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Stockholders’ Deficiency (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Stockholders’ Deficiency [Abstract] |  |
Schedule of Activity for the Warrants | The schedule of activity for the warrants is as follows:
|  | Number of Warrants |  | Weighted Average Exercise Price (as converted) |  | Remaining Contractual Term (Years)
Balance, December 31, 2022 |  | 15,981,290 |  |  | $ | 1.15 |  | 0.84
Issued |  | 40,668,011 |  |  |  | 0.30 |  | —
Expired |  | (12,919,507 | ) |  |  | 1.36 |  | —
Balance, December 31, 2023 |  | 43,729,794 |  |  | $ | 0.31 |  | 3.43
Issued |  | 18,003,092 |  |  |  | 0.31 |  | —
Exercised |  | (400,000 | ) |  |  | 0.40 |  |
Balance, June 30, 2024 |  | 61,332,886 |  |  | $ | 0.30 |  | 2.50
| The schedule of activity for the warrants is as follows:
|  | Number of Warrants |  | Weighted Average Exercise Price (as converted) |  | Remaining Contractual Term (Years)
Balance, December 31, 2021 |  | 15,981,290 |  |  | $ | 1.15 |  | 1.84
Balance, December 31, 2022 |  | 15,981,290 |  |  |  | 1.15 |  | 0.84
Issued |  | 40,668,011 |  |  |  | 0.30 |  | —
Expired |  | (12,919,507 | ) |  |  | 1.36 |  | —
Balance, December 31, 2023 |  | 43,729,794 |  |  | $ | 0.31 |  | 3.43
Schedule of Warrants Outstanding and Exercisable | A summary of the warrants outstanding and exercisable as of June 30, 2024, is as follows:
Warrants Outstanding |  | Exercise Price |  | Expiry Date
2,661,783 |  | $ | 0.40 |  |  | August 30, 2024
3,329,828 |  | $ | 0.31 |  |  | August 31, 2026
876,595 |  | $ | 0.31 |  |  | October 16, 2026
2,524,993 |  | $ | 0.31 |  |  | November 8, 2026
9,864,305 |  | $ | 0.31 |  |  | December 22, 2026
18,003,092 |  | $ | 0.31 |  |  | January 19, 2027
14,640,221 |  | $ | 0.289 |  |  | February 16, 2028
2,155,000 |  | $ | 0.28 (CAD$0.39 | ) |  | February 16, 2028
719,904 |  | $ | 0.28 (CAD$0.39 | ) |  | March 15, 2028
6,557,165 |  | $ | 0.283 |  |  | March 15, 2028
61,332,886 |  |  |  |  |  |
A summary of the warrants with USD exercise prices outstanding and exercisable as of August 31, 2023, upon the change in functional currency was as follows:
Warrants Outstanding |  | Exercise Price |  | Expiry Date
3,061,783 |  | $ | 0.40 |  | August 30, 2024
3,057,025 |  | $ | 0.31 |  | August 31, 2026
6,118,808 |  |  |  |  |
A summary of warrants not issued for services with CAD exercise prices outstanding and exercisable as of June 30, 2024, is as follows:
Warrants Outstanding |  | Exercise Price |  | Expiry Date
2,155,000 |  | $ | 0.28 (CAD$0.39 | ) |  | February 16, 2028
395,262 |  | $ | 0.28 (CAD$0.39 | ) |  | March 15, 2028
2,550,262 |  |  |  |  |  |
| A summary of the warrants outstanding and exercisable as of December 31, 2023, is as follows:
Warrants Outstanding |  | Exercise Price |  | Expiry Date
3,061,783 |  | $ | 0.40 |  | August 30, 2024
3,329,828 |  | $ | 0.31 |  | August 31, 2026
876,595 |  | $ | 0.31 |  | October 16, 2026
2,524,993 |  | $ | 0.31 |  | November 8, 2026
9,864,305 |  | $ | 0.31 |  | December 22, 2026
11,317,750 |  | $ | 0.283 |  | February 16, 2028
5,477,471 |  | $ | 0.29 (CAD$0.39) |  | February 16, 2028
6,817,483 |  | $ | 0.29 (CAD$0.39) |  | March 15, 2028
459,586 |  | $ | 0.289 |  | March 15, 2028
43,729,794 |  |  |  |  |
A summary of the warrants with USD exercise prices outstanding and exercisable as of August 31, 2023, upon the change in functional currency was as follows:
Warrants Outstanding |  | Exercise Price |  | Expiry Date
3,061,783 |  | $ | 0.40 |  | August 30, 2024
3,057,025 |  | $ | 0.31 |  | August 31, 2026
6,118,808 |  |  |  |  |
A summary of warrants not issued for services with CAD exercise prices outstanding and exercisable as of December 31, 2023, is as follows:
Warrants Outstanding |  | Exercise Price |  | Expiry Date
5,477,471 |  | $ | 0.29 (CAD$0.39) |  | February 16, 2028
6,492,841 |  | $ | 0.29 (CAD$0.39) |  | March 15, 2028
11,970,312 |  |  |  |  |
Schedule of Derivative Liability | The derivative liability of the Company on that date was $351,969, which upon reclassification, was charged to equity as an increase in reserves of $351,969.
Balance as of December 31, 2022 |  | $ | 205,989 |
Revaluation of derivative liability |  |  | 145,980 |
Reclassification of derivative liability per change in functional currency |  |  | (351,969 | )
Balance as of December 31, 2023 |  | $ | — |
Balance as of December 31, 2022 |  | $ | — |
Reclassification of derivative liability per change in functional currency |  |  | 4,541,545 |
Revaluation of derivative liability |  |  | 3,939,304 |
Reclassification of derivative liability per change in exercise price |  |  | (4,025,102 | )
Balance as of December 31, 2023 |  | $ | 4,455,747 |
Revaluation of derivative liability |  |  | 432,933 |
Reclassification of derivative liability per change in exercise price |  |  | (3,942,575 | )
Balance as of June 30, 2024 |  | $ | 946,105 |
| The derivative liability of the Company on that date was $351,969, which upon reclassification, was charged to equity as an increase in reserves of $351,969.
Balance as of December 31, 2021 |  | $ | 2,048,127 |
Revaluation of derivative liability |  |  | (1,842,138 | )
Balance as of December 31, 2022 |  |  | 205,989 |
Revaluation of derivative liability |  |  | 145,980 |
Reclassification of derivative liability per change in functional currency |  |  | (351,969 | )
Balance as of December 31, 2023 |  | $ | — |
As of December 31, 2023, the Company revalued the derivative liability to $4,455,747 and recorded a loss on revaluation of $3,939,304.
Balance as of December 31, 2021 and 2022 |  | $ | — |
Reclassification of derivative liability per change in functional currency |  |  | 4,541,545 |
Revaluation of derivative liability |  |  | 3,939,304 |
Reclassification of derivative liability per change in exercise price |  |  | (4,025,102 | )
Balance as of December 31, 2023 |  | $ | 4,455,747 |
Schedule of Weighted Average Assumptions were used in the Black-Scholes Option-Pricing Model | The following weighted average assumptions were used in the Black-Scholes option-pricing model for the re-valuations for the warrants priced in USD as of August 31, 2023:
|  | August 31, 2023
Risk-free interest rate |  |  | 5.14 | %
Dividend yield |  |  | — |
Expected life (in years) |  |  | 1.00 |
Volatility |  |  | 131 | %
Weighted average fair value per warrant |  | $ | 0.16 |
The following weighted average assumptions were used in the Black-Scholes option-pricing model for the re-valuations following the change in functional currency to USD as of June 30, 2024, and December 31, 2023:
|  | June 30, 2024 |  | December 31, 2023
Risk-free interest rate |  |  | 3.53 | % |  |  | 3.38 | %
Dividend yield |  |  | — |  |  |  | — |
Expected life (in years) |  |  | 3.64 |  |  |  | 4.15 |
Volatility |  |  | 86 | % |  |  | 87 | %
Weighted average fair value per warrant |  | $ | 0.37 |  |  | $ | 0.37 |
The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of the Common Share options issued:
|  | June 30, 2024 |  | December 31, 2023
Risk-free interest rate |  | — |  |  | 3.12 | %
Expected life (in years) |  | — |  |  | 10 |
Volatility |  | — |  |  | 103 | %
Weighted average fair value per option |  | — |  | $ | 0.13 |
| The following weighted average assumptions were used in the Black-Scholes option-pricing model for the re-valuations for the warrants priced in USD as of August 31, 2023, and December 31, 2022:
|  | August 31, 2023 |  | December 31, 2022
Risk-free interest rate |  |  | 5.14 | % |  |  | 4.03 | %
Dividend yield |  |  | — |  |  |  | — |
Expected life (in years) |  |  | 1.00 |  |  |  | 1.65 |
Volatility |  |  | 131 | % |  |  | 93 | %
Weighted average fair value per warrant |  | $ | 0.16 |  |  | $ | 0.07 |
The following weighted average assumptions were used in the Black-Scholes option-pricing model for the initial valuation and re-valuations following the change in functional currency to USD, as at and December 31, 2023 and August 31, 2023:
|  | December 31, 2023 |  | August 31, 2023
Risk-free interest rate |  |  | 3.38 | % |  |  | 6.31 | %
Dividend yield |  |  | — |  |  |  | — |
Expected life (in years) |  |  | 4.15 |  |  |  | 3.22 |
Volatility |  |  | 87 | % |  |  | 110 | %
Weighted average fair value per warrant |  | $ | 0.37 |  |  | $ | 0.14 |
The following weighted average assumptions were used in the Black-Scholes option-pricing model for the valuation of the Common Share options issued:
|  | December 31, 2023 |  | December 31, 2022
Risk-free interest rate |  |  | 3.12 | % |  |  | 2.62 | %
Expected life (in years) |  |  | 10 |  |  |  | 10 |
Volatility |  |  | 103 | % |  |  | 84 | %
Weighted average fair value per option |  | $ | 0.13 |  |  | $ | 0.56 |
Schedule of Share-Based Compensation Expense | The following table summarizes the total amount of share-based compensation expense related to service conditions for Common Share options during the three and six months ended June 30, 2024, and 2023:
|  | For the three months ended |  | For the six months ended
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Research and development |  | $ | 65,694 |  | $ | 177,735 |  | $ | 153,541 |  | $ | 248,743
General and administrative |  |  | 193,629 |  |  | 601,314 |  |  | 453,867 |  |  | 769,369
Total share-based compensation |  | $ | 259,323 |  | $ | 779,049 |  | $ | 607,408 |  | $ | 1,018,112
The following table summarizes the total amount of share-based compensation expense related to performance conditions for ACI Canada legacy performance options during the three and six months ended June 30, 2024, and 2023:
|  | For the three months ended |  | For the six months ended
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Research and development |  | $ | 116,004 |  | $ | — |  | $ | 116,004 |  | $ | —
General and administrative |  |  | — |  |  | 184,244 |  |  | — |  |  | 184,244
Total share-based compensation |  | $ | 116,004 |  | $ | 184,244 |  | $ | 116,004 |  | $ | 184,244
| The following table summarizes the total amount of share-based compensation expense related to service conditions for Common Share options during the years ended December 31, 2023 and 2022:
|  | For the Years Ended
|  | December 31, 2023 |  | December 31, 2022
Research and development |  | $ | 540,076 |  | $ | 519,140
General and administrative |  |  | 1,645,265 |  |  | 1,148,580
Total share-based compensation |  | $ | 2,185,341 |  | $ | 1,667,720
The following table summarizes total amount of share-based compensation expense related to performance conditions for the ACI Canada legacy performance options during the years ended December 31, 2023 and 2022:
|  | For the Years Ended
|  | December 31, 2023 |  | December 31, 2022
Research and development |  | $ | 184,244 |  | $ | 109,551
General and administrative |  |  | — |  |  | —
Total share-based compensation |  | $ | 184,244 |  | $ | 109,551
Schedule of Common Share Option Activity | Common share option activity is as follows:
|  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value(1)
Balance, December 31, 2022 |  | 5,506,071 |  |  |  | 0.61 |  | 8.47 |  |  | —
Granted |  | 16,190,000 |  |  |  | 0.16 |  | — |  |  |
Expired |  | (772,763 | ) |  |  | 0.68 |  | — |  |  |
Exercised(2) |  | (251,101 | ) |  |  | 0.17 |  | — |  |  |
Balance, December 31, 2023 |  | 20,672,207 |  |  | $ | 0.18 |  | 9.07 |  | $ | 9,975,524
Exercised(3) |  | (272,840 | ) |  |  | 0.19 |  | — |  |  |
Balance, June 30, 2024 |  | 20,399,367 |  |  | $ | 0.17 |  | 8.58 |  | $ | 6,939,458
Options exercisable, June 30, 2024 |  | 11,612,953 |  |  | $ | 0.18 |  | 8.35 |  | $ | 3,874,616
(1) The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s common share. The calculation excludes options with an exercise price higher than the closing price of the Company’s share on the reporting date. (2) In accordance with the Company’s 2023 Option Plan, option holders exercised 251,101 Common Share options on a cashless basis (net exercise) for the issuance of 165,000 Common Shares. (3) In accordance with the Company’s 2023 Option Plan, option holders exercised 272,840 Common Share options on a cashless basis (net exercise) for the issuance of 192,500 Common Shares. The following table summarizes ACI Canada legacy performance option activity for the Company:
|  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value(1)
Balance, December 31, 2022 |  | 9,521,057 |  |  |  | 0.01 |  | 5.91 |  |  | 4,609,723
Exercised |  | (2,700,000 | ) |  |  | 0.01 |  | — |  |  |
Balance, December 31, 2023 |  | 6,821,057 |  |  | $ | 0.01 |  | 4.51 |  | $ | 4,441,787
Exercised |  | (180,000 | ) |  |  | 0.01 |  | — |  |  |
Balance, June 30, 2024 |  | 6,641,057 |  |  |  | 0.01 |  | 3.98 |  |  | 3,338,059
Options exercisable, June 30, 2024 |  | 6,454,015 |  |  | $ | 0.01 |  | 3.96 |  | $ | 3,244,272
(1) The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s common share. The calculation excludes options with an exercise price higher than the closing price of the Company’s shares on the reporting date | Common share option activity is as follows:
|  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value(1)
Balance, December 31, 2021 |  | 5,297,597 |  |  | $ | 0.81 |  | 9.22 |  | $ | 1,472,041
Granted |  | 1,170,000 |  |  |  | 0.61 |  | — |  |  |
Expired |  | (895,007 | ) |  |  | 0.97 |  | — |  |  |
Exercised |  | (66,519 | ) |  |  | 0.53 |  | — |  |  |
Balance, December 31, 2022 |  | 5,506,071 |  |  |  | 0.61 |  | 8.47 |  |  | —
Granted |  | 16,190,000 |  |  |  | 0.16 |  | — |  |  |
Expired |  | (772,763 | ) |  |  | 0.68 |  | — |  |  |
Exercised(2) |  | (251,101 | ) |  |  | 0.17 |  | — |  |  |
Balance, December 31, 2023 |  | 20,672,207 |  |  | $ | 0.18 |  | 9.07 |  | $ | 9,975,524
Options exercisable, December 31, 2023 |  | 8,050,870 |  |  | $ | 0.18 |  | 9.07 |  | $ | 3,815,397
(1) The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s common share on December 31, 2023, and 2022. The calculation excludes options with an exercise price higher than the closing price of the Company’s share on December 31, 2023 and 2022. (2) In accordance with the Company’s 2023 Option Plan, option holders exercised 251,101 Common Share options on a cashless basis (net exercise) for the issuance of 165,000 Common Shares. The following table summarizes ACI Canada legacy performance option activity for the Company:
|  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value(1)
Balance, December 31, 2021 |  | 9,941,057 |  |  | $ | 0.01 |  | 6.68 |  | $ | 10,645,031
Cancelled |  | (70,000 | ) |  |  | 0.01 |  | — |  |  |
Exercised |  | (350,000 | ) |  |  | 0.01 |  | — |  |  | —
Balance, December 31, 2022 |  | 9,521,057 |  |  |  | 0.01 |  | 5.91 |  |  | 4,609,723
Exercised |  | (2,700,000 | ) |  |  | 0.01 |  | — |  |  |
Balance, December 31, 2023 |  | 6,821,057 |  |  | $ | 0.01 |  | 4.51 |  | $ | 4,441,787
Options exercisable, December 31, 2023 |  | 6,401,057 |  |  | $ | 0.01 |  | 4.47 |  | $ | 4,168,787
(1) The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s common share on December 31, 2023 and 2022. The calculation excludes options with an exercise price higher than the closing price of the Company’s share on December 31, 2023, and 2022.
Schedule of Common Share Options Outstanding | A summary of the Common Share options outstanding at June 30, 2024, is as follows:
Options Outstanding |  | Options Exercisable |  | Exercise Price |  | Expiry Date
39,154 |  | 39,154 |  | $ | 0.40 |  |  | June 1, 2029
39,154 |  | 39,154 |  | $ | 0.40 |  |  | July 22, 2030
2,600,000 |  | 2,455,555 |  | $ | 0.21 (CAD$0.28 | ) |  | August 3, 2031
940,000 |  | 940,000 |  | $ | 0.21 (CAD$0.28 | ) |  | December 20, 2031
215,000 |  | 215,000 |  | $ | 0.21 (CAD$0.28 | ) |  | February 14, 2032
257,500 |  | 126,250 |  | $ | 0.21 (CAD$0.28 | ) |  | April 11, 2032
450,000 |  | 413,192 |  | $ | 0.21 (CAD$0.28 | ) |  | May 31, 2032
15,858,559 |  | 7,447,354 |  | $ | 0.16 (CAD$0.22 | ) |  | June 8, 2033
20,399,367 |  | 11,612,953 |  |  |  |  |  |
Schedule of Canada Legacy Performance Options Outstanding | A summary of the ACI Canada legacy performance options outstanding at June 30, 2024, is as follows:
Options Outstanding |  | Options Exercisable |  | Exercise Price |  | Expiry Date
900,000 |  | 900,000 |  | $ | 0.001 |  | February 1, 2026
691,057 |  | 691,057 |  | $ | 0.01 |  | December 31, 2027
3,050,000 |  | 3,023,903 |  | $ | 0.01 |  | September 1, 2028
2,000,000 |  | 1,839,055 |  | $ | 0.01 |  | June 1, 2029
6,641,057 |  | 6,454,015 |  |  |  |  |

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 + Details
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