| Schedule of Canadian Federal and Provincial Income Statutory Corporate Tax Rate |
The following is a reconciliation of income taxes calculated at the combined Canadian federal and provincial income statutory corporate tax rate of 27.0% to the tax expense:
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US net income (loss) before taxes |
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423,063 |
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(1,756,965 |
) |
Canada net income (loss) before taxes |
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(8,585,196 |
) |
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(5,911,485 |
) |
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Net income (loss) before taxes |
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(8,162,133 |
) |
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(7,668,450 |
) |
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Income tax expense (recovery) at the statutory rate |
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(2,229,159 |
) |
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(1,966,981 |
) |
Increase (reduction) in income taxes resulting from: |
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Change in valuation allowance |
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4,167,827 |
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1,625,998 |
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76,974 |
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(21,942 |
) |
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34,335 |
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39,252 |
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2,982 |
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(303,595 |
) |
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8,086 |
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|
2,949 |
|
Foreign exchange differences |
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(1,589,832 |
) |
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618,907 |
|
Share issuance cost capitalized in equity |
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(492,446 |
) |
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(123,415 |
) |
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21,233 |
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135,927 |
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— |
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7,100 |
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| Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities are as follows:
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25,463,223 |
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21,501,476 |
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733,014 |
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861,867 |
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61,845 |
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12,831 |
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496,440 |
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146,193 |
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221,406 |
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241,270 |
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108,525 |
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164,288 |
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27,084,453 |
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22,927,925 |
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(57,977 |
) |
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— |
|
Property and equipment, net |
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(98,627 |
) |
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(116,231 |
) |
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(106,029 |
) |
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(157,701 |
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(262,633 |
) |
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(273,932 |
) |
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26,821,820 |
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22,653,993 |
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(26,821,820 |
) |
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(22,653,993 |
) |
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— |
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— |
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