Cover
Cover | 3 Months Ended |
Mar. 31, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2024 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-40688 |
Entity Registrant Name | DRAGANFLY INC. |
Entity Central Index Key | 0001786286 |
Entity Address, Address Line One | 235 103rd St. E. |
Entity Address, City or Town | Saskatoon |
Entity Address, State or Province | SK |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | S7N 1Y8 |
Condensed Consolidated Interim
Condensed Consolidated Interim Statement of Financial Position (Unaudited) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 4,339,736 | $ 3,093,612 |
Receivables | 490,580 | 649,612 |
Inventory | 1,459,621 | 1,596,536 |
Prepaids and Deposits | 1,073,936 | 1,342,215 |
Total current assets | 7,363,873 | 6,681,975 |
Equipment | 600,365 | 680,801 |
Intangible assets | 53,605 | 56,426 |
Investments | 178,357 | 189,403 |
Receivable | 156,200 | |
Right of use assets | 638,148 | 721,687 |
TOTAL ASSETS | 8,990,548 | 8,330,292 |
Current Liabilities | ||
Trade payables and accrued liabilities | 2,396,936 | 2,638,981 |
Customer deposits | 62,394 | 104,715 |
Deferred income | 16,439 | 12,112 |
Loans payable | 3,373 | 85,058 |
Derivative liability | 4,033,574 | 4,196,125 |
Lease liabilities | 316,931 | 362,001 |
Total current liabilities | 6,829,647 | 7,398,992 |
Non-current Liabilities | ||
Deferred Income | 91,463 | 95,562 |
Lease liabilities | 390,911 | 428,022 |
TOTAL LIABILITIES | 7,312,021 | 7,922,576 |
SHAREHOLDERS’ EQUITY | ||
Share capital | 100,023,862 | 97,070,976 |
Reserve – share-based payments | 7,072,480 | 6,870,139 |
Accumulated deficit | (105,452,164) | (103,588,356) |
Accumulated other comprehensive income | 34,349 | 54,957 |
TOTAL SHAREHOLDERS’ EQUITY | 1,678,527 | 407,716 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 8,990,548 | $ 8,330,292 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Comprehensive Loss (Unaudited) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Profit or loss [abstract] | ||
Sales of goods | $ 1,237,948 | $ 1,380,816 |
Provision of services | 91,633 | 220,670 |
TOTAL REVENUE | 1,329,581 | 1,601,486 |
COST OF SALES | (1,049,570) | (1,158,052) |
GROSS PROFIT | 280,011 | 443,434 |
OPERATING EXPENSES | ||
Amortization | 2,821 | 8,989 |
Depreciation | 143,122 | 57,506 |
Director fees | 152,438 | 151,663 |
Insurance | 364,274 | 498,006 |
Office and miscellaneous | 346,270 | 2,800,652 |
Professional fees | 580,260 | 847,187 |
Research and development | 121,391 | 793,224 |
Share-based payments | 198,907 | 540,563 |
Travel | 40,019 | 89,262 |
Wages and salaries | 1,581,431 | 1,821,081 |
Total operating expenses | (3,530,933) | (7,608,133) |
OTHER INCOME | ||
Change in fair value of derivative liability | 1,817,569 | 57,314 |
Finance and other costs | 4,825 | 35,861 |
Foreign exchange gain (loss) | 66,736 | (18,156) |
Gain on disposal of assets | 43,528 | 21,203 |
Gain on recovery of notes receivable | 6,751 | |
Government income | 1,275 | |
Other expense | (552,295) | (424) |
Total Other income (expenses) | 1,387,114 | 97,073 |
NET LOSS | (1,863,808) | (7,067,626) |
Items that may be reclassified to profit or loss | ||
Foreign exchange translation | (9,562) | (86,402) |
Items that will not be reclassified to profit or loss | ||
Change in fair value of equity investments at FVOCI | (11,046) | 57,033 |
COMPREHENSIVE LOSS | $ (1,884,416) | $ (7,096,995) |
Net Income (Loss) per share - Basic | $ (0.03) | $ (0.20) |
Net Income (Loss) per share - Diluted | $ (0.03) | $ (0.20) |
Weighted average number of common shares outstanding - Diluted | 54,933,773 | 34,689,118 |
Weighted average number of common shares outstanding - Basic | 54,933,773 | 34,689,118 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited) - CAD ($) | Issued capital [member] | Reserve of share-based payments [member] | Retained earnings [member] | Reserve of gains and losses from investments in equity instruments [member] | Reserve of exchange differences on translation [member] | Total |
Balance at Dec. 31, 2022 | $ 83,600,089 | $ 7,264,340 | $ (79,976,546) | $ (431,123) | $ 584,121 | $ 11,040,881 |
Balance, shares at Dec. 31, 2022 | 34,270,579 | |||||
Shares issued for financing – ATM (“At-the-Market”) | $ 1,748,946 | 1,748,946 | ||||
Shares issued for financing - ATM ("At-the-market"), shares | 650,729 | |||||
Share issue costs | $ (187,697) | (187,697) | ||||
Shares issued for financing | $ 10,856,166 | 10,856,166 | ||||
Shares issued for financing, shares | 8,000,000 | |||||
Share issue costs | $ (1,206,040) | (1,206,040) | ||||
Shares issued for the exercise of warrants | $ 1,261,245 | 1,261,245 | ||||
Shares issued for the exercise of warrants, shares | 3,800,000 | |||||
Shares issued for the exercise of RSUs | $ 68,750 | (68,750) | ||||
Shares issued for the exercise of RSUs, shares | 63,657 | |||||
Share-based payments | 540,563 | 540,563 | ||||
Shares returned to treasury | ||||||
Shares returned to treasury, shares | (900,000) | |||||
Net loss | (7,067,626) | (7,067,626) | ||||
Change in fair value of equity investments at FVOCI | 57,033 | 57,033 | ||||
Translation of foreign operations | (86,402) | (86,402) | ||||
Balance at Mar. 31, 2023 | $ 94,880,214 | 7,736,153 | (87,044,172) | (374,090) | 497,719 | 15,695,824 |
Balance, shares at Mar. 31, 2023 | 42,984,965 | |||||
Balance at Dec. 31, 2022 | $ 83,600,089 | 7,264,340 | (79,976,546) | (431,123) | 584,121 | 11,040,881 |
Balance, shares at Dec. 31, 2022 | 34,270,579 | |||||
Shares issued for financing | 520,064 | |||||
Balance at Dec. 31, 2023 | $ 97,070,976 | 6,870,139 | (103,588,356) | (434,303) | 489,260 | 407,716 |
Balance, shares at Dec. 31, 2023 | 49,229,563 | |||||
Balance at Mar. 31, 2023 | $ 94,880,214 | 7,736,153 | (87,044,172) | (374,090) | 497,719 | 15,695,824 |
Balance, shares at Mar. 31, 2023 | 42,984,965 | |||||
Shares issued for financing | $ 520,064 | 520,064 | ||||
Shares issued for financing, shares | 4,800,000 | |||||
Share issue costs | $ (901,285) | 224,868 | (676,417) | |||
Shares issued for the exercise of warrants | $ 1,261,245 | 1,261,245 | ||||
Shares issued for the exercise of warrants, shares | 3,800,000 | |||||
Shares issued for the exercise of RSUs | $ 2,571,983 | (2,571,983) | ||||
Shares issued for the exercise of RSUs, shares | 1,444,598 | |||||
Share-based payments | 1,481,101 | 1,481,101 | ||||
Shares returned to treasury | ||||||
Shares returned to treasury, shares | (900,000) | |||||
Net loss | (16,544,184) | (16,544,184) | ||||
Change in fair value of equity investments at FVOCI | (60,213) | (60,213) | ||||
Translation of foreign operations | (8,459) | (8,459) | ||||
Balance at Dec. 31, 2023 | $ 97,070,976 | 6,870,139 | (103,588,356) | (434,303) | 489,260 | 407,716 |
Balance, shares at Dec. 31, 2023 | 49,229,563 | |||||
Shares issued for financing | $ 2,017,966 | 2,017,966 | ||||
Shares issued for financing, shares | 11,200,000 | |||||
Share issue costs | $ (338,836) | 72,185 | (266,651) | |||
Shares issued for the exercise of warrants | $ 1,205,005 | 1,205,005 | ||||
Shares issued for the exercise of warrants, shares | 3,800,000 | |||||
Shares issued for the exercise of RSUs | $ 68,751 | (68,751) | ||||
Shares issued for the exercise of RSUs, shares | 63,658 | |||||
Share-based payments | 198,907 | 198,907 | ||||
Shares returned to treasury | ||||||
Shares returned to treasury, shares | (900,000) | |||||
Net loss | (1,863,808) | (1,863,808) | ||||
Change in fair value of equity investments at FVOCI | (11,046) | (11,046) | ||||
Translation of foreign operations | (9,562) | (9,562) | ||||
Balance at Mar. 31, 2024 | $ 100,023,862 | $ 7,072,480 | $ (105,452,164) | $ (445,349) | $ 479,698 | $ 1,678,527 |
Balance, shares at Mar. 31, 2024 | 63,393,221 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net loss | $ (1,863,808) | $ (7,067,626) |
Adjustments for: | ||
Amortization | 2,821 | 8,989 |
Depreciation | 143,122 | 57,506 |
Impairment of accounts receivable | 198,513 | |
Change in fair value of derivative liability | (1,817,569) | (57,314) |
Impairment of inventory | 148,760 | 77,047 |
Impairment (Gain) on recovery of notes receivable | (6,751) | |
Finance and other costs | 485,849 | 1,275 |
Gain on disposal of assets | (43,528) | (21,203) |
Income from government assistance | ||
Share-based payments | 198,907 | 540,563 |
Adjustments for profit loss | (2,752,197) | (6,262,250) |
Net changes in non-cash working capital items: | ||
Receivables | 2,832 | 404,458 |
Inventory | (11,845) | (558,352) |
Prepaids | 268,279 | 419,350 |
Trade payables and accrued liabilities | (111,045) | 392,643 |
Customer deposits | (42,321) | 40,467 |
Deferred income | 228 | (59,732) |
Cash used in operating activities | (2,646,069) | (5,623,416) |
INVESTING ACTIVITIES | ||
Purchase of equipment | (4,066) | (74,415) |
Disposal of equipment | 73,366 | 45,774 |
Repayment of notes receivable | 6,751 | 33,369 |
Cash provided by (used in) investing activities | 76,051 | 4,728 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common shares for financing | 4,877,475 | 12,605,112 |
Share issue costs | (889,482) | (1,393,737) |
Proceeds from issuance of common shares for warrants exercised | 513 | |
Repayment of loans | (81,685) | (1,686) |
Repayment of lease liabilities | (81,117) | (30,444) |
Cash provided by (used in) financing activities | 3,825,704 | 11,179,245 |
Effects of exchange rate changes on cash | (9,562) | (86,402) |
Change in cash | 1,255,686 | 5,560,557 |
Cash and cash equivalents, beginning of period | 3,093,612 | 7,894,781 |
Cash and cash equivalents, end of period | 4,339,736 | 13,368,936 |
SUPPLEMENTARY CASH FLOW DISCLOSURE | ||
Interest paid | 21,522 | 11,817 |
Share issue costs in accounts payable | $ 153,455 | $ 246,836 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2024 | |
Nature And Continuance Of Operations | |
NATURE AND CONTINUANCE OF OPERATIONS | 1. NATURE AND CONTINUANCE OF OPERATIONS Draganfly Inc. (the “Company”) was incorporated on June 1, 2018 under the Business Corporations Act (British Columbia). The Company creates quality, cutting-edge unmanned and remote data collection and analysis platforms and systems that are designed to revolutionize the way companies do business. The Company’s shares trade on the Canadian Securities Exchange (the “CSE”), on the Nasdaq Capital Market (the “Nasdaq”) under the symbol “DPRO” and on the Frankfurt Stock Exchange under the symbol “3U8A”. The Company’s head office is located at 235 103 rd These condensed consolidated interim financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. To date, the Company has not been profitable and has an accumulated deficit of $ 105,452,164 |
BASIS OF PREPARATION
BASIS OF PREPARATION | 3 Months Ended |
Mar. 31, 2024 | |
Basis Of Preparation | |
BASIS OF PREPARATION | 2. BASIS OF PREPARATION Statement of Compliance These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”. These condensed consolidated interim financial statements include all necessary disclosures required for interim financial statements but do not include all disclosures required for annual financial statements. These condensed consolidated interim financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2023. These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on May 14, Basis of consolidation Each subsidiary is fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continues to be consolidated until the date when such control ceases. The condensed consolidated interim financial statements include the accounts and results of operations of the Company and its wholly owned subsidiaries listed in the following table: SCHEDULE OF WHOLLY OWNED SUBSIDIARIES Name of Subsidiary Place of Incorporation Ownership Interest Draganfly Innovations Inc. (DII) Canada 100 % Draganfly Innovations USA, Inc. (DI USA) US 100 % Dronelogics Systems Inc. (“Dronelogics”) Canada 100 % All intercompany balances and transactions were eliminated on consolidation. |
MATERIAL ACCOUNTING POLICY INFO
MATERIAL ACCOUNTING POLICY INFORMATION, ESTIMATES, AND JUDGEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Material Accounting Policy Information Estimates And Judgements | |
MATERIAL ACCOUNTING POLICY INFORMATION, ESTIMATES, AND JUDGEMENTS | 3. MATERIAL ACCOUNTING POLICY INFORMATION, ESTIMATES, AND JUDGEMENTS These condensed consolidated interim financial statements have been prepared following the same accounting principles and methods of computation as in outlined in the Company’s consolidated financial statements for the year ended December 31, 2023. A description of the accounting standards and interpretations that have been adopted by the Company can be found in the notes of the annual financials statements for the year ended December 31, 2023. The preparation of the condensed consolidated interim financial statements requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. These condensed consolidated interim financial statements include estimates, which by their nature, are uncertain. These assumptions and associated estimates are based on historical experience and other factors that are considered to be relevant. As such, actual results may differ from estimates and the effect of such differences may be material. Significant estimates and judgements used in the preparation of these condensed consolidated interim financial statements remained unchanged from those disclosed in the Company’s annual consolidated financial statements for the year ended December 31, 2023. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
CASH AND CASH EQUIVALENTS | 4. CASH AND CASH EQUIVALENTS SCHEDULE OF CASH AND CASH EQUIVALENTS As at March 31, 2024 December 31, 2023 Cash held in banks $ 4,339,736 $ 3,093,612 |
RECEIVABLES
RECEIVABLES | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Amounts Receivable | |
RECEIVABLES | 5. RECEIVABLES SCHEDULE OF AMOUNTS RECEIVABLE As at March 31, 2024 December 31, 2023 Trade accounts receivable $ 599,050 $ 610,443 Sales tax receivable 47,730 39,169 Trade and other receivables $ 646,780 $ 649,612 Current portion $ 490,580 $ 649,612 Long term portion 156,200 - Trade and other receivables $ 646,780 $ 649,612 During the three months ended March 31, 2024, the Company recorded a of $ nil 198,513 The long-term receivable represents a refundable deposit that |
INVENTORY
INVENTORY | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
INVENTORY | 6. INVENTORY SCHEDULE OF INVENTORIES As at March 31, 2024 December 31, 2023 Finished goods $ 1,104,798 $ 904,858 Parts 354,823 691,678 Inventories $ 1,459,621 $ 1,596,536 During the three months ended March 31, 2024, $ 966,339 1,012,881 148,760 77,047 Cost of sales consist of the following: SCHEDULE OF COST OF SALES For the three months ended March 31, 2024 March 31, Inventory $ 966,339 $ 1,012,881 Consulting and services 22,474 93,654 Other 60,757 51,517 Cost of sales $ 1,049,570 $ 1,158,052 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) |
PREPAIDS AND DEPOSITS
PREPAIDS AND DEPOSITS | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
PREPAIDS AND DEPOSITS | 7. PREPAIDS AND DEPOSITS SCHEDULE OF PREPAID EXPENSES AND DEPOSITS As at March 31, 2024 December 31, 2023 Insurance $ 490,811 $ 838,445 Prepaid other 180,701 142,124 Deposits 402,424 361,646 Prepaid expenses and deposits $ 1,073,936 $ 1,342,215 |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about investment property [abstract] | |
INVESTMENTS | 8. INVESTMENTS SCHEDULE OF INVESTMENTS Balance at December 31, 2023 $ 189,403 Change in fair value (11,046 ) Balance at March 31 2024 $ 178,357 Fair value of investments is comprised of: SCHEDULE OF FAIR VALUE OF INVESTMENT Public company shares $ 42,857 Private company shares 135,500 Balance at March 31, 2024 $ 178,357 The Company holds 1,428,571 with an initial cost of 500,000 The Company holds 50,000 100,000 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) |
EQUIPMENT
EQUIPMENT | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
EQUIPMENT | 9. EQUIPMENT SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT Computer Equipment Furniture and Equipment Leasehold Improvements Vehicles Total Cost Balance at December 31, 2022 $ 95,662 $ 834,453 $ - $ 36,033 $ 966,148 Additions 58,611 320,941 86,530 24,310 490,394 Disposals (21,000 ) (115,204 ) - - (136,204 ) Balance at December 31, 2023 133,273 1,040,192 86,530 60,343 1,320,338 Property, plant and equipment, beginning balance 133,273 1,040,192 86,530 60,343 1,320,338 Additions - 1,706 2,358 - 4,064 Disposals - (76,901 ) - - (76,901 ) Balance at March 31, 2024 $ 133,273 $ 964,997 $ 88,888 $ 60,343 $ 1,247,501 Property, plant and equipment, ending balance $ 133,273 $ 964,997 $ 88,888 $ 60,343 $ 1,247,501 Accumulated depreciation Balance at December 31, 2022 $ 41,998 $ 502,790 $ - $ 16,669 $ 561,457 Charge for the year 22,762 112,361 6,790 12,497 154,410 Disposals (6,582 ) (69,748 ) - - (76,330 ) Balance at December 31, 2023 58,178 545,403 6,790 29,166 639,537 Accumulated depreciation Property, plant and equipment, beginning balance 58,178 545,403 6,790 29,166 639,537 Charge for the period 10,225 37,667 4,431 2,338 54,661 Disposals - (47,062 ) - - (47,062 ) Balance at March 31, 2024 $ 68,403 $ 536,008 $ 11,221 $ 31,504 $ 647,136 Accumulated depreciation Property, plant and equipment, ending balance $ 68,403 $ 536,008 $ 11,221 $ 31,504 $ 647,136 Net book value: December 31, 2023 $ 75,095 $ 494,789 $ 79,740 $ 31,177 $ 680,801 March 31, 2024 $ 64,870 $ 428,989 $ 77,667 $ 28,839 $ 600,365 Property, plant and equipment $ 64,870 $ 428,989 $ 77,667 $ 28,839 $ 600,365 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) |
RIGHT OF USE ASSETS
RIGHT OF USE ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
RIGHT OF USE ASSETS | 10. RIGHT OF USE ASSETS SCHEDULE OF RIGHT OF USE ASSETS Vehicles Buildings Land Total Balance at December 31, 2022 $ 2,385 $ 342,361 $ - $ 344,746 Additions - 322,354 418,001 740,355 Depreciation (2,385 ) (149,644 ) (211,057 ) (363,086 ) Foreign exchange translation - - (328 ) (328 ) Balance at December 31, 2023 $ - $ 515,071 $ 206,616 $ 721,687 Right of use assets, Cost, Balance $ - $ 515,071 $ 206,616 $ 721,687 Depreciation $ - $ (35,681 ) $ (52,777 ) $ (88,458 ) Foreign exchange translation - - 4,919 4,919 Balance at March 31, 2024 $ - $ 479,390 $ 158,758 $ 638,148 Right of use assets, Cost, Balance $ - $ 479,390 $ 158,758 $ 638,148 The Company added two new leases during the year ended December 31, 2023. A lease for land in the amount of $ 418,001 with an expiration date of December 31, 2024 , and another lease for a facility in the amount of $ 322,354 with an expiration date of September 30, 2028 . The Company has four leases with expiration dates of December 31, 2024 , May 31, 2026 , January 31, 2027 , and September 30, 2028 . |
LEASE LIABILITIES
LEASE LIABILITIES | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
LEASE LIABILITIES | 11. LEASE LIABILITIES The Company leases certain assets under lease agreements. The lease liabilities consist of leases of facilities and vehicles with terms ranging from one to five years 7.5 13.25 SCHEDULE OF OPERATING LEASE LIABILITIES As at Total Balance at December 31, 2022 $ 378,643 Interest expense 96,423 Additions 734,903 Lease payments (423,410 ) Foreign exchange translation 3,464 Balance at December 31, 2023 790,023 Interest expense 20,323 Lease payments (101,440 ) Foreign exchange translation (1,064 ) Balance at March 31, 2024 $ 707,842 Which consists of: March 31, 2024 December 31, 2023 Current lease liability $ 316,931 $ 362,001 Non-current lease liability 390,911 428,022 Ending balance $ 707,842 $ 790,023 SCHEDULE OF OPERATING MATURITY ANALYSIS Maturity analysis Total Less than one year $ 372,356 One to three years 334,746 Four to five years 114,937 Total undiscounted lease liabilities 822,039 Amount representing interest (114,197 ) Lease liability $ 707,842 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) |
TRADE PAYABLES AND ACCRUED LIAB
TRADE PAYABLES AND ACCRUED LIABILITIES | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
TRADE PAYABLES AND ACCRUED LIABILITIES | 12. TRADE PAYABLES SCHEDULE OF TRADE PAYABLES AND ACCRUED LIABILITIES As at March 31, 2024 December 31, 2023 Trade accounts payable $ 1,159,489 $ 1,259,623 Accrued liabilities 1,203,738 1,345,649 Government grant payable 33,709 33,709 Trade payables and accrued liabilities $ 2,396,936 $ 2,638,981 |
DEFERRED INCOME
DEFERRED INCOME | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Deferred Income | |
DEFERRED INCOME | 13. DEFERRED INCOME At times, the Company may take payment in advance for services to be rendered. These amounts are held and recognized as services are rendered. SCHEDULE OF DEFERRED INCOME As at March 31, 2024 December 31, 2023 Deferred income from customers $ 6,287 $ 12,112 Deferred income from government 101,615 95,562 Deferred income gross $ 107,902 $ 107,674 Current portion $ 16,439 $ 12,112 Long-term portion 91,463 95,562 Deferred income net $ 107,902 $ 107,674 Deferred revenue of $ 16,439 as of March 31, 2024 is expected to be recognized as revenue within one year. The remaining is related to a long-term support and maintenance arrangements these arrangements 4.3 years. |
LOANS PAYABLE
LOANS PAYABLE | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
LOANS PAYABLE | 14. LOANS PAYABLE SCHEDULE OF LOANS PAYABLE As at March 31, 2024 December 31, 2023 Opening balance $ 85,058 $ 86,571 Repayment of loans payable (81,685 ) (6,747 ) Accretion expense - 5,234 Ending balance $ 3,373 $ 85,058 SCHEDULE OF LOANS Start Date Maturity Date Rate Carrying Value March 31, 2024 Carrying Value December 31, 2023 CEBA 2020-05-19 2024-03-28 0 % $ - $ 40,000 CEBA 2021-04-23 2024-03-28 0 % - 40,000 Vehicle loan 2019-08-30 2024-09-11 6.99 % 3,373 5,058 Total $ 3,373 $ 85,058 Total Carrying Value $ 3,373 $ 85,058 The CEBA loans are unsecured, and the vehicle loan is secured by the vehicle. The CEBA loans were repaid March 25, 2024. Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended |
Mar. 31, 2024 | |
SHARE CAPITAL | 15. SHARE CAPITAL Authorized share capital Unlimited number of common shares without par value. Issued share capital During the three months ended March 31, 2024, The Company issued 63,658 ● The Company issued 3,800,000 ● The Company issued 11,200,000 units consisting of one common share and one warrant and 2,200,00 4,877,475 with share issuance costs of $ 752,498 for net proceeds of $ 4,274,391 . Of the total share issuance costs $ 441,166 were expensed in other income (expense). Value of the issuance was allocated $2,017,966 2,859,509 431,084 ● 900,000 During the year ended December 31, 2023, ● The Company issued 1,508,255 ● The Company issued 8,000,000 10,856,166 1,953,032 8,903,134 ● The Company issued 650,729 1,748,946 222,136 1,526,810 ● The Company issued 4,800,000 common shares in a financing for proceeds of $ 4,858,995 with share issuance costs of $ 889,623 for net proceeds of $ 3,969,372 . Of the total share issuance costs $ 793,979 were expensed in other income (expense). Value of the issuance was allocated $ 520,064 to the shares and $ 4,338,931 Stock Options The Company has adopted an incentive share compensation plan, which provides that the Board of Directors of the Company may from time to time, in its discretion, and in accordance with the CSE requirements, grant to directors, officers, employees, and technical consultants to the Company, non-transferable stock options to purchase common shares. The total number of common shares reserved and available for grant and issuance pursuant to this plan shall not exceed 20% (in the aggregate) of the issued and outstanding common shares from time to time. The number of options awarded and underlying vesting conditions are determined by the Board of Directors in its discretion. As at March 31, 2024, the Company had the following options outstanding and exercisable: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE Grant Date Expiry Date Exercise Price Remaining Contractual Life (years) Number of Options Outstanding Number of Options Exercisable October 30, 2019 October 30, 2029 $ 2.50 5.57 278,332 278,332 November 19, 2019 November 19, 2029 $ 2.50 5.63 50,000 50,000 April 30, 2020 April 30, 2030 $ 2.50 6.07 85,000 85,000 April 30, 2020 April 30, 2030 $ 3.85 6.07 110,000 110,000 July 3, 2020 July 3, 2025 $ 3.20 1.25 100,000 100,000 November 24, 2020 November 24, 2030 $ 2.50 6.64 32,000 32,000 February 2, 2021 February 2, 2031 $ 13.20 6.83 30,000 30,000 March 8, 2021 March 8, 2026 $ 13.90 1.93 10,000 10,000 April 27, 2021 April 27, 2031 $ 10.15 7.06 137,665 113,994 September 9, 2021 September 9, 2026 $ 4.84 2.44 25,826 17,217 November 9, 2023 November 9, 2033 $ 0.626 9.59 30,000 10,000 888,823 836,543 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) 15. SHARE CAPITAL (CONT’D) SCHEDULE OF STOCK OPTIONS OUTSTANDING Number of Options Weighted Average Exercise Price Outstanding, December 31, 2022 877,157 $ 4.60 Forfeited (9,999 ) 3.77 Issued 30,000 0.63 Outstanding, December 31, 2023 897,158 $ 4.48 Forfeited (8,335 ) 10.15 Outstanding, March 31, 2024 888,823 $ 4.42 No options were granted by the Company during the three months ended March 31, 2024. During the three months ended March 31, 2024, the Company recorded $ 26,689 103,012 Restricted Share Units During the three months ended March 31, 2024, the Company recorded share-based payment expense of $ 172,218 437,551 The Company has adopted an incentive share compensation plan, which provides that the Board of Directors of the Company may from time to time, in its discretion, and in accordance with the Exchange requirements, grant to directors, officers, employees and technical consultants to the Company, restricted stock units (RSUs). The number of RSUs awarded and underlying vesting conditions are determined by the Board of Directors in its discretion. RSUs will have a 3-year vesting period As at March 31, 2024, the Company had the following RSUs outstanding: SUMMARY OF CHANGES IN RESTRICTED STOCK UNITS Number of RSUs Outstanding, December 31, 2022 1,198,875 Vested (1,508,255 ) Issued 1,685,316 Forfeited (262,969 ) Outstanding, December 31, 2023 1,112,967 Vested (63,658 ) Forfeited (36,203 ) Outstanding, March 31, 2024 1,013,106 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) 15. SHARE CAPITAL (CONT’D) Warrants During the three months ended March 31, 2024 and the year ended December 31, 2023, the Company issued pre-funded warrants (“USD pre-funded Warrants”) where a portion of the funds related to the eventual exercise have already been received with the remaining exercise price in USD. Being in a foreign currency that is not the Company’s functional currency and these pre-funded warrants were not issued in exchange for services, the value related to the future exercise price of the USD pre-funded Warrants are required to be recorded as a financial liability and not as equity. As a financial liability, the portion of the USD pre-funded Warrants related to the future exercise price will be revalued on a quarterly basis to fair market value with the change in fair value being recorded in profit or loss. To reach a fair value of the USD Warrants, a Black Scholes calculation is used, calculated in USD as the Company also trades on the Nasdaq. The Black Scholes value per USD Warrant is then multiplied by the number of outstanding warrants and then multiplied by the foreign exchange rate at the end of the period. At the date of issue the warrants were valued with a risk free rate of 4.33 119.23 5 0 4.48 107.8 3 0 Warrant Derivative Liability SCHEDULE OF WARRANT DERIVATIVE LIABILITY Balance at December 31, 2022 $ - Warrants issued 3,985,015 Change in fair value of warrants outstanding 211,110 Balance at December 31, 2023 $ 4,196,125 Warrants issued 2,859,509 Warrants exercised (1,204,491 ) Change in fair value of warrants outstanding (1,817,569 ) Balance at March 31, 2024 $ 4,033,574 Derivative liability balance at March 31, 2024 December 31, 2023 Warrants $ 4,033,574 $ 4,196,125 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) 15. SHARE CAPITAL (CONT’D) Details of these warrants and their fair values are as follows: SCHEDULE OF WARRANT AND FAIR VALUE OUTSTANDING Issue Date Exercise Price Number of Warrants Outstanding at March 31, 2024 Fair Value at March 31, 2024 Number of Warrants Outstanding at December 31, 2023 (5) Fair Value at December 31, 2023 October 30, 2023 US$ 0.6123 6,400,000 1,130,828 6,400,000 3,180,543 October 30, 2023 ( 2 ) US$ 0.0001 - - 1,600,000 1,015,582 February 26, 2024 (3 ) US$ 0.1761 13,400,000 2,902,746 - - February 26, 2024 ( 4 ) US$ 0.17 - - - - 19,800,000 $ 4,033,574 8,000,000 $ 4,196,125 1) The warrants expire October 30, 2028. 2) The warrants have no expiry date. They were exercised January 5, 2024. 3) The warrants expire February 26, 2029. 4) The warrants have no expiry date. They were exercised February 26, 2024. The fair values of these warrants were estimated using the Black-Scholes Option Pricing Model with the following weighted average assumptions: SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS March 31, 2024 December 31, 2023 Risk free interest rate 4.21 % 3.84 % Expected volatility 119.47 % 113.78 % Expected life 4.6 4.91 4.8 Expected dividend yield 0 % 0 % SUMMARY OF CHANGES IN WARRANTS Number of Warrants Weighted Average Exercise Price Outstanding, December 31, 2022 7,916,797 $ 5.08 Issued 8,320,000 0.50 Expired (7,661,999 ) 5.89 Outstanding, December 31, 2023 8,574,798 $ 0.63 Issued 16,270,000 0.22 Exercised (3,800,000 ) 0.0001 Outstanding March 31, 2024 21,044,798 $ 0.51 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) 15. SHARE CAPITAL (CONT’D) As at March 31, 2024, the Company had the following warrants outstanding: SCHEDULE OF WARRANTS OUTSTANDING Date issued Expiry date Exercise price Number of warrants outstanding July 29, 2021 July 29, 2024 US$ 5.00 250,000 September 14, 2021 September 14, 2024 US$ 5.00 4,798 October 30, 2023 October 30, 2026 US$ 0.6875 320,000 October 30, 2023 October 30, 2028 US$ 0.6123 6,400,000 February 26, 2024 February 26, 2027 US$ 0.3375 670,000 February 26, 2024 February 26, 2029 US$ 0.1761 13,400,000 21,044,798 The weighted average remaining contractual life of warrants outstanding as of March 31, 2024, was 4.66 4.63 |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SEGMENTED INFORMATION | 16. SEGMENTED INFORMATION The Company organizes its three segments based on product lines as well as a Corporate segment. The three segments are Drones, Vital (Vital Intelligence), and Corporate. The Drones segment derives its revenue from products and services related to the sale of unmanned aerial vehicles (UAV). The Vital segment derives its revenue from the sale of products that measure vitals to help detect symptoms from large groups of people from a distance. The Corporate segment includes all costs not directly associated with the Drone and Vital segments. The Company aggregates the information for the segments by analyzing the revenue steam and allocating direct costs to that respective segment. The Corporate segment is aggregated by relying on the entity that includes corporate costs (Draganfly Inc.). SCHEDULE OF SEGMENTED INFORMATION March 31, 2024 Drones Vital Corporate Total Sales of goods $ 1,237,948 $ - $ - $ 1,237,948 Provision of services 91,633 - - 91,633 Total revenue 1,329,581 - - 1,329,581 Segment loss (income) 1,267,167 - (1,500,860 ) (233,693 ) Finance and other costs (21,522 ) - - (21,522 ) Depreciation 139,109 - 4,013 143,122 Amortization 2,821 - - 2,821 Change in fair value of derivative liability - - 1,817,569 1,817,569 Loss on write-off of notes receivable - - 6,751 6,751 Loss on write down of inventory 148,760 - - 148,760 Net loss for the period $ 1,536,335 $ - $ 327,473 $ 1,863,808 March 31, 2023 Drones Vital Corporate Total Sales of goods $ 1,380,816 $ - $ - $ 1,380,816 Provision of services 220,670 - - 220,670 Total revenue 1,601,486 - - 1,601,486 Segment loss 4,545,828 73,817 2,397,614 7,017,259 Segment loss (income) 4,545,828 73,817 2,397,614 7,017,259 Finance and other costs (34,304 ) - (1,557 ) (35,861 ) Depreciation 55,113 - 2,393 57,506 Amortization 8,989 - - 8,989 Change in fair value of derivative liability - - (57,314 ) (57,314 ) Loss on write-off of notes receivable 77,047 - - 77,047 Net loss for the period $ 4,652,673 $ 73,817 $ 2,341,136 $ 7,067,626 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) 16. SEGMENTED INFORMATION (CONT’D) Geographic revenue is measured by aggregating sales based on the country and the entity where the sale was made. SCHEDULE OF GEOGRAPHIC REVENUE 2024 2023 Geographic segmentation is as follows: For the three months ended March 31, 2024 2023 Non-current assets Canada $ 1,467,917 $ 1,162,200 United States 158,758 - $ 1,626,675 $ 1,162,200 Revenue Canada $ 1,327,333 $ 1,592,094 United States 2,248 9,392 Revenue $ 1,329,581 $ 1,601,486 |
OFFICE AND MISCELLANEOUS
OFFICE AND MISCELLANEOUS | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
OFFICE AND MISCELLANEOUS | 17. OFFICE AND MISCELLANEOUS SCHEDULE OF OFFICE AND MISCELLANEOUS EXPENSES 2024 2023 For the three months ended March 31, 2024 2023 Advertising, Marketing, and Investor Relations $ 110,073 $ 2,306,452 Compliance fees 64,031 27,307 Impairment of accounts receivable - 198,513 Contract Work - 47,081 Other 172,166 221,299 Office and Miscellaneous Expenses $ 346,270 $ 2,800,652 |
OTHER EXPENSE
OTHER EXPENSE | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
OTHER EXPENSE | 18. OTHER EXPENSE SCHEDULE OF OTHER EXPENSES 2024 2023 For the three months ended March 31, 2024 2023 Share issue costs $ 598,529 $ - Write off of accounts (payable) receivable (48,833 ) - Other 2,598 424 Total Other expenses $ 525,948 $ 424 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
RELATED PARTY TRANSACTIONS | 19. RELATED PARTY TRANSACTIONS Trade receivables/payables and accrued receivables/payables: As at March 31, 2024, the Company had $ 298,100 (2023 - $ 22,350 ) payable to related parties that was included in accounts payable. The balances outstanding are unsecured, non-interest bearing and due on demand. Key management compensation Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. Compensation awarded to key management for the three months ended March 31, 2024 and 2023 included: SCHEDULE OF KEY COMPENSATION AWARDS 2024 2023 For the three months ended March 31, 2024 2023 Director fees $ 152,438 $ 151,663 Salaries 142,068 102,115 Share-based payments 122,112 263,242 Total $ 416,618 $ 517,020 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) Other related party transactions SCHEDULE OF KEY MANAGEMENT TRANSACTIONS 2024 2023 For the three months ended March 31, 2024 2023 Management fees paid to a company controlled by CEO and director $ 106,250 $ 100,000 Management fees paid to a company that the CEO holds an economic interest in 60,000 103,629 Management fees paid to a company controlled by the former President and director 40,433 58,398 Management fees paid to a company, total $ 206,683 $ 262,027 |
FINANCIAL INSTRUMENTS AND FINAN
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 3 Months Ended |
Mar. 31, 2024 | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 20. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows: Credit risk Credit risk is the risk that of an unexpected loss if a customer or third party fails to meet its contractual obligations. The Company is subject to credit risk on its cash and receivables. The majority of cash is deposited in bank accounts held with a major bank in Canada and the United States. As most of the Company’s cash is held by one bank there is a concentration of credit risk. This risk is managed by using major banks that are high credit quality financial institutions as determined by rating agencies. Receivables Receivables primarily consist of trade receivables and taxes receivable. The Company provides credit in the normal course of business in the form of payment terms and has an established process for determining terms to offer customers to mitigate credit risk. Receivables are shown net of any provision made for impairment of the receivables. Due to this factor, the Company believes that no additional credit risk, beyond amounts provided for collection loss, is inherent in receivables. Expected credit loss (“ECL”) analysis is performed at each reporting date using an objective approach to measure expected credit losses. The provision amounts are based on direct management interface with the customer. The calculations reflect the probability-weighted outcome, the time value of money and reasonable supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, business failure, the failure of a debtor to engage in a repayment plan, and a failure to make contractual payments over the negotiated contract period. Trade receivables include balances of $ 170,211 Draganfly Inc. Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended March 31, 2024 Expressed in Canadian Dollars (unaudited) 20. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONT’D) Fair value A number of the Company’s accounting policies and disclosures require the measurement of fair values for financial assets and liabilities. The Company has established a control framework with respect to the measurement of fair values. Fair values are categorized into different levels of a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Equity securities in investee companies and warrants are measured at fair value. The financial assets and liabilities measured at fair value by hierarchy are shown in the table below. The amounts shown are based on the amounts recognized in the condensed consolidated interim statements of financial position. These financial assets are measured at fair value through profit and loss. SCHEDULE OF FINANCIAL ASSETS MEASURED FAIR VALUE THROUGH PROFIT AND LOSS March 31 2024 Level 1 Level 3 Total Cash and cash equivalents $ 4,339,736 $ - $ 4,339,736 Equity securities in investee companies 42,857 135,500 178,357 Derivative liability - 4,033,574 4,033,574 Total $ 4,382,593 $ 4,169,074 $ 8,551,667 December 31, 2023 Level 1 Level 3 Total Cash and cash equivalents $ 3,093,612 - $ 3,093,612 Equity securities in investee companies $ 57,143 $ 132,260 $ 189,403 Derivative liability - 4,196,125 4,196,125 Total $ 3,150,755 $ 4,328,385 $ 7,479,140 The following table shows the valuation techniques used in measuring Level 3 fair values for the derivative liability as well as the significant unobservable inputs used. Type Valuation technique Key inputs Inter-relationship between significant inputs and fair value measurement Warrant derivative liability The fair value of the warrants derivative liability at initial recognition and at year end has been calculated using the Black Scholes Option Pricing Model Key observable inputs ● Share price ● Risk free interest rate ● Dividend yield Key unobservable inputs ● Expected volatility The estimated fair value would increase (decrease) if: ● The price was higher (lower) ● The risk-free rate was higher (lower) ● The dividend yield was lower (higher) ● The expected volatility was higher (lower) For the fair value of the derivative liability, reasonable possible changes to the expected volatility, the most significant unobservable input would have the following effects: SCHEDULE OF FAIR VALUE FOR DERIVATIVE LIABILITY Impact on comprehensive loss Unobservable Inputs Change Three months ended March 31, 2024 Year ended December 31, 2023 Volatility 20 % $ 354,412 $ 291,149 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SUBSEQUENT EVENT | 21. SUBSEQUENT EVENT May 1, 2024 the Company entered into a securities purchase agreement with a single institutional investor to purchase 13,513,514 0.259 3.5 Pursuant to a prior underwritten public offering, the Company issued 6,400,000 0.6123 0.3583 |
BASIS OF PREPARATION (Policies)
BASIS OF PREPARATION (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Basis Of Preparation | |
Statement of Compliance | Statement of Compliance These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”. These condensed consolidated interim financial statements include all necessary disclosures required for interim financial statements but do not include all disclosures required for annual financial statements. These condensed consolidated interim financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2023. These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on May 14, |
Basis of consolidation | Basis of consolidation Each subsidiary is fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continues to be consolidated until the date when such control ceases. The condensed consolidated interim financial statements include the accounts and results of operations of the Company and its wholly owned subsidiaries listed in the following table: SCHEDULE OF WHOLLY OWNED SUBSIDIARIES Name of Subsidiary Place of Incorporation Ownership Interest Draganfly Innovations Inc. (DII) Canada 100 % Draganfly Innovations USA, Inc. (DI USA) US 100 % Dronelogics Systems Inc. (“Dronelogics”) Canada 100 % All intercompany balances and transactions were eliminated on consolidation. |
BASIS OF PREPARATION (Tables)
BASIS OF PREPARATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Basis Of Preparation | |
SCHEDULE OF WHOLLY OWNED SUBSIDIARIES | The condensed consolidated interim financial statements include the accounts and results of operations of the Company and its wholly owned subsidiaries listed in the following table: SCHEDULE OF WHOLLY OWNED SUBSIDIARIES Name of Subsidiary Place of Incorporation Ownership Interest Draganfly Innovations Inc. (DII) Canada 100 % Draganfly Innovations USA, Inc. (DI USA) US 100 % Dronelogics Systems Inc. (“Dronelogics”) Canada 100 % |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF CASH AND CASH EQUIVALENTS | SCHEDULE OF CASH AND CASH EQUIVALENTS As at March 31, 2024 December 31, 2023 Cash held in banks $ 4,339,736 $ 3,093,612 |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Amounts Receivable | |
SCHEDULE OF AMOUNTS RECEIVABLE | SCHEDULE OF AMOUNTS RECEIVABLE As at March 31, 2024 December 31, 2023 Trade accounts receivable $ 599,050 $ 610,443 Sales tax receivable 47,730 39,169 Trade and other receivables $ 646,780 $ 649,612 Current portion $ 490,580 $ 649,612 Long term portion 156,200 - Trade and other receivables $ 646,780 $ 649,612 |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES As at March 31, 2024 December 31, 2023 Finished goods $ 1,104,798 $ 904,858 Parts 354,823 691,678 Inventories $ 1,459,621 $ 1,596,536 |
SCHEDULE OF COST OF SALES | Cost of sales consist of the following: SCHEDULE OF COST OF SALES For the three months ended March 31, 2024 March 31, Inventory $ 966,339 $ 1,012,881 Consulting and services 22,474 93,654 Other 60,757 51,517 Cost of sales $ 1,049,570 $ 1,158,052 |
PREPAIDS AND DEPOSITS (Tables)
PREPAIDS AND DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS | SCHEDULE OF PREPAID EXPENSES AND DEPOSITS As at March 31, 2024 December 31, 2023 Insurance $ 490,811 $ 838,445 Prepaid other 180,701 142,124 Deposits 402,424 361,646 Prepaid expenses and deposits $ 1,073,936 $ 1,342,215 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about investment property [abstract] | |
SCHEDULE OF INVESTMENTS | SCHEDULE OF INVESTMENTS Balance at December 31, 2023 $ 189,403 Change in fair value (11,046 ) Balance at March 31 2024 $ 178,357 |
SCHEDULE OF FAIR VALUE OF INVESTMENT | Fair value of investments is comprised of: SCHEDULE OF FAIR VALUE OF INVESTMENT Public company shares $ 42,857 Private company shares 135,500 Balance at March 31, 2024 $ 178,357 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT Computer Equipment Furniture and Equipment Leasehold Improvements Vehicles Total Cost Balance at December 31, 2022 $ 95,662 $ 834,453 $ - $ 36,033 $ 966,148 Additions 58,611 320,941 86,530 24,310 490,394 Disposals (21,000 ) (115,204 ) - - (136,204 ) Balance at December 31, 2023 133,273 1,040,192 86,530 60,343 1,320,338 Property, plant and equipment, beginning balance 133,273 1,040,192 86,530 60,343 1,320,338 Additions - 1,706 2,358 - 4,064 Disposals - (76,901 ) - - (76,901 ) Balance at March 31, 2024 $ 133,273 $ 964,997 $ 88,888 $ 60,343 $ 1,247,501 Property, plant and equipment, ending balance $ 133,273 $ 964,997 $ 88,888 $ 60,343 $ 1,247,501 Accumulated depreciation Balance at December 31, 2022 $ 41,998 $ 502,790 $ - $ 16,669 $ 561,457 Charge for the year 22,762 112,361 6,790 12,497 154,410 Disposals (6,582 ) (69,748 ) - - (76,330 ) Balance at December 31, 2023 58,178 545,403 6,790 29,166 639,537 Accumulated depreciation Property, plant and equipment, beginning balance 58,178 545,403 6,790 29,166 639,537 Charge for the period 10,225 37,667 4,431 2,338 54,661 Disposals - (47,062 ) - - (47,062 ) Balance at March 31, 2024 $ 68,403 $ 536,008 $ 11,221 $ 31,504 $ 647,136 Accumulated depreciation Property, plant and equipment, ending balance $ 68,403 $ 536,008 $ 11,221 $ 31,504 $ 647,136 Net book value: December 31, 2023 $ 75,095 $ 494,789 $ 79,740 $ 31,177 $ 680,801 March 31, 2024 $ 64,870 $ 428,989 $ 77,667 $ 28,839 $ 600,365 Property, plant and equipment $ 64,870 $ 428,989 $ 77,667 $ 28,839 $ 600,365 |
RIGHT OF USE ASSETS (Tables)
RIGHT OF USE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SCHEDULE OF RIGHT OF USE ASSETS | SCHEDULE OF RIGHT OF USE ASSETS Vehicles Buildings Land Total Balance at December 31, 2022 $ 2,385 $ 342,361 $ - $ 344,746 Additions - 322,354 418,001 740,355 Depreciation (2,385 ) (149,644 ) (211,057 ) (363,086 ) Foreign exchange translation - - (328 ) (328 ) Balance at December 31, 2023 $ - $ 515,071 $ 206,616 $ 721,687 Right of use assets, Cost, Balance $ - $ 515,071 $ 206,616 $ 721,687 Depreciation $ - $ (35,681 ) $ (52,777 ) $ (88,458 ) Foreign exchange translation - - 4,919 4,919 Balance at March 31, 2024 $ - $ 479,390 $ 158,758 $ 638,148 Right of use assets, Cost, Balance $ - $ 479,390 $ 158,758 $ 638,148 |
LEASE LIABILITIES (Tables)
LEASE LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF OPERATING LEASE LIABILITIES | SCHEDULE OF OPERATING LEASE LIABILITIES As at Total Balance at December 31, 2022 $ 378,643 Interest expense 96,423 Additions 734,903 Lease payments (423,410 ) Foreign exchange translation 3,464 Balance at December 31, 2023 790,023 Interest expense 20,323 Lease payments (101,440 ) Foreign exchange translation (1,064 ) Balance at March 31, 2024 $ 707,842 Which consists of: March 31, 2024 December 31, 2023 Current lease liability $ 316,931 $ 362,001 Non-current lease liability 390,911 428,022 Ending balance $ 707,842 $ 790,023 |
SCHEDULE OF OPERATING MATURITY ANALYSIS | SCHEDULE OF OPERATING MATURITY ANALYSIS Maturity analysis Total Less than one year $ 372,356 One to three years 334,746 Four to five years 114,937 Total undiscounted lease liabilities 822,039 Amount representing interest (114,197 ) Lease liability $ 707,842 |
TRADE PAYABLES AND ACCRUED LI_2
TRADE PAYABLES AND ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF TRADE PAYABLES AND ACCRUED LIABILITIES | SCHEDULE OF TRADE PAYABLES AND ACCRUED LIABILITIES As at March 31, 2024 December 31, 2023 Trade accounts payable $ 1,159,489 $ 1,259,623 Accrued liabilities 1,203,738 1,345,649 Government grant payable 33,709 33,709 Trade payables and accrued liabilities $ 2,396,936 $ 2,638,981 |
DEFERRED INCOME (Tables)
DEFERRED INCOME (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Deferred Income | |
SCHEDULE OF DEFERRED INCOME | SCHEDULE OF DEFERRED INCOME As at March 31, 2024 December 31, 2023 Deferred income from customers $ 6,287 $ 12,112 Deferred income from government 101,615 95,562 Deferred income gross $ 107,902 $ 107,674 Current portion $ 16,439 $ 12,112 Long-term portion 91,463 95,562 Deferred income net $ 107,902 $ 107,674 |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF LOANS PAYABLE | SCHEDULE OF LOANS PAYABLE As at March 31, 2024 December 31, 2023 Opening balance $ 85,058 $ 86,571 Repayment of loans payable (81,685 ) (6,747 ) Accretion expense - 5,234 Ending balance $ 3,373 $ 85,058 |
SCHEDULE OF LOANS | SCHEDULE OF LOANS Start Date Maturity Date Rate Carrying Value March 31, 2024 Carrying Value December 31, 2023 CEBA 2020-05-19 2024-03-28 0 % $ - $ 40,000 CEBA 2021-04-23 2024-03-28 0 % - 40,000 Vehicle loan 2019-08-30 2024-09-11 6.99 % 3,373 5,058 Total $ 3,373 $ 85,058 Total Carrying Value $ 3,373 $ 85,058 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE | As at March 31, 2024, the Company had the following options outstanding and exercisable: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE Grant Date Expiry Date Exercise Price Remaining Contractual Life (years) Number of Options Outstanding Number of Options Exercisable October 30, 2019 October 30, 2029 $ 2.50 5.57 278,332 278,332 November 19, 2019 November 19, 2029 $ 2.50 5.63 50,000 50,000 April 30, 2020 April 30, 2030 $ 2.50 6.07 85,000 85,000 April 30, 2020 April 30, 2030 $ 3.85 6.07 110,000 110,000 July 3, 2020 July 3, 2025 $ 3.20 1.25 100,000 100,000 November 24, 2020 November 24, 2030 $ 2.50 6.64 32,000 32,000 February 2, 2021 February 2, 2031 $ 13.20 6.83 30,000 30,000 March 8, 2021 March 8, 2026 $ 13.90 1.93 10,000 10,000 April 27, 2021 April 27, 2031 $ 10.15 7.06 137,665 113,994 September 9, 2021 September 9, 2026 $ 4.84 2.44 25,826 17,217 November 9, 2023 November 9, 2033 $ 0.626 9.59 30,000 10,000 888,823 836,543 |
SCHEDULE OF STOCK OPTIONS OUTSTANDING | SCHEDULE OF STOCK OPTIONS OUTSTANDING Number of Options Weighted Average Exercise Price Outstanding, December 31, 2022 877,157 $ 4.60 Forfeited (9,999 ) 3.77 Issued 30,000 0.63 Outstanding, December 31, 2023 897,158 $ 4.48 Forfeited (8,335 ) 10.15 Outstanding, March 31, 2024 888,823 $ 4.42 |
SUMMARY OF CHANGES IN RESTRICTED STOCK UNITS | As at March 31, 2024, the Company had the following RSUs outstanding: SUMMARY OF CHANGES IN RESTRICTED STOCK UNITS Number of RSUs Outstanding, December 31, 2022 1,198,875 Vested (1,508,255 ) Issued 1,685,316 Forfeited (262,969 ) Outstanding, December 31, 2023 1,112,967 Vested (63,658 ) Forfeited (36,203 ) Outstanding, March 31, 2024 1,013,106 |
SCHEDULE OF WARRANT DERIVATIVE LIABILITY | Warrant Derivative Liability SCHEDULE OF WARRANT DERIVATIVE LIABILITY Balance at December 31, 2022 $ - Warrants issued 3,985,015 Change in fair value of warrants outstanding 211,110 Balance at December 31, 2023 $ 4,196,125 Warrants issued 2,859,509 Warrants exercised (1,204,491 ) Change in fair value of warrants outstanding (1,817,569 ) Balance at March 31, 2024 $ 4,033,574 Derivative liability balance at March 31, 2024 December 31, 2023 Warrants $ 4,033,574 $ 4,196,125 |
SCHEDULE OF WARRANT AND FAIR VALUE OUTSTANDING | Details of these warrants and their fair values are as follows: SCHEDULE OF WARRANT AND FAIR VALUE OUTSTANDING Issue Date Exercise Price Number of Warrants Outstanding at March 31, 2024 Fair Value at March 31, 2024 Number of Warrants Outstanding at December 31, 2023 (5) Fair Value at December 31, 2023 October 30, 2023 US$ 0.6123 6,400,000 1,130,828 6,400,000 3,180,543 October 30, 2023 ( 2 ) US$ 0.0001 - - 1,600,000 1,015,582 February 26, 2024 (3 ) US$ 0.1761 13,400,000 2,902,746 - - February 26, 2024 ( 4 ) US$ 0.17 - - - - 19,800,000 $ 4,033,574 8,000,000 $ 4,196,125 1) The warrants expire October 30, 2028. 2) The warrants have no expiry date. They were exercised January 5, 2024. 3) The warrants expire February 26, 2029. 4) The warrants have no expiry date. They were exercised February 26, 2024. |
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS | The fair values of these warrants were estimated using the Black-Scholes Option Pricing Model with the following weighted average assumptions: SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS March 31, 2024 December 31, 2023 Risk free interest rate 4.21 % 3.84 % Expected volatility 119.47 % 113.78 % Expected life 4.6 4.91 4.8 Expected dividend yield 0 % 0 % |
SUMMARY OF CHANGES IN WARRANTS | SUMMARY OF CHANGES IN WARRANTS Number of Warrants Weighted Average Exercise Price Outstanding, December 31, 2022 7,916,797 $ 5.08 Issued 8,320,000 0.50 Expired (7,661,999 ) 5.89 Outstanding, December 31, 2023 8,574,798 $ 0.63 Issued 16,270,000 0.22 Exercised (3,800,000 ) 0.0001 Outstanding March 31, 2024 21,044,798 $ 0.51 |
SCHEDULE OF WARRANTS OUTSTANDING | As at March 31, 2024, the Company had the following warrants outstanding: SCHEDULE OF WARRANTS OUTSTANDING Date issued Expiry date Exercise price Number of warrants outstanding July 29, 2021 July 29, 2024 US$ 5.00 250,000 September 14, 2021 September 14, 2024 US$ 5.00 4,798 October 30, 2023 October 30, 2026 US$ 0.6875 320,000 October 30, 2023 October 30, 2028 US$ 0.6123 6,400,000 February 26, 2024 February 26, 2027 US$ 0.3375 670,000 February 26, 2024 February 26, 2029 US$ 0.1761 13,400,000 21,044,798 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF SEGMENTED INFORMATION | SCHEDULE OF SEGMENTED INFORMATION March 31, 2024 Drones Vital Corporate Total Sales of goods $ 1,237,948 $ - $ - $ 1,237,948 Provision of services 91,633 - - 91,633 Total revenue 1,329,581 - - 1,329,581 Segment loss (income) 1,267,167 - (1,500,860 ) (233,693 ) Finance and other costs (21,522 ) - - (21,522 ) Depreciation 139,109 - 4,013 143,122 Amortization 2,821 - - 2,821 Change in fair value of derivative liability - - 1,817,569 1,817,569 Loss on write-off of notes receivable - - 6,751 6,751 Loss on write down of inventory 148,760 - - 148,760 Net loss for the period $ 1,536,335 $ - $ 327,473 $ 1,863,808 March 31, 2023 Drones Vital Corporate Total Sales of goods $ 1,380,816 $ - $ - $ 1,380,816 Provision of services 220,670 - - 220,670 Total revenue 1,601,486 - - 1,601,486 Segment loss 4,545,828 73,817 2,397,614 7,017,259 Segment loss (income) 4,545,828 73,817 2,397,614 7,017,259 Finance and other costs (34,304 ) - (1,557 ) (35,861 ) Depreciation 55,113 - 2,393 57,506 Amortization 8,989 - - 8,989 Change in fair value of derivative liability - - (57,314 ) (57,314 ) Loss on write-off of notes receivable 77,047 - - 77,047 Net loss for the period $ 4,652,673 $ 73,817 $ 2,341,136 $ 7,067,626 |
SCHEDULE OF GEOGRAPHIC REVENUE | SCHEDULE OF GEOGRAPHIC REVENUE 2024 2023 Geographic segmentation is as follows: For the three months ended March 31, 2024 2023 Non-current assets Canada $ 1,467,917 $ 1,162,200 United States 158,758 - $ 1,626,675 $ 1,162,200 Revenue Canada $ 1,327,333 $ 1,592,094 United States 2,248 9,392 Revenue $ 1,329,581 $ 1,601,486 |
OFFICE AND MISCELLANEOUS (Table
OFFICE AND MISCELLANEOUS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF OFFICE AND MISCELLANEOUS EXPENSES | SCHEDULE OF OFFICE AND MISCELLANEOUS EXPENSES 2024 2023 For the three months ended March 31, 2024 2023 Advertising, Marketing, and Investor Relations $ 110,073 $ 2,306,452 Compliance fees 64,031 27,307 Impairment of accounts receivable - 198,513 Contract Work - 47,081 Other 172,166 221,299 Office and Miscellaneous Expenses $ 346,270 $ 2,800,652 |
OTHER EXPENSE (Tables)
OTHER EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF OTHER EXPENSES | SCHEDULE OF OTHER EXPENSES 2024 2023 For the three months ended March 31, 2024 2023 Share issue costs $ 598,529 $ - Write off of accounts (payable) receivable (48,833 ) - Other 2,598 424 Total Other expenses $ 525,948 $ 424 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
SCHEDULE OF KEY COMPENSATION AWARDS | Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. Compensation awarded to key management for the three months ended March 31, 2024 and 2023 included: SCHEDULE OF KEY COMPENSATION AWARDS 2024 2023 For the three months ended March 31, 2024 2023 Director fees $ 152,438 $ 151,663 Salaries 142,068 102,115 Share-based payments 122,112 263,242 Total $ 416,618 $ 517,020 |
SCHEDULE OF KEY MANAGEMENT TRANSACTIONS | Other related party transactions SCHEDULE OF KEY MANAGEMENT TRANSACTIONS 2024 2023 For the three months ended March 31, 2024 2023 Management fees paid to a company controlled by CEO and director $ 106,250 $ 100,000 Management fees paid to a company that the CEO holds an economic interest in 60,000 103,629 Management fees paid to a company controlled by the former President and director 40,433 58,398 Management fees paid to a company, total $ 206,683 $ 262,027 |
FINANCIAL INSTRUMENTS AND FIN_2
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SCHEDULE OF FINANCIAL ASSETS MEASURED FAIR VALUE THROUGH PROFIT AND LOSS | SCHEDULE OF FINANCIAL ASSETS MEASURED FAIR VALUE THROUGH PROFIT AND LOSS March 31 2024 Level 1 Level 3 Total Cash and cash equivalents $ 4,339,736 $ - $ 4,339,736 Equity securities in investee companies 42,857 135,500 178,357 Derivative liability - 4,033,574 4,033,574 Total $ 4,382,593 $ 4,169,074 $ 8,551,667 December 31, 2023 Level 1 Level 3 Total Cash and cash equivalents $ 3,093,612 - $ 3,093,612 Equity securities in investee companies $ 57,143 $ 132,260 $ 189,403 Derivative liability - 4,196,125 4,196,125 Total $ 3,150,755 $ 4,328,385 $ 7,479,140 |
SCHEDULE OF FAIR VALUE FOR DERIVATIVE LIABILITY | For the fair value of the derivative liability, reasonable possible changes to the expected volatility, the most significant unobservable input would have the following effects: SCHEDULE OF FAIR VALUE FOR DERIVATIVE LIABILITY Impact on comprehensive loss Unobservable Inputs Change Three months ended March 31, 2024 Year ended December 31, 2023 Volatility 20 % $ 354,412 $ 291,149 |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Nature And Continuance Of Operations | ||
Accumulated deficit | $ 105,452,164 | $ 103,588,356 |
SCHEDULE OF WHOLLY OWNED SUBSID
SCHEDULE OF WHOLLY OWNED SUBSIDIARIES (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Draganfly Innovations Inc [member] | |
DisclosureOfBasisOfPreparationLineItems [Line Items] | |
Name of subsidiary | Draganfly Innovations Inc. (DII) |
Country of incorporation of subsidiary | Canada |
Proportion of ownership interest in subsidiary | 100% |
Draganfly Innovations USA Inc [member] | |
DisclosureOfBasisOfPreparationLineItems [Line Items] | |
Name of subsidiary | Draganfly Innovations USA, Inc. (DI USA) |
Country of incorporation of subsidiary | US |
Proportion of ownership interest in subsidiary | 100% |
Dronelogics Systems Inc [member] | |
DisclosureOfBasisOfPreparationLineItems [Line Items] | |
Name of subsidiary | Dronelogics Systems Inc. (“Dronelogics”) |
Country of incorporation of subsidiary | Canada |
Proportion of ownership interest in subsidiary | 100% |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Notes and other explanatory information [abstract] | ||
Cash held in banks | $ 4,339,736 | $ 3,093,612 |
SCHEDULE OF AMOUNTS RECEIVABLE
SCHEDULE OF AMOUNTS RECEIVABLE (Details) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Amounts Receivable | ||
Trade accounts receivable | $ 599,050 | $ 610,443 |
Sales tax receivable | 47,730 | 39,169 |
Trade and other receivables | 646,780 | 649,612 |
Current portion | 490,580 | 649,612 |
Long term portion | $ 156,200 |
RECEIVABLES (Details Narrative)
RECEIVABLES (Details Narrative) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule Of Amounts Receivable | ||
Provision for doubtful account | $ 198,513 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Notes and other explanatory information [abstract] | ||
Finished goods | $ 1,104,798 | $ 904,858 |
Parts | 354,823 | 691,678 |
Inventories | $ 1,459,621 | $ 1,596,536 |
SCHEDULE OF COST OF SALES (Deta
SCHEDULE OF COST OF SALES (Details) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Notes and other explanatory information [abstract] | ||
Inventory | $ 966,339 | $ 1,012,881 |
Consulting and services | 22,474 | 93,654 |
Other | 60,757 | 51,517 |
Cost of sales | $ 1,049,570 | $ 1,158,052 |
SCHEDULE OF PREPAID EXPENSES AN
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS (Details) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Notes and other explanatory information [abstract] | ||
Insurance | $ 490,811 | $ 838,445 |
Prepaid other | 180,701 | 142,124 |
Deposits | 402,424 | 361,646 |
Prepaid expenses and deposits | $ 1,073,936 | $ 1,342,215 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Cost of sales | $ 1,049,570 | $ 1,158,052 |
Allowance for obsolete and slow-moving inventory | 148,760 | 77,047 |
Inventory [member] | ||
IfrsStatementLineItems [Line Items] | ||
Cost of sales | $ 966,339 | $ 1,012,881 |
SCHEDULE OF INVESTMENTS (Detail
SCHEDULE OF INVESTMENTS (Details) | 3 Months Ended |
Mar. 31, 2024 CAD ($) | |
Disclosure of detailed information about investment property [abstract] | |
Beginning balance | $ 189,403 |
Change in fair value | (11,046) |
Ending balance | $ 178,357 |
SCHEDULE OF FAIR VALUE OF INVES
SCHEDULE OF FAIR VALUE OF INVESTMENT (Details) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Disclosure of detailed information about investment property [line items] | ||
Fair value of investments | $ 178,357 | $ 189,403 |
Public company shares [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Fair value of investments | 42,857 | |
Private company shares [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Fair value of investments | $ 135,500 |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) | 3 Months Ended | |
Mar. 31, 2024 USD ($) shares | Mar. 31, 2024 CAD ($) shares | |
Publicly Listed Company [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Number of common shares holds | shares | 1,428,571 | 1,428,571 |
Common shares holding value | $ | $ 500,000 | |
Private Company [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Number of common shares holds | shares | 50,000 | 50,000 |
Common shares holding value | $ | $ 100,000 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning balance | $ 1,320,338 | $ 966,148 |
Additions | 4,064 | 490,394 |
Disposals | (76,901) | (136,204) |
Property, plant and equipment, ending balance | 1,247,501 | 1,320,338 |
Accumulated depreciation Property, plant and equipment, beginning balance | 639,537 | 561,457 |
Charge for the period | 54,661 | 154,410 |
Disposals | (47,062) | (76,330) |
Accumulated depreciation Property, plant and equipment, ending balance | 647,136 | 639,537 |
Property, plant and equipment | 600,365 | 680,801 |
Computer equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning balance | 133,273 | 95,662 |
Additions | 58,611 | |
Disposals | (21,000) | |
Property, plant and equipment, ending balance | 133,273 | 133,273 |
Accumulated depreciation Property, plant and equipment, beginning balance | 58,178 | 41,998 |
Charge for the period | 10,225 | 22,762 |
Disposals | (6,582) | |
Accumulated depreciation Property, plant and equipment, ending balance | 68,403 | 58,178 |
Property, plant and equipment | 64,870 | 75,095 |
Furniture and equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning balance | 1,040,192 | 834,453 |
Additions | 1,706 | 320,941 |
Disposals | (76,901) | (115,204) |
Property, plant and equipment, ending balance | 964,997 | 1,040,192 |
Accumulated depreciation Property, plant and equipment, beginning balance | 545,403 | 502,790 |
Charge for the period | 37,667 | 112,361 |
Disposals | (47,062) | (69,748) |
Accumulated depreciation Property, plant and equipment, ending balance | 536,008 | 545,403 |
Property, plant and equipment | 428,989 | 494,789 |
Leasehold improvements [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning balance | 86,530 | |
Additions | 2,358 | 86,530 |
Disposals | ||
Property, plant and equipment, ending balance | 88,888 | 86,530 |
Accumulated depreciation Property, plant and equipment, beginning balance | 6,790 | |
Charge for the period | 4,431 | 6,790 |
Disposals | ||
Accumulated depreciation Property, plant and equipment, ending balance | 11,221 | 6,790 |
Property, plant and equipment | 77,667 | 79,740 |
Vehicles [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property, plant and equipment, beginning balance | 60,343 | 36,033 |
Additions | 24,310 | |
Disposals | ||
Property, plant and equipment, ending balance | 60,343 | 60,343 |
Accumulated depreciation Property, plant and equipment, beginning balance | 29,166 | 16,669 |
Charge for the period | 2,338 | 12,497 |
Disposals | ||
Accumulated depreciation Property, plant and equipment, ending balance | 31,504 | 29,166 |
Property, plant and equipment | $ 28,839 | $ 31,177 |
SCHEDULE OF RIGHT OF USE ASSETS
SCHEDULE OF RIGHT OF USE ASSETS (Details) - CAD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Right of use assets, Cost, Balance | $ 721,687 | $ 344,746 |
Additions | 740,355 | |
Depreciation | (88,458) | (363,086) |
Foreign exchange translation | 4,919 | (328) |
Right of use assets, Cost, Balance | 638,148 | 721,687 |
Vehicles [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right of use assets, Cost, Balance | 2,385 | |
Additions | ||
Depreciation | (2,385) | |
Foreign exchange translation | ||
Right of use assets, Cost, Balance | ||
Buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right of use assets, Cost, Balance | 515,071 | 342,361 |
Additions | 322,354 | |
Depreciation | (35,681) | (149,644) |
Foreign exchange translation | ||
Right of use assets, Cost, Balance | 479,390 | 515,071 |
Land [member] | ||
IfrsStatementLineItems [Line Items] | ||
Right of use assets, Cost, Balance | 206,616 | |
Additions | 418,001 | |
Depreciation | (52,777) | (211,057) |
Foreign exchange translation | 4,919 | (328) |
Right of use assets, Cost, Balance | $ 158,758 | $ 206,616 |
RIGHT OF USE ASSETS (Details Na
RIGHT OF USE ASSETS (Details Narrative) - CAD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Lease for land amount | $ 740,355 | |
Land [member] | ||
IfrsStatementLineItems [Line Items] | ||
Lease for land amount | 418,001 | |
Land [member] | Lease One [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Lease for land amount | $ 418,001 | |
[custom:LeaseExpirationDate] | December 31, 2024 | |
Buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
Lease for land amount | $ 322,354 | |
Buildings [member] | Lease Two [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Lease for land amount | $ 322,354 | |
[custom:LeaseExpirationDate] | September 30, 2028 | |
Lease one facilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:LeaseExpirationDate] | December 31, 2024 | |
Lease two facilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:LeaseExpirationDate] | May 31, 2026 | |
Lease three facilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:LeaseExpirationDate] | January 31, 2027 | |
Lease four facilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
[custom:LeaseExpirationDate] | September 30, 2028 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITIES (Details) - CAD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Balance - Beginning of period | $ 790,023 | $ 378,643 |
Interest expense | 20,323 | 96,423 |
Interest expense | 734,903 | |
Lease Payments | (101,440) | (423,410) |
Foreign exchange translation | (1,064) | 3,464 |
Balance - Ending of period | 707,842 | 790,023 |
Current lease liabilities | 316,931 | 362,001 |
Non-current lease liabilities | 390,911 | 428,022 |
Lease liabilities | $ 707,842 | $ 790,023 |
SCHEDULE OF OPERATING MATURITY
SCHEDULE OF OPERATING MATURITY ANALYSIS (Details) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total undiscounted lease liabilities | $ 822,039 | ||
Amount representing interest | (114,197) | ||
Lease liability | 707,842 | $ 790,023 | $ 378,643 |
Not later than one year [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total undiscounted lease liabilities | 372,356 | ||
Later than one year and not later than three years [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total undiscounted lease liabilities | 334,746 | ||
Later than four years and not later than five years [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total undiscounted lease liabilities | $ 114,937 |
SCHEDULE OF TRADE PAYABLES AND
SCHEDULE OF TRADE PAYABLES AND ACCRUED LIABILITIES (Details) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Notes and other explanatory information [abstract] | ||
Trade accounts payable | $ 1,159,489 | $ 1,259,623 |
Accrued liabilities | 1,203,738 | 1,345,649 |
Government grant payable | 33,709 | 33,709 |
Trade payables and accrued liabilities | $ 2,396,936 | $ 2,638,981 |
LEASE LIABILITIES (Details Narr
LEASE LIABILITIES (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 | |
IfrsStatementLineItems [Line Items] | |
Depreciation lease liability | The Company leases certain assets under lease agreements. The lease liabilities consist of leases of facilities and vehicles with terms ranging from one to five years |
Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average lessee's incremental borrowing rate applied to lease | 7.50% |
Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Weighted average lessee's incremental borrowing rate applied to lease | 13.25% |
SCHEDULE OF DEFERRED INCOME (De
SCHEDULE OF DEFERRED INCOME (Details) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Deferred Income | ||
Deferred income from customers | $ 6,287 | $ 12,112 |
Deferred income from government | 101,615 | 95,562 |
Deferred income gross | 107,902 | 107,674 |
Current portion | 16,439 | 12,112 |
Long-term portion | 91,463 | 95,562 |
Deferred income net | $ 107,902 | $ 107,674 |
DEFERRED INCOME (Details Narrat
DEFERRED INCOME (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 CAD ($) | |
Schedule Of Deferred Income | |
[custom:DeferredRevenues-0] | $ 16,439 |
[custom:DeferredRevenueRecognitionPeriod] | 4 years 3 months 18 days |
SCHEDULE OF LOANS PAYABLE (Deta
SCHEDULE OF LOANS PAYABLE (Details) - CAD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | ||
Opening balance | $ 85,058 | $ 86,571 |
Repayment of loans payable | (81,685) | (6,747) |
Accretion expense | 5,234 | |
Ending balance | $ 3,373 | $ 85,058 |
SCHEDULE OF LOANS (Details)
SCHEDULE OF LOANS (Details) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Total Carrying Value | $ 3,373 | $ 85,058 |
CEBA [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Carrying Value | 40,000 | |
Start Date | May 19, 2020 | |
Maturity Date | Mar. 28, 2024 | |
Rate | 0% | |
CEBA loan [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Carrying Value | 40,000 | |
Start Date | Apr. 23, 2021 | |
Maturity Date | Mar. 28, 2024 | |
Rate | 0% | |
Vehicle loan [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Carrying Value | $ 3,373 | $ 5,058 |
Start Date | Aug. 30, 2019 | |
Maturity Date | Sep. 11, 2024 | |
Rate | 6.99% |
SCHEDULE OF STOCK OPTIONS OUTST
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 shares $ / shares | Dec. 31, 2023 shares | Dec. 31, 2022 shares | |
IfrsStatementLineItems [Line Items] | |||
Remaining Contractual Life (years) | 4 years 7 months 28 days | 4 years 7 months 17 days | |
Number of Options Outstanding | 888,823 | 897,158 | 877,157 |
Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of Options Outstanding | 888,823 | ||
Number of Options Exercisable | 836,543 | ||
Exercise price one [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Oct. 30, 2019 | ||
Expiry Date | Oct. 30, 2029 | ||
Exercise Price | $ / shares | $ 2.50 | ||
Remaining Contractual Life (years) | 5 years 6 months 25 days | ||
Number of Options Outstanding | 278,332 | ||
Number of Options Exercisable | 278,332 | ||
Exercise price two [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Nov. 19, 2019 | ||
Expiry Date | Nov. 19, 2029 | ||
Exercise Price | $ / shares | $ 2.50 | ||
Remaining Contractual Life (years) | 5 years 7 months 17 days | ||
Number of Options Outstanding | 50,000 | ||
Number of Options Exercisable | 50,000 | ||
Exercise price three [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Apr. 30, 2020 | ||
Expiry Date | Apr. 30, 2030 | ||
Exercise Price | $ / shares | $ 2.50 | ||
Remaining Contractual Life (years) | 6 years 25 days | ||
Number of Options Outstanding | 85,000 | ||
Number of Options Exercisable | 85,000 | ||
Exercise price four [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Apr. 30, 2020 | ||
Expiry Date | Apr. 30, 2030 | ||
Exercise Price | $ / shares | $ 3.85 | ||
Remaining Contractual Life (years) | 6 years 25 days | ||
Number of Options Outstanding | 110,000 | ||
Number of Options Exercisable | 110,000 | ||
Exercise price five [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Jul. 03, 2020 | ||
Expiry Date | Jul. 03, 2025 | ||
Exercise Price | $ / shares | $ 3.20 | ||
Remaining Contractual Life (years) | 1 year 3 months | ||
Number of Options Outstanding | 100,000 | ||
Number of Options Exercisable | 100,000 | ||
Exercise price six [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Nov. 24, 2020 | ||
Expiry Date | Nov. 24, 2030 | ||
Exercise Price | $ / shares | $ 2.50 | ||
Remaining Contractual Life (years) | 6 years 7 months 20 days | ||
Number of Options Outstanding | 32,000 | ||
Number of Options Exercisable | 32,000 | ||
Exercise price seven [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Feb. 02, 2021 | ||
Expiry Date | Feb. 02, 2031 | ||
Exercise Price | $ / shares | $ 13.20 | ||
Remaining Contractual Life (years) | 6 years 9 months 29 days | ||
Number of Options Outstanding | 30,000 | ||
Number of Options Exercisable | 30,000 | ||
Exercise price eight [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Mar. 08, 2021 | ||
Expiry Date | Mar. 08, 2026 | ||
Exercise Price | $ / shares | $ 13.90 | ||
Remaining Contractual Life (years) | 1 year 11 months 4 days | ||
Number of Options Outstanding | 10,000 | ||
Number of Options Exercisable | 10,000 | ||
Exercise price nine [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Apr. 27, 2021 | ||
Expiry Date | Apr. 27, 2031 | ||
Exercise Price | $ / shares | $ 10.15 | ||
Remaining Contractual Life (years) | 7 years 21 days | ||
Number of Options Outstanding | 137,665 | ||
Number of Options Exercisable | 113,994 | ||
Exercise price ten [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Sep. 09, 2021 | ||
Expiry Date | Sep. 09, 2026 | ||
Exercise Price | $ / shares | $ 4.84 | ||
Remaining Contractual Life (years) | 2 years 5 months 8 days | ||
Number of Options Outstanding | 25,826 | ||
Number of Options Exercisable | 17,217 | ||
Exercise price eleven [member] | Incentive share compensation plan [member] | |||
IfrsStatementLineItems [Line Items] | |||
Grant Date | Nov. 09, 2023 | ||
Expiry Date | Nov. 09, 2033 | ||
Exercise Price | $ / shares | $ 0.626 | ||
Remaining Contractual Life (years) | 9 years 7 months 2 days | ||
Number of Options Outstanding | 30,000 | ||
Number of Options Exercisable | 10,000 |
SCHEDULE OF STOCK OPTIONS OUT_2
SCHEDULE OF STOCK OPTIONS OUTSTANDING (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 shares $ / shares | Dec. 31, 2023 shares $ / shares | |
Number of options outstanding, Beginning Balance | shares | 897,158 | 877,157 |
Weighted average exercise price, Beginning Balance | $ / shares | $ 4.48 | $ 4.60 |
Number of options outstanding, Forfeited | shares | (8,335) | (9,999) |
Weighted average exercise price, Forfeited | $ / shares | $ 10.15 | $ 3.77 |
Number of options outstanding, Issued | shares | 30,000 | |
Weighted average exercise price, Issued | $ / shares | $ 0.63 | |
Number of options outstanding, Ending Balance | shares | 888,823 | 897,158 |
Weighted average exercise price, Ending Balance | $ / shares | $ 4.42 | $ 4.48 |
SUMMARY OF CHANGES IN RESTRICTE
SUMMARY OF CHANGES IN RESTRICTED STOCK UNITS (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Number of RSUs outstanding, Beginning of the period | 8,000,000 | |
Number of RSUs outstanding, Ending of the period | 19,800,000 | 8,000,000 |
Restricted stock units [member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of RSUs outstanding, Beginning of the period | 1,112,967 | 1,198,875 |
Number of RSUs, Vested | (63,658) | (1,508,255) |
Number of RSUs,Issued | 1,685,316 | |
Number of RSUs, Forfeited | (36,203) | (262,969) |
Number of RSUs outstanding, Ending of the period | 1,013,106 | 1,112,967 |
SCHEDULE OF WARRANT DERIVATIVE
SCHEDULE OF WARRANT DERIVATIVE LIABILITY (Details) - Warrants [member] - CAD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Beginning of the period | $ 4,196,125 | |
Warrants issued | 2,859,509 | 3,985,015 |
Change in fair value of warrants outstanding | (1,817,569) | 211,110 |
Warrants exercised | (1,204,491) | |
Ending of the period | 4,033,574 | 4,196,125 |
Derivative liability | $ 4,033,574 | $ 4,196,125 |
SCHEDULE OF WARRANT AND FAIR VA
SCHEDULE OF WARRANT AND FAIR VALUE OUTSTANDING (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) shares $ / shares | Dec. 31, 2023 USD ($) shares | ||
IfrsStatementLineItems [Line Items] | |||
Number of Warrants Outstanding | shares | 19,800,000 | 8,000,000 | |
Fair Value of warrants | $ | $ 4,033,574 | $ 4,196,125 | |
Range 1 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue date | [1] | Oct. 30, 2023 | |
Exercise price | $ / shares | [1] | $ 0.6123 | |
Number of Warrants Outstanding | shares | [1] | 6,400,000 | 6,400,000 |
Fair Value of warrants | $ | [1] | $ 1,130,828 | $ 3,180,543 |
Range 2 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue date | [2] | Oct. 30, 2023 | |
Exercise price | $ / shares | [2] | $ 0.0001 | |
Number of Warrants Outstanding | shares | [2] | 1,600,000 | |
Fair Value of warrants | $ | [2] | $ 1,015,582 | |
Range 3 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue date | [3] | Feb. 26, 2024 | |
Exercise price | $ / shares | [3] | $ 0.1761 | |
Number of Warrants Outstanding | shares | [3] | 13,400,000 | |
Fair Value of warrants | $ | [3] | $ 2,902,746 | |
Range 4 [member] | |||
IfrsStatementLineItems [Line Items] | |||
Issue date | [4] | Feb. 26, 2024 | |
Exercise price | $ / shares | [4] | $ 0.17 | |
Number of Warrants Outstanding | shares | [4] | ||
Fair Value of warrants | $ | [4] | ||
[1]The warrants expire October 30, 2028.[2]The warrants have no expiry date. They were exercised January 5, 2024.[3]The warrants expire February 26, 2029.[4]The warrants have no expiry date. They were exercised February 26, 2024. |
SCHEDULE OF WEIGHTED AVERAGE AS
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTION FOR WARRANTS (Details) - Warrants [member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Risk free interest rate | 4.21% | 3.84% |
Expected volatility | 119.47% | 113.78% |
Expected life | 4 years 9 months 18 days | |
Expected dividend yield | 0% | 0% |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life | 4 years 7 months 6 days | |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life | 4 years 10 months 28 days |
SUMMARY OF CHANGES IN WARRANTS
SUMMARY OF CHANGES IN WARRANTS (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 shares $ / shares | Dec. 31, 2023 shares $ / shares | |
IfrsStatementLineItems [Line Items] | ||
Number of RSUs outstanding, Beginning of the period | shares | 8,000,000 | |
Number of RSUs outstanding, Ending of the period | shares | 19,800,000 | 8,000,000 |
Warrants [member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of RSUs outstanding, Beginning of the period | 8,574,798 | 7,916,797 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 0.63 | $ 5.08 |
Warrants, Issued | 16,270,000 | 8,320,000 |
Weighted Average Exercise Price, Issued | $ 0.22 | $ 0.50 |
Warrants, Expired | (3,800,000) | (7,661,999) |
Weighted Average Exercise Price, Expired | $ 0.0001 | $ 5.89 |
Number of RSUs outstanding, Ending of the period | 21,044,798 | 8,574,798 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ 0.51 | $ 0.63 |
SCHEDULE OF WARRANTS OUTSTANDIN
SCHEDULE OF WARRANTS OUTSTANDING (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Warrant one [member] | |
IfrsStatementLineItems [Line Items] | |
Date issued | Jul. 29, 2021 |
Expiry date | Jul. 29, 2024 |
Exercise price | $ / shares | $ 5 |
Number of warrants outstanding | 250,000 |
Warrant two [member] | |
IfrsStatementLineItems [Line Items] | |
Date issued | Sep. 14, 2021 |
Expiry date | Sep. 14, 2024 |
Exercise price | $ / shares | $ 5 |
Number of warrants outstanding | 4,798 |
Warrant three [member] | |
IfrsStatementLineItems [Line Items] | |
Date issued | Oct. 30, 2023 |
Expiry date | Oct. 30, 2026 |
Exercise price | $ / shares | $ 0.6875 |
Number of warrants outstanding | 320,000 |
Warrant four [member] | |
IfrsStatementLineItems [Line Items] | |
Date issued | Oct. 30, 2023 |
Expiry date | Oct. 30, 2028 |
Exercise price | $ / shares | $ 0.6123 |
Number of warrants outstanding | 6,400,000 |
Warrant five [member] | |
IfrsStatementLineItems [Line Items] | |
Date issued | Feb. 26, 2024 |
Expiry date | Feb. 26, 2027 |
Exercise price | $ / shares | $ 0.3375 |
Number of warrants outstanding | 670,000 |
Warrant six [member] | |
IfrsStatementLineItems [Line Items] | |
Date issued | Feb. 26, 2024 |
Expiry date | Feb. 26, 2029 |
Exercise price | $ / shares | $ 0.1761 |
Number of warrants outstanding | 13,400,000 |
Warrants [member] | |
IfrsStatementLineItems [Line Items] | |
Number of warrants outstanding | 21,044,798 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) - CAD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||||
Number of shares issued | 11,200,000 | 8,000,000 | 8,000,000 | |
[custom:SharesIssuedForFinancingCost] | $ 4,877,475 | $ 10,856,166 | ||
[custom:IssuedCapitalCost-0] | 752,498 | $ 1,953,032 | 1,953,032 | |
Proceeds from issuing shares | 4,274,391 | 8,903,134 | ||
Other operating income (expense) | 1,387,114 | $ 97,073 | ||
Value from issuance of shares | 2,017,966 | 10,856,166 | 520,064 | 520,064 |
Shares issued for financing - ATM | 1,748,946 | |||
Share issue costs | 222,136 | |||
Proceeds from issue of shares | 1,526,810 | |||
Share issue related cost | 187,697 | |||
Derivative liability | $ 4,338,931 | $ 4,338,931 | ||
Adjustments for share-based payments | $ 198,907 | 540,563 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 7 months 28 days | 4 years 7 months 17 days | ||
Warrants [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Proceeds from issuance of warrants | $ 2,859,509 | $ 3,985,015 | ||
Proceeds from issuance of pre funded warrants | 431,084 | |||
Stock options [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Adjustments for share-based payments | 26,689 | 103,012 | ||
Restricted stock units [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Expense from share-based payment transactions with employees | $ 172,218 | $ 437,551 | ||
Prefunded Warrants [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
[custom:NumberOfWarrantsExercised-0] | 2,200 | |||
Warrants [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Risk free interest rate | 4.33% | |||
Volatility | 119.23% | |||
Expected life | 5 years | |||
Expected dividend yield rate | 0% | |||
Broker Warrants [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Risk free interest rate | 4.48% | |||
Volatility | 107.80% | |||
Expected life | 3 years | |||
Expected dividend yield rate | 0% | |||
Common stock 1 [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of stock issued for restrcited share units | 63,658 | 1,508,255 | ||
Shares isued for exercise of warrants | 3,800,000 | |||
Number of stock issued for treasury | 900,000 | |||
Common shares [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of shares issued | 4,800,000 | 4,800,000 | ||
Proceeds from issuing shares | $ 3,969,372 | |||
Other operating income (expense) | $ 441,166 | 793,979 | ||
Value from issuance of shares | $ 4,858,995 | |||
Shares issued for financing - ATM, shares | 650,729 | |||
Share issue related cost | $ 889,623 |
SCHEDULE OF SEGMENTED INFORMATI
SCHEDULE OF SEGMENTED INFORMATION (Details) - CAD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |||
Sales of goods | $ 1,237,948 | $ 1,380,816 | |
Provision of services | 91,633 | 220,670 | |
Total revenue | 1,329,581 | 1,601,486 | |
Segment loss (income) | (233,693) | 7,017,259 | |
Finance and other costs | (21,522) | (35,861) | |
Depreciation | 143,122 | 57,506 | |
Amortization | 2,821 | 8,989 | |
Change in fair value of derivative liability | 1,817,569 | (57,314) | |
Loss on write-off of notes receivable | 6,751 | 77,047 | |
Loss on write down of inventory | 148,760 | ||
Net loss for the period | 1,863,808 | 7,067,626 | $ 16,544,184 |
Drones [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods | 1,237,948 | 1,380,816 | |
Provision of services | 91,633 | 220,670 | |
Total revenue | 1,329,581 | 1,601,486 | |
Segment loss (income) | 1,267,167 | 4,545,828 | |
Finance and other costs | (21,522) | (34,304) | |
Depreciation | 139,109 | 55,113 | |
Amortization | 2,821 | 8,989 | |
Change in fair value of derivative liability | |||
Loss on write-off of notes receivable | 77,047 | ||
Loss on write down of inventory | 148,760 | ||
Net loss for the period | 1,536,335 | 4,652,673 | |
Vital [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods | |||
Provision of services | |||
Total revenue | |||
Segment loss (income) | 73,817 | ||
Finance and other costs | |||
Depreciation | |||
Amortization | |||
Change in fair value of derivative liability | |||
Loss on write-off of notes receivable | |||
Loss on write down of inventory | |||
Net loss for the period | 73,817 | ||
Corporates [member] | |||
IfrsStatementLineItems [Line Items] | |||
Sales of goods | |||
Provision of services | |||
Total revenue | |||
Segment loss (income) | (1,500,860) | 2,397,614 | |
Finance and other costs | (1,557) | ||
Depreciation | 4,013 | 2,393 | |
Amortization | |||
Change in fair value of derivative liability | 1,817,569 | (57,314) | |
Loss on write-off of notes receivable | 6,751 | ||
Loss on write down of inventory | |||
Net loss for the period | $ 327,473 | $ 2,341,136 |
SCHEDULE OF GEOGRAPHIC REVENUE
SCHEDULE OF GEOGRAPHIC REVENUE (Details) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Non-current assets | $ 1,626,675 | $ 1,162,200 |
Revenue | ||
Revenue | 1,329,581 | 1,601,486 |
CANADA | ||
IfrsStatementLineItems [Line Items] | ||
Non-current assets | 1,467,917 | 1,162,200 |
Revenue | ||
Revenue | 1,327,333 | 1,592,094 |
UNITED STATES | ||
IfrsStatementLineItems [Line Items] | ||
Non-current assets | 158,758 | |
Revenue | ||
Revenue | $ 2,248 | $ 9,392 |
SCHEDULE OF OFFICE AND MISCELLA
SCHEDULE OF OFFICE AND MISCELLANEOUS EXPENSES (Details) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Notes and other explanatory information [abstract] | ||
Advertising, Marketing, and Investor Relations | $ 110,073 | $ 2,306,452 |
Compliance fees | 64,031 | 27,307 |
Impairment of accounts receivable | 198,513 | |
Contract Work | 47,081 | |
Other | 172,166 | 221,299 |
Office and Miscellaneous Expenses | $ 346,270 | $ 2,800,652 |
SCHEDULE OF OTHER EXPENSES (Det
SCHEDULE OF OTHER EXPENSES (Details) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Notes and other explanatory information [abstract] | ||
Share issue costs | $ 598,529 | |
Write off of accounts (payable) receivable | (48,833) | |
Other | 2,598,000 | 424,000 |
Total Other expenses | $ 525,948,000 | $ 424,000 |
SCHEDULE OF KEY COMPENSATION AW
SCHEDULE OF KEY COMPENSATION AWARDS (Details) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Notes and other explanatory information [abstract] | ||
Director fees | $ 152,438 | $ 151,663 |
Salaries | 142,068 | 102,115 |
Share-based payments | 122,112 | 263,242 |
Total | $ 416,618 | $ 517,020 |
SCHEDULE OF KEY MANAGEMENT TRAN
SCHEDULE OF KEY MANAGEMENT TRANSACTIONS (Details) - CAD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Management fees paid to a company, total | $ 416,618 | $ 517,020 |
CEO and director [member] | ||
IfrsStatementLineItems [Line Items] | ||
Management fees paid to a company, total | 106,250 | 100,000 |
CEO [member] | ||
IfrsStatementLineItems [Line Items] | ||
Management fees paid to a company, total | 60,000 | 103,629 |
President and director [member] | ||
IfrsStatementLineItems [Line Items] | ||
Management fees paid to a company, total | 40,433 | 58,398 |
Other related parties [member] | ||
IfrsStatementLineItems [Line Items] | ||
Management fees paid to a company, total | $ 206,683 | $ 262,027 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - CAD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Notes and other explanatory information [abstract] | ||
Amounts payable, related party transactions | $ 298,100 | $ 22,350 |
SCHEDULE OF FINANCIAL ASSETS ME
SCHEDULE OF FINANCIAL ASSETS MEASURED FAIR VALUE THROUGH PROFIT AND LOSS (Details) - CAD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | $ 4,339,736 | $ 3,093,612 |
Equity securities in investee companies | 178,357 | 189,403 |
Derivative liability | 4,033,574 | 4,196,125 |
Total | 8,551,667 | 7,479,140 |
Level 1 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | 4,339,736 | 3,093,612 |
Equity securities in investee companies | 42,857 | 57,143 |
Derivative liability | ||
Total | 4,382,593 | 3,150,755 |
Level 3 of fair value hierarchy [member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash and cash equivalents | ||
Equity securities in investee companies | 135,500 | 132,260 |
Derivative liability | 4,033,574 | 4,196,125 |
Total | $ 4,169,074 | $ 4,328,385 |
SCHEDULE OF FAIR VALUE FOR DERI
SCHEDULE OF FAIR VALUE FOR DERIVATIVE LIABILITY (Details) - Historical volatility for shares, measurement input [member] - CAD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
[custom:IncreaseDecreaseInFairValueMeasurementDueToReasonablyPossibleDecreaseInUnobservableInputRecognisedPercentage] | 20% | |
Impact on comprehensive loss | $ 354,412 | $ 291,149 |
FINANCIAL INSTRUMENTS AND FIN_3
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Details Narrative) | Mar. 31, 2024 CAD ($) |
Current trade receivables | $ 170,211 |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) $ / shares in Units, $ in Millions | May 01, 2024 USD ($) $ / shares shares | May 01, 2024 $ / shares | Mar. 31, 2024 shares | Dec. 31, 2023 shares |
IfrsStatementLineItems [Line Items] | ||||
Number of shares issued | shares | 11,200,000 | 8,000,000 | ||
Warrants Transaction [Member] | Securities Purchase Agreement [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of shares purchased | shares | 13,513,514 | |||
Offering price per share for units sold | $ / shares | $ 0.259 | |||
Before deducting underwriting discounts and offering expenses | $ | $ 3.5 | |||
Number of shares issued | shares | 6,400,000 | |||
Warrants exercise price per share | $ / shares | $ 0.6123 | |||
Warrants Transaction [Member] | Amendment Agreement [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Warrants exercise price per share | $ / shares | $ 0.3583 |