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SHARE CAPITAL (Tables)
 6 Months Ended
Jun. 30, 2023
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE

As at June 30, 2023, 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    6.34    286,665    286,665 
November 19, 2019  November 19, 2029  $2.50    6.39    50,000    50,000 
April 30, 2020  April 30, 2030  $2.50    6.84    85,000    85,000 
April 30, 2020  April 30, 2030  $3.85    6.84    110,000    110,000 
July 3, 2020  July 3, 2025  $3.20    2.01    100,000    100,000 
November 24, 2020  November 24, 2030  $2.50    7.41    32,000    32,000 
February 2, 2021  February 2, 2031  $13.20    7.60    30,000    20,000 
March 8, 2021  March 8, 2026  $13.90    2.69    10,000    10,000 
April 27, 2021  April 27, 2031  $10.15    7.83    146,000    48,660 
September 9, 2021  September 9, 2026  $4.84    3.20    25,826    8,608 
                 875,491    750,933 
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE

 

   Number of Options  

Weighted Average

Exercise Price

 
Outstanding, December 31, 2021   1,035,991   $4.60 
Exercised   (12,500)   2.15 
Forfeited   (146,334)   4.77 
Outstanding, December 31, 2022   877,157   $4.60 
Forfeited   (1,666)   10.15 
Outstanding, June 30, 2023   875,491    4.59 
SUMMARY OF CHANGES IN RESTRICTED STOCK UNITS

As at June 30, 2023, the Company had the following RSUs outstanding:

 

   Number of RSUs 
Outstanding, December 31, 2021   514,832 
Vested   (1,072,595)
Issued   1,820,972 
Forfeited   (64,334)
Outstanding, December 31, 2022   1,198,875 
Vested   (418,654)
Issued   1,685,316 
Forfeited   (29,334)
Outstanding, June 30, 2023   2,436,203 
SCHEDULE OF WARRANT DERIVATIVE LIABILITY

Warrant Derivative Liability

 

Balance at December 31, 2021  $4,865,772 
Change in fair value of warrants outstanding   (4,865,772)
Balance at December 31, 2022 and June 30, 2023  $- 

 

Derivative liability balance at  June 30, 2023   December 31, 2022 
Contingent liability  $-   $57,314 
Ending balance  $-   $57,314 
SCHEDULE OF WARRANTS AND FAIR VALUE OUTSTANDING

Details of these warrants and their fair values are as follows:

 

Issue Date  Exercise Price   Number of Warrants Outstanding at June 30, 2023   Fair Value at June 30, 2023   Number of Warrants Outstanding at December 31, 2022(5)   Fair Value at December 31, 2022 
February 5, 2021 (1)  US$3.55    -    -    1,319,675         - 
March 5, 2021 (2)  US$3.55    -    -    5,142,324    - 
July 29, 2021 (3)  US$5.00    250,000    -    250,000    - 
September 14, 2021 (4)  US$5.00    4,798    -    4,798    - 
         254,798   $    -    6,716,797   $- 

 

1)The warrants expired on February 5, 2023.
2)The warrants expired on March 5, 2023.
3)The warrants expire July 29, 2024.
4)The warrants expire September 14, 2024.
5)The number of warrants outstanding does not include the 1,200,000 warrants that are classified as a contingent liability.
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS

The fair values of these warrants were estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   June 30, 2023   December 31, 2022 
Risk free interest rate   -    4.07%
Expected volatility   -    91.66%-93.48%
Expected life   -    0.10-0.18 years 
Expected dividend yield   -    0%
SUMMARY OF CHANGES IN WARRANTS

Volatility is calculated using the historical volatility method.

 

   Number of Warrants  

Weighted Average

Exercise Price

 
Outstanding, December 31, 2021   8,414,819   $4.99 
Exercised   (16,538)   4.51 
Expired   (481,484)   4.61 
Outstanding, December 31, 2022   7,916,797   $5.08 
Expired   (7,661,999)   5.89 
Outstanding June 30, 2023   254,798   $6.23 
SCHEDULE OF WARRANTS OUTSTANDING

As at June 30, 2023, the Company had the following warrants outstanding:

 

Date issued  Expiry date  Exercise price   Number of warrants outstanding 
July 29, 2021  July 29, 2024  US$5.00    250,000 
September 14, 2021  September 14, 2024  US$5.00    4,798 
            254,798