| Subsequent events |
14. Subsequent
events
| a) | On
January 18, 2022, the Company issued a prospectus whereby it distributed 101,025,592 subscription
rights to its shareholders to purchase shares of common stock of the Company at a price of
$0.05 per share. The rights were set to expire on February 18, 2022, subsequently extended
to March 15, 2022, after which time management has 150 days to allocate the rights to other
parties. On such case-by-case basis, the Company will allow for the exercise of any such
shareholders until April 1, 2022. If fully exercised, this may provide financing of approximately
$5,000,000 to the Company. |
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b) |
On March 18, 2022, the Company extended the commitment letters previously issued to two creditors who are relatives of the Chairman and Chief Executive Officer of the Company offering them an aggregate 20,000,000 shares of common stock in exchange for the extinguishment of $1,541,000 in promissory notes and interest payable (notes 6(b)(v) and 8) from December 31, 2021 to December 31, 2022. |
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c) |
On March 18, 2022, the Company modified 70,000,000 options previously granted to a number of advisors and independent contractors by extending the vesting period under vesting terms, which have not been met, from September 30, 2021 and December 31, 2021 to December 31, 2022 and from June 30, 2022 to June 30, 2023. |
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d) |
On March 18, 2022, the Company modified 2,500,000 options previously granted to an individual on October 4, 2021 by modifying the vesting terms of 1,000,000 options from performance conditions to immediately vesting and cancelling the remaining 1,500,000 options. |
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e) |
Effective March 18, 2022, the Company cancelled 20,000,000 stock options exercisable at $0.015, 10,000,000 stock options exercisable at $0.035 and 28,500,000 exercisable at $0.05 related to the termination of certain contractors. |
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f) |
The Company received an advance from a shareholder for US$200,000 which will mature and be repayable on July 31, 2022. |
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