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Warrants | 3 Months Ended
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Mar. 31, 2022
Warrants |
Warrants | 17. Warrants During the three months ended March 31, 2022, no warrants were exercised and 202,701 Reg-A public offering warrants expired. During the three months ended March 31, 2021, 772,535 warrants were exercised at $4.00 per share for 772,535 common shares. During the year ended December 31, 2021, the Company issued 1,502,409 and 2,040,990 warrants convertible to 1 and 2 common shares each exercisable for a period of 12 and 18 months respectively. The warrants were issued in connection with the Reg-A public offering and private placement offering respectively. The exercise price of the warrants is $4.00 per share. During the same period the Company issued 3,763,636 warrants convertible to 1 common share at an exercise price of $6.05 per share exercisable for a period of 36 months. 3,272,727 warrants were purchased through the underwritten public offering and 490,909 over-allotment warrants purchased by the underwriter. The warrants were issued in connection with the underwritten public offering. During the year ended December 31, 2021 the Company and warrant holder reached an agreement to amend a previous warrant agreement. The Company will issue an additional 150,000 warrants for a total of 250,000 warrants valued at $37,000. The exercisable period of the warrants was also amended to a period of five years beginning on January 14, 2021. The warrants are convertible to 1 common share each exercisable at $2 per share. During the year ended December 31, 2021 the Company issued 130,909 representative warrants to the Company’s underwriters. The representative warrants are not exercisable until January 30, 2022. The representative are exercisable for 130,909 common shares at $6.05 per share until August 3, 2024. As of March 31, 2022 the Company recognized a value of $273,993 for the representative warrants to share issuance cost. During the year ended December 31, 2021, 26,815 warrants expired. As of March 31, 2022, the Company has the following warrants outstanding: Schedule of Warrants Exercise Price
Exercise price |  |  | Number outstanding |  |  | Remaining Contractual Life (Years) |  |  | Expiry date
$ | 4.00 |  |  |  | 1,690,990 |  |  |  | 0.50 |  |  | October 1, 2022
$ | 6.05 |  |  |  | 3,577,545 |  |  |  | 2.35 |  |  | August 6, 2024
$ | 2.00 |  |  |  | 5,488 |  |  |  | 2.91 |  |  | February 25, 2025
$ | 2.40 |  |  |  | 62,500 |  |  |  | 2.97 |  |  | March 20, 2025
$ | 40.00 |  |  |  | 250,000 |  |  |  | 3.79 |  |  | January 14, 2026
|  |  |  |  | 5,586,523 |  |  |  | 1.88 |  |  |
Schedule of Warrants Activity
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | Number of warrants |  |  | Weighted average price |  |  | Number of warrants |  |  | Weighted average price |
Balance, beginning of year |  |  | 5,658,315 |  |  | $ | 4.30 |  |  |  | 716,815 |  |  | $ | 4.00 |
Issuance |  |  | 130,909 |  |  | $ | 6.05 |  |  |  | 7,457,036 |  |  | $ | 4.30 |
Expired |  |  | (202,701 | ) |  | $ | (4.00 | ) |  |  | (26,815 | ) |  | $ | (4.00 | )
Exercise |  |  | - |  |  | $ | - |  |  |  | (2,488,721 | ) |  | $ | (4.00 | )
Balance, end of period |  |  | 5,586,523 |  |  | $ | 4.35 |  |  |  | 5,658,315 |  |  | $ | 4.30 |

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