The net loss and comprehensive loss for the three months ended March 31, 2023, includes non-cash changes comprised of a positive change in fair value of derivative liability of $57,314, a write down of inventory of $77,047 and would otherwise have been a loss of $7,047,893 for the net loss, and $7,077,262 for the comprehensive loss, respectively.
| As at |
March 31,
2023 | December 31,
2022 | ||||||
| Total assets | $ | 19,578,084 | $ | 14,638,533 | ||||
| Working capital | 14,776,295 | 10,168,800 | ||||||
| Total non-current liabilities | 213,715 | 249,740 | ||||||
| Shareholders’ equity | $ | 15,695,824 | $ | 11,040,881 | ||||
| Number of shares outstanding | 42,984,965 | 34,270,579 | ||||||
| 2023 Q1 | 2022 Q4 | 2022 Q1 | |||||||
| Revenue | $ | 1,601,486 | $ | 1,314,162 | $ | 2,044,562 | |||
| Cost of goods sold(2) | $ | (1,158,052 | ) | $ | (2,980,133 | ) | $ | (1,228,412 | ) |
| Gross profit (3) | $ | 443,434 | $ | (1,665,971 | ) | $ | 816,150 | ||
| Gross margin – percentage | 27.7 | % | -126.8 | % | 39.9 | % | |||
| Operating expenses | $ | (7,608,133 | ) | $ | (7,342,669 | ) | $ | (6,173,819 | ) |
| Operating income (loss) | $ | (7,164,699 | ) | $ | (9,008,640 | ) | $ | (5,357,669 | ) |
| Operating loss per share - basic | $ | (0.21 | ) | $ | (0.26 | ) | $ | (0.16 | ) |
| Operating loss per share - diluted | $ | (0.21 | ) | $ | (0.26 | ) | $ | (0.16 | ) |
| Other income (expense) | $ | 97,073 | $ | (7,575,889 | ) | $ | (846,666 | ) | |
| Change in fair value of derivative liability (1) | $ | 57,314 | $ | 334,016 | $ | (1,230,860 | ) | ||
| Other comprehensive income (loss) | $ | (29,369 | ) | $ | (76,073 | ) | $ | (88,159 | ) |
| Comprehensive income (loss) | $ | (7,096,995 | ) | $ | (16,660,602 | ) | $ | (6,292,494 | ) |
| Comprehensive income (loss) per share - basic | $ | (0.20 | ) | $ |
(0.49 |
) | $ | (0.19 | ) |
| Comprehensive income (loss) per share - diluted | $ | (0.20 | ) | $ |
(0.49 |
) | $ | (0.19 | ) |
