| As at |
March 31,
2022 | December 31,
2022 | ||||||
| Total assets | $ | 37,594,478 | $ | 42,113,240 | ||||
| Working capital | 21,426,769 | 26,836,922 | ||||||
| Total non-current liabilities | 434,359 | 465,214 | ||||||
| Shareholders’ equity | $ | 29,373,050 | $ | 34,926,239 | ||||
| Number of shares outstanding | 33,197,984 | 33,168,946 | ||||||
Notes:
(1) The net loss and comprehensive loss for the three months ended March 31, 2022, include a change in fair value of derivative liability of $1,230,860, and would otherwise been a loss of $4,973,475 for the net loss, and $5,061,634 for the comprehensive loss, respectively.
(2) Shareholders’ equity and working capital as at March 31, 2022 includes a fair value of derivative liability of $6,790,862 and would otherwise be $36,163,912 and working capital of $28,217,631 respectively.
| 2022 Q1 | 2021 Q4 | 2021 Q1 | |||||||
| Revenue | $ | 2,044,562 | $ | 1,635,265 | $ | 1,539,736 | |||
| Cost of goods sold | $ | (1,228,412 | ) | $ | (1,008,827 | ) | $ | (1,024,729 | ) |
| Gross profit | $ | 816,150 | $ | 626,438 | $ | 515,007 | |||
| Gross margin – percentage | 39.9 | % | 38.3 | % | 33.4 | % | |||
| Operating expenses | $ | (6,173,819 | ) | $ | (5,733,767 | ) | $ | (4,839,600 | ) |
| Operating income (loss) | $ | (5,357,669 | ) | $ | (5,107,329 | ) | $ | (4,324,593 | ) |
| Operating loss per share - basic | $ | (0.16 | ) | $ | (0.16 | ) | $ | (0.21 | ) |
| Operating loss per share - diluted | $ | (0.16 | ) | $ | (0.15 | ) | $ | (0.21 | ) |
| Other income (expense) | $ | (846,666 | ) | $ | 17,811,440 | $ | (40,876,484 | ) | |
| Change in fair value of derivative liability * | $ | (1,230,860 | ) | $ | 23,428,117 | $ | (41,019,172 | ) | |
| Other comprehensive income (loss) | $ | (88,159 | ) | $ | (151,465 | ) | $ | 286,430 | |
| Comprehensive income (loss) | $ | (6,292,494 | ) | $ | 12,635,466 | $ | (44,914,647 | ) | |
| Comprehensive income (loss) per share - basic | $ | (0.19 | ) | $ | 0.39 | $ | (2.14 | ) | |
| Comprehensive income (loss) per share - diluted | $ | (0.19 | ) | $ | 0.38 | $ | (2.14 | ) | |
