Subsequent events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent events

11. Subsequent events

a)

On July 7, 2022, the Company granted the Chairman and Chief Executive Officer the option to acquire 115,500,000 shares of common stock of the Company at a price of $0.05 per share until December 31, 2026. The Company canceled the subscription rights to distribute 101,025,092 shares of common stock at a price of $0.05 pursuant to the prospectus (note 6(b)(i)).

b)

On July 12, 2022, ALR Singapore received advances from a relative of the Chairman aggregating SGD$500,000, with interest of $150 per day outstanding payable upon maturity or early payment, which will mature and be repayable on August 31, 2022. The principal amount of SGD$500,000 was repaid on July 18, 2022.

c)

On August 4, 2022, ALR Singapore entered into an Employment Agreement with the Chairman and Chief Executive Officer with an effective date of July 1, 2022 (note 9(b)(i)). The terms of the Employment Agreement were materially the same as the Services Agreement between the Company and the Chief Executive Officer, except as follows:

·

The incentive compensation whereby Mr. Chan will earn a 1% commission from the sale of Company products has been amended to be in perpetuity and assignable. Previously, the commission was based on the lifetime of Mr. Chan, and

·

Mr. Chan has relinquished his right to certain compensation on the sale of the business or assets of the Company or its affiliates.

In connection with entering into the Employment Agreement with ALR Singapore:

1)

Mr. Chan has been issued a bonus of $150,000 as consideration for the advancements to the GluCurve business unit;

2)

the services agreement between the Company and Mr. Chan has terminated, and

3)

Mr. Chan will continue to act as Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer and Treasurer of the Company.

This Employment Agreement is executed and the Services Agreement is being terminated in connection with the Redomicile Agreement.

d)

The closing conditions for the Supply Agreement between ALR Singapore and Infinovo were not met and the Supply Agreement has now terminated. The parties are now working on completing a new agreement whereby the closing condition for ALR Singapore to enter into a binding sales and distribution agreement for the GluCurve would be August 31, 2022. Should the parties enter into a new manufacturing and supply agreement, it will not become effective unless ALR Singapore enters into a binding distribution agreement for the sale and distribution of GluCurve by August 31, 2022. There can be no assurance that the parties will enter in such new agreement or that this condition to effectiveness of the new agreement will be satisfied (note 9(b)(ii)).