Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Subsequent Events

v3.21.1
Subsequent Events
 12 Months Ended
Dec. 31, 2020
Disclosure of events after reporting period [text block] [Abstract]  
SUBSEQUENT EVENTS
19. SUBSEQUENT EVENTS

i) On January 21, 2021, the Company completed a public offering and issued 1,472,000 units at a price of USD $7.50 USD per unit per unit for total proceeds of USD $11,040,000. Each unit consisted of one common share, one Unit A warrant and one Unit B warrant, each to purchase one common share at USD $7.50 per share until January 21, 2023. In connection with the offering, the Company incurred $517,360 in deferred financing costs as of December 31, 2020.

ii) Subsequent to December 31, 2020, the Company issued 215,341 units to a director in exchange for the forgiveness of $1,889,865 of notes and accrued interest of $184,441.

iii) Subsequent to December 31, 2020, the Company’s warrant and option holders had exercised 899,056 warrants at an average exercise price of $3.32 per share for total proceeds of $2,787,138

iv) Subsequent to December 31, 2020, the Company repaid $477,619 of notes payable outstanding.