Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 15, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40681 | |
Entity Registrant Name | Worksport Ltd | |
Entity Central Index Key | 0001096275 | |
Entity Tax Identification Number | 35-2696895 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 55G East Beaver Creek Rd | |
Entity Address, Address Line Two | Richmond Hill | |
Entity Address, City or Town | Ontario | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | L4B 1E5 | |
City Area Code | (888) | |
Local Phone Number | 554-8789 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,163,810 | |
Common Stock [Member] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | WKSP | |
Security Exchange Name | NASDAQ | |
Warrants [Member] | ||
Title of 12(b) Security | Warrants | |
Trading Symbol | WKSPW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 10,489,214 | $ 14,620,757 |
Accounts receivable net | 100,614 | 62,601 |
Other receivable | 272,555 | 268,032 |
Inventory (note 4) | 1,603,795 | 1,346,372 |
Prepaid expenses and deposits (note 5) | 2,238,968 | 2,034,345 |
Total Current Assets | 14,705,146 | 18,332,107 |
Investments (note 12) | 90,731 | 24,423 |
Property and Equipment, net (note 6) | 12,793,184 | 11,900,672 |
Right-of-use asset, net (note 13) | 1,166,396 | 1,238,055 |
Intangible Assets, net | 1,340,775 | 1,268,873 |
Total Assets | 30,096,232 | 32,764,130 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 2,021,506 | 2,028,305 |
Payroll taxes payable | 10,110 | |
Related party loan (note 10) | $ 2,192 | $ 46,096 |
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Current lease liability (note 13) | $ 399,011 | $ 387,329 |
Total Current Liabilities | 2,432,819 | 2,461,730 |
Long Term – Lease Liability (note 13) | 780,312 | 884,146 |
Loan payable (note 14) | 5,300,000 | 5,300,000 |
Total Liabilities | 8,513,131 | 8,645,876 |
Shareholders’ Equity | ||
Series A & B Preferred Stock, $0.0001 par value, 100,100 shares authorized, 100 Series A and 0 Series B issued and outstanding, respectively (note 9) | ||
Common stock, $0.0001 par value, 299,000,000 shares authorized, 17,159,376 shares issued and outstanding, respectively (note 9) | 1,716 | 1,716 |
Additional paid-in capital | 57,275,920 | 56,919,625 |
Share subscriptions receivable | (1,577) | (1,577) |
Share subscriptions payable | 1,223,111 | 591,289 |
Accumulated deficit | (36,907,489) | (33,384,219) |
Cumulative translation adjustment | (8,580) | (8,580) |
Total Shareholders’ Equity | 21,583,101 | 24,118,254 |
Total Liabilities and Shareholders’ Equity | $ 30,096,232 | $ 32,764,130 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 299,000,000 | 299,000,000 |
Common stock, shares issued | 17,159,376 | 17,159,376 |
Common stock, shares outstanding | 17,159,376 | 17,159,376 |
Series A and B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 100,100 | 100,100 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued | 100 | 100 |
Preferred stock, shares outstanding | 100 | 100 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net Sales | $ 31,925 | $ 47,784 |
Cost of Goods Sold | 19,757 | 37,977 |
Gross Profit | 12,168 | 9,807 |
Operating Expenses | ||
General and administrative | 2,129,612 | 600,858 |
Sales and marketing | 544,351 | 720,488 |
Professional fees | 868,611 | 1,487,579 |
Gain on foreign exchange | (458) | (1,338) |
Total operating expenses | 3,542,116 | 2,807,587 |
Loss from operations | (3,529,948) | (2,797,780) |
Other Income (Expense) | ||
Interest expense | (165,099) | (25,095) |
Interest income | 119,828 | 5,266 |
Rental income (note 18) | 44,456 | |
Gain on settlement of debt | 7,493 | |
Total other income (expense) | 6,678 | (19,829) |
Net Loss | $ (3,523,270) | $ (2,817,609) |
Loss per Share (basic and diluted) | $ (0.21) | $ (0.17) |
Weighted Average Number of Shares (basic and diluted) | 17,159,376 | 16,988,033 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Share Subscriptions Receivable [Member] | Share Subscription Payable [Member] | Retained Earnings [Member] | Cumulative Translation Adjustment [Member] | Total |
Balance at Dec. 31, 2021 | $ 0 | $ 1,696 | $ 54,608,472 | $ (1,577) | $ 430,116 | $ (20,849,805) | $ (8,580) | $ 34,180,322 |
Balance, shares at Dec. 31, 2021 | 100 | 16,951,034 | ||||||
Issuance for services and subscriptions payable | $ 5 | 604,397 | (64,847) | 539,555 | ||||
Issuance for services and subscriptions payable, shares | 50,000 | |||||||
Net loss | (2,817,609) | (2,817,609) | ||||||
Balance at Mar. 31, 2022 | $ 0 | $ 1,701 | 55,212,869 | (1,577) | 365,269 | (23,667,414) | (8,580) | 31,902,268 |
Balance, shares at Mar. 31, 2022 | 100 | 17,001,034 | ||||||
Balance at Dec. 31, 2022 | $ 0 | $ 1,716 | 56,919,625 | (1,577) | 591,289 | (33,384,219) | (8,580) | 24,118,254 |
Balance, shares at Dec. 31, 2022 | 100 | 17,159,376 | ||||||
Issuance for services and subscriptions payable | 356,295 | 631,822 | 988,117 | |||||
Net loss | (3,523,270) | (3,523,270) | ||||||
Balance at Mar. 31, 2023 | $ 0 | $ 1,716 | $ 57,275,920 | $ (1,577) | $ 1,223,111 | $ (36,907,489) | $ (8,580) | $ 21,583,101 |
Balance, shares at Mar. 31, 2023 | 100 | 17,159,376 |
Condensed Consolidated Stateme
Condensed Consolidated Statements of Cash Flows (Unaudited) | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Operating Activities | ||
Net Loss | $ (3,523,270) | $ (2,817,609) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Shares, options and warrants issued for services | 1,453,617 | 1,224,677 |
Depreciation and amortization | 194,974 | 52,839 |
Accrued interest | 7,874 | |
Change in operating lease | (20,493) | (55,505) |
Adjustments to reconcile net income loss to cash provided by (used in) operating activities | (1,895,172) | (1,587,724) |
Changes in operating assets and liabilities (note 11) | (1,039,238) | (554,762) |
Net cash used in operating activities | (2,934,410) | (2,130,184) |
Cash Flows from Investing Activities | ||
Investment | (66,308) | |
Purchase of property and equipment | (1,086,921) | (614,046) |
Net cash used in investing activities | (1,153,229) | (614,046) |
Financing Activities | ||
Shareholder Assumption of Debt | (43,904) | (1,863) |
Net cash used in financing activities | (43,904) | (1,863) |
Change in cash | (4,131,543) | (2,758,395) |
Cash, restricted cash and cash equivalents - beginning of year | 14,620,757 | 28,567,333 |
Cash, restricted cash and cash equivalents end of period | 10,489,214 | 25,808,938 |
Supplemental Disclosure of non-cash investing and financing Activities | ||
Shares issued for purchase of software | 72,467 | 141,781 |
Shares base compensation | 988,117 | 604,401 |
Supplemental Disclosure of cash flow information | ||
Income tax paid | ||
Interest paid | $ 159,156 |
Basis of Presentation and Busin
Basis of Presentation and Business Condition | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Business Condition | 1. Basis of Presentation and Business Condition a) Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments and reclassifications considered necessary in order to make the financial statements not misleading and for a fair and comparable presentation have been included and are of a normal recurring nature. Operating results for the three months period ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 31, 2023. Worksport Ltd. (together with its subsidiaries, the “Company”) was incorporated in the State of Nevada on April 2, 2003 under the name Franchise Holdings International, Inc. (“FNHI”). In May 2020, FNHI changed its name to Worksport Ltd. During the year ended December 31, 2014, the Company completed a reverse acquisition transaction (the “Reverse Acquisition”) with TruXmart Ltd. (“TruXmart”). On May 2, 2018, Truxmart legally changed its name to Worksport Ltd. (“Worksport”). Worksport designs and distributes truck tonneau covers in Canada and the United States. On May 21, 2021, the Board of Directors authorized the submission of a Certificate of Change/Amendment to the Nevada Secretary of State in which the Company sought to affect a reverse split of its common stock at the rate of 1-for-20 for the purpose of increasing the per share price for the Company’s stock in an effort to meet the minimum listing requirements of the NASDAQ. The Certificate of Change was submitted to the Nevada Secretary of State on May 21, 2021, and the FINRA corporate action was announced on August 3, 2021. FINRA declared the 1-for-20 reverse stock split effective on August 4, 2021 Terravis Energy, Inc. (“Terravis”) was incorporated in the State of Colorado on May 5, 2021. On August 20, 2021, the Company was issued 100 0.0001 9,990,900 0.0001 On January 20, 2022, the board of directors of Terravis and the board of directors of the Company, as the sole stockholder of Terravis, adopted the Terravis Energy, Inc. 2022 Equity Incentive Plan (the “Terravis 2022 Plan”). Under the Terravis 2022 Plan, Terravis’ board of directors or a committee designated by the board of directors may grant incentive stock options, nonqualified stock options, shares of restricted stock, restricted stock units, performance shares, performance units and stock appreciation rights to eligible participants consisting of employees of Terravis, member of Terravis’ board of directors, advisors and consultants to Terravis. The Terravis board of directors authorized and reserved 1,500,000 On April 6, 2022, Lorenzo Rossi and Steven Rossi, both of whom are members of Terravis’ board of directors, were granted non-qualified stock options under the Terravis 2022 Plan exercisable for 750,000 250,000 0.01 On April 12, 2022, Steven Rossi, William Caragol, and Ned L. Siegel, all of whom are members of Terravis’ board of directors, were granted non-qualified stock options under the Terravis 2022 Plan exercisable for 250,000 50,000 50,000 0.01 On November 4, 2022, Terravis filed an amendment to its articles of incorporation with the Colorado Secretary of State, pursuant to which the Terravis board of directors attached a certificate of designation designating 1,000 0.0001 51 49 1,000 During the year ended December 31, 2022, Worksport New York Operations Corporation and Worksport USA Operations Corporation were incorporated in the state of New York and Colorado, respectively. During the year ended, the Company was issued 1,000 0.0001 10,000 b) Statement of Compliance The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as issued by the Financial Accounting Standards Board (“FASB”). c) Basis of Measurement The Company’s financial statements have been prepared on the accrual basis. d) Consolidation The Company’s condensed consolidated financial statements consolidate the accounts of the Company. All intercompany transactions, balances and unrealized gains or losses from intercompany transactions have been eliminated upon consolidation. e) Functional and Reporting Currency These condensed consolidated financial statements are presented in United States dollars (USD or US$). The functional currency of the Company and its subsidiaries are United States dollar. For purposes of preparing these condensed consolidated financial statements, transactions denominated in Canadian dollars (CAD or C$) were converted to United States dollars at the spot rate. Transaction gains and losses resulting from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized as incurred in the accompanying condensed consolidated statement of operations. f) Use of Estimates The preparation of condensed unaudited financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed interim financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 2. Going Concern The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. During the three months ended March 31, 2023, the Company had net loss of $ 3,523,270 2,817,609 12,272,327 15,870,377 36,907,489 33,384,219 The Company has historically operated at a loss, although that may change as sales volumes increase. As of March 31, 2023, the Company had working capital of $ 12,272,327 15,870,377 36,907,489 33,384,219 10,489,214 14,620,757 The Company has successfully raised cash, and it is positioned to do so again if deemed necessary or strategically advantageous. During the year ended December 31, 2021, the Company, through its Reg-A public offering, private placement offering, underwritten public offering, and exercises of warrants, raised an aggregate of approximately $ 32,500,000 30,000,000 13,000,000 The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Based on its current operating plans, the Company believes it has a sufficient level of funding for anticipated operations, capital expenditures and debt repayments for a period of at least 12 months from the issuance date of this Quarterly Report. Still, these factors, among others, indicate the existence of a material uncertainty that cast substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. These adjustments could be material. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies The accounting polices used in the preparation of these condensed consolidated interim financial statements are consistent with those of the Company’s audited financial statements for the year ended December 31, 2022. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | 4. Inventory Inventory consists of the following at March 31, 2023 and December 31, 2022: Schedule of Inventory March 31, 2023 December 31, 2022 Finished goods $ 1,319,427 $ 1,200,759 Promotional items 101,660 50,790 Raw materials 182,708 94,823 Inventory $ 1,603,795 $ 1,346,372 |
Prepaid expenses and deposits
Prepaid expenses and deposits | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses And Deposits | |
Prepaid expenses and deposits | 5. Prepaid expenses and deposits As of March 31, 2023 and December 31, 2022 prepaid expenses and deposits consists of the following: Schedule of Prepaid Expenses and Deposits March 31, 2023 December 31 , 2022 Consulting, services and advertising $ 775,833 $ 1,313,799 Insurance 8,314 20,781 Deposit 1,454,821 699,765 Prepaid expenses and deposits, net $ 2,238,968 $ 2,034,345 As of March 31, 2023 prepaid expense and deposit consists of $ 775,833 1,313,799 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Major classes of property and equipment as at March 31, 2023 and December 31, 2022 are as follows: Schedule of Property and Equipment March 31, 2023 December 31, 2022 Equipment $ 3,406,725 $ 2,344,946 Furniture 143,449 143,449 Product molds 122,675 122,675 Computers 88,236 78,885 Leasehold improvements 691,562 675,751 Building 6,079,410 6,079,410 Land 2,239,405 2,239,405 Automobile 168,497 168,497 Deposits 605,000 605,000 Property and Equipment, gross Less accumulated depreciation (751,775 ) (557,346 ) Property and Equipment, net $ 12,793,184 $ 11,900,672 |
Promissory Notes
Promissory Notes | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Promissory Notes | 7. Promissory Notes The following tables shows the balance of the notes payable as of March 31, 2023 and December 31, 2022: Schedule of Notes Payable Balance as at December 31, 2021 $ 263,211 Settlement (263,211 ) Balance as at December 31, 2022 and March 31, 2023 $ - During the year ended December 31, 2022, the Company and promissory note holder reached an agreement to settle all outstanding promissory notes and interest for $ 100,000 163,211 139,121 During the year ended December 31, 2019, the promissory note holder advanced $ 88,120 During the year ended December 31, 2016, the Company issued a secured promissory note in the principal amount of $ 73,452 123,231 22,639 30,884 18 nil nil During the year ended December 31, 2016, the Company issued secured promissory notes in the aggregate principal amount of $ 79,000 18 nil |
Convertible Promissory Notes
Convertible Promissory Notes | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Promissory Notes | 8. Convertible Promissory Notes On February 25, 2020, the Company entered into an agreement with Leonite Capital LLC, a Delaware limited liability company (“Leonite”), pursuant to which the Company issued to Leonite a secured convertible promissory note in the aggregate principal amount of $ 544,425 22,500 five-year 45,000 2.00 The note carried an original issue discount of $ 44,425 to cover Leonite’s legal fees, accounting fees, due diligence fees, and other transactional costs incurred in connection with the purchase of the note. Therefore, the purchase price of the note was $ 500,000 . On February 28, 2020, the Company recorded $ 198,715 , consisting of $ 182,500 for principal and $ 16,215 as an original issue discount. On September 1, 2020, the Company recorded an additional $ 310,322 , consisting of $ 285,000 for principal and $ 25,322 as an original issue discount. As of December 31, 2021, the Company has recorded $ 509,037 , consisting of $ 467,500 for principal and $ 41,537 as an original issue discount. Furthermore, the Company issued 22,500 123,390 and a debt-discount related to the warrants valued at $ 344,110 . During the year ended December 31, 2020, Leonite converted $ 226,839 of the convertible promissory note into 126,022 common shares at $ 1.80 per share. The original value of the convertible note converted was $ 182,565 . As a result the Company recognized a loss of $ 44,274 on settlement of debt. During the year ended December 31, 2021, Leonite converted its remaining outstanding principal and interest into common shares. Leonite received 204,622 common shares at $ 1.80 per share valued at $ 368,319 . The original value of the convertible note converted including interest was $ 325,667 . As a result, the Company recognized a loss of $ 42,651 on settlement of debt. In connection with the settlement, the Company expensed the remaining $ 148,027 of the original debt discount to interest expense. As of March 31, 2023 and December 31, 2022, the convertible promissory note has been repaid in full. |
Shareholders_ Equity (Deficit)
Shareholders’ Equity (Deficit) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Shareholders’ Equity (Deficit) | 9. Shareholders’ Equity (Deficit) During three months ended March 31, 2023, the following transactions occurred: The Company recognized consulting expense of $ 631,822 Refer to notes 16 and 17 for additional shareholders’ equity (deficit). During three months ended March 31, 2022, the following transactions occurred: During the three months ended March 31, 2022, the Company issued 10,000 86,000 66,329 40,000 86,400 During the three months ended March 31, 2022, the Company recognized consulting expense of $ 1,482 no Refer to note 16 and 17 for additional shareholders’ equity (deficit). As of March 31, 2023, the Company was authorized to issue 299,000,000 0.0001 100 100,000 0.0001 299 10,000 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions During the three months ended March 31, 2023, the Company recorded salaries expense of $ 121,410 80,672 76,938 67,226 2,192 Refer to note 17 for additional related party transactions. |
Changes in Cash Flows from Oper
Changes in Cash Flows from Operating Assets and Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Changes in Cash Flows from Operating Assets and Liabilities | 11. Changes in Cash Flows from Operating Assets and Liabilities The changes to the Company’s operating assets and liabilities for the three months ended March 31, 2023 and 2022 are as follows: Schedule of Changes in Operating Assets and Liabilities 2023 2022 Decrease (increase) in accounts receivable $ (38,013 ) $ 6,733 Decrease (increase) in other receivable (4,523 ) 106,413 Decrease (increase) in inventory (257,423 ) (290,041 ) Decrease (increase) in prepaid expenses and deposits (742,590 ) (430,916 ) Increase (decrease) in lease liability - 59,612 Increase (decrease) in taxes payable 10,110 (112,189 ) Increase (decrease) in accounts payable and accrued liabilities (6,799 ) 105,626 Changes in operating assets and liabilities $ (1,039,238 ) $ (554,762 ) |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Investments | 12. Investments a) During the year ended December 31, 2019, the Company entered into an agreement to purchase 10,000,000 50,000 10 24,423 b) During the three months ended March 31, 2023, the Company purchased $ 66,308 90,000 2,818 3,825 |
Operating Lease Obligations
Operating Lease Obligations | 3 Months Ended |
Mar. 31, 2023 | |
Operating Lease Obligations | |
Operating Lease Obligations | 13. Operating Lease Obligations During the year ended December 31, 2019, the Company signed a lease agreement for warehouse space to commence on August 1, 2019 and end on July 31, 2022 2,221 May 31, 2024 19,910 During the year ended December 31, 2022, the Company signed a lease agreement for approximately 20,296 June 1, 2022 22,101 4,418 The Company has accounted for its leases upon adoption of ASC 842 whereby it recognizes a lease liability and a right-of-use asset at the date of initial application beginning January 1, 2019. The lease liability is measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate of 10 The Company’s right-of-use asset and lease liability as of March 31, 2023 and December 31, 2022 are as follows: Schedule Right-of-use Asset March 31, 2023 December 31, 2022 Right-of-use asset $ 1,166,396 $ 1,238,055 Current lease liability $ 399,011 $ 387,329 Long-term lease liability $ 780,312 $ 884,146 The following is a summary of the Company’s total lease costs: Schedule of Lease Costs March 31, 2023 March 31, 2022 Operating lease cost $ 126,034 $ 70,501 The following is a summary of cash paid during the three months ended March 31, 2023 and 2022 for amounts included in the measurement of lease liabilities: Schedule of Measurement of Lease Liabilities March 31, 2023 March 31, 2022 Operating cashflow $ 122,156 $ 70,501 Maturities of lease liability are as follows: Future minimum lease payments as of March 31, 2023: Schedule of Future Minimum Lease Payments 2023 $ 370,870 2024 361,298 2025 269,645 2026 277,767 2027 and thereafter 117,158 Total future minimum lease payments 1,396,738 Less: amount representing interest (217,415 ) Present value of future payments 1,179,323 Current portion 399,011 Long term portion $ 780,312 |
Loan payable
Loan payable | 3 Months Ended |
Mar. 31, 2023 | |
Loan Payable | |
Loan payable | 14. Loan payable a) During the year ended December 31, 2022, the Company entered into a loan agreement with a third party for the purchase of property located in West Seneca, New York, the details of which are disclosed in the Company’s Form 8-K filed with the United States Securities and Exchange Commission on May 11, 2022. The Company received $ 5,300,000 2.25 May 10, 2024 667,409 309,513 411,016 b) During the year ended December 31, 2020, the Company received $ 28,387 40,000 25 28,387 40,000 7,493 10,000 |
Loss per Share
Loss per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Loss per Share | 15. Loss per Share For the three months ended March 31, 2023, loss per share is $ 0.21 0.17 17,159,376 16,988,033 There are 299,000,000 17,159,376 17,001,034 3,939,924 4,239,924 2,815,212 700,000 1,195,106 1,195,106 8,950,242 5,586,523 6,577,513 1,070,000 722,500 722,500 700,00 9,070,013 |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Warrants | |
Warrants | 16. Warrants During the three months ended March 31, 2023, the Company and a stock options holder reached an agreement to cancel all 400,000 300,000 During the year ended December 31, 2022, an aggregate of 250,121 73,321 1,599 During the year ended December 31, 2022, the Company and a warrant holder reached an agreement to extend the exercisable period of 300,000 2 During the year ended December 31, 2021, the Company and warrant holder reached an agreement to amend a previous warrant agreement. The Company issued an additional 150,000 250,000 37,000 The exercisable period of the warrants was also amended to a period of five years beginning on January 14, 2021 2 73,321 During the year ended December 31, 2021, the Company issued 130,909 130,909 6.05 273,993 As of March 31, 2023, the Company has the following warrants outstanding: Schedule of Warrants Exercise Price Exercise price Number outstanding Remaining Contractual Life (Years) Expiry date $ 4.00 300,000 1.76 December 31, 2024 $ 6.05 3,446,515 1.35 August 3, 2024 $ 6.05 130,909 1.35 August 6, 2024 $ 2.40 62,500 1.97 March 20, 2025 3,939,924 1.56 Schedule of Warrants Activity March 31, 2023 December 31, 2022 Number of warrants Weighted average price Number of warrants Weighted average price Balance, beginning of year 3,939,924 $ 5.84 5,652,827 $ 5.14 Issuance - $ - 130,909 $ 6.05 Expired - $ - (1,593,691 ) $ (4.00 ) Exercise - $ - (250,121 ) $ (2.00 ) Balance, end of period 3,939,924 $ 5.84 3,939,924 $ 5.84 |
Stock Options and Performance S
Stock Options and Performance Share Units | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Options and Performance Share Units | 17. Stock Options and Performance Share Units Under the Company’s 2015 Equity Incentive Plan, the number of common shares reserved for issuance under the option plan shall not exceed 10% of the issued and outstanding common shares of the Company, have a maximum term of 10 years, and vest at the discretion of the Board of Directors All equity-settled, share-based payments are ultimately recognized as an expense in the statement of operations with a corresponding credit to “Additional Paid in Capital.” If vesting periods or other non-market vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognized in the current period. No adjustment is made to any expense recognized in prior periods if share options ultimately exercised are different than that estimated on vesting. Performance Share Units On November 11, 2022, 700,000 The PSUs vest in 5% increments according to the modified schedule that correlates with the Company’s stock price. The first 5% of the PSUs vest upon the Company’s stock price closing at $2.25. 50% will have vested at a closing price of $5.31, and 100% will have vested at a closing price of $13.76 1,254,460 62,723 0 On December 29, 2021, the Company granted 400,000 300,000 The PSUs were to vest in 5% increments according to a schedule that correlates with the Company’s stock price. The first 5% of the PSUs was to have vested upon the Company’s stock price closing at $3.00. 50% was to have vested at a closing price of $16.50, and 100% was to have vested at a closing price of $31.50 1,344,570 0 115,400 Stock Options The Company uses the Black-Scholes option pricing model to determine fair value of stock options on the grant date. During the three months ended March 31, 2023, the Company issued 65,000 1.53 March 14, 2033 98,670 2,295 During the three months ended March 31, 2023, the Company issued 85,106 1.53 March 14, 2033 The options shall vest in two installments; a) one fiscal quarter the Company generates $3,600,000 in sales with at least 20% unit margin and b) one fiscal quarter the Company generates $5,400,000 in sales with at least 30% unit margin 129,191 4,807 During the three months ended March 31, 2023, the Company issued 300,000 1.66 January 30, 2028 486,600 136,430 During the three months ended March 31, 2023, the Company issued 360,000 1.66 January 30, 2033 592,560 38,963 During the year ended December 31, 2022, the Company granted 10,000 50,000 2.19 2.37 February 7, 2027 May 5, 2032 21,780 261,400 0 21,780 During the year ended December 31, 2022, the Company granted 12,500 1.60 November 29, 2032 The options are earned in four equal installments on February 27, 2023, May 29, 2023, August 29, 2023, and November 27, 2023. The options shall vest one year after being earned on February 27, 2024, May 29, 2024, August 29, 2024, and November 27, 2024 18,725 4,720 0 During the year ended December 31, 2022, Terravis Energy, Inc., a subsidiary of the Company, granted an aggregate of 1,350,000 April 12, 2032 On July 23, 2021, the Company granted 15,000 5.50 July 23, 2026 The stock options vested on January 1, 2022. The fair value of the options on the grant date was estimated to be $129,480 0 799 On August 6, 2021, the Company granted 140,000 5.50 August 6, 2026 The stock options vested on January 1, 2022. The fair value of the options on the grant date was estimated to be $ 754,189 0 5,096 On September 1, 2021, the Company granted 400,000 5.32 September 1, 2026 The options have a vesting period of 6 months from the initial grant date 100,000 100,000 100,000 100,000 2,112,000 87,514 264,787 400,000 300,000 On October 7 and November 2, 2021, the Company granted advisors 5,000 62,500 5.50 5.24 October 7, 2026 November 2, 2026 353,230 0 5,294 On December 29, 2021, the Company granted an aggregate of 90,000 2.51 December 29, 2026 The options have a vesting period of 1 year from the initial grant date 10,000 10,000 10,000 224,280 18,844 18,844 Schedule of Stock Options Activity March 31, 2023 December 31, 2022 Number of stock options Weighted average price Number of stock options Weighted average price Balance, beginning of year 785,000 $ 4.74 712,500 $ 5.00 Granted 810,106 $ 1.64 72,500 $ 2.21 Cancelled (400,000 ) $ (5.32 ) - $ - Balance, end of period 1,195,106 $ 2.44 785,000 $ 4.74 Schedule of Share-based Payment Arrangement, Option, Exercise Price Range Range of Exercise prices Outstanding Weighted average life (years) Weighted average exercise price Exercisable on March 31, 2023 Stock options $ 1.53 5.50 1,195,106 6.86 $ 2.44 597,500 As of March 31, 2023 and December 31, 2022, Terravis Energy Inc. has the following options outstanding: Schedule of Stock Options Activity March 31, 2023 December 31, 2022 Number of stock options Weighted average price Number of stock options Weighted average price Balance, beginning of year 1,350,000 $ 0.01 - $ - Granted - $ - 1,350,000 $ 0.01 Balance, end of period 1,350,000 $ 0.01 1,350,000 $ 0.01 Schedule of Share-based Payment Arrangement, Option, Exercise Price Range Range of Exercise prices Outstanding Weighted average life (years) Weighted average exercise price Exercisable on March 31, 2023 Stock options $ 0.01 1,350,000 9.03 $ 0.01 1,350,000 |
Rental Income
Rental Income | 3 Months Ended |
Mar. 31, 2023 | |
Rental Income | |
Rental Income | 18. Rental Income During the year ended December 31, 2022, the Company entered into a sublease agreement for its warehouse in Mississauga, Ontario, Canada. The sublease commenced on September 15, 2022 May 31, 2024 15,515 19,992 During the year ended December 31, 2022, the Company entered into a lease agreement in relation to its West Seneca property. Initially, the Company entered into a lease agreement with a third-party from July 1 to December 31, 2022 33,750 During the three months ended March 31, 2023, the Company recognized rental income of $ 44,456 0 |
COVID-19
COVID-19 | 3 Months Ended |
Mar. 31, 2023 | |
Unusual or Infrequent Items, or Both [Abstract] | |
COVID-19 | 19. COVID-19 The outbreak of the coronavirus, specifically identified as “COVID-19,” has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak are unknown at this time, as is the efficacy of the government and central bank interventions. Additionally, while the potential economic impact and duration of such impact brought by the COVID-19 pandemic are difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce our ability to access capital, which could negatively impact our short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing or the global economy as a whole. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which the Company relies. The management and board of the Company are constantly monitoring this situation to minimize potential losses. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events The Company has evaluated subsequent events through May 15, 2023. The following events occurred after the quarter-ended March 31, 2023: ● On April 21, 2023, the Company sold 4,434 1.72 7,624 30,000,000 13,000,000 ● On May 1, 2023, the Company and Steven Rossi reached an agreement to cancel the 1,600,000 400,000 ● On May 1, 2023, the Company issued 2,000,000 1.74 2.00 11.00 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consists of the following at March 31, 2023 and December 31, 2022: Schedule of Inventory March 31, 2023 December 31, 2022 Finished goods $ 1,319,427 $ 1,200,759 Promotional items 101,660 50,790 Raw materials 182,708 94,823 Inventory $ 1,603,795 $ 1,346,372 |
Prepaid expenses and deposits (
Prepaid expenses and deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses And Deposits | |
Schedule of Prepaid Expenses and Deposits | As of March 31, 2023 and December 31, 2022 prepaid expenses and deposits consists of the following: Schedule of Prepaid Expenses and Deposits March 31, 2023 December 31 , 2022 Consulting, services and advertising $ 775,833 $ 1,313,799 Insurance 8,314 20,781 Deposit 1,454,821 699,765 Prepaid expenses and deposits, net $ 2,238,968 $ 2,034,345 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Major classes of property and equipment as at March 31, 2023 and December 31, 2022 are as follows: Schedule of Property and Equipment March 31, 2023 December 31, 2022 Equipment $ 3,406,725 $ 2,344,946 Furniture 143,449 143,449 Product molds 122,675 122,675 Computers 88,236 78,885 Leasehold improvements 691,562 675,751 Building 6,079,410 6,079,410 Land 2,239,405 2,239,405 Automobile 168,497 168,497 Deposits 605,000 605,000 Property and Equipment, gross Less accumulated depreciation (751,775 ) (557,346 ) Property and Equipment, net $ 12,793,184 $ 11,900,672 |
Promissory Notes (Tables)
Promissory Notes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | The following tables shows the balance of the notes payable as of March 31, 2023 and December 31, 2022: Schedule of Notes Payable Balance as at December 31, 2021 $ 263,211 Settlement (263,211 ) Balance as at December 31, 2022 and March 31, 2023 $ - |
Changes in Cash Flows from Op_2
Changes in Cash Flows from Operating Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Changes in Operating Assets and Liabilities | The changes to the Company’s operating assets and liabilities for the three months ended March 31, 2023 and 2022 are as follows: Schedule of Changes in Operating Assets and Liabilities 2023 2022 Decrease (increase) in accounts receivable $ (38,013 ) $ 6,733 Decrease (increase) in other receivable (4,523 ) 106,413 Decrease (increase) in inventory (257,423 ) (290,041 ) Decrease (increase) in prepaid expenses and deposits (742,590 ) (430,916 ) Increase (decrease) in lease liability - 59,612 Increase (decrease) in taxes payable 10,110 (112,189 ) Increase (decrease) in accounts payable and accrued liabilities (6,799 ) 105,626 Changes in operating assets and liabilities $ (1,039,238 ) $ (554,762 ) |
Operating Lease Obligations (Ta
Operating Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Operating Lease Obligations | |
Schedule Right-of-use Asset | The Company’s right-of-use asset and lease liability as of March 31, 2023 and December 31, 2022 are as follows: Schedule Right-of-use Asset March 31, 2023 December 31, 2022 Right-of-use asset $ 1,166,396 $ 1,238,055 Current lease liability $ 399,011 $ 387,329 Long-term lease liability $ 780,312 $ 884,146 |
Schedule of Lease Costs | The following is a summary of the Company’s total lease costs: Schedule of Lease Costs March 31, 2023 March 31, 2022 Operating lease cost $ 126,034 $ 70,501 |
Schedule of Measurement of Lease Liabilities | The following is a summary of cash paid during the three months ended March 31, 2023 and 2022 for amounts included in the measurement of lease liabilities: Schedule of Measurement of Lease Liabilities March 31, 2023 March 31, 2022 Operating cashflow $ 122,156 $ 70,501 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of March 31, 2023: Schedule of Future Minimum Lease Payments 2023 $ 370,870 2024 361,298 2025 269,645 2026 277,767 2027 and thereafter 117,158 Total future minimum lease payments 1,396,738 Less: amount representing interest (217,415 ) Present value of future payments 1,179,323 Current portion 399,011 Long term portion $ 780,312 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Warrants | |
Schedule of Warrants Exercise Price | As of March 31, 2023, the Company has the following warrants outstanding: Schedule of Warrants Exercise Price Exercise price Number outstanding Remaining Contractual Life (Years) Expiry date $ 4.00 300,000 1.76 December 31, 2024 $ 6.05 3,446,515 1.35 August 3, 2024 $ 6.05 130,909 1.35 August 6, 2024 $ 2.40 62,500 1.97 March 20, 2025 3,939,924 1.56 |
Schedule of Warrants Activity | Schedule of Warrants Activity March 31, 2023 December 31, 2022 Number of warrants Weighted average price Number of warrants Weighted average price Balance, beginning of year 3,939,924 $ 5.84 5,652,827 $ 5.14 Issuance - $ - 130,909 $ 6.05 Expired - $ - (1,593,691 ) $ (4.00 ) Exercise - $ - (250,121 ) $ (2.00 ) Balance, end of period 3,939,924 $ 5.84 3,939,924 $ 5.84 |
Stock Options and Performance_2
Stock Options and Performance Share Units (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Stock Options Activity | Schedule of Stock Options Activity March 31, 2023 December 31, 2022 Number of stock options Weighted average price Number of stock options Weighted average price Balance, beginning of year 785,000 $ 4.74 712,500 $ 5.00 Granted 810,106 $ 1.64 72,500 $ 2.21 Cancelled (400,000 ) $ (5.32 ) - $ - Balance, end of period 1,195,106 $ 2.44 785,000 $ 4.74 |
Schedule of Share-based Payment Arrangement, Option, Exercise Price Range | Schedule of Share-based Payment Arrangement, Option, Exercise Price Range Range of Exercise prices Outstanding Weighted average life (years) Weighted average exercise price Exercisable on March 31, 2023 Stock options $ 1.53 5.50 1,195,106 6.86 $ 2.44 597,500 |
Terravis Energy Inc [Member] | |
Schedule of Stock Options Activity | As of March 31, 2023 and December 31, 2022, Terravis Energy Inc. has the following options outstanding: Schedule of Stock Options Activity March 31, 2023 December 31, 2022 Number of stock options Weighted average price Number of stock options Weighted average price Balance, beginning of year 1,350,000 $ 0.01 - $ - Granted - $ - 1,350,000 $ 0.01 Balance, end of period 1,350,000 $ 0.01 1,350,000 $ 0.01 |
Schedule of Share-based Payment Arrangement, Option, Exercise Price Range | Schedule of Share-based Payment Arrangement, Option, Exercise Price Range Range of Exercise prices Outstanding Weighted average life (years) Weighted average exercise price Exercisable on March 31, 2023 Stock options $ 0.01 1,350,000 9.03 $ 0.01 1,350,000 |
Basis of Presentation and Bus_2
Basis of Presentation and Business Condition (Details Narrative) - $ / shares | Nov. 04, 2022 | May 21, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Apr. 12, 2022 | Apr. 06, 2022 | Apr. 01, 2022 | Mar. 31, 2022 | Jan. 20, 2022 | Aug. 20, 2021 |
Common stock, shares, issued | 17,159,376 | 17,159,376 | 10,000 | 17,001,034 | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.01 | $ 0.01 | ||||||
Common stock, shares authorized | 299,000,000 | 299,000,000 | ||||||||
Terravis Energy Inc [Member] | ||||||||||
Voting percentage | 49% | |||||||||
Series A Preferred Stock [Member] | Preferred Stock [Member] | ||||||||||
Preferred stock, shares authorized | 1,000 | |||||||||
Preferred stock, par value | $ 0.0001 | |||||||||
Preferred stock, shares outstanding percentage | 51% | |||||||||
Lorenzo Rossi [Member] | ||||||||||
Number of options, exercisable | 750,000 | |||||||||
Steven Rossi [Member] | ||||||||||
Number of options, exercisable | 250,000 | 250,000 | ||||||||
William Caragol [Member] | ||||||||||
Number of options, exercisable | 50,000 | |||||||||
Ned L Siegel [Member] | ||||||||||
Number of options, exercisable | 50,000 | |||||||||
Terravis 2022 Plan [Member] | ||||||||||
Common stock, shares authorized | 1,500,000 | |||||||||
FINRA [Member] | ||||||||||
Stockholders equity, reverse stock split | the 1-for-20 reverse stock split effective on August 4, 2021 | |||||||||
Terravis Energy Inc [Member] | ||||||||||
Common stock, shares, issued | 9,990,900 | 100 | ||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||||||
Worksport USA Operations [Member] | ||||||||||
Common stock, shares, issued | 1,000 | |||||||||
Common stock, par value | $ 0.0001 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Oct. 13, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Net loss | $ 3,523,270 | $ 2,817,609 | ||||
Working capital | 12,272,327 | $ 15,870,377 | ||||
Accumulated deficit | 36,907,489 | 33,384,219 | ||||
Cash and cash equivalents end of year | 10,489,214 | 25,808,938 | $ 14,620,757 | $ 28,567,333 | ||
Proceeds from other equity | $ 32,500,000 | |||||
Number of common shares issued | $ 30,000,000 | $ 0 | $ 30,000,000 | |||
Market Offering Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Number of common shares issued | $ 13,000,000 |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,319,427 | $ 1,200,759 |
Promotional items | 101,660 | 50,790 |
Raw materials | 182,708 | 94,823 |
Inventory | $ 1,603,795 | $ 1,346,372 |
Schedule of Prepaid Expenses an
Schedule of Prepaid Expenses and Deposits (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid Expenses And Deposits | ||
Consulting, services and advertising | $ 775,833 | $ 1,313,799 |
Insurance | 8,314 | 20,781 |
Deposit | 1,454,821 | 699,765 |
Prepaid expenses and deposits, net | $ 2,238,968 | $ 2,034,345 |
Prepaid expenses and deposits_2
Prepaid expenses and deposits (Details Narrative) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid Expenses And Deposits | ||
Prepaid expenses and deposits | $ 775,833 | $ 1,313,799 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation | $ (751,775) | $ (557,346) |
Property and Equipment, net | 12,793,184 | 11,900,672 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 3,406,725 | 2,344,946 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 143,449 | 143,449 |
Product Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 122,675 | 122,675 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 88,236 | 78,885 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 691,562 | 675,751 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 6,079,410 | 6,079,410 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 2,239,405 | 2,239,405 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 168,497 | 168,497 |
Deposits [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 605,000 | $ 605,000 |
Schedule of Notes Payable (Deta
Schedule of Notes Payable (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Debt Disclosure [Abstract] | |
Balance | $ 263,211 |
Settlement | (263,211) |
Balance |
Promissory Notes (Details Narra
Promissory Notes (Details Narrative) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2018 CAD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2016 CAD ($) | |
Debt Instrument [Line Items] | ||||||||
Gain (loss) on extinguishment of debt | $ 7,493 | |||||||
Promissory Note Holders [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gain (loss) on extinguishment of debt | $ 139,121 | |||||||
Secured Promissory Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Secured debt | $ 88,120 | $ 73,452 | $ 123,231 | |||||
Outstanding principal amount | ||||||||
Interest Payable | ||||||||
Secured Promissory Note [Member] | Promissory Note Holders [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of secured debt | 100,000 | |||||||
Gain (loss) on extinguishment of debt | 163,211 | |||||||
Promissory Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding principal amount | $ 22,639 | $ 30,884 | ||||||
Unsecured Promissory Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt interest rate | 18% | 18% | ||||||
Secured Promissory Note One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Secured debt | $ 79,000 | |||||||
Outstanding principal amount | ||||||||
Debt interest rate | 18% | 18% |
Convertible Promissory Notes (D
Convertible Promissory Notes (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Oct. 13, 2022 | Feb. 28, 2020 | Feb. 28, 2020 | Feb. 25, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 01, 2020 | |
Debt Instrument [Line Items] | |||||||||||
Number of common shares issued | $ 30,000,000 | $ 0 | $ 30,000,000 | ||||||||
Gains losses on extinguishment of debt | $ 7,493 | ||||||||||
Warrant [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Pre stock split common shares | 250,121 | ||||||||||
Number of common shares issued | $ 273,993 | ||||||||||
Shares issued price per share | $ 6.05 | ||||||||||
Common Stock [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of shares issued | 1,195,106 | ||||||||||
Leonite Capital LLC [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 198,715 | $ 198,715 | $ 544,425 | $ 509,037 | $ 310,322 | ||||||
Number of shares issued | 22,500 | 22,500 | |||||||||
Warrant term | 5 years | ||||||||||
Pre stock split common shares | 45,000 | ||||||||||
Warrants exercise per share | $ 2 | ||||||||||
Debt instrument unamortized discount | $ 16,215 | 16,215 | $ 44,425 | 41,537 | 25,322 | ||||||
Repayments of convertible debt | $ 500,000 | ||||||||||
Convertible debt | $ 182,500 | 182,500 | 467,500 | $ 285,000 | |||||||
Number of common shares issued | 123,390 | ||||||||||
Leonite Capital LLC [Member] | Convertible Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 182,565 | ||||||||||
Debt conversion converted instrument amount | $ 226,839 | ||||||||||
Debt conversion converted instrument shares | 126,022 | ||||||||||
Gains losses on extinguishment of debt | $ 44,274 | ||||||||||
Leonite Capital LLC [Member] | Warrant [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amortization of debt discount premium | $ 344,110 | ||||||||||
Leonite Capital LLC [Member] | Common Stock [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument face amount | $ 325,667 | ||||||||||
Number of shares issued | 204,622 | ||||||||||
Number of common shares issued | $ 368,319 | ||||||||||
Amortization of debt discount premium | 148,027 | ||||||||||
Shares issued price per share | $ 1.80 | ||||||||||
Gains losses on extinguishment of debt | $ 42,651 | ||||||||||
DebtInstrument convertible conversion price | $ 1.80 |
Shareholders_ Equity (Deficit)
Shareholders’ Equity (Deficit) (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Oct. 13, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Apr. 12, 2022 | Apr. 06, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued during period value new issues | $ 30,000,000 | $ 0 | $ 30,000,000 | ||||
Share subscriptions payable | $ 1,223,111 | $ 591,289 | |||||
Common stock, shares authorized | 299,000,000 | 299,000,000 | |||||
Common stock par value | $ 0.0001 | $ 0.0001 | $ 0.01 | $ 0.01 | |||
Share based payment award, options, grants in period, gross | 810,106 | 72,500 | |||||
Series A Preferred Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Share based payment award, options, grants in period, gross | 100 | ||||||
Preferred stock voting rights | 299 | ||||||
Series B Preferred Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Share based payment award, options, grants in period, gross | 100,000 | ||||||
Preferred stock par value | $ 0.0001 | ||||||
Preferred stock voting rights | 10,000 | ||||||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of shares issues | 1,195,106 | ||||||
Consultant [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued during period shares issued for services | 10,000 | ||||||
Stock issued during period shares issued for services | $ 86,000 | ||||||
Share subscriptions payable | 66,329 | ||||||
Number of shares issues | 65,000 | ||||||
Consultant [Member] | Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of shares issues | 40,000 | ||||||
Employee Compensation [Member] | Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued during period value new issues | $ 86,400 | ||||||
Restricted Stock [Member] | Consultant [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock issued during period value new issues | $ 631,822 | $ 1,482 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Related party loan | $ 2,192 | $ 46,096 | |
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Salaries expenses | 121,410 | $ 80,672 | |
Chief Executive Officer [Member] | Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Related party loan | 2,192 | ||
Officer and Director [Member] | |||
Related Party Transaction [Line Items] | |||
Salaries expenses | $ 76,938 | $ 67,226 |
Schedule of Changes in Operatin
Schedule of Changes in Operating Assets and Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Decrease (increase) in accounts receivable | $ (38,013) | $ 6,733 |
Decrease (increase) in other receivable | (4,523) | 106,413 |
Decrease (increase) in inventory | (257,423) | (290,041) |
Decrease (increase) in prepaid expenses and deposits | (742,590) | (430,916) |
Increase (decrease) in lease liability | 59,612 | |
Increase (decrease) in taxes payable | 10,110 | (112,189) |
Increase (decrease) in accounts payable and accrued liabilities | (6,799) | 105,626 |
Changes in operating assets and liabilities | $ (1,039,238) | $ (554,762) |
Investments (Details Narrative)
Investments (Details Narrative) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2019 USD ($) shares | Dec. 31, 2022 USD ($) | |
Purchase shares | shares | 10,000,000 | ||||
Purchase value | $ 50,000 | ||||
Advanced receivable for stock issuance | $ 24,423 | ||||
Payments to acquire investments | $ 66,308 | $ 90,000 | |||
Interest costs incurred | $ 2,818 | $ 3,825 | |||
Mobile Phone Development Company [Member] | |||||
Ownership percentage | 10% |
Schedule Right-of-use Asset (De
Schedule Right-of-use Asset (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Operating Lease Obligations | ||
Right-of-use asset | $ 1,166,396 | $ 1,238,055 |
Current lease liability | 399,011 | 387,329 |
Long-term lease liability | $ 780,312 | $ 884,146 |
Schedule of Lease Costs (Detail
Schedule of Lease Costs (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Lease Obligations | ||
Operating lease cost | $ 126,034 | $ 70,501 |
Schedule of Measurement of Leas
Schedule of Measurement of Lease Liabilities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Lease Obligations | ||
Operating cashflow | $ 122,156 | $ 70,501 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Operating Lease Obligations | ||
2023 | $ 370,870 | |
2024 | 361,298 | |
2025 | 269,645 | |
2026 | 277,767 | |
2027 and thereafter | 117,158 | |
Total future minimum lease payments | 1,396,738 | |
Less: amount representing interest | (217,415) | |
Present value of future payments | 1,179,323 | |
Current portion | 399,011 | $ 387,329 |
Long term portion | $ 780,312 | $ 884,146 |
Operating Lease Obligations (De
Operating Lease Obligations (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Monthly lease payments | $ 122,156 | $ 70,501 | |||
Lease Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Lease expiration date | Jun. 01, 2022 | May 31, 2024 | Jul. 31, 2022 | ||
Monthly lease payments | $ 20,296 | $ 19,910 | $ 2,221 | ||
Monthly lease payments | 22,101 | ||||
Additional fees | $ 4,418 | ||||
Incremental borrowing rate | 10% |
Loan payable (Details Narrative
Loan payable (Details Narrative) | 12 Months Ended | |||||||
Feb. 14, 2023 USD ($) | Feb. 14, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 CAD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CAD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Proceeds from loans | $ 28,387 | $ 40,000 | ||||||
Loan forgiveness percentage | 25% | 25% | ||||||
Debt instrument fair value | $ 28,387 | $ 40,000 | ||||||
Forgiven debt | $ 7,493 | $ 10,000 | ||||||
Loan Agreement [Member] | Third Party [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Proceeds from loans | $ 5,300,000 | |||||||
Interest rate | 2.25% | |||||||
Maturity date | May 10, 2024 | |||||||
Deposits | $ 667,409 | |||||||
Deposits, balance | $ 411,016 | $ 309,513 |
Loss per Share (Details Narrati
Loss per Share (Details Narrative) - $ / shares | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Apr. 01, 2022 | |
Earnings per share basic and diluted | $ 0.21 | $ 0.17 | ||
Weighted average number of shares outstanding basic and diluted | 17,159,376 | 16,988,033 | ||
Common stock, shares authorized | 299,000,000 | 299,000,000 | ||
Common stock, shares issued | 17,159,376 | 17,001,034 | 17,159,376 | 10,000 |
Common stock, shares outstanding | 17,159,376 | 17,001,034 | 17,159,376 | |
Warrant [Member] | ||||
Stock options exercisable, common shares | 3,939,924 | 5,586,523 | ||
Total underlying, common shares | 8,950,242 | 9,070,013 | ||
Common Stock [Member] | ||||
Stock options exercisable, common shares | 722,500 | |||
Total underlying, common shares | 4,239,924 | 6,577,513 | ||
Restricted stock, issued | 2,815,212 | 1,070,000 | ||
Performance stock units | 1,195,106 | |||
Common Stock [Member] | Equity Option [Member] | ||||
Stock options, exercisable | 700,000 | 722,500 | ||
Common Stock [Member] | Performance Stock Units [Member] | ||||
Performance stock units | 1,195,106 | 700 |
Schedule of Warrants Exercise P
Schedule of Warrants Exercise Price (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Warrant, outstanding | 3,939,924 |
Weighted average life (years) | 1 year 6 months 21 days |
Warrants One [Member] | |
Exercise price | $ / shares | $ 4 |
Warrant, outstanding | 300,000 |
Weighted average life (years) | 1 year 9 months 3 days |
Warrants expiry date | Dec. 31, 2024 |
Warrants Two [Member] | |
Exercise price | $ / shares | $ 6.05 |
Warrant, outstanding | 3,446,515 |
Weighted average life (years) | 1 year 4 months 6 days |
Warrants expiry date | Aug. 03, 2024 |
Warrants Three [Member] | |
Exercise price | $ / shares | $ 6.05 |
Warrant, outstanding | 130,909 |
Weighted average life (years) | 1 year 4 months 6 days |
Warrants expiry date | Aug. 06, 2024 |
Warrants Four [Member] | |
Exercise price | $ / shares | $ 2.40 |
Warrant, outstanding | 62,500 |
Weighted average life (years) | 1 year 11 months 19 days |
Warrants expiry date | Mar. 20, 2025 |
Schedule of Warrants Activity (
Schedule of Warrants Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Warrants | ||
Number of warrants, balance, beginning of year | 3,939,924 | 5,652,827 |
Weighted average price, balance, beginning of year | $ 5.84 | $ 5.14 |
Number of warrants, issuance | 130,909 | |
Weighted average price, issuance | $ 6.05 | |
Number of warrants, expired | 1,593,691 | |
Weighted average price, expired | $ (4) | |
Number of warrants, expired | (1,593,691) | |
Number of warrants, exercise | 250,121 | |
Weighted average price, exercise | $ (2) | |
Number of warrants, exercise | (250,121) | |
Number of warrants, balance, end of period | 3,939,924 | 3,939,924 |
Weighted average price, balance, ending of year | $ 5.84 | $ 5.84 |
Warrants (Details Narrative)
Warrants (Details Narrative) - USD ($) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 13, 2022 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Number of warrant | 3,939,924 | 3,939,924 | |||||
Warrants expired | 1,593,691 | ||||||
Issued value | $ 30,000,000 | $ 0 | $ 30,000,000 | ||||
Warrant Agreement [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Class of warrant or right number of securities | 150,000 | ||||||
Additional warrants issued | 250,000 | ||||||
Warrants value | $ 37,000 | ||||||
Warrant exercisable description | The exercisable period of the warrants was also amended to a period of five years beginning on January 14, 2021 | ||||||
Warrants exercise per share | $ 2 | ||||||
Warrant [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Class of warrant or right number of securities | 250,121 | ||||||
Representative warrants are exercisable | 130,909 | ||||||
Shares issued price per share | $ 6.05 | ||||||
Issued value | $ 273,993 | ||||||
Common Stock [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Representative warrants are exercisable | 73,321 | ||||||
Warrants expired | 1,599 | ||||||
Warrants One [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Class of warrant or right number of securities | 73,321 | ||||||
Holder [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Cancelled shares | 400,000 | 400,000 | |||||
Number of warrant | 300,000 | 300,000 | 300,000 | ||||
Holder [Member] | Common Stock [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Representative warrants are exercisable | 2 | ||||||
Underwritters [Member] | Warrant [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Class of warrant or right number of securities | 130,909 |
Schedule of Stock Options Activ
Schedule of Stock Options Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Number of options, balance, beginning of period | 785,000 | 712,500 |
Weighted average price, balance, beginning of period | $ 4.74 | $ 5 |
Number of options, granted | 810,106 | 72,500 |
Weighted average price, granted | $ 1.64 | $ 2.21 |
Number of options, cancelled | (400,000) | |
Weighted average price, cancelled | $ (5.32) | |
Number of options, cancelled | 400,000 | |
Number of options, balance, end of period | 1,195,106 | 785,000 |
Weighted average price, balance, end of period | $ 2.44 | $ 4.74 |
Terravis Energy Inc [Member] | ||
Number of options, balance, beginning of period | 1,350,000 | |
Weighted average price, balance, beginning of period | $ 0.01 | |
Number of options, granted | 1,350,000 | |
Weighted average price, granted | $ 0.01 | |
Number of options, balance, end of period | 1,350,000 | 1,350,000 |
Weighted average price, balance, end of period | $ 0.01 | $ 0.01 |
Schedule of Share-based Payment
Schedule of Share-based Payment Arrangement, Option, Exercise Price Range (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Lower Range of Exercise prices | $ 1.53 |
Range of Exercise prices | $ 5.50 |
Number of Shares Outstanding | shares | 1,195,106 |
Weighted average life (years) | 6 years 10 months 9 days |
Weighted average exercise price | $ 2.44 |
Number of Shares Exercisable | shares | 597,500 |
Terravis Energy Inc [Member] | |
Range of Exercise prices | $ 0.01 |
Number of Shares Outstanding | shares | 1,350,000 |
Weighted average life (years) | 9 years 10 days |
Weighted average exercise price | $ 0.01 |
Number of Shares Exercisable | shares | 1,350,000 |
Stock Options and Performance_3
Stock Options and Performance Share Units (Details Narrative) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 29, 2024 | Dec. 29, 2023 | Sep. 01, 2023 | Mar. 01, 2023 | Dec. 29, 2022 | Nov. 11, 2022 | Sep. 01, 2022 | Mar. 01, 2022 | Dec. 29, 2021 | Nov. 02, 2021 | Oct. 07, 2021 | Sep. 02, 2021 | Sep. 01, 2021 | Aug. 06, 2021 | Jul. 23, 2021 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 810,106 | 72,500 | |||||||||||||||||
Share based payment award vesting rights, description | The options shall vest in two installments; a) one fiscal quarter the Company generates $3,600,000 in sales with at least 20% unit margin and b) one fiscal quarter the Company generates $5,400,000 in sales with at least 30% unit margin | ||||||||||||||||||
Consulting expense | $ 868,611 | $ 1,487,579 | |||||||||||||||||
Consulting expense | $ 1,453,617 | 1,224,677 | |||||||||||||||||
Exercise price | $ 1.64 | $ 2.21 | |||||||||||||||||
Number of warrant | 3,939,924 | 3,939,924 | |||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 400,000 | ||||||||||||||||||
Consulting expense | $ 0 | 115,400 | |||||||||||||||||
Director [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 300,000 | 15,000 | |||||||||||||||||
Share based payment award vesting rights, description | The PSUs were to vest in 5% increments according to a schedule that correlates with the Company’s stock price. The first 5% of the PSUs was to have vested upon the Company’s stock price closing at $3.00. 50% was to have vested at a closing price of $16.50, and 100% was to have vested at a closing price of $31.50 | The stock options vested on January 1, 2022. The fair value of the options on the grant date was estimated to be $129,480 | |||||||||||||||||
Fair value | $ 1,344,570 | 592,560 | |||||||||||||||||
Consulting expense | $ 0 | 799 | |||||||||||||||||
Number of shares issued | 360,000 | ||||||||||||||||||
Exercise price | $ 1.66 | $ 1.66 | |||||||||||||||||
Expiry date | Jul. 23, 2026 | Jan. 30, 2033 | |||||||||||||||||
Exercise price | $ 5.50 | ||||||||||||||||||
Consultant [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Consulting expense | $ 2,295 | ||||||||||||||||||
Number of shares issued | 65,000 | ||||||||||||||||||
Exercise price | 1.66 | $ 1.66 | |||||||||||||||||
Employee [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of shares issued | 85,106 | ||||||||||||||||||
Exercise price | $ 1.53 | $ 1.53 | |||||||||||||||||
Expiry date | Mar. 14, 2033 | ||||||||||||||||||
Advisor One [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 5,000 | 10,000 | |||||||||||||||||
Fair value | $ 353,230 | $ 98,670 | $ 21,780 | ||||||||||||||||
Expiry date | Oct. 07, 2026 | Feb. 07, 2027 | |||||||||||||||||
Exercise price | $ 2.19 | ||||||||||||||||||
Exercise price | $ 5.50 | ||||||||||||||||||
Advisor [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Fair value | 129,191 | ||||||||||||||||||
Consulting expense | 0 | 21,780 | |||||||||||||||||
Employees [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Consulting expense | $ 4,807 | ||||||||||||||||||
Expiry date | Jan. 30, 2028 | ||||||||||||||||||
Consultants [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 400,000 | 12,500 | |||||||||||||||||
Share based payment award vesting rights, description | The options have a vesting period of 6 months from the initial grant date | The options are earned in four equal installments on February 27, 2023, May 29, 2023, August 29, 2023, and November 27, 2023. The options shall vest one year after being earned on February 27, 2024, May 29, 2024, August 29, 2024, and November 27, 2024 | |||||||||||||||||
Fair value | $ 2,112,000 | $ 18,725 | |||||||||||||||||
Consulting expense | $ 87,514 | 264,787 | |||||||||||||||||
Number of shares issued | 300,000 | ||||||||||||||||||
Expiry date | Sep. 01, 2026 | Nov. 29, 2032 | |||||||||||||||||
Exercise price | $ 1.60 | ||||||||||||||||||
Consulting expense | $ 4,720 | 0 | |||||||||||||||||
Exercise price | $ 5.32 | ||||||||||||||||||
Stock option vested | 100,000 | 100,000 | 100,000 | ||||||||||||||||
Consultants [Member] | Forecast [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Stock option vested | 100,000 | ||||||||||||||||||
Advisor Two [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 62,500 | 50,000 | |||||||||||||||||
Fair value | 486,600 | $ 261,400 | |||||||||||||||||
Consulting expense | 0 | 5,294 | |||||||||||||||||
Expiry date | Nov. 02, 2026 | May 05, 2032 | |||||||||||||||||
Exercise price | $ 2.37 | ||||||||||||||||||
Exercise price | $ 5.24 | ||||||||||||||||||
Consultantss [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Consulting expense | 136,430 | ||||||||||||||||||
Consulting [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Consulting expense | 38,963 | ||||||||||||||||||
Officers and Directors [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 1,350,000 | ||||||||||||||||||
Expiry date | Apr. 12, 2032 | ||||||||||||||||||
Directors Advisors and Officers [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 140,000 | ||||||||||||||||||
Share based payment award vesting rights, description | The stock options vested on January 1, 2022. The fair value of the options on the grant date was estimated to be $754,189 | ||||||||||||||||||
Fair value | $ 754,189 | ||||||||||||||||||
Consulting expense | $ 0 | 5,096 | |||||||||||||||||
Expiry date | Aug. 06, 2026 | ||||||||||||||||||
Exercise price | $ 5.50 | ||||||||||||||||||
Holder [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Cancelled shares | 400,000 | 400,000 | |||||||||||||||||
Number of warrant | 300,000 | 300,000 | 300,000 | ||||||||||||||||
Board Of Members [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 90,000 | ||||||||||||||||||
Share based payment award vesting rights, description | The options have a vesting period of 1 year from the initial grant date | ||||||||||||||||||
Fair value | $ 224,280 | ||||||||||||||||||
Consulting expense | $ 18,844 | 18,844 | |||||||||||||||||
Expiry date | Dec. 29, 2026 | ||||||||||||||||||
Exercise price | $ 2.51 | ||||||||||||||||||
Stock option vested | 10,000 | ||||||||||||||||||
Board Of Members [Member] | Forecast [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Stock option vested | 10,000 | 10,000 | |||||||||||||||||
Performance Shares [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Number of stock options grants | 700,000 | ||||||||||||||||||
Share based payment award vesting rights, description | The PSUs vest in 5% increments according to the modified schedule that correlates with the Company’s stock price. The first 5% of the PSUs vest upon the Company’s stock price closing at $2.25. 50% will have vested at a closing price of $5.31, and 100% will have vested at a closing price of $13.76 | ||||||||||||||||||
Fair value | $ 1,254,460 | ||||||||||||||||||
Consulting expense | $ 62,723 | $ 0 | |||||||||||||||||
2015 Equity Incentive Plan [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||||
Share based compensation, description | the number of common shares reserved for issuance under the option plan shall not exceed 10% of the issued and outstanding common shares of the Company, have a maximum term of 10 years, and vest at the discretion of the Board of Directors |
Rental Income (Details Narrativ
Rental Income (Details Narrative) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Lease payments | $ 122,156 | $ 70,501 | ||||
Rental income | $ 44,456 | $ 0 | ||||
Sublease Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Sublease commence date | Sep. 15, 2022 | Sep. 15, 2022 | ||||
Expiration date | May 31, 2024 | May 31, 2024 | ||||
Lease payments | $ 15,515 | $ 19,992 | ||||
Lease Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Expiration date | Jun. 01, 2022 | May 31, 2024 | Jul. 31, 2022 | |||
Lease payments | $ 20,296 | $ 19,910 | $ 2,221 | |||
Lease Agreement [Member] | Third Party [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Expiration date | Dec. 31, 2022 | Dec. 31, 2022 | ||||
Lease payments | $ 33,750 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
May 01, 2023 | Apr. 21, 2023 | Nov. 11, 2022 | Oct. 13, 2022 | Dec. 29, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||||||||
Number of common shares issued | $ 30,000,000 | $ 0 | $ 30,000,000 | ||||||
Share based payment award, options, grants in period, gross | 810,106 | 72,500 | |||||||
Steven Rossi [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Restricted stock units | 400,000 | 400,000 | |||||||
Market Offering Agreement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of common shares issued | $ 13,000,000 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Restricted stock units | 1,600,000 | ||||||||
Subsequent Event [Member] | Minimum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock price increase | $ 2 | ||||||||
Subsequent Event [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock price increase | $ 11 | ||||||||
Subsequent Event [Member] | Steven Rossi [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Share based payment award, options, grants in period, gross | 2,000,000 | ||||||||
Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued | 1,195,106 | ||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued | 4,434 | ||||||||
Number of shares sold, per share price | $ 1.74 | $ 1.72 | |||||||
Number of common shares issued | $ 7,624 |