Versus Systems Inc. Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Share Capital and Reserves (Tables)

6 Months Ended

Jun. 30, 2023

A continuity schedule of outstanding stock options is as follows:

	Number Outstanding			Weighted Average Exercise Price
				($)
Balance –December 31, 2021		129,451			63.60
Granted		104,520			6.19
Exercised		-			-
Forfeited		(6,183	)		92.81
Balance –December 31, 2022		227,788			37.13
Granted		400,000			0.90
Exercised		-			-
Forfeited		(133,705	)		29.63
Balance – June 30, 2023		494,083			9.83

The Company used the following assumptions in calculating the fair value of stock options for the period ended:

At June 30, 2023, the Company had incentive stock options outstanding as follows:

Expiry Date	Options Outstanding		Exercise Price		Weighted Average Remaining Life
			($)		(years)
September 4, 2023		521		44.55		0.17
April 2, 2024		6,877		37.80		0.75
June 27, 2024		417		38.40		1.00
September 27, 2024		15,418		67.95		1.25
October 22, 2024		834		60.45		1.33
July 24, 2025		8,873		44.70		2.08
July 31, 2025		8,761		44.70		2.08
August 10, 2025		833		44.70		2.17
June 1, 2026		3,788		105.60		2.92
June 29, 2026		700		84.75		3.00
August 19, 2026		24,071		63.00		3.17
May 10, 2027		300		11.85		3.92
August 17, 2027		52,387		6.00		4.17
September 20, 2027		2,240		3.45		4.25
February 13, 2028		368,063		0.90		4.75
		494,083		9.83		4.31

A continuity schedule of outstanding share purchase warrants is as follows:

	Number Outstanding			Weighted Average Exercise Price
				($)
Balance – December 31, 2021		299,077			102.45
Exercised		-			-
Expired		(186,586	)		96.30
Issued		5,166,044			3.42
Balance – December 31, 2022		5,278,535			5.74
Exercised		(4,042,000	)		1.10
Expired		-			-
Issued		175,000			0.90
Balance – June 30, 2023⁽¹⁾		1,411,535			18.44

⁽¹⁾	Unit A warrant balance is 1,687,341 as of June 30, 2023; however, table above reflects 15:1 post-consolidated common shares to be issued and exercise price upon the exercise of the warrants.

The Company used the following assumptions in calculating the fair value of the warrants for the period ended:

	June 30, 2023
Risk-free interest rate		4.13% - 4.49%
Expected life of warrants		2.58 – 4.67 years
Expected dividend yield		Nil
Volatility		132.78	%
Weighted average fair value per warrant	$	0.21

At June 30, 2023, the Company had share purchase warrants outstanding as follows:

Expiry Date	Warrants Outstanding		Exercise Price		Weighted Average Remaining Life
			($)		(years)
January 20, 2026⁽¹⁾		112,491		112.50		2.58
February 28, 2027		331,044		28.80		3.67
December 6, 2027		220,500		1.25		4.42
December 9, 2027		158,000		1.10		4.42
January 18, 2028		414,500		7.80		4.58
February 2, 2028		175,000		0.90		4.67
		1,411,535		18.44		4.17

⁽¹⁾	Unit A warrant balance is 1,687,341 as of June 30, 2023; however, the table above reflects 15:1 post-consolidated common shares to be issued and exercise price upon the exercise of the warrants.