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Warrants
 3 Months Ended
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:

 

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    

 

   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