SHARE CAPITAL (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE |
As
at March 31, 2026, the Company had the following outstanding and exercisable options:
SCHEDULE
OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE
| Grant Date | |
Expiry Date | |
Exercise Price | | |
Remaining Contractual Life (years) | | |
Number of Options Outstanding | | |
Number of Options Exercisable | |
| October 30, 2019 | |
October 30, 2029 | |
$ | 62.50 | | |
| 3.58 | | |
| 10,464 | | |
| 10,464 | |
| April 30, 2020 | |
April 30, 2030 | |
$ | 62.50 | | |
| 4.07 | | |
| 240 | | |
| 240 | |
| April 30, 2020 | |
April 30, 2030 | |
$ | 96.25 | | |
| 4.07 | | |
| 4,400 | | |
| 4,400 | |
| November 24, 2020 | |
November 24, 2030 | |
$ | 62.50 | | |
| 4.64 | | |
| 1,280 | | |
| 1,280 | |
| February 2, 2021 | |
February 2, 2031 | |
$ | 330.00 | | |
| 4.83 | | |
| 1,200 | | |
| 1,200 | |
| April 27, 2021 | |
April 27, 2031 | |
$ | 253.75 | | |
| 5.06 | |
| | 3,640 | |
| | 3,640 |
| September 9, 2021 | |
September 9, 2026 | |
$ | 121.00 | | |
| 0.44 | | |
| 1,034 | | |
| 1,034 | |
| November 9, 2023 | |
November 9, 2033 | |
$ | 15.75 | | |
| 7.60 | | |
| 1,200 | | |
| 1,200 | |
| | |
| |
| | | |
| | | |
| 23,458 | | |
| 23,458 | |
|
| SCHEDULE OF STOCK OPTIONS OUTSTANDING |
SCHEDULE
OF STOCK OPTIONS OUTSTANDING
| | |
Number of Options | | |
Weighted Average Exercise Price | |
| Outstanding, December 31, 2024 | |
| 31,604 | | |
$ | 112.05 | |
| Forfeited | |
| (3,746 | ) | |
| 113.55 | |
| Expired | |
| (4,000 | ) | |
| 80.00 | |
| Outstanding, December 31, 2025 | |
| 23,858 | | |
$ | 116.34 | |
| Forfeited | |
| (400 | ) | |
| 347.50 | |
| Outstanding, March 31, 2026 | |
| 23,458 | | |
$ | 112.39 | |
|
| SCHEDULE OF CHANGES IN RESTRICTED STOCK UNITS |
As
at March 31, 2026, the Company had the following RSUs outstanding:
SCHEDULE
OF CHANGES IN RESTRICTED STOCK UNITS
| | |
Number of RSUs | |
| Outstanding, December 31, 2024 | |
| 188,100 | |
| Vested | |
| (216,738 | ) |
| Issued | |
| 450,964 | |
| Forfeited | |
| (9,175 | ) |
| Outstanding, December 31, 2025 and March 31, 2026 | |
| 413,151 | |
|
| SCHEDULE OF ISSUE DATE FAIR VALUE INPUTS OF WARRANTS |
SCHEDULE
OF ISSUE DATE FAIR VALUE INPUTS OF WARRANTS
| 2026 issuances | |
February issuance | |
| | |
Broker | |
| Volatility | |
| 137.94 | % |
| Risk free rate | |
| 3.45 | % |
| Expected life | |
| 3 years | |
| Expected dividend yield | |
| 0 | % |
| 2025 issuances | |
May Issuance | | |
June Issuance | | |
July Issuance | |
| | |
Broker | | |
Broker | | |
Broker | |
| Volatility | |
| 122.15 | % | |
| 125.42 | % | |
| 131.17 | % |
| Risk free rate | |
| 3.63 | % | |
| 3.85 | % | |
| 3.89 | % |
| Expected life | |
| 3 years | | |
| 3 years | | |
| 3 years | |
| Expected dividend yield | |
| 0 | % | |
| 0 | % | |
| 0 | % |
|
| SCHEDULE OF WARRANT DERIVATIVE LIABILITY |
Warrant
Derivative Liability
SCHEDULE
OF WARRANT DERIVATIVE LIABILITY
| Balance at December 31, 2024 | |
$ | 2,198,121 | |
| Exercised | |
| (4,353,939 | ) |
| Change in fair value of warrants outstanding | |
| 2,648,288 | |
| Balance at December 31, 2025 | |
$ | 492,470 | |
| Pre-funded warrants issued | |
| 20,244,448 | |
| Warrants and pre-funded warrants exercised | |
| (19,360,086 | ) |
| Change in fair value of warrants and pre-funded outstanding | |
| (1,047,731 | ) |
| Balance at March 31, 2026 | |
$ | 329,101 | |
|
| SCHEDULE OF WARRANT AND FAIR VALUE OUTSTANDING |
Details
of liability warrants and their fair values are as follows:
SCHEDULE
OF WARRANT AND FAIR VALUE OUTSTANDING
| Issue
Date | |
Exercise
Price | | |
Number
of Warrants Outstanding at March 31, 2026 | | |
Fair
Value at March 31, 2026 | | |
Number
of Warrants Outstanding at December 31, 2025 | | |
Fair
Value at December 31, 2025 | |
| Derivative
Liability | |
| | | |
| | | |
| | | |
| | | |
| | |
| February
26, 2024 (1) | |
US$ | 4.4025 | | |
| 60,715 | | |
$ | 329,101 | | |
| 61,911 | | |
$ | 492,470 | |
| February
23, 2026 (2) | |
$ | 0.00014 | | |
| - | | |
| - | | |
| - | | |
| - | |
| | |
| | | |
| 60,715 | | |
$ | 329,101 | | |
| 61,911 | | |
$ | 492,470 | |
| 1) | The
warrants expire February 26, 2029. |
| 2) | These
warrants were exercised during the quarter ended March 31, 2026 |
|
| SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS |
The
fair values of the broker warrants were estimated using the Black-Scholes Option Pricing Model with the following weighted average assumptions:
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS
| | |
March 31, 2026 | | |
December 31, 2025 | |
| Risk free interest rate | |
| 3.66 | % | |
| 3.55 | % |
| Expected volatility | |
| 140.00 | % | |
| 139.39 | % |
| Expected life | |
| 2.91 years | | |
| 3.16 years | |
| Expected dividend yield | |
| 0 | % | |
| 0 | % |
|
| SCHEDULE OF WARRANTS OUTSTANDING |
As
at March 31, 2026, the Company had the following warrants outstanding:
SCHEDULE
OF WARRANTS OUTSTANDING
| Date issued | |
Expiry date | |
Exercise price | | |
Number of warrants outstanding | |
| October 30, 2023 | |
October 30, 2026 | |
$ | 23.20 | | |
| 12,800 | |
| February 26, 2024 | |
February 26, 2029 | |
US$ | 4.4025 | | |
| 60,715 | |
| May 5, 2025 | |
May 5, 2030 | |
$ | 3.9779 | | |
| 7,500 | |
| June 12, 2025 | |
June 12, 2030 | |
$ | 5.0768 | | |
| 1,014,500 | |
| July 21, 2025 | |
July 21, 2030 | |
$ | 7.3579 | | |
| 3,495,732 | |
| February 23, 2026 | |
February 23, 2029 | |
$ | 11.9744 | | |
| 357,500 | |
| | |
| |
| | | |
| 4,948,747 | |
|