Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net loss for the year $ (26,304,279) $ (22,505,057) $ (33,122,888)
Depreciation - property and equipment (note 6, 21) 130,243 88,957 122,982
Depreciation - right-of-use assets (note 7, 21) 321,822 357,230 362,592
Share-based compensation (note 10, 21, 22) 3,825,901 2,558,974 1,470,153
Interest expense on lease liabilities (note 7) 91,727 68,526 94,817
Unrealized foreign exchange loss 425,681 645,078 353,189
Change in fair value of warrant derivative (note 8) (17,117) (3,491,928) 12,608,808
Net change in non-cash working capital (note 18) (907,987) 209,779 (1,795,777)
Cash used in operating activities (22,434,009) (22,068,441) (19,906,124)
Investing Activities      
Acquisition of property and equipment (note 6) (285,948) (29,305) (10,905)
Cash used in investing activities (285,948) (29,305) (10,905)
Financing Activities      
Proceeds from exercise of stock options (note 10) 238,450 241,922 0
Payment of lease liabilities (note 7) (365,510) (460,724) (447,497)
Cash provided by financing activities 33,015,677 39,773,804 21,015,596
Increase in cash 10,295,720 17,676,058 1,098,567
Cash and cash equivalents, beginning of year 31,219,574 14,148,021 13,699,881
Impact of foreign exchange on cash and cash equivalents (253,250) (604,505) (650,427)
Cash and cash equivalents, end of year 41,262,044 31,219,574 14,148,021
Warrant Derivative and Shares Under Warrant Agreement      
Financing Activities      
Proceeds from share issuance 230,946 1,696,460 3,465,867
Common Stock Purchase Agreement      
Financing Activities      
Proceeds from share issuance 0 0 5,360,247
At-the-market agreement      
Financing Activities      
Proceeds from share issuance 32,911,791 38,296,146 8,131,620
Public offering      
Financing Activities      
Proceeds from share issuance $ 0 $ 0 $ 4,505,359