| Schedule of Income Tax Expense |
The difference between the tax calculated
on income before income tax according to the statutory tax rate and the amount of the income tax included in the income tax expense is
reconciled as follows:
| | |
2023 | | |
2022 | |
| Loss before income taxes | |
$ | (119,712,165 | ) | |
$ | (11,619,422 | ) |
| Statutory income tax rate | |
| 21 | % | |
| 21 | % |
| Income tax recovery at statutory income tax rate | |
| (25,139,555 | ) | |
| (2,440,079 | ) |
| Non-deductible expenses | |
| 420,174 | | |
| 245,566 | |
| Change in the fair value of warrant liability | |
| (943,421 | ) | |
| (4,412,205 | ) |
| Difference in jurisdictional tax rates | |
| (4,891,708 | ) | |
| (1,549,371 | ) |
| Tax restructuring | |
| - | | |
| 693,725 | |
| Other | |
| 194,426 | | |
| (165,724 | ) |
| Change in valuation allowance | |
| 27,068,381 | | |
| 7,412,660 | |
| | |
| | | |
| | |
| | |
$ | (3,291,703 | ) | |
$ | (215,428 | ) |
| Deferred Tax Assets (Liabilities) | |
| | |
| |
| | |
2023 | | |
2022 | |
| Deferred income tax assets: | |
| | | |
| | |
| Loss carryforwards | |
$ | 45,792,765 | | |
$ | 17,125,566 | |
| Tangible assets | |
| - | | |
| 271,227 | |
| Share-based compensation | |
| 3,627,277 | | |
| 398,881 | |
| R&D and other cost pool carryforwards | |
| 2,229,569 | | |
| - | |
| Other | |
| 129,636 | | |
| 161,452 | |
| Gross deferred income tax assets | |
| 51,779,247 | | |
| 17,957,126 | |
| Valuation allowance | |
| (45,273,417 | ) | |
| (16,650,521 | ) |
| Total deferred income tax assets, net of valuation allowance | |
| 6,505,830 | | |
| 1,306,605 | |
| | |
| | | |
| | |
| Deferred income tax liabilities: | |
| | | |
| | |
| Tangible assets | |
| (3,208,381 | ) | |
| - | |
| Intangible assets | |
| (3,297,449 | ) | |
| (1,306,605 | ) |
| Total deferred income tax liabilities | |
| (6,505,830 | ) | |
| (1,306,605 | ) |
| | |
| | | |
| | |
| Net deferred income tax assets and liabilities | |
$ | - | | |
$ | - | |
|