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

Condensed Interim Consolidated Statements of Cash Flows

v3.23.1
Condensed Interim Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Loss for the period $ (21,762,333) $ (17,847,892) $ (6,911,040)
Items not affecting cash:      
Amortization (Note 7) 273,309 335,697 258,757
Amortization of intangible assets (Note 10) 2,937,423 2,009,714 1,272,435
Impairment of goodwill and other intangibles 8,254,000    
Shares issued for services   206,614 242,023
Finance expense 60,770 225,197 276,602
Loss on sale of investment   378,718
Accrued interest 20,861 39,836 62,076
Factoring fees   38,727
Effect of foreign exchange 72,947 516,877 (410,189)
Change in fair value of warrant liability (361,055) 361,055
Forgiveness on government loan   (448,504)
Share-based compensation 1,567,583 2,145,928 1,049,135
Changes in non-cash working capital items:      
Receivables 62,868 378,975 (430,693)
Prepaids and other assets 154,700 (183,391) 3,332
Deferred revenue (124,231) 70,333
Accounts payable and accrued liabilities (310,387) (1,152,162) 381,854
Cash used in operating activities (9,153,545) (12,893,217) (4,236,767)
FINANCING ACTIVITIES      
Proceeds from notes payable   968,674
Proceeds from Government PPP loan   638,905
Repayment of notes payable – related party (63,819) (462,229) (258,661)
Proceeds from warrant exercises   5,446,769
Proceeds from share issuances 13,251,733 11,040,000 6,465,288
Proceeds from option exercises   392,299
Payments for lease liabilities (260,185) (282,087) (305,493)
Receivable factoring costs   (38,727)
Payments of share issuance costs (1,736,662) (1,334,814) (81,424)
Cash provided by financing activities 11,191,067 14,799,938 7,388,562
INVESTING ACTIVITIES      
Acquisition of a business   (85,101)
Purchase of equipment (40,211) (74,478)
Proceeds from sale of investments   141,928
Development of intangible assets (2,496,621) (2,352,248) (1,086,834)
Cash used in investing activities (2,536,832) (2,511,827) (944,906)
Change in cash during the period (499,310) (605,106) 2,206,889
Cash - Beginning of period 1,678,156 2,283,262 76,373
Cash - End of period $ 1,178,846 $ 1,678,156 $ 2,283,262