Quarterly report [Sections 13 or 15(d)]

Shareholders' Equity (Deficit) (Tables)

v3.25.2
Shareholders' Equity (Deficit) (Tables)
6 Months Ended
Jun. 30, 2025
Shareholders' Equity (Deficit)  
Schedule of significant assumptions determining the fair value of the warrant liability

The fair value of the Debt Modification Warrants upon issuance was determined using the Black-Scholes option pricing model with the following assumptions:

Exercise price

    

$

0.07084

Expected dividend yield

0%

Risk-free interest rate

3.94%

Expected life in years

7.0 years

Expected volatility

84.00%

Schedule of warrants that remain outstanding

The following table summarizes the warrants that remain outstanding as of June 30, 2025:

Exercise

Number of

Security issued

    

Price (CAD$)

    

Warrants

    

Expiration Date

Debt modification warrants

0.09

91,999,901

February 15, 2030

91,999,901

Summary of restricted stock units (RSUs) outstanding

A summary of the status of the RSUs outstanding is as follows:

Number of

Weighted Average

RSUs

    

RSUs

    

Grant Date Fair Value

Unvested as of December 31, 2024

715,252

$

0.03

Vested

(68,683)

0.03

Forfeited

(148,349)

0.03

Unvested as of June 30, 2025

498,220

$

0.03

Summary of share options outstanding

A summary of the status of the share options outstanding is as follows:

Share Options

Weighted

Weighted Average

Common

Average

Remaining Contractual

Share options

    

Shares

    

Exercise Price

    

Life (yrs)

Balance as of December 31, 2024

26,693,855

$

0.12

8.78

Forfeited

(243,281)

0.43

Balance as of June 30, 2025

26,450,574

$

0.12

8.31

Summary of share options that remain outstanding

The following table summarizes the share options that remain outstanding as of June 30, 2025:

Number of

Exercise

Options

Security issuable

    

Share Options

    

Price

    

Expiration Date

    

Exercisable

Legacy employees

190,000

$ 1.58-1.58

June 28, 2028

190,000

2020 employee grant

3,666,066

$ 0.30-0.48

June 25, 2030 - December 1, 2030

3,636,083

Other employee grants

22,594,508

$ 0.02-3.96

February 14, 2029 - September 29, 2034

22,594,508

Total

26,450,574

26,420,591