Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net loss for the year $ (2,656,304) $ (3,313,346) $ (2,158,065)
Items not affecting cash:      
Amortization 112,115 117,274 139,694
Fair value adjustment on derivative warrant liability (564,000) (1,035,105) (3,641,403)
Impairment of intangible assets 1,833    
Share-based payments 25,155 122,527 120,984
Transaction costs on derivative warrant liability   279,031  
Unrealized foreign exchange (gain) loss (23,739) 34,178 (13,634)
Changes in non-cash operating assets and liabilities:      
Accounts receivable (62,535) 43,074 21,041
Prepaid expenses 162,803 208,166 142,654
Accounts payable and accrued liabilities 235,949 (134,447) (1,194,436)
Cash flows from (used in) operating activities (2,768,723) (3,678,648) (6,583,165)
Investing activities      
Acquisition of intangible assets (55,223) (38,924) (42,052)
Acquisition of equipment     (4,311)
Deferred acquisition costs (239,730)    
Cash flows from (used in) investing activities (294,953) (38,924) (46,363)
Financing activities      
Pre-funded warrants and warrants exercised 14 16,573 296
Payment of lease obligation (89,572) (69,723) (66,089)
Cash share issuance costs (738,433) (667,883) (295,251)
Proceeds from issuance of equity instruments 2,255,535 3,500,542  
Net cash flows from (used in) financing activities 1,427,544 2,779,509 (361,044)
Effect of foreign exchange loss (gain) on cash 26,997 (35,953) 4,041
Decrease in cash (1,609,135) (974,016) (6,986,531)
Cash, beginning of year 2,473,649 3,447,665 10,434,196
Cash, end of year 864,514 2,473,649 $ 3,447,665
Supplemental Cash Flow and Non-Cash Investing and Financing Activities Disclosure      
Fair value of agent's warrants 38,484    
Derivative warrant liability reclassified to share capital on exercise of warrants   5,244  
Recognition of right-of-use asset 88,074 96,998  
Deferred financing costs reclassified to share capital and transaction costs on derivative warrant liability   $ 166,344  
Share issuance costs in accounts payable 113,299    
Deferred acquisition costs in accounts payable $ 54,073