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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:

 

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

 

  

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

 

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:

 

   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

 

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

 

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

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

 

  

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:

 

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