| As at |
March 31, 2021 | December 31, 2020 | |||||
| Total assets | $ | 45,055,832 | $ | 7,100,567 | |||
| Working capital* | (20,834,520) (2) | 1,214,371 | |||||
| Total non-current liabilities | 146,397 | 104,885 | |||||
| Shareholders’ equity | $ | 381,485 | $ | 3,848,205 | |||
| Number of shares outstanding | 134,144,435 | 72,781,413 |
Notes:
(1) The net loss and comprehensive loss for the three months ended March 31, 2021 would have been $3,904,762 and $3,895,475, respectively, but for a non cash change in fair value of derivative liability of $41,019,172 as a result of the issuance of common share purchase warrants with an exercise price in United States dollars relating to the Company’s Regulation A offering.
(2) The working capital for the three months ended March 31, 2021 would have been $20,184,652 but for a non cash change in fair value of derivative liability of $41,019,172 as a result of the issuance of common share purchase warrants with an exercise price in United States dollars relating to the Company’s Regulation A offering.
| 2021 Q1 | 2020 Q4 | 2020 Q1 | |||||||
| Revenue | $ | 1,539,736 | $ | 1,486,009 | $ | 497,057 | |||
| Cost of goods sold | $ | (1,024,729 | ) | $ | (1,155,491 | ) | $ | (59,786 | ) |
| Gross profit | $ | 515,007 | $ | 330,518 | $ | 437,271 | |||
| Gross margin – percentage | 33.4 | % | 22.2 | % | 88.0 | % | |||
| Operating expenses | $ | (4,839,600 | ) | $ | (3,359,508 | ) | $ | (1,655,233 | ) |
| Operating loss | $ | (4,324,593 | ) | $ | (3,028,990 | ) | $ | (1,217,962 | ) |
| Operating loss per share – basic and diluted | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.02 | ) |
| Other income (expense) | $ | (40,599,341) (3) | $ | (713,885 | ) | $ | 113,854 | ||
| Other comprehensive income | $ | 9,287 | $ | 1,235 | $ | 13,814 | |||
| Comprehensive loss | $ | (44,914,647) (3) | $ | (3,741,640 | ) | $ | (1,090,294 | ) | |
| Comprehensive loss per share – basic and diluted | $ | (0.48 | ) | $ | (0.05 | ) | $ | (0.02 | ) |
Note 3: The other expense and comprehensive loss for the first quarter of 2021 include a change in fair value of derivative liability for USD warrants of $41,019,172 and would otherwise be income of $419,831 and loss of $3,895,475, respectively.
