Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-51848 |
Entity Registrant Name | AVRICORE HEALTH INC. |
Entity Central Index Key | 0001355736 |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | 1120 – 789 West Pender Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6C1H2 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 99,644,664 |
Document Financial Statement Error Correction [Flag] | false |
Auditor Name | Manning Elliott LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 1524 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 1120 – 789 West Pender Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6C1H2 |
City Area Code | (604) |
Local Phone Number | 773-8943 |
Contact Personnel Name | Hector Bremner |
Contact Personnel Email Address | hector.bremner@avricorehealth.com |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 276,571 | $ 620,527 |
Term deposit | 10,000 | 10,000 |
Accounts receivable | 427,689 | 770,373 |
Prepaid expenses and deposits | 38,625 | 30,231 |
Inventory | 20,676 | |
Current assets | 773,561 | 1,431,131 |
Equipment | 1,717,995 | 1,107,991 |
Intangible assets | 46,649 | 29,861 |
Total Assets | 2,538,205 | 2,568,983 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 489,218 | 312,893 |
Deferred revenue | 252,000 | |
Loans payable | 40,000 | 40,000 |
Liabilities | 529,218 | 604,893 |
SHAREHOLDERS’ EQUITY | ||
Share capital | 27,186,114 | 27,064,727 |
Reserves | 6,558,433 | 5,933,708 |
Deficit | (31,735,560) | (31,034,345) |
Equity | 2,008,987 | 1,964,090 |
Total Liabilities and Shareholders’ Equity | $ 2,538,205 | $ 2,568,983 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Revenue | $ 3,485,147 | $ 1,768,374 | $ 122,808 |
Cost of sales | (2,281,751) | (1,311,581) | (92,287) |
Gross profit | 1,203,396 | 456,793 | 30,521 |
Expenses | |||
Advertising and promotion | 1,035 | 2,961 | |
Amortization | 2,347 | 631 | 17,984 |
Consulting | 236,117 | 197,860 | 355,350 |
General and administrative | 339,369 | 250,144 | 182,847 |
Management Fees | 216,000 | 168,000 | 205,000 |
Shareholder communications | 112,234 | 173,035 | 329,342 |
Professional fees | 285,935 | 150,585 | 189,796 |
Share-based compensation | 703,612 | 331,522 | 495,791 |
Expense, by nature | (1,896,649) | (1,274,738) | (1,776,110) |
Loss before other income (expense) | (693,253) | (817,945) | (1,745,589) |
Other income (expense) | |||
Finance costs | (38,438) | ||
Gain on settlement and write-off of liabilities | 75,467 | ||
Foreign exchange gain (loss) | (6,652) | 298 | (153) |
Interest income | 3,284 | 8,086 | 581 |
Write-off of accounts receivable | (4,594) | (8,667) | |
Net loss and comprehensive loss for the year | $ (701,215) | $ (818,228) | $ (1,708,132) |
Basic Loss Per Share | $ (0.01) | $ (0.01) | $ (0.02) |
Diluted Loss Per Share | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted Average Number of Common Shares Outstanding | 99,559,459 | 97,859,216 | 92,610,766 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - CAD ($) | Issued capital [member] | Warrant reserve [member] | Option reserve [member] | Retained earnings [member] | Total |
Balance at Dec. 31, 2020 | $ 22,286,852 | $ 914,531 | $ 4,582,561 | $ (28,507,985) | $ (724,041) |
Balance, shares at Dec. 31, 2020 | 69,795,584 | ||||
IfrsStatementLineItems [Line Items] | |||||
Shares issued for cash | $ 2,414,000 | 2,414,000 | |||
Shares issued for cash, shares | 15,740,000 | ||||
Exercise of warrants | $ 1,805,132 | (151,395) | 1,653,737 | ||
Exercise of warrants, shares | 10,058,660 | ||||
Exercise of options | $ 312,052 | (186,395) | 125,657 | ||
Exercise of options, shares | 1,666,020 | ||||
Share issued for services | $ 38,500 | 38,500 | |||
Shares issued for services, shares | 275,000 | ||||
Share issuance costs | $ (238,221) | 139,625 | (98,596) | ||
Share-based compensation | 495,791 | 495,791 | |||
Net loss for the year | (1,708,132) | (1,708,132) | |||
Balance at Dec. 31, 2021 | $ 26,618,315 | 902,761 | 4,891,957 | (30,216,117) | 2,196,916 |
Balance, shares at Dec. 31, 2021 | 97,535,264 | ||||
IfrsStatementLineItems [Line Items] | |||||
Exercise of warrants | $ 175,412 | (1,532) | 173,880 | ||
Exercise of warrants, shares | 909,400 | ||||
Exercise of options | $ 271,000 | (191,000) | 80,000 | ||
Exercise of options, shares | 800,000 | ||||
Share-based compensation | 331,522 | 331,522 | |||
Net loss for the year | (818,228) | (818,228) | |||
Balance at Dec. 31, 2022 | $ 27,064,727 | 901,229 | 5,032,479 | (31,034,345) | 1,964,090 |
Balance, shares at Dec. 31, 2022 | 99,244,664 | ||||
IfrsStatementLineItems [Line Items] | |||||
Exercise of options | $ 121,387 | (78,887) | 42,500 | ||
Exercise of options, shares | 400,000 | ||||
Share-based compensation | 703,612 | 703,612 | |||
Net loss for the year | (701,215) | (701,215) | |||
Balance at Dec. 31, 2023 | $ 27,186,114 | $ 901,229 | $ 5,657,204 | $ (31,735,560) | $ 2,008,987 |
Balance, shares at Dec. 31, 2023 | 99,644,664 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net loss | $ (701,215) | $ (818,228) | $ (1,708,132) |
Adjustment for non-cash items: | |||
Amortization | 420,067 | 183,047 | 17,984 |
Finance cost | 38,438 | ||
Share-based payments | 703,612 | 331,522 | 495,791 |
Write-off of accounts receivable | 4,594 | 8,667 | |
Change in working capital items: | |||
Accounts receivable | 338,090 | (687,492) | (79,620) |
Inventory | (20,676) | ||
Prepaid expenses and deposits | (8,394) | 24,236 | 70,977 |
Deferred revenue | (252,000) | 252,000 | |
Accounts payable and accrued liabilities | 176,325 | 268,416 | (69,592) |
Net cash provided by (used in) operating activities | 660,403 | (437,832) | (1,234,154) |
Investing Activities | |||
Intangible assets | (25,288) | (5,171) | (35,006) |
Purchase of equipment | (1,021,571) | (1,193,345) | (105,358) |
Term deposit | (10,000) | ||
Net cash used in investing activities | (1,046,859) | (1,208,516) | (140,364) |
Financing Activities | |||
Proceeds from issuance of shares | 2,404,000 | ||
Proceeds from exercise of warrants | 173,880 | 1,653,737 | |
Proceeds from exercise of stock options | 42,500 | 80,000 | 125,657 |
Share issuance costs | (98,596) | ||
Loan repaid | (1,000,000) | ||
Net cash provided by financing activities | 42,500 | 253,880 | 3,084,798 |
Decrease in cash and cash equivalents | (343,956) | (1,392,468) | 1,710,280 |
Cash and cash equivalents, beginning of year | 620,527 | 2,012,995 | 302,715 |
Cash and cash equivalents | 276,571 | 620,527 | 2,012,995 |
Cash and cash equivalents consist of: | |||
Cash in bank accounts | 276,571 | 620,527 | 1,702,995 |
Guaranteed investment certificates | $ 310,000 |
NATURE OF OPERATIONS AND GOING
NATURE OF OPERATIONS AND GOING CONCERN | 12 Months Ended |
Dec. 31, 2023 | |
Nature Of Operations And Going Concern | |
NATURE OF OPERATIONS AND GOING CONCERN | 1. NATURE OF OPERATIONS AND GOING CONCERN Avricore Health Inc. (the “Company”) was incorporated under the Company Act The Company is involved in the business of health data and point-of-care technologies (“POCT”). The consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes that the Company will continue in operations for the foreseeable future and be able to realize assets and satisfy liabilities in the normal course of business. The Company has historically experienced operating losses and negative operating cash flows. As at December 31, 2023, the Company has an accumulated deficit of $ 31,735,560 244,343 The continuation of the Company as a going concern is dependent upon its ability to generate revenue from its operations and/or raise additional financing to cover ongoing cash requirements. The consolidated financial statements do not reflect any adjustments, which could be material, to the carrying values of assets and liabilities, which may be required should the Company be unable to continue as a going concern. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2023 | |
Basis Of Presentation | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION a) Statement of Compliance The consolidated financial statements for the year ended December 31, 2023 have been prepared in accordance with IFRS Accounting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). b) Basis of preparation The consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, modified where applicable. The material accounting policies are presented in Note 3 and have been consistently applied in each of the periods presented. The consolidated financial statements are presented in Canadian dollars, which is also the Company’s and its subsidiary’s functional currency, unless other indicated. The preparation of consolidated financial statements in accordance with IFRS requires the Company’s management to make estimates, judgments and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. The areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed below. Actual results might differ from these estimates. The Company’s management reviews these estimates and underlying judgments on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the year in which the estimates are revised. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 2. BASIS OF PRESENTATION c) Basis of consolidation Consolidated financial statements include the assets, liabilities and results of operations of all entities controlled by the Company. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the Company’s the condensed interim consolidated financial statements. Where control of an entity is obtained during a financial year, its results are included in the consolidated statements of operations and comprehensive loss from the date on which control commences. Where control of an entity ceases during a financial year, its results are included for that part of the year during which control exists. These consolidated financial statements include the accounts of the Company and its controlled wholly owned Canadian subsidiary HealthTab™ Inc. |
SUMMARY OF MATERIAL ACCOUNTING
SUMMARY OF MATERIAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Material Accounting Policies | |
SUMMARY OF MATERIAL ACCOUNTING POLICIES | 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES a) Revenue recognition The Company’s revenues are generated from operating leases of the POCT system and sale of testing panels. Revenue comprises the fair value of the consideration received or receivable and is shown net of tax and discounts. The Company recognizes revenue to depict the transfer of goods and services to clients in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services by applying the following steps: ● Identify the contract with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations; and ● Recognize revenue when, or as, the Company satisfies a performance obligation. Revenue may be earned over time as the performance obligations are satisfied or at a point in time which is when the entity has earned a right to payment, the customer has possession of the asset and the related significant risks and rewards of ownership, and the customer has accepted the asset. The Company’s arrangements with customers can include multiple performance obligations. When contracts involve various performance obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of accounting under IFRS 15, Revenue from Contracts with Customers. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) a) Revenue recognition The Company determines the standalone selling price by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include discounting practices, the size and volume of our transactions, our marketing strategy, historical sales and contract prices. The determination of standalone selling prices is made through consultation with and approval by management, taking into consideration our go-to-market strategy. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes in relative standalone selling prices. The Company generally receives payment from its customers after invoicing within the normal 28-day commercial terms. If a customer is specifically identified as a credit risk, recognition of revenue is deferred except to the extent of fees that have already been collected. b) Leases A contract is, or contains, a lease if the contract conveys a lessee the right to control the use of lessor’s identified asset for a period of time in exchange for consideration. The Company as a lessee A lease liability is recognized at the commencement of the lease term at the present value of the lease payments that are not paid at that date. At the commencement date, a corresponding right-of-use asset is recognized at the amount of the lease liability, adjusted for lease incentives received, retirement costs and initial direct costs. Depreciation is recognized on the right-of-use asset over the lease term. Interest expense is recognized on the lease liabilities using the effective interest rate method and payments are applied against the lease liability. Key areas where management has made judgments, estimates, and assumptions related to the application of IFRS 16 include: - The incremental borrowing rates are based on judgments including economic environment, term, currency, and the underlying risk inherent to the asset. The carrying balance of the right-of-use assets, lease liabilities, and the resulting interest expense and depreciation expense, may differ due to changes in the market conditions and lease term. - Lease terms are based on assumptions regarding extension terms that allow for operational flexibility and future market conditions. The Company as a lessor A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. All other leases are classified as finance leases. Leases of the Company’s POCT systems to customers are classified as operating leases. Lease payments from operating leases are recognized as income on a straight-line basis. All costs, including depreciation, incurred in earning the operating lease income are recognized as cost of sales. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as an expense over the lease term on the same basis as the lease income. The depreciation for depreciable underlying assets subject to operating leases is in accordance with depreciation policy for the Company’s equipment. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES c) Foreign currency Foreign currency transactions are translated into the functional currency of the respective entity, using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items at year-end exchange rates are recognized in profit or loss. Non-monetary items measured at historical cost are translated using the exchange rates at the date of the transaction and are not retranslated. Non-monetary items measured at fair value are translated using the exchange rates at the date when fair value was determined. d) Cash and cash equivalents Cash and cash equivalents include cash on account, demand deposits and money market investments with maturities from the date of acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant changes in value. e) Inventory Inventories consist of raw materials comprising the ingredients used to manufacture OTC pharmaceuticals, as well as the packaging for these products, and finished goods comprising Canadian generic pharmaceuticals. All inventories are recorded at the lower of cost on a weighted average basis and net realizable value. The stated value of all inventories includes purchase, shipping and freight, and quality control testing. A regular review is undertaken to determine the extent of any provision for obsolescence . f) Intangible assets All intangible assets acquired separately by the Company are recorded at cost on the date of acquisition. Intangible assets that have indefinite lives are measured at cost less accumulated impairment losses. Intangible assets that have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets comprise of software, intellectual property, trademarks and web domains and distribution rights, which are amortized on a straight-line basis over 3 years. Amortization rates are reviewed annually to ensure they are aligned with estimates of remaining economic useful lives of the associated intangible assets. g) Equipment Equipment acquired by the Company is recorded at cost on the date of acquisition. Equipment is stated at historical cost less accumulated amortization and accumulated impairment losses. Amortization is calculated on a declining balance method over their estimated useful lives. The Company’s system hardware is amortized at 55 20 Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES h) Share-based payments The Company operates an incentive share purchase option plan. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share- based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve. The fair value of options is determined using the Black-Scholes option pricing model, which incorporates all market vesting conditions. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. i) Share capital Proceeds from the exercise of stock options and warrants are recorded as share capital in the amount for which the option or warrant enabled the holder to purchase a share in the Company. Any previously recorded share-based payment included in the reserves account is transferred to share capital on exercise of options. Share capital issued for non-monetary consideration is valued at the closing market price at the date of issuance. The proceeds from issuance of units are allocated between common shares and warrants based on the residual method. Under this method, the proceeds are allocated first to share capital based on the fair value of the common shares at the time the units are priced and any residual value is allocated to the warrants reserve. Consideration received for the exercise of warrants is recorded in share capital, and any related amount recorded in warrants reserve is transferred to share capital. j) Loss per share Basic loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive. Basic and diluted loss per share are the same for the periods presented. k) Income taxes Income tax expense, consisting of current and deferred tax expense, is recognized in the statements of operations. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period-end, adjusted for amendments to tax payable with regard to previous years. Deferred tax assets and liabilities and the related deferred income tax expense or recovery are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES l) Financial Instruments Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. The Company has classified its cash and cash equivalents as FVTPL and term deposit, accounts receivable, accounts payable and loans payable as amortized cost. Measurement Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the profit or loss in the period in which they arise. Financial assets at FVTOCI Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income (loss) as they arise. Impairment of financial assets at amortized cost An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES l) Financial Instruments Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in profit or loss. m) Impairment of equipment and intangible assets At the end of each reporting period, if there are indicators of impairment, the Company reviews the carrying amounts of its equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Individual assets are grouped together as a cash generating unit for impairment assessment purposes at the lowest level at which there are identifiable cash flows that are independent from other group assets. If any such indication of impairment exists, the Company makes an estimate of its recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. Where the carrying amount of a cash generating unit exceeds its recoverable amount, the cash generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated future cash flows are adjusted for the risks specific to the cash generating unit and are discounted to their present value with a discount rate that reflects the current market indicators. The recoverable amount of intangible assets with an indefinite useful life, intangible assets not available for use, or goodwill acquired in a business combination are measured annually whether or not there are any indications that impairment exists. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the cash generating unit in prior years. A reversal of an impairment loss is recognized as income immediately. n) Significant accounting estimates and judgments Estimates Significant estimates used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows: Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES n) Significant accounting estimates and judgments Share-based payments The Company grants share-based awards to certain directors, officers, employees, consultants and other eligible persons. For equity-settled awards, the fair value is charged to the statement of operations and comprehensive loss and credited to the reserves over the vesting period using the graded vesting method, after adjusting for the estimated number of awards that are expected to vest. The fair value of equity-settled awards is determined at the date of the grant using the Black-Scholes option pricing model. For equity-settled awards to non-employees, the fair value is measured at each vesting date. The estimate of warrant and option valuation also requires determining the most appropriate inputs to the valuation model, including the volatility, expected life of warrants and options, risk free interest rate and dividend yield. Management must also make significant judgments or assessments as to how financial assets and liabilities are categorized. Estimation of useful lives of equipment and software Amortization of equipment and software is dependent upon estimates of their useful lives. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product lifecycles, and maintenance are taken into account. Judgements Significant judgments used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows: Revenue recognition Revenue is recognized when the revenue recognition criteria expressed in the accounting policy stated above have been met. Judgment may be required when allocating revenue or discounts on sales amongst the various elements in a sale involving multiple deliverables. Deferred income taxes Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. The determination of income tax expense and deferred tax involves judgment and estimates as to the future taxable earnings, expected timing of reversals of deferred tax assets and liabilities, and interpretations of laws in the countries in which the Company operates. The Company is subject to assessments by tax authorities who may interpret the tax law differently. Changes in these estimates may materially affect the final amount of deferred taxes or the timing of tax payments. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, especially when it can be utilized without a time limit, that deferred tax asset is usually recognized in full. Going concern Management has applied judgements in the assessment of the Company’s ability to continue as a going concern when preparing its financial statements for the year ended December 31, 2023. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. The factors considered by management are disclosed in Note 1. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES o) Application of new and revised Accounting Standards and accounting standards issued but not yet effective There are no significant changes in accounting policies but several amendments to IFRS Accounting Standards and interpretations became effective for annual periods beginning on or after January 1, 2023. The Company has adopted the amendments to IAS 1 Presentation of Financial Statements as well as IAS 8 Changes in Accounting Estimates and Errors regarding the disclosure of accounting policies and accounting estimates, which were effective for annual periods beginning on January 1, 2023. The amendments did not have a material impact on the Company’s financial statements. There are no accounting pronouncements with future effective dates that are applicable or are expected to have a material impact on the Company’s consolidated financial statements. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable | |
ACCOUNTS RECEIVABLE | 4. ACCOUNTS RECEIVABLE The Company’s accounts receivable consists of the following: SCHEDULE OF ACCOUNTS RECEIVABLE 2023 2022 $ $ Trade receivables 420,998 748,097 GST receivable 6,691 22,276 Total trade receivables 427,689 770,373 |
PREPAID EXPENSES AND DEPOSITS
PREPAID EXPENSES AND DEPOSITS | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses And Deposits | |
PREPAID EXPENSES AND DEPOSITS | 5. PREPAID EXPENSES AND DEPOSITS The balance consists of prepaid expenses to vendors of $ 16,889 6,932 9,736 11,299 12,000 12,000 |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
EQUIPMENT | 6. EQUIPMENT SCHEDULE OF EQUIPMENT Equipment $ Cost Balance, December 31, 2021 105,358 Additions 1,193,345 Balance, December 31, 2022 1,298,703 Beginning balance 1,298,703 Additions 1,021,572 Balance, December 31, 2023 2,320,275 Ending balance 2,320,275 Accumulated Amortization Balance, December 31, 2021 14,483 Amortization 176,229 Balance, December 31, 2022 190,712 Beginning balance 190,712 Amortization 411,568 Balance, December 31, 2023 602,280 Ending balance 602,280 Carrying value As at December 31, 2022 1,107,991 Beginning balance 1,107,991 As at December 31, 2023 1,717,995 Ending balance 1,717,995 Equipment is comprised primarily of assets leased to earn revenues. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS | 7. INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSETS Software HealthTab™ Corozon Emerald Total $ $ $ $ $ Cost Balance, December 31, 2021 35,006 1 1 1 35,009 Additions 5,171 - - - 5,171 Balance, December 31, 2022 40,177 1 1 1 40,180 Intangible assets, cost, beginning balance 40,177 1 1 1 40,180 Additions 25,288 - - - 25,288 Balance, December 31, 2023 65,465 1 1 1 65,468 Intangible assets, cost, ending balance 65,465 1 1 1 65,468 Accumulated Amortization Balance, December 31, 2021 3,501 - - - 3,501 Amortization 6,818 - - - 6,818 Balance, December 31, 2022 10,319 - - - 10,319 Accumulated amortization, beginning balance 10,319 - - - 10,319 Amortization 8,500 - - - 8,500 Balance, December 31, 2023 18,819 - - - 18,819 Accumulated amortization, ending balance 18,819 - - - 18,819 Carrying value As at December 31, 2022 29,858 1 1 1 29,861 As at December 31, 2023 46,646 1 1 1 46,649 Intangible assets, net 46,646 1 1 1 46,649 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES The Company’s accounts payable and accrued liabilities consist of the following: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED COSTS 2023 2022 $ $ Trade accounts payable 428,677 261,493 GST payable 60,541 51,400 Accounts payable and accrued liabilities 489,218 312,893 |
LOANS PAYABLE
LOANS PAYABLE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
LOANS PAYABLE | 9. LOANS PAYABLE During the year ended December 31, 2020, the Company received a Canada Emergency Business Account loan of $ 40,000 5 Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL | 10. SHARE CAPITAL Authorized share capital Authorized: Unlimited number of common shares without par value. Issued share capital During the year ended December 31, 2023: The Company issued 400,000 42,500 During the year ended December 31, 2022: The Company issued 909,400 173,880 The Company issued 800,000 80,000 During the year ended December 31, 2021: On February 12, 2021, the Company completed a non-brokered private placement and issued 7,000,000 0.22 1,540,000 0.30 56,320 256,000 39,206 On January 28, 2021, the Company closed the final tranche of a non-brokered private placement and issued 8,740,000 0.10 874,000 0.15 27,800 278,000 100,419 Stock options The Company has adopted an incentive share purchase option plan under the rules of the Exchange pursuant to which it is authorized to grant options to executive officers, directors, employees and consultants, enabling them to acquire up to 10 ten years 25 Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 10. SHARE CAPITAL Stock options The changes in stock options including those granted to directors, officers, employees and consultants are summarized as follows: SCHEDULE OF SHARE OPTION ACTIVITY 2023 2022 2021 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Beginning Balance 8,635,000 $ 0.14 7,880,052 $ 0.13 6,706,072 $ 0.08 Options granted 2,365,000 $ 0.26 3,125,000 $ 0.15 2,840,000 $ 0.22 Expired/Cancelled (250,000 ) $ 0.17 (1,570,052 ) $ 0.13 - - Exercised (400,000 ) $ 0.11 (800,000 ) $ 0.10 (1,666,020 ) $ 0.08 Ending Balance 10,350,000 $ 0.17 8,635,000 $ 0.14 7,880,052 $ 0.13 Exercisable 9,132,250 $ 0.17 6,216,250 $ 0.14 7,692,552 $ 0.13 The following table summarizes information about stock options outstanding and exercisable as at December 31, 2023: SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE Exercise Price Expiry date Options Outstanding Exercisable $ 0.075 January 24, 2024 140,000 140,000 $ 0.06 April 1, 2024 140,000 140,000 $ 0.05 October 15, 2024 1,470,000 1,470,000 $ 0.08 November 18, 2025 500,000 500,000 $ 0.08 December 8, 2025 710,000 710,000 $ 0.19 January 28, 2026 150,000 150,000 $ 0.25 March 22, 2026 1,800,000 1,800,000 $ 0.15 August 10, 2027 2,675,000 2,675,000 $ 0.15 August 12, 2027 100,000 100,000 $ 0.16 October 12, 2027 300,000 300,000 $ 0.28 May 15, 2028 1,825,000 912,500 $ 0.20 June 21, 2028 400,000 200,000 $ 0.20 September 15, 2028 140,000 35,000 10,350,000 9,132,250 The weighted average remaining life of the stock options outstanding at December 31, 2023 is 2.84 3.17 Share-based compensation Share-based compensation of $ 703,612 331,522 495,791 Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 10. SHARE CAPITAL Share-based compensation Share-based payments for options granted and repriced was measured using the Black-Scholes option pricing model with the following assumptions: SCHEDULE OF SHARE BASED COMPENSATION FOR OPTIONS GRANTED 2023 2022 2021 Expected life 3.30 0.8 2.65 1 5 Volatility 134 174 94 193 134 211 Dividend yield 0 0 0 Risk-free interest rate 3.28 4.20 1.46 3.71 0.32 0.99 Option pricing models require the use of highly subjective estimates and assumptions, including the expected stock price volatility. Changes in the underlying assumptions can materially affect the fair value estimates. Warrants The Company has issued warrants entitling the holders to acquire common shares of the Company. The summary of changes in warrants is presented below. SUMMARY OF CHANGES IN WARRANTS 2023 2022 2021 Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Beginning Balance - - 18,781,066 $ 0.21 18,743,226 $ 0.16 Warrants issued - - - - 16,274,000 $ 0.22 Warrants exercised - - (909,400 ) $ 0.19 (10,058,660 ) $ 0.16 Warrants expired - - (17,871,666 ) $ 0.22 (6,177,500 ) $ 0.15 Outstanding - - - - 18,781,066 $ 0.21 Fair value of the finder’s warrants granted was measured using the Black-Scholes pricing model. Black-Scholes pricing models require the use of highly subjective estimates and assumptions, including the expected stock price volatility. Changes in the underlying assumptions can materially affect the fair value estimates. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES | 11. GENERAL AND ADMINISTRATIVE EXPENSES SUMMARY OF GENERAL AND ADMINISTRATIVE EXPENSES 2023 2022 2021 $ $ $ Bank service charges 6,008 5,421 6,806 Filing and registration fees 61,569 40,563 59,635 Insurance 92,812 60,251 44,784 Investor relations - - 5,312 Office maintenance 44,545 31,888 30,738 Payroll 70,495 34,813 - Regulatory fees 7,373 5,238 8,380 Rent 18,000 16,800 12,810 Travel 35,317 55,170 14,382 Warranty expense 3,250 - - General and administrative expenses 339,369 250,144 182,847 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
RELATED PARTY TRANSACTIONS | 12. RELATED PARTY TRANSACTIONS For the year ended December 31, 2023 and 2022, the Company recorded the following transactions with related parties: a) $ 6,000 6,000 6,000 b) $ 12,000 9,000 Nil c) $ 231,393 Nil Nil Related party transactions not otherwise described in the consolidated financial statements are shown below. The remuneration of the Company’s directors and other members of key management, who have the authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, consist of the following: SCHEDULE OF RELATED PARTY TRANSACTIONS Type of transaction 2023 2022 2021 $ $ $ Consulting fees 216,000 168,000 162,500 Management fees 216,000 168,000 205,000 Professional fees 128,400 124,200 150,000 Share-based compensation 495,348 151,088 264,393 Related party transactions 1,055,748 611,288 781,893 There were no Nil Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) |
CAPITAL DISCLOSURES
CAPITAL DISCLOSURES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
CAPITAL DISCLOSURES | 13. CAPITAL DISCLOSURES The Company includes Common shares, Options reserve and Warrants reserve in the definition of capital net of share issue costs. The Company’s objective when managing capital is to maintain sufficient cash resources to support its day-to-day operations. The availability of capital is solely through the issuance of the Company’s common shares. The Company intends to issue additional equity at such time when funds are needed and the market conditions become favorable to the Company. There are no assurances that funds will be made available to the Company when required. The Company makes every effort to safeguard its capital and minimize its dilution to its shareholders. The Company is not subject to any externally imposed capital requirements. There were no changes in the Company’s approach to capital management during the year ended December 31, 2023. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SEGMENTED INFORMATION | 14. SEGMENTED INFORMATION At December 31, 2023, 2022 and 2021, the Company has only one segment, being the HealthTab™ - Point of Care Business in Canada. Revenue from the major customer was $ 3,484,247 1,768,374 122,808 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information | |
SUPPLEMENTAL CASH FLOW INFORMATION | 15. SUPPLEMENTAL CASH FLOW INFORMATION There were no non-cash transactions during the year ended December 31, 2023, 2022 and 2021. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
INCOME TAXES | 16. INCOME TAXES The following table reconciles the expected income tax expense (recovery) at the Canadian statutory income tax rates to the amounts recognized in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023 and 2022: SCHEDULE OF RECONCILIATION OF EXPECTED INCOME TAX EXPENSES (RECOVERY) 2023 2022 2021 $ $ $ Loss for the year (701,215 ) (818,228 ) (1,708,132 ) Expected income tax recovery (27%) (189,000 ) (221,000 ) (461,000 ) Change in statutory, foreign tax, foreign exchange rates and other (54,000 ) (2,000 ) - Permanent differences and other 192,000 91,000 134,000 Share issue cost - (5,000 ) (5,000 ) Change in unrecognized deductible temporary differences 51,000 137,000 356,000 Total income tax expense (recovery) - - Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 16. INCOME TAXES The significant components of the Company’s deferred tax assets are as follows: SCHEDULE OF SIGNIFICANT COMPONENTS OF DEFERRED TAX ASSET AND LIABILITIES 2023 2022 2021 $ $ $ Share issue costs 19,000 26,000 29,000 Property and equipment 332,000 219,000 164,000 Intangible asset 157,000 157,000 157,000 Non-capital losses 5,664,000 5,719,000 5,636,000 Total 6,172,000 6,121,000 5,986,000 Unrecognized deferred tax assets 6,172,000 (6,121,000 ) (5,986,000 ) Deferred income tax asset (liability) - - The Company has approximately $ 21,180,000 begin expiring in 2026 |
FINANCIAL INSTRUMENTS AND FINAN
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 17. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT The Company’s financial instruments include cash and cash equivalents, term deposit, accounts receivable, accounts payable and loans payable. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company’s activities. The Company has exposure to credit risk, liquidity risk and market risk as a result of its use of financial instruments. This note presents information about the Company’s exposure to each of the above risks and the Company’s objectives, policies and processes for measuring and managing these risks. Further quantitative disclosures are included throughout the condensed interim consolidated financial statements. The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Board has implemented and monitors compliance with risk management policies. a) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises primarily from the Company’s cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are held through a large Canadian financial institution. The Company does not have financial assets that are invested in asset-backed commercial paper. The Company performs ongoing credit evaluations of its accounts receivable but does not require collateral. The Company establishes an allowance for expected credit losses based on the credit risk applicable to particular customers and historical data. Approximately 99 99 Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 17. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT b) Liquidity risk Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations as they are due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company’s reputation. Liquidity risk has been assessed as moderate. The Company monitors its spending plans, repayment obligations and cash resources, and takes actions with the objective of ensuring that there is sufficient capital in order to meet short-term business requirements. To facilitate its expenditure program, the Company raises funds primarily through public equity financing. Please refer to note 13 to these consolidated financial statements regarding the Company’s strategy to raise the funds through equity. Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2023 are as follows: SUMMARY OF CONTRACTUAL UNDISCOUNTED CASH FLOW FINANCIAL LIABILITIES Carrying value Contractual Cash flows Within 1 year 1 - 5 Years $ $ $ $ Trade accounts payable 428,677 428,677 428,677 - Loan payable 40,000 40,000 40,000 - Total financial liabilities 468,677 468,677 468,677 - c) Market risk Market risk for the Company consists of currency risk and interest rate risk. The objective of market risk management is to manage and control market risk exposure within acceptable limits, while maximizing returns. Currency risk Foreign currency risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. As all of the Company’s purchases and sales are denominated in Canadian dollars, and it has no significant cash balances denominated in foreign currencies, the Company is not exposed to foreign currency risk at this time. Interest rate risk Interest rate risk is the risk that fair values or future cash flows will fluctuate as a result of changes in market interest rates. In respect of financial assets, the Company’s policy is to invest cash at fixed interest rates and cash reserves are to be maintained in cash equivalents in order to maintain liquidity, while achieving a satisfactory return for shareholders. The Company is not exposed to significant interest rate risk. 17. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (continued) d) Fair values of financial instruments The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities and amounts resulting from direct arm’s length transactions. Cash and cash equivalents are valued using quoted market prices or from amounts resulting from direct arm’s length transactions. As a result, these financial assets have been included in Level 1 of the fair value hierarchy. The fair values of financial assets and financial liabilities are determined as follows: Cash and cash equivalents are measured at fair value on a recurring basis using a level 1 measurement. The carrying amounts of accounts receivable, accounts payable, and loans payable are of approximate fair value due to their short-term maturity or current market rates for similar instruments. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full contractual term. Derivatives are included in Level 2 of the fair value hierarchy as they are valued using price models. These models require a variety of inputs, including, but not limited to, contractual terms, market prices, forward price curves, yield curves and credit spreads. Level 3: Inputs for the asset or liability are not based on observable market data. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
REVENUE | 18. REVENUE Revenues earned are comprised of lease and service of $ 1,579,905 222,406 nil 1,905,242 1,545,968 122,808 |
SUMMARY OF MATERIAL ACCOUNTIN_2
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Material Accounting Policies | |
Revenue recognition | a) Revenue recognition The Company’s revenues are generated from operating leases of the POCT system and sale of testing panels. Revenue comprises the fair value of the consideration received or receivable and is shown net of tax and discounts. The Company recognizes revenue to depict the transfer of goods and services to clients in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services by applying the following steps: ● Identify the contract with a customer; ● Identify the performance obligations in the contract; ● Determine the transaction price; ● Allocate the transaction price to the performance obligations; and ● Recognize revenue when, or as, the Company satisfies a performance obligation. Revenue may be earned over time as the performance obligations are satisfied or at a point in time which is when the entity has earned a right to payment, the customer has possession of the asset and the related significant risks and rewards of ownership, and the customer has accepted the asset. The Company’s arrangements with customers can include multiple performance obligations. When contracts involve various performance obligations, the Company evaluates whether each performance obligation is distinct and should be accounted for as a separate unit of accounting under IFRS 15, Revenue from Contracts with Customers. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) a) Revenue recognition The Company determines the standalone selling price by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include discounting practices, the size and volume of our transactions, our marketing strategy, historical sales and contract prices. The determination of standalone selling prices is made through consultation with and approval by management, taking into consideration our go-to-market strategy. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes in relative standalone selling prices. The Company generally receives payment from its customers after invoicing within the normal 28-day commercial terms. If a customer is specifically identified as a credit risk, recognition of revenue is deferred except to the extent of fees that have already been collected. |
Leases | b) Leases A contract is, or contains, a lease if the contract conveys a lessee the right to control the use of lessor’s identified asset for a period of time in exchange for consideration. The Company as a lessee A lease liability is recognized at the commencement of the lease term at the present value of the lease payments that are not paid at that date. At the commencement date, a corresponding right-of-use asset is recognized at the amount of the lease liability, adjusted for lease incentives received, retirement costs and initial direct costs. Depreciation is recognized on the right-of-use asset over the lease term. Interest expense is recognized on the lease liabilities using the effective interest rate method and payments are applied against the lease liability. Key areas where management has made judgments, estimates, and assumptions related to the application of IFRS 16 include: - The incremental borrowing rates are based on judgments including economic environment, term, currency, and the underlying risk inherent to the asset. The carrying balance of the right-of-use assets, lease liabilities, and the resulting interest expense and depreciation expense, may differ due to changes in the market conditions and lease term. - Lease terms are based on assumptions regarding extension terms that allow for operational flexibility and future market conditions. The Company as a lessor A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. All other leases are classified as finance leases. Leases of the Company’s POCT systems to customers are classified as operating leases. Lease payments from operating leases are recognized as income on a straight-line basis. All costs, including depreciation, incurred in earning the operating lease income are recognized as cost of sales. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognized as an expense over the lease term on the same basis as the lease income. The depreciation for depreciable underlying assets subject to operating leases is in accordance with depreciation policy for the Company’s equipment. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES |
Foreign currency | c) Foreign currency Foreign currency transactions are translated into the functional currency of the respective entity, using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items at year-end exchange rates are recognized in profit or loss. Non-monetary items measured at historical cost are translated using the exchange rates at the date of the transaction and are not retranslated. Non-monetary items measured at fair value are translated using the exchange rates at the date when fair value was determined. |
Cash and cash equivalents | d) Cash and cash equivalents Cash and cash equivalents include cash on account, demand deposits and money market investments with maturities from the date of acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant changes in value. |
Inventory | e) Inventory Inventories consist of raw materials comprising the ingredients used to manufacture OTC pharmaceuticals, as well as the packaging for these products, and finished goods comprising Canadian generic pharmaceuticals. All inventories are recorded at the lower of cost on a weighted average basis and net realizable value. The stated value of all inventories includes purchase, shipping and freight, and quality control testing. A regular review is undertaken to determine the extent of any provision for obsolescence . |
Intangible assets | f) Intangible assets All intangible assets acquired separately by the Company are recorded at cost on the date of acquisition. Intangible assets that have indefinite lives are measured at cost less accumulated impairment losses. Intangible assets that have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets comprise of software, intellectual property, trademarks and web domains and distribution rights, which are amortized on a straight-line basis over 3 years. Amortization rates are reviewed annually to ensure they are aligned with estimates of remaining economic useful lives of the associated intangible assets. |
Equipment | g) Equipment Equipment acquired by the Company is recorded at cost on the date of acquisition. Equipment is stated at historical cost less accumulated amortization and accumulated impairment losses. Amortization is calculated on a declining balance method over their estimated useful lives. The Company’s system hardware is amortized at 55 20 Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES |
Share-based payments | h) Share-based payments The Company operates an incentive share purchase option plan. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share- based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve. The fair value of options is determined using the Black-Scholes option pricing model, which incorporates all market vesting conditions. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. |
Share capital | i) Share capital Proceeds from the exercise of stock options and warrants are recorded as share capital in the amount for which the option or warrant enabled the holder to purchase a share in the Company. Any previously recorded share-based payment included in the reserves account is transferred to share capital on exercise of options. Share capital issued for non-monetary consideration is valued at the closing market price at the date of issuance. The proceeds from issuance of units are allocated between common shares and warrants based on the residual method. Under this method, the proceeds are allocated first to share capital based on the fair value of the common shares at the time the units are priced and any residual value is allocated to the warrants reserve. Consideration received for the exercise of warrants is recorded in share capital, and any related amount recorded in warrants reserve is transferred to share capital. |
Loss per share | j) Loss per share Basic loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share reflect the potential dilution of securities that could share in earnings of an entity. In a loss year, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive. Basic and diluted loss per share are the same for the periods presented. |
Income taxes | k) Income taxes Income tax expense, consisting of current and deferred tax expense, is recognized in the statements of operations. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period-end, adjusted for amendments to tax payable with regard to previous years. Deferred tax assets and liabilities and the related deferred income tax expense or recovery are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES |
Financial Instruments | l) Financial Instruments Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. The Company has classified its cash and cash equivalents as FVTPL and term deposit, accounts receivable, accounts payable and loans payable as amortized cost. Measurement Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the profit or loss in the period in which they arise. Financial assets at FVTOCI Investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income (loss) as they arise. Impairment of financial assets at amortized cost An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES l) Financial Instruments Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in profit or loss. |
Impairment of equipment and intangible assets | m) Impairment of equipment and intangible assets At the end of each reporting period, if there are indicators of impairment, the Company reviews the carrying amounts of its equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Individual assets are grouped together as a cash generating unit for impairment assessment purposes at the lowest level at which there are identifiable cash flows that are independent from other group assets. If any such indication of impairment exists, the Company makes an estimate of its recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. Where the carrying amount of a cash generating unit exceeds its recoverable amount, the cash generating unit is considered impaired and is written down to its recoverable amount. In assessing the value in use, the estimated future cash flows are adjusted for the risks specific to the cash generating unit and are discounted to their present value with a discount rate that reflects the current market indicators. The recoverable amount of intangible assets with an indefinite useful life, intangible assets not available for use, or goodwill acquired in a business combination are measured annually whether or not there are any indications that impairment exists. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the cash generating unit in prior years. A reversal of an impairment loss is recognized as income immediately. |
Significant accounting estimates and judgments | n) Significant accounting estimates and judgments Estimates Significant estimates used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows: Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES n) Significant accounting estimates and judgments Share-based payments The Company grants share-based awards to certain directors, officers, employees, consultants and other eligible persons. For equity-settled awards, the fair value is charged to the statement of operations and comprehensive loss and credited to the reserves over the vesting period using the graded vesting method, after adjusting for the estimated number of awards that are expected to vest. The fair value of equity-settled awards is determined at the date of the grant using the Black-Scholes option pricing model. For equity-settled awards to non-employees, the fair value is measured at each vesting date. The estimate of warrant and option valuation also requires determining the most appropriate inputs to the valuation model, including the volatility, expected life of warrants and options, risk free interest rate and dividend yield. Management must also make significant judgments or assessments as to how financial assets and liabilities are categorized. Estimation of useful lives of equipment and software Amortization of equipment and software is dependent upon estimates of their useful lives. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product lifecycles, and maintenance are taken into account. Judgements Significant judgments used in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are as follows: Revenue recognition Revenue is recognized when the revenue recognition criteria expressed in the accounting policy stated above have been met. Judgment may be required when allocating revenue or discounts on sales amongst the various elements in a sale involving multiple deliverables. Deferred income taxes Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. The determination of income tax expense and deferred tax involves judgment and estimates as to the future taxable earnings, expected timing of reversals of deferred tax assets and liabilities, and interpretations of laws in the countries in which the Company operates. The Company is subject to assessments by tax authorities who may interpret the tax law differently. Changes in these estimates may materially affect the final amount of deferred taxes or the timing of tax payments. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, especially when it can be utilized without a time limit, that deferred tax asset is usually recognized in full. Going concern Management has applied judgements in the assessment of the Company’s ability to continue as a going concern when preparing its financial statements for the year ended December 31, 2023. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. The factors considered by management are disclosed in Note 1. Avricore Health Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2023, 2022 and 2021 (Expressed in Canadian Dollars) 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES |
Application of new and revised Accounting Standards and accounting standards issued but not yet effective | o) Application of new and revised Accounting Standards and accounting standards issued but not yet effective There are no significant changes in accounting policies but several amendments to IFRS Accounting Standards and interpretations became effective for annual periods beginning on or after January 1, 2023. The Company has adopted the amendments to IAS 1 Presentation of Financial Statements as well as IAS 8 Changes in Accounting Estimates and Errors regarding the disclosure of accounting policies and accounting estimates, which were effective for annual periods beginning on January 1, 2023. The amendments did not have a material impact on the Company’s financial statements. There are no accounting pronouncements with future effective dates that are applicable or are expected to have a material impact on the Company’s consolidated financial statements. |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable | |
SCHEDULE OF ACCOUNTS RECEIVABLE | The Company’s accounts receivable consists of the following: SCHEDULE OF ACCOUNTS RECEIVABLE 2023 2022 $ $ Trade receivables 420,998 748,097 GST receivable 6,691 22,276 Total trade receivables 427,689 770,373 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
SCHEDULE OF EQUIPMENT | SCHEDULE OF EQUIPMENT Equipment $ Cost Balance, December 31, 2021 105,358 Additions 1,193,345 Balance, December 31, 2022 1,298,703 Beginning balance 1,298,703 Additions 1,021,572 Balance, December 31, 2023 2,320,275 Ending balance 2,320,275 Accumulated Amortization Balance, December 31, 2021 14,483 Amortization 176,229 Balance, December 31, 2022 190,712 Beginning balance 190,712 Amortization 411,568 Balance, December 31, 2023 602,280 Ending balance 602,280 Carrying value As at December 31, 2022 1,107,991 Beginning balance 1,107,991 As at December 31, 2023 1,717,995 Ending balance 1,717,995 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | SCHEDULE OF INTANGIBLE ASSETS Software HealthTab™ Corozon Emerald Total $ $ $ $ $ Cost Balance, December 31, 2021 35,006 1 1 1 35,009 Additions 5,171 - - - 5,171 Balance, December 31, 2022 40,177 1 1 1 40,180 Intangible assets, cost, beginning balance 40,177 1 1 1 40,180 Additions 25,288 - - - 25,288 Balance, December 31, 2023 65,465 1 1 1 65,468 Intangible assets, cost, ending balance 65,465 1 1 1 65,468 Accumulated Amortization Balance, December 31, 2021 3,501 - - - 3,501 Amortization 6,818 - - - 6,818 Balance, December 31, 2022 10,319 - - - 10,319 Accumulated amortization, beginning balance 10,319 - - - 10,319 Amortization 8,500 - - - 8,500 Balance, December 31, 2023 18,819 - - - 18,819 Accumulated amortization, ending balance 18,819 - - - 18,819 Carrying value As at December 31, 2022 29,858 1 1 1 29,861 As at December 31, 2023 46,646 1 1 1 46,649 Intangible assets, net 46,646 1 1 1 46,649 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED COSTS | The Company’s accounts payable and accrued liabilities consist of the following: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED COSTS 2023 2022 $ $ Trade accounts payable 428,677 261,493 GST payable 60,541 51,400 Accounts payable and accrued liabilities 489,218 312,893 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SCHEDULE OF SHARE OPTION ACTIVITY | The changes in stock options including those granted to directors, officers, employees and consultants are summarized as follows: SCHEDULE OF SHARE OPTION ACTIVITY 2023 2022 2021 Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Beginning Balance 8,635,000 $ 0.14 7,880,052 $ 0.13 6,706,072 $ 0.08 Options granted 2,365,000 $ 0.26 3,125,000 $ 0.15 2,840,000 $ 0.22 Expired/Cancelled (250,000 ) $ 0.17 (1,570,052 ) $ 0.13 - - Exercised (400,000 ) $ 0.11 (800,000 ) $ 0.10 (1,666,020 ) $ 0.08 Ending Balance 10,350,000 $ 0.17 8,635,000 $ 0.14 7,880,052 $ 0.13 Exercisable 9,132,250 $ 0.17 6,216,250 $ 0.14 7,692,552 $ 0.13 |
SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE | The following table summarizes information about stock options outstanding and exercisable as at December 31, 2023: SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE Exercise Price Expiry date Options Outstanding Exercisable $ 0.075 January 24, 2024 140,000 140,000 $ 0.06 April 1, 2024 140,000 140,000 $ 0.05 October 15, 2024 1,470,000 1,470,000 $ 0.08 November 18, 2025 500,000 500,000 $ 0.08 December 8, 2025 710,000 710,000 $ 0.19 January 28, 2026 150,000 150,000 $ 0.25 March 22, 2026 1,800,000 1,800,000 $ 0.15 August 10, 2027 2,675,000 2,675,000 $ 0.15 August 12, 2027 100,000 100,000 $ 0.16 October 12, 2027 300,000 300,000 $ 0.28 May 15, 2028 1,825,000 912,500 $ 0.20 June 21, 2028 400,000 200,000 $ 0.20 September 15, 2028 140,000 35,000 10,350,000 9,132,250 |
SCHEDULE OF SHARE BASED COMPENSATION FOR OPTIONS GRANTED | Share-based payments for options granted and repriced was measured using the Black-Scholes option pricing model with the following assumptions: SCHEDULE OF SHARE BASED COMPENSATION FOR OPTIONS GRANTED 2023 2022 2021 Expected life 3.30 0.8 2.65 1 5 Volatility 134 174 94 193 134 211 Dividend yield 0 0 0 Risk-free interest rate 3.28 4.20 1.46 3.71 0.32 0.99 |
SUMMARY OF CHANGES IN WARRANTS | The Company has issued warrants entitling the holders to acquire common shares of the Company. The summary of changes in warrants is presented below. SUMMARY OF CHANGES IN WARRANTS 2023 2022 2021 Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Beginning Balance - - 18,781,066 $ 0.21 18,743,226 $ 0.16 Warrants issued - - - - 16,274,000 $ 0.22 Warrants exercised - - (909,400 ) $ 0.19 (10,058,660 ) $ 0.16 Warrants expired - - (17,871,666 ) $ 0.22 (6,177,500 ) $ 0.15 Outstanding - - - - 18,781,066 $ 0.21 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SUMMARY OF GENERAL AND ADMINISTRATIVE EXPENSES | SUMMARY OF GENERAL AND ADMINISTRATIVE EXPENSES 2023 2022 2021 $ $ $ Bank service charges 6,008 5,421 6,806 Filing and registration fees 61,569 40,563 59,635 Insurance 92,812 60,251 44,784 Investor relations - - 5,312 Office maintenance 44,545 31,888 30,738 Payroll 70,495 34,813 - Regulatory fees 7,373 5,238 8,380 Rent 18,000 16,800 12,810 Travel 35,317 55,170 14,382 Warranty expense 3,250 - - General and administrative expenses 339,369 250,144 182,847 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | SCHEDULE OF RELATED PARTY TRANSACTIONS Type of transaction 2023 2022 2021 $ $ $ Consulting fees 216,000 168,000 162,500 Management fees 216,000 168,000 205,000 Professional fees 128,400 124,200 150,000 Share-based compensation 495,348 151,088 264,393 Related party transactions 1,055,748 611,288 781,893 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF RECONCILIATION OF EXPECTED INCOME TAX EXPENSES (RECOVERY) | The following table reconciles the expected income tax expense (recovery) at the Canadian statutory income tax rates to the amounts recognized in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023 and 2022: SCHEDULE OF RECONCILIATION OF EXPECTED INCOME TAX EXPENSES (RECOVERY) 2023 2022 2021 $ $ $ Loss for the year (701,215 ) (818,228 ) (1,708,132 ) Expected income tax recovery (27%) (189,000 ) (221,000 ) (461,000 ) Change in statutory, foreign tax, foreign exchange rates and other (54,000 ) (2,000 ) - Permanent differences and other 192,000 91,000 134,000 Share issue cost - (5,000 ) (5,000 ) Change in unrecognized deductible temporary differences 51,000 137,000 356,000 Total income tax expense (recovery) - - |
SCHEDULE OF SIGNIFICANT COMPONENTS OF DEFERRED TAX ASSET AND LIABILITIES | The significant components of the Company’s deferred tax assets are as follows: SCHEDULE OF SIGNIFICANT COMPONENTS OF DEFERRED TAX ASSET AND LIABILITIES 2023 2022 2021 $ $ $ Share issue costs 19,000 26,000 29,000 Property and equipment 332,000 219,000 164,000 Intangible asset 157,000 157,000 157,000 Non-capital losses 5,664,000 5,719,000 5,636,000 Total 6,172,000 6,121,000 5,986,000 Unrecognized deferred tax assets 6,172,000 (6,121,000 ) (5,986,000 ) Deferred income tax asset (liability) - - |
FINANCIAL INSTRUMENTS AND FIN_2
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SUMMARY OF CONTRACTUAL UNDISCOUNTED CASH FLOW FINANCIAL LIABILITIES | Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2023 are as follows: SUMMARY OF CONTRACTUAL UNDISCOUNTED CASH FLOW FINANCIAL LIABILITIES Carrying value Contractual Cash flows Within 1 year 1 - 5 Years $ $ $ $ Trade accounts payable 428,677 428,677 428,677 - Loan payable 40,000 40,000 40,000 - Total financial liabilities 468,677 468,677 468,677 - |
NATURE OF OPERATIONS AND GOIN_2
NATURE OF OPERATIONS AND GOING CONCERN (Details Narrative) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Nature Of Operations And Going Concern | ||
Accumulated deficit | $ 31,735,560 | $ 31,034,345 |
Working capital | $ 244,343 |
SUMMARY OF MATERIAL ACCOUNTIN_3
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
Systemhardware [member] | |
IfrsStatementLineItems [Line Items] | |
Amortization percentage of equipment | 55% |
System analyzers and software [member] | |
IfrsStatementLineItems [Line Items] | |
Amortization percentage of equipment | 20% |
SCHEDULE OF ACCOUNTS RECEIVABLE
SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Receivable | ||
Trade receivables | $ 420,998 | $ 748,097 |
GST receivable | 6,691 | 22,276 |
Total trade receivables | $ 427,689 | $ 770,373 |
PREPAID EXPENSES AND DEPOSITS (
PREPAID EXPENSES AND DEPOSITS (Details Narrative) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expenses And Deposits | ||
Deposits for inventory purchases and prepaid expense to vendors | $ 16,889 | $ 6,932 |
Prepaid business insurance | 9,736 | 11,299 |
Security deposits | $ 12,000 | $ 12,000 |
SCHEDULE OF EQUIPMENT (Details)
SCHEDULE OF EQUIPMENT (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Beginning balance | $ 1,107,991 | |
Ending balance | 1,717,995 | $ 1,107,991 |
Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Beginning balance | 190,712 | 14,483 |
Amortization | 411,568 | 176,229 |
Ending balance | 602,280 | 190,712 |
At cost [member] | ||
IfrsStatementLineItems [Line Items] | ||
Beginning balance | 1,298,703 | 105,358 |
Additions | 1,021,572 | 1,193,345 |
Ending balance | $ 2,320,275 | $ 1,298,703 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Intangible assets, cost, beginning balance | $ 40,180 | $ 35,009 |
Additions | 25,288 | 5,171 |
Intangible assets, cost, ending balance | 65,468 | 40,180 |
Accumulated amortization, beginning balance | 10,319 | 3,501 |
Amortization | 8,500 | 6,818 |
Accumulated amortization, ending balance | 18,819 | 10,319 |
Intangible assets, net | 46,649 | 29,861 |
Computer software [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, cost, beginning balance | 40,177 | 35,006 |
Additions | 25,288 | 5,171 |
Intangible assets, cost, ending balance | 65,465 | 40,177 |
Accumulated amortization, beginning balance | 10,319 | 3,501 |
Amortization | 8,500 | 6,818 |
Accumulated amortization, ending balance | 18,819 | 10,319 |
Intangible assets, net | 46,646 | 29,858 |
HealthTab [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, cost, beginning balance | 1 | 1 |
Additions | ||
Intangible assets, cost, ending balance | 1 | 1 |
Accumulated amortization, beginning balance | ||
Amortization | ||
Accumulated amortization, ending balance | ||
Intangible assets, net | 1 | 1 |
Corozon [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, cost, beginning balance | 1 | 1 |
Additions | ||
Intangible assets, cost, ending balance | 1 | 1 |
Accumulated amortization, beginning balance | ||
Amortization | ||
Accumulated amortization, ending balance | ||
Intangible assets, net | 1 | 1 |
Emerald [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets, cost, beginning balance | 1 | 1 |
Additions | ||
Intangible assets, cost, ending balance | 1 | 1 |
Accumulated amortization, beginning balance | ||
Amortization | ||
Accumulated amortization, ending balance | ||
Intangible assets, net | $ 1 | $ 1 |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED COSTS (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Trade accounts payable | $ 428,677 | $ 261,493 |
GST payable | 60,541 | 51,400 |
Accounts payable and accrued liabilities | $ 489,218 | $ 312,893 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - December 31, 2025 [member] | 12 Months Ended |
Dec. 31, 2020 CAD ($) | |
IfrsStatementLineItems [Line Items] | |
Repayment of loan | $ 40,000 |
Borrowing interest rate | 5% |
SCHEDULE OF SHARE OPTION ACTIVI
SCHEDULE OF SHARE OPTION ACTIVITY (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Number of options, Beginning balance | shares | 8,635,000 | 7,880,052 | 6,706,072 |
Weighted average exercise price, Beginning balance | $ / shares | $ 0.14 | $ 0.13 | $ 0.08 |
Number of options ,Granted | shares | 2,365,000 | 3,125,000 | 2,840,000 |
Weighted average exercise price, Granted | $ / shares | $ 0.26 | $ 0.15 | $ 0.22 |
Number of options, Expired/Cancelled | shares | (250,000) | (1,570,052) | |
Weighted average exercise price, Expired/Cancelled | $ / shares | $ 0.17 | $ 0.13 | |
Number of options, Exercised | shares | (400,000) | (800,000) | (1,666,020) |
Weighted average exercise price, Exercised | $ / shares | $ 0.11 | $ 0.10 | $ 0.08 |
Number of options, Options outstanding Ending balance | shares | 10,350,000 | 8,635,000 | 7,880,052 |
Weighted average exercise price, Options outstanding Ending balance (in Dollars per share) | $ / shares | $ 0.17 | $ 0.14 | $ 0.13 |
Number of options, Exercisable | shares | 9,132,250 | 6,216,250 | 7,692,552 |
Weighted average exercise price, Exercisable (in Dollars per share) | $ / shares | $ 0.17 | $ 0.14 | $ 0.13 |
SCHEDULE OF STOCK OPTION OUTSTA
SCHEDULE OF STOCK OPTION OUTSTANDING AND EXERCISABLE (Details) | 12 Months Ended | |||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.17 | $ 0.14 | $ 0.13 | $ 0.08 |
Options, outstanding | 10,350,000 | 8,635,000 | 7,880,052 | 6,706,072 |
Options, exercisable | 9,132,250 | 6,216,250 | 7,692,552 | |
Option 1 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.075 | |||
Options, expiry date | Jan. 24, 2024 | |||
Options, outstanding | 140,000 | |||
Options, exercisable | 140,000 | |||
Option 2 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.06 | |||
Options, expiry date | Apr. 01, 2024 | |||
Options, outstanding | 140,000 | |||
Options, exercisable | 140,000 | |||
Option 3 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.05 | |||
Options, expiry date | Oct. 15, 2024 | |||
Options, outstanding | 1,470,000 | |||
Options, exercisable | 1,470,000 | |||
Option 4 [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.08 | |||
Options, expiry date | Nov. 18, 2025 | |||
Options, outstanding | 500,000 | |||
Options, exercisable | 500,000 | |||
Option 5 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.08 | |||
Options, expiry date | Dec. 08, 2025 | |||
Options, outstanding | 710,000 | |||
Options, exercisable | 710,000 | |||
Option 6 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.19 | |||
Options, expiry date | Jan. 28, 2026 | |||
Options, outstanding | 150,000 | |||
Options, exercisable | 150,000 | |||
Option 7 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.25 | |||
Options, expiry date | Mar. 22, 2026 | |||
Options, outstanding | 1,800,000 | |||
Options, exercisable | 1,800,000 | |||
Option 8 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.15 | |||
Options, expiry date | Aug. 10, 2027 | |||
Options, outstanding | 2,675,000 | |||
Options, exercisable | 2,675,000 | |||
Option 9 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.15 | |||
Options, expiry date | Aug. 12, 2027 | |||
Options, outstanding | 100,000 | |||
Options, exercisable | 100,000 | |||
Option 10 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.16 | |||
Options, expiry date | Oct. 12, 2027 | |||
Options, outstanding | 300,000 | |||
Options, exercisable | 300,000 | |||
Option 11 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.28 | |||
Options, expiry date | May 15, 2028 | |||
Options, outstanding | 1,825,000 | |||
Options, exercisable | 912,500 | |||
Option 12 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.20 | |||
Options, expiry date | Jun. 21, 2028 | |||
Options, outstanding | 400,000 | |||
Options, exercisable | 200,000 | |||
Option 13 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Options, exercise price | $ / shares | $ 0.20 | |||
Options, expiry date | Sep. 15, 2028 | |||
Options, outstanding | 140,000 | |||
Options, exercisable | 35,000 |
SCHEDULE OF SHARE BASED COMPENS
SCHEDULE OF SHARE BASED COMPENSATION FOR OPTIONS GRANTED (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Expected life | 3 years 3 months 18 days | ||
Dividend yield | 0% | 0% | 0% |
Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Expected life | 9 months 18 days | 1 year | |
Expected volatility | 134% | 94% | 134% |
Risk-free interest rate | 3.28% | 1.46% | 0.32% |
Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Expected life | 2 years 7 months 24 days | 5 years | |
Expected volatility | 174% | 193% | 211% |
Risk-free interest rate | 4.20% | 3.71% | 0.99% |
SUMMARY OF CHANGES IN WARRANTS
SUMMARY OF CHANGES IN WARRANTS (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Number of warrants beginning balance | shares | 18,781,066 | 18,743,226 | |
Weighted average exercise price, warrants beginning balance | $ / shares | $ 0.21 | $ 0.16 | |
Number of warrants issued | shares | 16,274,000 | ||
Weighted average exercise price, warrants issued | $ / shares | $ 0.22 | ||
Number of warrants exercised | shares | (909,400) | (10,058,660) | |
Weighted average exercise price, warrants exercised | $ / shares | $ 0.19 | $ 0.16 | |
Number of warrants expired | shares | (17,871,666) | (6,177,500) | |
Weighted average exercise price, warrants expired | $ / shares | $ 0.22 | $ 0.15 | |
Number of warrants ending balance | shares | 18,781,066 | ||
Weighted average exercise price, warrants ending balance | $ / shares | $ 0.21 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) - CAD ($) | 12 Months Ended | ||||
Feb. 12, 2021 | Jan. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||||
Proceeds from exercise of options | $ 42,500 | $ 80,000 | $ 125,657 | ||
Warrants issued, fair value | 173,880 | 1,653,737 | |||
Proceeds from private placement and issued | 2,404,000 | ||||
Weighted average remaining life of stock options outstanding | 2 years 10 months 2 days | 3 years 2 months 1 day | |||
Share based compensation | $ 703,612 | $ 331,522 | $ 495,791 | ||
Incentive share purchase option plan [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Precentage of stock options | 10% | ||||
Stock option vest term | 10 years | ||||
Incentive share purchase option plan [member] | Top of range [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Precentage of stock options | 25% | ||||
Issued Share Captial [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of shares, private placement and issued | 400,000 | ||||
Proceeds from exercise of options | $ 42,500 | ||||
Issued share captial 1 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of shares, private placement and issued | 909,400 | ||||
Warrants issued, fair value | $ 173,880 | ||||
Issued share captial 2 [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of shares, private placement and issued | 800,000 | ||||
Proceeds from exercise of options | $ 80,000 | ||||
Issued share captial 4 [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of shares, private placement and issued | 7,000,000 | ||||
Warrants issued, fair value | $ 39,206 | ||||
Fair value per share | $ 0.22 | ||||
Proceeds from private placement and issued | $ 1,540,000 | ||||
Finders fee | $ 56,320 | ||||
Finders warrant issued | 256,000 | ||||
Issued share captial 4 [Member] | Ordinary shares [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Fair value per share | $ 0.30 | ||||
Issued share captial 5 [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of shares, private placement and issued | 8,740,000 | ||||
Warrants issued, fair value | $ 100,419 | ||||
Fair value per share | $ 0.10 | ||||
Proceeds from private placement and issued | $ 874,000 | ||||
Finders fee | $ 27,800 | ||||
Finders warrant issued | 278,000 | ||||
Issued share captial 5 [Member] | Ordinary shares [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Fair value per share | $ 0.15 |
SUMMARY OF GENERAL AND ADMINIST
SUMMARY OF GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Bank service charges | $ 6,008 | $ 5,421 | $ 6,806 |
Filing and registration fees | 61,569 | 40,563 | 59,635 |
Insurance | 92,812 | 60,251 | 44,784 |
Investor relations | 5,312 | ||
Office maintenance | 44,545 | 31,888 | 30,738 |
Payroll | 70,495 | 34,813 | |
Regulatory fees | 7,373 | 5,238 | 8,380 |
Rent | 18,000 | 16,800 | 12,810 |
Travel | 35,317 | 55,170 | 14,382 |
Warranty expense | 3,250 | ||
General and administrative expenses | $ 339,369 | $ 250,144 | $ 182,847 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - Directors and other members [member] - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Consulting fees | $ 216,000 | $ 168,000 | $ 162,500 |
Management fees | 216,000 | 168,000 | 205,000 |
Professional fees | 128,400 | 124,200 | 150,000 |
Share-based compensation | 495,348 | 151,088 | 264,393 |
Related party transactions | $ 1,055,748 | $ 611,288 | $ 781,893 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Due to related parties | $ 0 | ||
Chief technology officer [member] | |||
IfrsStatementLineItems [Line Items] | |||
Office rent | 6,000 | 6,000 | $ 6,000 |
Worth of purchase | 231,393 | ||
Chief Financial Officer [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Office rent | $ 12,000 | $ 9,000 |
SCHEDULE OF RECONCILIATION OF E
SCHEDULE OF RECONCILIATION OF EXPECTED INCOME TAX EXPENSES (RECOVERY) (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Loss for the year | $ (701,215) | $ (818,228) | $ (1,708,132) |
Expected income tax recovery (27%) | (189,000) | (221,000) | (461,000) |
Change in statutory, foreign tax, foreign exchange rates and other | (54,000) | (2,000) | |
Permanent differences and other | 192,000 | 91,000 | 134,000 |
Share issue cost | (5,000) | (5,000) | |
Change in unrecognized deductible temporary differences | 51,000 | 137,000 | $ 356,000 |
Total income tax expense (recovery) |
SCHEDULE OF SIGNIFICANT COMPONE
SCHEDULE OF SIGNIFICANT COMPONENTS OF DEFERRED TAX ASSET AND LIABILITIES (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Notes and other explanatory information [abstract] | |||
Share issue costs | $ 19,000 | $ 26,000 | $ 29,000 |
Property and equipment | 332,000 | 219,000 | 164,000 |
Intangible asset | 157,000 | 157,000 | 157,000 |
Non-capital losses | 5,664,000 | 5,719,000 | 5,636,000 |
Total | 6,172,000 | 6,121,000 | 5,986,000 |
Unrecognized deferred tax assets | (6,172,000) | 6,121,000 | $ 5,986,000 |
Deferred income tax asset (liability) |
SEGMENTED INFORMATION (Details
SEGMENTED INFORMATION (Details Narrative) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Description of reportable segment | the Company has only one segment, being the HealthTab™ - Point of Care Business in Canada. | the Company has only one segment, being the HealthTab™ - Point of Care Business in Canada. | the Company has only one segment, being the HealthTab™ - Point of Care Business in Canada. |
Revenue | $ 3,484,247 | $ 1,768,374 | $ 122,808 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Notes and other explanatory information [abstract] | |
Non capital losses | $ 21,180,000 |
Non capital losses expiration description | begin expiring in 2026 |
SUMMARY OF CONTRACTUAL UNDISCOU
SUMMARY OF CONTRACTUAL UNDISCOUNTED CASH FLOW FINANCIAL LIABILITIES (Details) | Dec. 31, 2023 CAD ($) |
IfrsStatementLineItems [Line Items] | |
Trade accounts payable | $ 428,677 |
Loan payable | 40,000 |
Total financial liabilities | 468,677 |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Trade accounts payable | 428,677 |
Loan payable | 40,000 |
Total financial liabilities | 468,677 |
Later than one year and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Trade accounts payable | |
Loan payable | |
Total financial liabilities | |
Contractual Cash Flows [Member] | |
IfrsStatementLineItems [Line Items] | |
Trade accounts payable | 428,677 |
Loan payable | 40,000 |
Total financial liabilities | $ 468,677 |
FINANCIAL INSTRUMENTS AND FIN_3
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Details Narrative) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade receivables [member] | Credit risk [member] | One customer [member] | ||
IfrsStatementLineItems [Line Items] | ||
Credit risk percentage | 99% | 99% |
REVENUE (Details Narrative)
REVENUE (Details Narrative) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Revenues | $ 3,484,247 | $ 1,768,374 | $ 122,808 |
Lease and service [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | 1,579,905 | 222,406 | |
Sale of products [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues | $ 1,905,242 | $ 1,545,968 | $ 122,808 |