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v3.22.1

SHARE CAPITAL (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Share Capital |
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE | As at December 31, 2021, the Company had the following options outstanding and exercisable: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE
Grant Date |  | Expiry Date |  | Exercise Price |  |  | Remaining Contractual Life (years) |  |  | Number of Options Outstanding |  |  | Number of Options Exercisable |
October 30, 2019 |  | October 30, 2029 |  | $ | 2.50 |  |  |  | 7.84 |  |  |  | 296,665 |  |  |  | 296,665 |
November 19, 2019 |  | November 19, 2029 |  | $ | 2.50 |  |  |  | 7.89 |  |  |  | 50,000 |  |  |  | 50,000 |
April 30, 2020 |  | April 30, 2030 |  | $ | 2.50 |  |  |  | 8.33 |  |  |  | 87,000 |  |  |  | 78,666 |
April 30, 2020 |  | April 30, 2030 |  | $ | 3.85 |  |  |  | 8.33 |  |  |  | 110,000 |  |  |  | 70,000 |
July 3, 2020 |  | July 3, 2025 |  | $ | 3.20 |  |  |  | 3.51 |  |  |  | 200,000 |  |  |  | 166,666 |
November 24, 2020 |  | November 24, 2030 |  | $ | 2.50 |  |  |  | 8.90 |  |  |  | 32,000 |  |  |  | 21,000 |
December 11, 2020 |  | December 11, 2030 |  | $ | 2.15 |  |  |  | 8.95 |  |  |  | 12,500 |  |  |  | 12,500 |
February 2, 2021 |  | February 2, 2031 |  | $ | 13.20 |  |  |  | 9.09 |  |  |  | 30,000 |  |  |  | 10,000 |
March 8, 2021 |  | March 8, 2026 |  | $ | 13.90 |  |  |  | 4.19 |  |  |  | 10,000 |  |  |  | 5,000 |
April 27, 2021 |  | April 27, 2031 |  | $ | 10.15 |  |  |  | 9.23 |  |  |  | 182,000 |  |  |  | - |
September 9, 2021 |  | September 9, 2026 |  | $ | 4.84 |  |  |  | 4.69 |  |  |  | 25,826 |  |  |  | - |
|  |  |  |  |  |  |  |  |  |  |  |  | 1,035,991 |  |  |  | 710,497 |
SUMMARY OF CHANGES IN STOCK OPTIONS | SUMMARY OF CHANGES IN STOCK OPTIONS
|  | Number of Options |  |  | Weighted Average Exercise Price |
Outstanding, December 31, 2019 |  |  | 744,993 |  |  | $ | 2.50 |
Forfeited |  |  | (43,334 | ) |  |  | 2.50 |
Granted |  |  | 492,000 |  |  |  | 3.08 |
Outstanding, December 31, 2020 |  |  | 1,193,659 |  |  | $ | 2.75 |
Exercised |  |  | (405,494 | ) |  |  | 2.50 |
Granted |  |  | 247,826 |  |  |  | 10.12 |
Outstanding, December 31, 2021 |  |  | 1,035,991 |  |  | $ | 4.60 |
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS | SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS
Year ended December 31, |  | 2021 |  |  | 2020 |  |  | 2019 |
Risk free interest rate |  |  | 0.69%-1.40% |  |  |  | 0.43%-0.66% |  |  | 1.45%-1.46 | %
Expected volatility |  |  | 62.84%-113.16% |  |  |  | 113.53%-119.03% |  |  | 100 | %
Expected life |  |  | 5 years |  |  |  | 5-10 years |  |  | 7.5 years |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  | 0 | %
Exercise price |  | $ | 4.84-13.90 |  |  | $ | 2.15-3.85 |  | $ | 2.50 |
SUMMARY OF CHANGES IN RESTRICTED STOCK UNITS | As at December 31, 2021, the Company had the following RSUs outstanding: SUMMARY OF CHANGES IN RESTRICTED STOCK UNITS
|  | Number of RSUs |
Outstanding, December 31, 2019 |  |  | 634,997 |
Vested |  |  | (199,998 | )
Forfeited |  |  | (68,333 | )
Issued |  |  | 248,000 |
Outstanding, December 31, 2020 |  |  | 614,666 |
Vested |  |  | (448,660 | )
Issued |  |  | 348,826 |
Outstanding, December 31, 2021 |  |  | 514,832 |
SCHEDULE OF WARRANT DERIVATIVE LIABILITY | Warrant Derivative Liability SCHEDULE OF WARRANT DERIVATIVE LIABILITY
Balance at January 1, 2020 |  | $ | - |
Warrant issuance |  |  | 281,732 |
Change in fair value of warrants outstanding |  |  | 466,902 |
Balance at December 31, 2020 |  | $ | 748,634 |
Warrant issuance |  |  | 8,261,511 |
Exercised |  |  | (98,048 | )
Change in fair value of warrants outstanding |  |  | (4,046,325 | )
Warrant Balance at December 31, 2021 |  |  | 4,865,772 |
Derivative liability |  |  |  |
Warrants |  | $ | 4,865,772 |
Contingent consideration (note 4) |  |  | 694,230 |
Contingent consideration at December 31, 2021 |  | $ | 5,560,002 |
SCHEDULE OF WARRANTS AND FAIR VALUE OUTSTANDING | SCHEDULE OF WARRANTS AND FAIR VALUE OUTSTANDING
Issue Date |  | Exercise Price |  | Number of Warrants Outstanding at December 31, 2021 |  |  | Fair Value at December 31, 2021 |  |  | Number of Warrants Outstanding at December 31, 2020 |  |  | Fair Value at December 31, 2020 |
November 30, 2020 |  | US$ 3.55 |  |  | 482,425 |  |  | $ | 182,262 |  |  |  | 511,299 |  |  | $ | 748,634 |
February 5, 2021 |  | US$ 3.55 |  |  | 1,323,275 |  |  |  | 951,226 |  |  |  | - |  |  |  | - |
March 5, 2021 |  | US$ 3.55 |  |  | 5,154,321 |  |  |  | 3,731,285 |  |  |  | - |  |  |  | - |
July 29, 2021 |  | US$ 5.00 |  |  | 250,000 |  |  |  | 84,625 |  |  |  | - |  |  |  | - |
September 14, 2021 |  | US$ 5.00 |  |  | 4,798 |  |  |  | 1,685 |  |  |  | - |  |  |  | - |
|  |  |  |  | 7,214,819 |  |  | $ | 4,865,772 |  |  |  | 511,299 |  |  | $ | 748,634 |
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS | SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS
Year ended December 31, |  | 2021 |  |  | 2020 |
Risk free interest rate |  |  | 0.23%-0.95% |  |  |  | 0.20%-0.24% |
Expected volatility |  |  | 70.95%-144.59% |  |  |  | 72.76%-74.10% |
Expected life |  |  | 2-3 years |  |  |  | 2 years |
Expected dividend yield |  |  | 0% |  |  |  | 0% |
SUMMARY OF CHANGES IN WARRANTS | SUMMARY OF CHANGES IN WARRANTS
|  | Number of Warrants |  |  | Weighted Average Exercise Price |
Outstanding, December 31, 2019 |  |  | 3,610,340 |  |  | $ | 2.05 |
Exercised |  |  | (1,584,775 | ) |  |  | 1.50 |
Forfeited |  |  | (120,000 | ) |  |  | 2.50 |
Issued |  |  | 511,299 |  |  |  | 3.55 |
Outstanding, December 31, 2020 |  |  | 2,416,864 |  |  | $ | 2.95 |
Exercised |  |  | (1,939,534 | ) |  |  | 2.54 |
Forfeited |  |  | (6,000 | ) |  |  | 2.50 |
Issued |  |  | 7,943,489 |  |  |  | 5.10 |
Outstanding, December 31, 2021 |  |  | 8,414,819 |  |  | $ | 4.99 |
SCHEDULE OF WARRANTS OUTSTANDING | As at December 31, 2021, the Company had the following warrants outstanding: SCHEDULE OF WARRANTS OUTSTANDING
Date issued |  | Expiry date |  | Exercise price |  | Number of warrants outstanding |
November 30, 2020 |  | November 30, 2022 |  | US$ 3.55 |  |  | 482,425 |
February 5, 2021 |  | February 5, 2023 |  | US$ 3.55 |  |  | 1,323,275 |
March 5, 2021 |  | March 5, 2023 |  | US$ 3.55 |  |  | 5,154,321 |
March 22, 2021 |  | March 22, 2023 |  | CDN$13.35 |  |  | 1,200,000 |
July 29, 2021 |  | July 29, 2024 |  | US$ 5.00 |  |  | 250,000 |
September 14, 2021 |  | September 14, 2024 |  | US$ 5.00 |  |  | 4,798 |
|  |  |  |  |  |  | 8,414,819 |

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