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

Condensed Interim Consolidated Statements of Cash Flows

v3.22.1
Condensed Interim Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Loss for the year $ (17,847,890) $ (6,911,040) $ (7,256,326)
Items not affecting cash:      
Amortization 30,793 17,937 21,453
Amortization of intangible assets 2,009,714 1,272,435 1,907,306
Amortization of right-of-use assets 304,904 240,820 246,626
Shares issued for services 206,614 242,023
Finance expense 225,197 276,602 194,039
Loss on sale of investment 378,718
Interest expense 39,836 62,076 206,193
Factoring fees 38,727
Effect of foreign exchange 516,877 (410,189) (68,676)
Change in fair value of warrant liability 361,055
Forgiveness on government loan (448,504)
Share-based compensation 2,145,928 1,049,135 632,542
Changes in non-cash working capital items:      
Receivables 378,975 (430,693) (30,679)
Prepaids and deposits (183,391) 3,332 24,161
Deferred revenue 70,333
Accounts payable and accrued liabilities (1,152,162) 381,854 (8,311)
Cash used in operating activities (12,893,217) (4,236,767) (4,131,672)
FINANCING ACTIVITIES      
Proceeds from notes payable 968,674 2,027,457
Proceeds from Government PPP loan 638,905
Repayment of notes payable (462,229) (258,661) (968,587)
Proceeds from warrant exercises 5,446,769
Proceeds from share issuances 11,040,000 6,465,288 5,118,196
Proceeds from option exercises 392,299
Payments for lease liabilities (282,087) (305,493) (270,668)
Receivable factoring costs (38,727)
Proceeds from issuance of common shares
Proceeds from subscriptions received in advance 230,947
Payments of share issuance costs (1,334,814) (81,424) (492,151)
Cash provided by financing activities 14,799,938 7,388,562 5,645,194
INVESTING ACTIVITIES      
Acquisition of a business (85,101)
Purchase of equipment (74,478)
Proceeds from the sale of investments 141,928
Development of intangible assets (2,352,248) (1,086,834) (1,462,071)
Cash used in investing activities (2,511,827) (944,906) (1,462,071)
Change in cash during the period (605,106) 2,206,889 51,451
Cash - Beginning of period 2,283,262 76,373 24,922
Cash - End of period $ 1,678,156 $ 2,283,262 $ 76,373