures The following is the continuity of the Company's convertible debentures issued in Canadian dollars. All below disclosure is denominated in U.S. dollars: <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">December 31, 2018 issuance</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 30, 2019 issuance</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Total</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance, January 31, 2020</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">2,066,976</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">4,179,094</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">6,246,070</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;">New issuances on exercise of warrants</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">1,749,065</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">3,939,377</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">5,688,442</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;">Conversions</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(4,075,959</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(8,682,514</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(12,758,473</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;">Interest</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">190,003</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">409,237</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">599,240</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;">Accretion expense</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">251,990</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">473,248</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">725,238</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;">Interest paid - cash</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(250,879</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(534,039</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(784,918</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Foreign exchange loss</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">68,804</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">215,597</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">284,401</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; border-bottom: 1.5pt solid #000000;">Balance, January 31, 2021 and January 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> The following transactions occurred during the year ended January 31, 2021: (a) 262 convertible debentures were issued for gross proceeds of $195,734 (C$262,000). A total of $2,508,068 (C$3,209,000) in principal of the December 31, 2018 convertible debentures were converted into 4,011,250 common shares of the Company. The remaining balance outstanding is $nil. (b) 497 convertible debentures were issued for gross proceeds of $371,297 (C$497,000). A total of $5,204,120 (C$6,673,000) in principal of the January 30, 2019 convertible debentures were converted into 8,341,250 common shares of the Company. The remaining balance outstanding is $nil. (c) 1,988 warrants were exercised in connection with the convertible debentures issued on December 31, 2018, resulting in gross proceeds of $1,485,188 (C$1,988,000). 2,087 warrant debentures with a carrying amount of $1,632,114 (C$2,087,000) were converted into 2,313,322 common shares of the Company. At January 31, 2021, all warrants had been exercised or expired. (d) 4,572 warrants were exercised in connection with the convertible debentures issued on January 30, 2019, resulting in gross proceeds of $3,415,633 (C$4,572,000). 4,587 warrant debentures issued under the January 30, 2019 issuance with a carrying amount of $3,595,099 (C$4,587,000) were converted into 5,098,872 common shares of the Company. At January 31, 2021, all warrants had been exercised or expired. The following is a continuity of the Company's convertible promissory notes denominated in U.S. dollars: <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; border-top: 0.75pt solid #000000;"> </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; white-space: nowrap;">June 13, 2018</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 23, 2019</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">May 24, 2019</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </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; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">issuance</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">issuance</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">issuance</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Total</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance, January 31, 2020</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">639,665</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">175,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">918,316</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,732,981</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;">Payment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(175,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(175,000</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;">Interest</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">48,733</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">100,274</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">149,007</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; border-bottom: 0.75pt solid #000000;">Accretion expense</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">384,192</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">111,466</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">495,658</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;">Balance, January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,072,590</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,130,056</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">2,202,646</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;">Payment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,210,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,210,000</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;">Interest</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">17,649</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">40,685</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">58,334</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; border-bottom: 0.75pt solid #000000;">Accretion expense</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">191,203</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">39,259</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">230,462</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Balance, January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,281,442</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,281,442</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> <div> </div> On June 13, 2018, the Company issued convertible promissory notes to the vendors that sold Eco Firma Farms, LLC to the Company in the aggregate principal amount of $2,000,000. The convertible promissory notes were convertible at $1.00 per share. The convertible promissory notes accrue interest at a rate of 4% per annum, compounded annually, and were fully due and payable on June 13, 2021. The Company is in an ongoing dispute with the vendors over repayment (note 22). On issuance, the Company determined the conversion feature was a derivative liability as the convertible promissory notes are exercisable in USD while the functional currency of the Company is Canadian dollars. The fair value of the conversion feature as at January 31, 2022 was $nil (January 31, 2021 - $409,007). On January 23, 2019, the Company issued a convertible promissory note to the vendor that sold Megawood Enterprises, Inc. to the Company in the principal amount of $175,000. The convertible note is convertible into 35,000 common shares of the Company at a conversion price of C$5.00 per conversion share and may be converted at any time between October 24, 2019 and January 24, 2020. On issuance, the Company determined the conversion feature was a derivative liability as the convertible promissory notes are exercisable in USD while the functional currency of the Company is Canadian dollars. The fair value of the conversion feature as at January 31, 2022 was $nil (January 31, 2021 - $nil). On February 21, 2020, the Company repaid the convertible promissory note with a cash payment of $130,000 and the issuance of 95,849 common shares (note 15). On May 24, 2019, the Company issued a two-year unsecured convertible promissory note to a debtor of Swell Companies in the principal amount of $1,000,000. The convertible note accrues interest at 10% per annum compounded annually and payable at maturity. The note is convertible into common shares of the Company at a conversion price of $1.56 per share and may be converted at the maturity date. On issuance, the Company determined the conversion feature was a derivative liability as the convertible promissory notes are exercisable in USD while the functional currency of the Company is Canadian dollars. The fair value of the conversion feature as at January 31, 2022 was $nil (January 31, 2021 - $76,150). On May 24, 2021 the note was fully repaid. Promissory notes The following is a continuity of the Company's promissory notes denominated in U.S. dollars: <div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-top: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 1, 2019 </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">issuance</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance, January 31, 2020</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">21,200,000</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; border-bottom: 0.75pt solid #000000;">Payments</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(7,013,333</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;">Balance, January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">14,186,667</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; border-bottom: 0.75pt solid #000000;">Payments</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(6,080,000</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Balance, January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">8,106,667</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Current portion</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; width: 12%;">6,080,000</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Non-current portion</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,026,667</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> On January 1, 2019, the Company issued a promissory note to Mr. Newman, who sold Silver State to the Company in the principal amount of $30,000,000. The note is payable in the following principal instalments: $3,000,000 on April 1, 2019, $6,000,000 on each of July 1, 2019, October 1, 2019, January 1, 2020, and April 1, 2020, and $3,000,000 on July 1, 2020. The note accrues interest at a rate of 10% per annum. The note is secured by all of the outstanding membership interests, and a security interest in all of the assets, of Silver State. <div> </div> On July 1, 2019, the terms of the promissory note payable for the acquisition of Silver State were amended to call for immediate payment of $2,000,000 plus accrued interest on July 1, 2019 followed by payments of $800,000 plus accrued interest on the first of each of August, September, October, November, and December 2019. Effective November 21, 2019 and June 25, 2020, Mr. Newman and the Company agreed to further amend the terms of the secured promissory note due to Mr. Newman. The December 1, 2019 principal payment of $800,000 was cancelled and the monthly principal payments thereafter were reduced to $600,000 per month. Further, the annual interest rate on the note was reduced from 10% to 9.5%. The remaining balance on the note is due and payable on January 1, 2021. This modification resulted in a gain of $nil. On November 19, 2020, the Company announced agreement with Mr. Newman that the remaining $15,200,000 principal outstanding on his senior secured Note, due to mature on January 1, 2021, has been amended with lower monthly payments amortized over a 30-month period. Commencing December 1, 2020, the monthly payments will be $506,667 plus interest. The interest rate at 9.5% is unchanged. For the year ended January 31, 2022, interest expense was $1,032,691 (year ended January 31, 2021 - $1,643,363). Interest paid during the year ended January 31, 2022 was $1,082,500 (year ended January 31, 2021 - $1,715,750). </div>

2066976

4179094

6246070

1749065

3939377

5688442

4075959

8682514

12758473

190003

409237

599240

251990

473248

725238

250879 534039 784918

68804

215597

284401

262

195734

262000

2508068

3209000

4011250

0 497

371297

497000

5204120

6673000

8341250

0 1988

1485188

1988000

2087 1632114 2087000 2313322 4572

3415633

4572000

4587 3595099 4587000 5098872

<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; border-top: 0.75pt solid #000000;"> </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; white-space: nowrap;">June 13, 2018</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 23, 2019</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">May 24, 2019</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </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; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">issuance</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">issuance</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">issuance</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Total</td> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance, January 31, 2020</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">639,665</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">175,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">918,316</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,732,981</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;">Payment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(175,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(175,000</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;">Interest</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">48,733</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">100,274</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">149,007</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; border-bottom: 0.75pt solid #000000;">Accretion expense</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">384,192</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">111,466</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">495,658</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;">Balance, January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,072,590</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,130,056</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">2,202,646</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;">Payment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,210,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,210,000</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;">Interest</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">17,649</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">40,685</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">58,334</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; border-bottom: 0.75pt solid #000000;">Accretion expense</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">191,203</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">39,259</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">230,462</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Balance, January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,281,442</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,281,442</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div>

639665

175000

918316

1732981

175000

48733

100274

149007

384192

111466

495658

1072590

1130056

2202646

1210000

17649

40685

58334

191203

39259

230462

1281442

2000000

0.04

409007

175000

35000

130000

95849

1000000

0.10

1.56

76150

21200000

7013333

14186667

6080000

8106667

6080000

2026667

30000000

3000000

6000000

3000000

0.10

2000000

800000

600000

0.10

0.095

15200000

506667

0.095

1032691

1643363

1082500 1715750

<div> 13. RECLAMATION OBLIGATION The Company has recorded a decommissioning provision in connection with estimated reclamation costs on a previously written off property. The obligation is recognized based on the estimated future reclamation costs. The Company had two wells in Alberta which were determined to be uneconomic and costs have been incurred to plug these wells. Reclamation and remediation work is still required to bring the site back to its natural state. </div>

<div> 14. DERIVATIVE LIABILITIES The following reflects the continuity of derivative liabilities: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </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; white-space: nowrap;">Conversion features of convertible promissory notes</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Earn out shares</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Total</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;"> </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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <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;">Balance, January 31, 2020</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">151,242</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">3,699,154</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">3,850,396</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;">Fair value adjustment on derivative liabilities</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">333,915</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">5,422,280</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">5,756,195</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Effect of foreign exchange</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">152,536</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">152,536</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;">Balance, January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">485,157</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">9,273,970</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%;">9,759,127</td> <td style="vertical-align: bottom; border-top: 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;">Fair value adjustment on derivative liabilities</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(485,157</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(8,091,133</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(8,576,290</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;">Settlement of Phantom earn out</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(677,939</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(677,939</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Effect of foreign exchange</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">501,470</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">501,470</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; border-bottom: 1.5pt solid #000000;">Balance, January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%;">-</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%;">1,006,368</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%;">1,006,368</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> Upon the February 4, 2019 acquisition of Phantom Farms the vendors can earn up to 4,500,000 'earn out' shares over a period of seven years. The conditions were based on the Company's common shares exceeding certain share prices during the period. The liability was derived using a Monte Carlo simulation. On January 24, 2022, the Company issued 1,300,000 common shares for full settlement of the Phantom earn out shares. <div> </div> Upon the May 24, 2019 acquisition of Swell Companies the vendors can earn up to 6,000,000 'earn out' shares over a period of seven years. The conditions are based on C21 common shares exceeding certain share prices during the period. Additionally, the 50% of the earn out shares are earned upon a change of control of the Company. The liability is derived using a Monte Carlo simulation. Significant inputs into the Monte Carlo simulation used to determine the fair value of earn of earn out shares were as follows: <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">Earn out shares</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">Earn out shares</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000;"> </td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">January 31, 2022</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">January 31, 2021</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Discount rate</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; background-color: #e6efff;">1.24%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; background-color: #e6efff;">0.30%</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Expected life in years</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;">4.33</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;">5.34</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Expected stock volatility</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; background-color: #e6efff;">80%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; background-color: #e6efff;">80%</td> </tr> <tr> <td style="width: 66.32%; vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Expected volatility of foreign exchange</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;">6.52%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;">5.29%</td> </tr> </table> The fair value of the conversion features of the convertible promissory notes is determined using a Black-Scholes option pricing model. Significant inputs into the calculation were as follows: <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">Conversion feature of June 13, 2018 issuance issuance of convertible promissory notes</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">Conversion feature of May 24, 2019 issuance of convertible promissory notes</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000;"> </td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">January 31, 2021</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">January 31, 2021</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Discount rate</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff; text-align: right;">0.18%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff; text-align: right;">0.18%</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Expected life in years</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;">0.36</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;">0.31</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Expected stock volatility</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: right;">85%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff; text-align: right;">86%</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Stock price (CAD)</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;">$1.54</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;">$1.54</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Exercise price (CAD)</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: right;">$1.28</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: right;">$2.00</td> </tr> </table> The conversion features of the June 13, 2018 and May 24, 2019 convertible promissory notes expired on June 13, 2021 and May 24, 2021, respectively. As such, the fair value of each at January 31, 2022 was $nil. </div>

151242

3699154

3850396

333915 5422280 5756195 0 152536 152536

485157

9273970

9759127

-485157 -8091133 -8576290 0 677939 677939 0 501470 501470

1006368

4500000 1300000 6000000 0.50

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">Earn out shares</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">Earn out shares</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000;"> </td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">January 31, 2022</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">January 31, 2021</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Discount rate</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; background-color: #e6efff;">1.24%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right; background-color: #e6efff;">0.30%</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Expected life in years</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;">4.33</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;">5.34</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Expected stock volatility</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; background-color: #e6efff;">80%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; background-color: #e6efff;">80%</td> </tr> <tr> <td style="width: 66.32%; vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Expected volatility of foreign exchange</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;">6.52%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: right;">5.29%</td> </tr> </table>

1.24

0.3

4.33

5.34

6.52

5.29

<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">Conversion feature of June 13, 2018 issuance issuance of convertible promissory notes</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">Conversion feature of May 24, 2019 issuance of convertible promissory notes</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000;"> </td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">January 31, 2021</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; white-space: nowrap; text-align: right;">January 31, 2021</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Discount rate</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff; text-align: right;">0.18%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; background-color: #e6efff; text-align: right;">0.18%</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Expected life in years</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;">0.36</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;">0.31</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Expected stock volatility</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; background-color: #e6efff; text-align: right;">85%</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff; text-align: right;">86%</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Stock price (CAD)</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right;">$1.54</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;">$1.54</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Exercise price (CAD)</td> <td style="width: 16.86%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: right;">$1.28</td> <td style="width: 16.84%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 1.5pt solid #000000; background-color: #e6efff; text-align: right;">$2.00</td> </tr> </table>

0.18

0.36

0.31

1.54 1.54 1.28 2

<div> 15. SHAREHOLDERS' EQUITY Common stock consists of one class of fully paid common shares, with no par value. The Company is authorized to issue an unlimited number of common shares. All shares are equally eligible to receive dividends and repayment of capital and represent one vote at the Company's shareholders' meetings. The following table reflects the continuity of common stock for the years ended January 31, 2022 and 2021: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Number of Shares</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Common stock</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance, January 31, 2020</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">89,388,639</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">85,096,509</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;">Shares issued - acquisition of Phantom Farms (i)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">7,132,042</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,582,903</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;">Shares issued - Megawood (ii)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">95,849</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">38,415</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;">Shares issued - option exercises (iii)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">200,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">98,950</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;">Shares issued - conversion of debentures (iv)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">19,764,694</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">12,758,473</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;">Shares issued - Swell commitment (v)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">456,862</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">429,582</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;">Shares issued - EFF commitment (vi)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">19,774</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">21,371</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;">Standby warrants issued</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,116,192</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Share-based compensation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">494,435</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;">Balance, January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">117,057,860</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">103,636,830</td> <td style="vertical-align: bottom; border-top: 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;">Shares issued - PF warrants exercises (vii)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">456,100</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">533,326</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;">Shares issued - EFF commitment (viii)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">19,774</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">21,787</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;">Shares issued - Guaranteed warrants (ix)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,214,080</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</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;">Shares issued - Settlement of Earn out shares (x)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,300,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">677,939</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Share-based compensation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">366,469</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; border-bottom: 1.5pt solid #000000;">Balance, January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">120,047,814</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">105,236,351</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> (i) On February 19, 2020, the Company amended the terms of the purchase of Phantom Farms, including SDP. The amended terms of the purchase agreement regarding the real estate assets of SDP group resulted in the Company electing to purchase the real estate of the Phantom Farms outdoor grow (two parcels), and SDP receiving 7,132,042 shares of C21 with a fair value of $2,582,903. (ii) On February 21, 2020, the Company repaid the convertible promissory note with a cash payment of $130,000 and the issuance of 95,849 common shares with a fair value of $38,415 (note 12). (iii) On October 15, 2020, the Company issued 200,000 shares upon the exercise of stock options. (iv) During the year ended January 31, 2021 the Company issued 19,764,694 shares upon the conversion of debentures. (v) On November 23, 2020, the Company issued 456,862 common shares to Swell as part of the purchase agreement dated May 23, 2019 as final settlement of the Company's commitment to issue shares. (vi) On December 30, 2020, the Company issued 19,774 common shares to the vendors of EFF for a partial settlement of the Company's commitment to issue shares. (vii) On February 4, 2021 the Company issued 456,100 shares upon the exercise of Phantom Farm warrants. <div> </div> (viii) On April 5, 2021, the Company issued 19,774 common shares to the vendors of EFF for a partial settlement of the Company's commitment to issue shares. (ix) On June 17, 2021, the Company issued 1,214,080 common shares pursuant to the cashless exercise of 4,160,000 warrants. (x) On January 24, 2022, the Company issued 1,300,000 common shares for the settlement of Phantom earn out shares. Commitment to issue shares The Company issued a promissory note payable to deliver 2,142,000 shares to the vendors of EFF in the amount of $1,905,635, without interest, any time after October 15, 2018. As at January 31, 2022 the Company has a remaining commitment to deliver 793,093 shares. Warrants The following summarizes the Company's warrant activity: <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: justify;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Warrants outstanding</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Weighted average exercise price </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Weighted average remaining life</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: justify;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">#</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">C$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">Years</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Balance January 31, 2020</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">5,694,746</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1.66</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;"> 0.74 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">Issued</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">6,200,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">1.00</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;">Balance, January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">11,894,746</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1.32</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;"> 1.96 </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="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify;">Exercised</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">(4,616,100</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">1.05</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </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> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;">Expired</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(4,038,646</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1.73</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: justify;">Balance, January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%;">3,240,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%;">1.18</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%;"> 2.10 </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> As at January 31, 2022, the following warrants were outstanding and exercisable: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;">Expiry Date</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Exercise Price </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Number of Warrants</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">C$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">#</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">December 31, 2023</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1.00</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">632,400</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;">January 30, 2024</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1.00</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,407,600</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;">May 24, 2024</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1.50</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,200,000</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="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: justify;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">3,240,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> On May 28, 2020, the Company extended the expiry date of 2,794,746 warrants with an exercise price of C$1.83, from May 29, 2020 to May 29, 2021, with all other terms the same. These warrants expired unexercised on May 29, 2021. On February 4, 2021, 456,100 warrants with an exercise price of $1.17 (C$1.50) were exercised to purchase 456,100 common shares of the Company for proceeds of $533,326. Of the warrants exercised, 426,100 were exercised by a Director of the Company. On the same date, 1,243,900 warrants expired unexercised. <div> </div> On June 17, 2021, 4,160,000 warrants were exercised on a cashless basis for 1,214,080 common shares of the Company. Stock options The Company is authorized to grant options to executive officers and directors, employees and consultants, enabling them to acquire up to 10% of the issued and outstanding common shares of the Company. The exercise price of each option is set by the Board of Directors and shall not be less than the market price of the Company's shares on the date of grant. The options can be granted for a maximum term of 10 years. Vesting is determined by the Board of Directors. Details of the Company's stock option activity are as follows: <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; border-bottom: 1.5pt solid #000000; border-top: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Options outstanding and exercisable</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Weighted average exercise price</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Weighted average remaining life </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">#</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">C$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">Years</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">Balance January 31, 2020</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">3,255,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1.78</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;"> 2.18 </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;">Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">4,055,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">0.73</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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;">Exercised</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(200,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">0.65</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;">Expired/Cancelled</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(145,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">0.71</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;">Balance, January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">6,965,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1.22</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;"> 2.05 </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify;">Expired</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">(1,350,000</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">2.80</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </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> </tr> <tr> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: justify; background-color: #e6efff;">Balance January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">5,615,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">0.84</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;"> 1.45 </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> As at January 31, 2022, the following stock options were outstanding and exercisable: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;">Expiry Date</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Exercise Price</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Outstanding</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Exercisable</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">C$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">#</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">#</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">February 5, 2022</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1.11</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">460,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">460,000</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;">October 9, 2022</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">1.38</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">500,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">500,000</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;">January 24, 2023</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">0.80</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">100,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">100,000</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;">August 17, 2023</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">0.70</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">3,905,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">2,603,333</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;">January 28, 2024</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1.50</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">150,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">100,000</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;">October 9, 2024</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">1.00</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">500,000</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">500,000</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: justify; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">5,615,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">4,263,333</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> During the year ended January 31, 2022, the Company recorded a share-based compensation expense of $366,469 (2021 - $494,435). The fair value of stock options was calculated using the Black-Scholes Option Pricing Model using the following weighted average assumptions: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-color: #000000; font-size: 10pt; width: 100%;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Expiry Date</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;">2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"> 2021</td> <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 22px;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Risk-free rate</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">0.19%</td> <td style="vertical-align: bottom; text-align: left; width: 22px; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Expected term of options</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> 3 years </td> <td style="vertical-align: bottom; text-align: left; width: 22px;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Annualized volatility</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">80%</td> <td style="vertical-align: bottom; text-align: left; width: 22px; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Dividend rate</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">0%</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 22px;"> </td> </tr> </table> </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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Number of Shares</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Common stock</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Balance, January 31, 2020</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">89,388,639</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">85,096,509</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;">Shares issued - acquisition of Phantom Farms (i)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">7,132,042</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,582,903</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;">Shares issued - Megawood (ii)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">95,849</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">38,415</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;">Shares issued - option exercises (iii)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">200,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">98,950</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;">Shares issued - conversion of debentures (iv)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">19,764,694</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">12,758,473</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;">Shares issued - Swell commitment (v)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">456,862</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">429,582</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;">Shares issued - EFF commitment (vi)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">19,774</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">21,371</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;">Standby warrants issued</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,116,192</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Share-based compensation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">494,435</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;">Balance, January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">117,057,860</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">103,636,830</td> <td style="vertical-align: bottom; border-top: 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;">Shares issued - PF warrants exercises (vii)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">456,100</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">533,326</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;">Shares issued - EFF commitment (viii)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">19,774</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">21,787</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;">Shares issued - Guaranteed warrants (ix)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,214,080</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</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;">Shares issued - Settlement of Earn out shares (x)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,300,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">677,939</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Share-based compensation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">366,469</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; border-bottom: 1.5pt solid #000000;">Balance, January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">120,047,814</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">105,236,351</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> (i) On February 19, 2020, the Company amended the terms of the purchase of Phantom Farms, including SDP. The amended terms of the purchase agreement regarding the real estate assets of SDP group resulted in the Company electing to purchase the real estate of the Phantom Farms outdoor grow (two parcels), and SDP receiving 7,132,042 shares of C21 with a fair value of $2,582,903. (ii) On February 21, 2020, the Company repaid the convertible promissory note with a cash payment of $130,000 and the issuance of 95,849 common shares with a fair value of $38,415 (note 12). (iii) On October 15, 2020, the Company issued 200,000 shares upon the exercise of stock options. (iv) During the year ended January 31, 2021 the Company issued 19,764,694 shares upon the conversion of debentures. (v) On November 23, 2020, the Company issued 456,862 common shares to Swell as part of the purchase agreement dated May 23, 2019 as final settlement of the Company's commitment to issue shares. (vi) On December 30, 2020, the Company issued 19,774 common shares to the vendors of EFF for a partial settlement of the Company's commitment to issue shares. (vii) On February 4, 2021 the Company issued 456,100 shares upon the exercise of Phantom Farm warrants. <div> </div> (viii) On April 5, 2021, the Company issued 19,774 common shares to the vendors of EFF for a partial settlement of the Company's commitment to issue shares. (ix) On June 17, 2021, the Company issued 1,214,080 common shares pursuant to the cashless exercise of 4,160,000 warrants. (x) On January 24, 2022, the Company issued 1,300,000 common shares for the settlement of Phantom earn out shares.

89388639

85096509

7132042

2582903

95849 38415

200000

98950

19764694

12758473

456862 429582 19774 21371 2116192

494435

117057860

103636830

456100 533326 19774 21787 1214080 1300000 677939

366469

120047814

105236351

7132042

2582903

130000

95849 38415

200000

19764694

456862 19774 456100 19774 1214080 4160000 1300000 2142000

1905635

793093

5694746

1.66

P0Y8M26D 6200000 1

11894746

1.32

P1Y11M15D 4616100 1.05 4038646 1.73

3240000

1.18

P2Y1M6D <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;">Expiry Date</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Exercise Price </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Number of Warrants</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">C$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">#</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">December 31, 2023</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1.00</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">632,400</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;">January 30, 2024</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1.00</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,407,600</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;">May 24, 2024</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1.50</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">1,200,000</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="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: justify;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">3,240,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table>

632400

1407600

1.5

1200000

3240000

2794746 1.83 456100 1.17 1.5

456100

533326

426100 1243900 4160000

1214080

P10Y

3255000

1.78

P2Y2M4D

4055000

0.73

200000

0.65

145000

0.71

6965000

1.22

P2Y18D

1350000

2.8

5615000

0.84

P1Y5M12D

1.11

460000

1.38

500000

0.8

100000

0.7

3905000

2603333

1.5

150000

100000

500000

5615000

4263333

366469

494435

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-color: #000000; font-size: 10pt; width: 100%;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Expiry Date</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;">2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="text-align: right; border-bottom: 1px solid black; border-top: 1px solid black;"> 2021</td> <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; text-align: right; vertical-align: bottom; width: 22px;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Risk-free rate</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">0.19%</td> <td style="vertical-align: bottom; text-align: left; width: 22px; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Expected term of options</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> 3 years </td> <td style="vertical-align: bottom; text-align: left; width: 22px;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Annualized volatility</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">80%</td> <td style="vertical-align: bottom; text-align: left; width: 22px; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Dividend rate</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">0%</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 22px;"> </td> </tr> </table>

0.0019

P3Y

0.80

<div> 16. SELLING, GENERAL AND ADMINISTRATIVE EXPENSE Selling, general and administrative expenses for the years ended January 31, 2022 and 2021 were comprised of the following: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Accounting and legal</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">665,248</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">501,854</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;">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,280,446</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,321,686</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;">License fees, taxes and insurance</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,807,645</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,705,539</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;">Office Facilities and administrative</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">301,944</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">253,230</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;">Operating lease cost</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">591,376</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">549,031</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;">Other</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">340,224</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">372,307</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;">Professional Fees and consulting</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">701,999</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">650,188</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;">Salaries and wages</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,913,900</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,884,320</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;">Share-based compensation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">366,469</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">494,435</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;">Shareholder Communications</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">26,781</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">15,834</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Travel and entertainment</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">59,142</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">58,975</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; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">9,055,174</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">8,807,399</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div> </div> <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Accounting and legal</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">665,248</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">501,854</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;">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,280,446</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,321,686</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;">License fees, taxes and insurance</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,807,645</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,705,539</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;">Office Facilities and administrative</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">301,944</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">253,230</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;">Operating lease cost</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">591,376</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">549,031</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;">Other</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">340,224</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">372,307</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;">Professional Fees and consulting</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">701,999</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">650,188</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;">Salaries and wages</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,913,900</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,884,320</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;">Share-based compensation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">366,469</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">494,435</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;">Shareholder Communications</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">26,781</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">15,834</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Travel and entertainment</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">59,142</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">58,975</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; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">9,055,174</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">8,807,399</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div>

665248

501854

1280446

1321686

1807645 1705539

301944

253230

591376

549031

340224

372307

701999

650188

2913900

2884320

366469

494435

26781

15834

59142

58975

9055174

8807399

<div> 17. SEGMENTED INFORMATION The Company defines its major geographic operating segments as Oregon and Nevada. Due to the jurisdictional cannabis compliance issues ever-present in the industry, each state operation is by nature operationally segmented. Key decision makers primarily review revenue, cost of sales expense, and gross margin as the primary indicators of segment performance. As the Company continues to expand via acquisition, the segmented information will expand based on management's agreed upon allocation of costs beyond gross margin. Segmented operational activity and balances are as follows: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Discontinued operations</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Nevada</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Corporate</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Consolidated</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Total revenue</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,128,403</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">32,982,976</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">34,111,379</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;">Gross profit</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(473,854</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">18,809,985</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">18,336,131</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;">Operating expenses:</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt;">Selling, general and administrative</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(429,969</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(3,880,871</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(2,936,012</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(7,246,852</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt; background-color: #e6efff;">Operating lease cost</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(1,233</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(591,376</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(592,609</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt;">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(207,319</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,276,640</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(3,806</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,487,765</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt; background-color: #e6efff;">Share-based compensation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(366,469</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(366,469</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt;">Impairment of inventory</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,093,308</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,093,308</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt; background-color: #e6efff;">Impairment of intangible asset</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(363,510</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(363,510</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; border-bottom: 0.75pt solid #000000;">Interest, accretion, and other</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">284,125</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">22,171</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">7,355,059</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">7,661,355</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Net income (loss) before taxes</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(2,285,068</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">13,083,269</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">4,048,772</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">14,846,973</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> Entity-wide disclosures All revenue for the years ended January 31, 2022 and January 31, 2021 was earned in the United States. For the years ended January 31, 2022 and January 31, 2021, no customer represented more than 10% of the Company's net revenue. <div> </div> The following table displays the disaggregation of long-lived assets by geographic area: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Nevada</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">11,903,430</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,110,806</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;">Discontinued operations (Oregon)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,817,633</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,946,961</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Other</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">24,414</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">28,117</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; border-bottom: 1.5pt solid #000000;">Total</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">13,745,477</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">12,085,884</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> </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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Discontinued operations</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Nevada</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Corporate</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Consolidated</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Total revenue</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,128,403</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">32,982,976</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">34,111,379</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;">Gross profit</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(473,854</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">18,809,985</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">18,336,131</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;">Operating expenses:</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt;">Selling, general and administrative</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(429,969</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(3,880,871</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(2,936,012</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(7,246,852</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt; background-color: #e6efff;">Operating lease cost</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(1,233</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(591,376</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(592,609</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt;">Depreciation and amortization</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(207,319</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,276,640</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(3,806</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,487,765</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt; background-color: #e6efff;">Share-based compensation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(366,469</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(366,469</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt;">Impairment of inventory</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,093,308</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">(1,093,308</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 10pt; background-color: #e6efff;">Impairment of intangible asset</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(363,510</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">(363,510</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; border-bottom: 0.75pt solid #000000;">Interest, accretion, and other</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">284,125</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">22,171</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">7,355,059</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">7,661,355</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Net income (loss) before taxes</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">(2,285,068</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">13,083,269</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">4,048,772</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">14,846,973</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table>

1128403

32982976

34111379

-473854

18809985

18336131

429969

3880871

2936012

7246852

1233

591376

592609

207319

1276640

3806

1487765

-366469

1093308

363510

284125

22171

7355059

7661355

-2285068

13083269

4048772

14846973

11903430

10110806

1817633

1946961

24414

28117

13745477

12085884

<div> 18. COMMITMENTS The Company and its subsidiaries are committed under lease agreements with related parties, for land, office space, and equipment in Nevada and Oregon as well as for mortgage payments on a building held for sale. At January 31, 2022, the Company has the following future minimum payments: <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; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Mortgage</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Leases with related parties</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; white-space: nowrap;">Total</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">2023</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">55,465</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,467,282</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,522,747</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;">2024</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">48,855</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">1,504,455</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">1,553,310</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;">2025</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">45,551</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,314,551</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,360,102</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;">2026</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">45,551</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">1,353,987</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">1,399,538</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;">2027</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">45,551</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,394,607</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff;">1,440,158</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; border-bottom: 0.75pt solid #000000;">Thereafter</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">368,201</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">9,148,937</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%;">9,517,138</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">609,174</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">16,183,819</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">16,792,993</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> Leases with related parties includes $456,383 of undiscounted lease payments for lease liabilities held for sale. </div>

55465

1467282

1522747

48855

1504455

1553310

45551

1314551

1360102

45551

1353987

1399538

45551

1394607

1440158

368201

9148937

9517138

609174

16183819

16792993

456383

<div> 19. INCOME TAXES The Company is a Canadian resident company, as defined in the Income Tax Act (Canada) (the "ITA"), for Canadian income tax purposes. However, it has subsidiaries that are treated as United States corporations for US federal income tax purposes per the Internal Revenue Code (US) ("IRC") and are thereby subject to federal income tax on their worldwide income. As a result, the Company is subject to taxation both in Canada and the United States. The components of the income tax provision for the years ended January 31, 2022 and 2021 include: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Current</td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt;">Canadian</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">US Federal</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">3,425,756</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">2,366,046</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;">Total current income tax expense</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">3,425,756</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">2,366,046</td> <td style="vertical-align: bottom; border-top: 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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </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;">Deferred</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff;">Canadian</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; border-bottom: 0.75pt solid #000000;">US Federal</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">547,490</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">602,087</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;">Total deferred income tax recovery</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">547,490</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">602,087</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="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: right; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Total income tax expense</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">3,973,246</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,968,133</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> <div> </div> The domestic and foreign components of Income (loss) before provision for income taxes consisted of the following: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; 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;"> </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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Canadian</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">6,985,670</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(11,678,406</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; border-bottom: 0.75pt solid #000000;">US Federal</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">10,146,371</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">10,044,967</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Income (loss) before income taxes</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">17,132,041</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(1,633,439</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> </tr> </table> A reconciliation of the statutory income tax rate percentage to the effective tax rate for the years ended January 31, 2022 and 2021 is as follows: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Income (loss) for the year</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">17,132,041</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(1,633,439</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; border-bottom: 0.75pt solid #000000;">Statutory rate</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">27%</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">27%</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="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"> </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;">Income tax expense (recovery) at statutory rate</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">4,625,652</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(441,029</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;">Non-deductible expenditures and non-taxable revenues</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,530,604</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,842,777</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;">Foreign tax rate differential</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(608,783</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(602,698</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;">Change in valuation allowance</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(654,621</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">737,667</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; border-bottom: 0.75pt solid #000000;">Adjustment to provision versus statutory tax returns</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(919,606</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">1,431,416</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">3,973,246</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">2,968,133</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> The significant components of the Company's deferred tax assets as follows at January 31, 2022 and 2021: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; 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;"> </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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Deferred tax assets</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 8.95pt;">Share issuance costs and financing fees</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">254,662</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">505,035</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff;">Allowable capital losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">140,224</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">138,421</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt;">Non-capital losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">4,409,825</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">3,834,262</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff;">Intangible assets</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">940,967</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">816,736</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt;">Mineral resource properties</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">983,977</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff;">Right of use assets and lease liabilities, net</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">98,352</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">63,032</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt;">Goodwill</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">Reclamation obligation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14,923</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14,852</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;">Total deferred tax assets</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">5,858,953</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">6,356,315</td> <td style="vertical-align: bottom; border-top: 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; border-bottom: 0.75pt solid #000000;">Valuation allowance</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(4,919,214</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(5,573,835</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;">Total net deferred tax assets</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">939,739</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">782,480</td> <td style="vertical-align: bottom; border-top: 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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </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;">Deferred tax liabilities</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">Property and equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(930,715</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(225,966</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; border-bottom: 1.5pt solid #000000;">Net deferred tax asset</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">9,024</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">556,514</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table> <div> </div> Realization of deferred tax assets associated with the net operating loss carryforwards is dependent upon generating sufficient taxable income prior to their expiration. A valuation allowance to reflect management's estimate of the net operating loss carryforwards that may expire prior to their utilization has been recorded at January 31, 2022. As of January 31, 2022, the Company has $16.3 million of Canadian non-capital loses which expire between 2026 and 2042, and Canadian capital losses of $1 million with no expiry date. The Company determined a valuation allowance was applicable for the full amount of the available Canadian losses and for the other Canadian deferred tax assets. As the Company operates in the cannabis industry, the Company is subject to the limits of Internal Revenue Code ("IRC") Section 280E for US federal income tax purposes as well as state income tax purposes for all states except for California and Colorado. Under IRC Section 280E, the Company is only allowed to deduct expenses directly related to costs of goods sold. This results in permanent differences between ordinary and necessary business expenses deemed non-allowable under IRC Section 280E. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred by the Canadian entity over the three-year period ended January 31, 2022. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. On the basis of this evaluation, as of January 31, 2022, a valuation allowance of $4,919,214 ($5,573,835 in 2021) has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for growth. The Company recognizes benefits from uncertain tax positions based on the cumulative probability method whereby the largest benefit with a cumulative probability of greater than 50% is recorded. An uncertain tax position is not recognized if it has less than a 50% likelihood of being sustained. As of January 31, 2022, and January 31, 2021, the Company has not recorded any uncertain tax assets or liabilities. The Company does not expect that uncertain tax benefits will materially change in the next 12 months. The Company is subject to taxation in Canada and the United States. As of January 31, 2022, tax years for 2019, 2020, and 2021 are subject to examination by the tax authorities. The 2018 tax year is also subject to investigation in Canada. </div>

3425756

2366046

3425756

2366046

547490

602087

547490

602087

3973246

2968133

6985670

-11678406

10146371

10044967

17132041

-1633439

17132041

-1633439

0.27

4625652

-441029

1530604

1842777

-608783

-602698

-654621

737667

-919606

1431416

3973246

2968133

<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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; 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;"> </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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Deferred tax assets</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-indent: 8.95pt;">Share issuance costs and financing fees</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">254,662</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">505,035</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff;">Allowable capital losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">140,224</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">138,421</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt;">Non-capital losses</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">4,409,825</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">3,834,262</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff;">Intangible assets</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">940,967</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">816,736</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt;">Mineral resource properties</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">983,977</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff;">Right of use assets and lease liabilities, net</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">98,352</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">63,032</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt;">Goodwill</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">Reclamation obligation</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14,923</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14,852</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;">Total deferred tax assets</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">5,858,953</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">6,356,315</td> <td style="vertical-align: bottom; border-top: 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; border-bottom: 0.75pt solid #000000;">Valuation allowance</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(4,919,214</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">(5,573,835</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;">Total net deferred tax assets</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">939,739</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 12%;">782,480</td> <td style="vertical-align: bottom; border-top: 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="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </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;">Deferred tax liabilities</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-indent: 8.95pt; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">Property and equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(930,715</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(225,966</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; border-bottom: 1.5pt solid #000000;">Net deferred tax asset</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">9,024</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%;">556,514</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> </table>

254662 505035

140224

138421

4409825 3834262 940967 816736 0 983977 98352 63032 0 0 14923 14852

5858953

6356315

4919214

5573835

939739

782480

930715

225966

9024

556514

16300000

1000000

4919214

5573835

<div> 20. RELATED PARTY TRANSACTIONS Balances due to related parties included in accounts payable, accrued liabilities, and promissory note payable at January 31, 2022 and 2021: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Due to the President and CEO</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">8,172,075</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">14,369,004</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;">Lease liabilities due to a company controlled by the CEO</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">9,279,123</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">9,539,744</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;">Lease liabilities due to SDP Development</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">412,093</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">589,328</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;">Due to the CFO of the Company</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">360</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">527</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">17,863,651</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">24,498,603</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> <div> </div> Due to the President and CEO consists of promissory note principal and interest and reimbursable expenses incurred in the normal course of business. The Company had the following transactions with related parties including key management personnel during the year ended January 31, 2022 and 2021: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2022</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">January 31, 2021</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Consulting fees paid to a director</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">240,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Amounts paid to CEO or companies controlled by CEO</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">8,632,619</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">10,368,616</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Salary paid to directors and officers</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">496,807</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">499,710</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Share compensation for directors and officers</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">251,333</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">360,610</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;">Convertible debenture interest paid to directors and officers</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">18,346</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; border-bottom: 0.75pt solid #000000;">Lease payments made to SDP Development</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">209,176</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">228,192</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; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">9,829,935</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;">11,475,474</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> Amounts paid to CEO or companies controlled by CEO consists of salary, lease payments, and promissory note principal and interest. On February 12, 2020, the Company amended the purchase agreement with SDP Development, of which a director of the Company is a principal owner. The Company had agreed on February 4, 2019 to purchase SDP Development on October 15, 2020, which owned six real estate properties that were leased in connection with Phantom Farms' cannabis cultivation, processing and wholesale distribution operations. The aggregate purchase price was $8,010,000 payable in cash, or, at the election of the vendors, in whole or in part by the issue of 2,670,000 shares at $3.00 per common share. On February 12, 2020 the parties agreed to the following modified terms: the Company purchased the two Southern Oregon farms from SDP Development constituting over 60 acres of real property housing the two outdoor cannabis cultivation facilities totaling 80,000 square feet of canopy, rent reduction on the three Phantom properties in Central Oregon, and a release from the obligation to purchase the sixth property in Southern Oregon. In exchange, the SDP vendors received 7,132,041 common shares of the Company with a fair value of $2,582,903. The consideration exceeded the fair market value of the land acquired and as a result, the Company recorded transaction costs of $1,204,740. The Company has three remaining leases with SDP Development. The undiscounted future cash flows for the three remaining leases total $456,384. On November 16, 2020, the Company amended the terms of the three Nevada leases with Double G Holdings (a Company controlled by the Company's President and CEO). The term of the two dispensary leases and the warehouse lease was extended to November 30, 2027 with a right to extend for a further five years and with an annual increase to the base rent of 3% commencing January 1, 2022. The undiscounted future cash flows for all three leases including the five-year extension total $16,930,437. </div>

8172075

14369004

9279123 9539744 412093 589328 360 527

17863651

24498603

240000 0 8632619 10368616 496807 499710 251333 360610 0 18346 209176 228192

9829935

11475474

8010000

2670000

2 80000 3 7132041 2582903

1204740

456384

P5Y

0.03 16930437

<div> 21. EARNINGS PER SHARE The following is a reconciliation for the calculation of basic and diluted earnings per share for the years ended January 31, 2022 and 2021: <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right;"> </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; text-align: right; white-space: nowrap;">January 31, 2022</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;">January 31, 2021</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;">Net income (loss) from continuing operations after income taxes</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">13,158,795</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(4,601,572</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;">Net loss from discontinued operations after income taxes</td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(2,242,644</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(3,228,056</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;">Net income (loss)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">10,916,151</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(7,829,628</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;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </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;">Weighted average number of common shares outstanding</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">118,308,584</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">104,841,540</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;">Dilutive effect of warrants and stock options outstanding</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">2,833,093</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;">-</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;">Diluted weighted average number of common shares outstanding</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">121,141,677</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">104,841,540</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;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </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;">Basic earnings (loss) per share, continuing operations</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">0.11</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(0.04</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;">Diluted earnings (loss) per share, continuing operations</td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%;">0.11</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(0.04</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;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </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;">Basic loss per share, discontinued operations</td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(0.02</td> <td style="vertical-align: bottom; text-align: left; width: 2%;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%;">(0.03</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;">Diluted loss per share, discontinued operations</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(0.02</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(0.03</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;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </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;">Basic earnings (loss) per share</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">0.09</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">(0.07</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; border-bottom: 0.75pt solid #000000;">Diluted earnings (loss) per share</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">0.09</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%;">(0.07</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%;">)</td> </tr> </table> The computation of diluted earnings per share excludes the effect of the potential exercise of warrants and stock options when the average market price of the common stock is lower than the exercise price of the respective warrant or stock option and when inclusion of these amounts would be anti-dilutive. For the years ended January 31, 2022 and 2021, the number of warrants and stock options excluded from the computation was 5,463,333 and 16,156,413, respectively. </div>

13158795

-4601572

-2242644

-3228056

10916151

-7829628

118308584

104841540

2833093

121141677

104841540

0.11

-0.04

0.11

-0.04

-0.02

-0.03

-0.02

-0.03

0.09

-0.07

0.09

-0.07

5463333

16156413

<div> 22. CONTINGENCIES From time to time, the Company is involved in various litigation matters arising in the ordinary course of its business. Management is of the opinion that disposition of any current matter will not have a material adverse impact on the Company's balance sheet, results of operations, or the ability to carry on any of its business activities. Legal proceedings Oregon Action: A complaint was filed in the Oregon State Circuit Court for Clackamas County, on April 29, 2019, by two current owners of Proudest Monkey Holdings, LLC (the former sole member of EFF) (the "Plaintiffs"), alleging contract, employment, and statutory claims, alleging $612,500 in damages (as amended), against the Company, its wholly-owned subsidiaries 320204 US Holdings Corp, EFF, Swell Companies Limited, and Phantom Brands LLC, in addition to three directors, two officers, and one former employee (the "Oregon Action"). The Company and the other defendants wholly denied the allegations and claims made in the lawsuit and is defending the lawsuit. On June 21, 2019, the Company filed Oregon Rule of Civil Procedure ("ORCP") 21 motions to dismiss all of the Plaintiffs' claims against it, its wholly-owned subsidiaries, and other defendants; on May 6, 2020, the court granted the Company's ORCP 21 motion in its entirety to dismiss all of Plaintiffs' claims. The judgment of dismissal was entered by the Clackamas County court on or about October 14, 2020. On November 12, 2020, Plaintiffs filed a notice of appeal of the judgement of dismissal. <div> </div> On October 22, 2020, the Company submitted a petition to recover the costs and attorney fees incurred by the Company as the prevailing party in the Oregon Action. On January 20, 2021, the Court ruled in the Company's favor, awarding the Company and its subsidiaries $68,195 in attorney's fees, $1,252 in costs, and a statutory prevailing party fee of $640, through a supplemental judgment. On March 3, 2021, Plaintiffs filed an amended notice of appeal from the supplemental judgement awarding attorney fees. The parties have since briefed the appeal to the Oregon Court of Appeals and await a determination from the Court. It is too early to predict the resolution of the appeal. British Columbia Action: On or about September 13, 2019, the Company delivered a notice to the above-mentioned Plaintiffs of alleged breach and default under the EFF purchase and sale agreement, due to alleged unlawful, intentional acts and material misrepresentations by the Plaintiffs before and after the completion of the purchase. As a result of such breach, the Company denied the Plaintiffs' tender of their share payment notes in connection with the agreement. On or about October 14, 2019, Proudest Monkey Holdings, LLC and one of its current owners, sued the Company in the Supreme Court of British Columbia to compel the issuance and delivery of the subject shares, including interests and costs (the "British Columbia Action"). On November 8, 2019, the Company responded and counterclaimed for general, special and punitive damages, including interest and costs, related to breach of contract, repudiation of contract, breach of indemnity and fraudulent and negligent misrepresentation by the Plaintiffs. Plaintiffs filed a response to the Company's counterclaims on or about June 5, 2020, and the parties stipulated to a form of amended pleading which included the joinder of additional parties, an owner of Proudest Monkey Holdings, LLC and EFF, and additional contract and equitable claims and damages, partially duplicative to those alleged by the Plaintiffs in the Oregon lawsuit (breach of contract, indemnity, unjust enrichment and wrongful termination claims). Plaintiffs allege $2,774,176 in damages (as amended), plus unquantified additional damages, interest and costs, of which amounts are partially duplicative of the Oregon Action. This action remains in the discovery stage, but no trial date has been set. It is too early to predict the resolution of the claims and counterclaims. Settled and Dismissed Action: On or about May 30, 2019, Wallace Hill Partners Ltd. ("Wallace Hill") filed a civil claim in the Supreme Court of British Columbia alleging breach of contract and entitlement to 1,800,000 common shares of the Company, fully vested by March 1, 2019, and damages due to the lost opportunity to sell those shares after such date for a profit. On June 23, 2019, the Company circulated a letter to Wallace Hill terminating the agreement and accepting Wallace Hill's repudiation of the agreement based on Wallace Hill's previously published defamatory comments and termination of the agreement. Also, on June 23, 2019, the Company filed its response to the civil claim denying all claims and filed counterclaims alleging breach of contract, a declaratory judgment of termination of the agreement, defamation and an injunction from further defamatory comments. On March 23, 2022, the Company and Wallace Hill entered into a mutual release agreement, pursuant to which, among other things, all parties agreed to dismiss their respective claims and to release one another from any further causes of action in connection with the subject matter of the original claims. On April 23, 2022, the parties filed a Notice of Discontinuance in the Supreme Court of British Columbia formally dismissing the civil action. </div>

612500

68195

1252

640

2774176

1800000

<div> 23. FINANCIAL INSTRUMENTS The following tables present information about the Company's financial instruments and their classifications as of January 31, 2022 and 2021 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: <div> Fair value measurements at January 31, 2022 using: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 1</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 2</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 3</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Total</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Financial liabilities:</td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Conversion features of convertible promissory notes (note 14)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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; border-bottom: 0.75pt solid #000000;">Earn out shares (note 14)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,006,368</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,006,368</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> Fair value measurements at January 31, 2021 using: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 1</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 2</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 3</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Total</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Financial liabilities:</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; 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; 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; 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; 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; 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; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Conversion features of convertible promissory notes (note 14)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">485,157</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">485,157</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Earn out shares (note 14)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">9,273,970</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">9,273,970</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> The fair value of the conversion feature of convertible promissory notes was determined using the Black-Scholes option pricing model. The assumptions in the model were based on the share price and other active market data that is observable as well as unobservable estimates and therefore represent a level 3 measurement. The fair value of the derivative liability associated with the earn out shares was derived using a Monte Carlo simulation using non-observable inputs, and therefore represent a level 3 measurement. </div>

<div> Fair value measurements at January 31, 2022 using: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 1</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 2</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 3</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Total</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Financial liabilities:</td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Conversion features of convertible promissory notes (note 14)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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; border-bottom: 0.75pt solid #000000;">Earn out shares (note 14)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,006,368</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">1,006,368</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> Fair value measurements at January 31, 2021 using: <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; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 1</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 2</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Level 3</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;">Total</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <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;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;">$</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;">Financial liabilities:</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; 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; 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; 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; 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; 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; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Conversion features of convertible promissory notes (note 14)</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </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="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">485,157</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10%;">485,157</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; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">Earn out shares (note 14)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </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="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">9,273,970</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 10%; background-color: #e6efff;">9,273,970</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div>

1006368

485157

9273970

<div> 24. SUBSEQUENT EVENTS On February 5, 2022, the balance of 460,000 of options issued on February 5, 2019 expired unexercised. On February 10, 2022, the Company granted incentive stock options to purchase an aggregate of 600,000 common shares at an exercise price of C$0.70 per share vesting over a two-year period, expiring at the close of business on February 10, 2025. On April 23, 2022, both parties to the C21 and Wallace Hill dispute (note 22) filed a Notice of Discontinuance in the Supreme Court of British Columbia and signed a mutual release to end this dispute. </div>

460000

600000

0.7

P2Y