(1) Gross Profit (as a % of revenues) would have been 34.4% and 31.1% not including a non-cash write down of inventory for $134,410 and $122,600 respectively for the three-month period ending June 30, 2024 and 2023. Gross Profit (as a % of revenues) would have been 33.5% and 31.7% not including a non-cash write down of inventory for $283,169 and $199,647 respectively for the six-month period ending June 30, 2024 and 2023.
| As at | June 30, 2024 | December 31, 2023 | ||||||||
| Total assets | $ | 9,900,539 | $ | 8,330,292 | ||||||
| Working capital | (3,690,940 | ) | (717,017 | ) | ||||||
| Total non-current liabilities | 441,053 | 523,584 | ||||||||
| Shareholders’ equity | $ | (2,622,137 | ) | $ | 407,716 | |||||
| Number of shares outstanding | 75,399,769 | 49,229,563 | ||||||||
Shareholders’ equity and working capital as at June 30, 2024, includes a fair value of derivative liability of $9,382,960 (2023 - $4,196,125) and would otherwise be $6,760,823 (2023 - $4,603,841) and $5,692,020 (2023 - $3,479,108), respectively.
| 2024 Q2 | 2024 Q1 | 2023 Q2 | |||||||
| Revenue | $ | 1,732,990 | $ | 1,329,581 | $ | 1,899,039 | |||
| Cost of sales(2) | $ | (1,271,317 | ) | $ | (1,049,570 | ) | $ | (1,431,922 | ) |
| Gross profit (3) | $ | 461,673 | $ | 280,011 | $ | 467,117 | |||
| Gross margin – percentage | 26.6 | % | 21.1 | % | 24.6 | % | |||
| Operating expenses | $ | (4,395,923 | ) | $ | (3,530,933 | ) | $ | (7,234,034 | ) |
| Operating income (loss) | $ | (3,934,250 | ) | $ | (3,250,922 | ) | $ | (6,766,917 | ) |
| Operating loss per share - basic | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.16 | ) |
| Operating loss per share - diluted | $ | (0.05 | ) | $ | (0.05 | ) | $ | (0.16 | ) |
| Other income (expense) | $ | (3,157,299 | ) | $ | 1,387,114 | $ | (142,046 | ) | |
| Change in fair value of derivative liability (1) | $ | (2,604,394 | ) | $ | 1,817,569 | $ | - | ||
| Other comprehensive income (loss) | $ | (6,089 | ) | $ | (20,608 | ) | $ | 18,152 | |
| Comprehensive income (loss) | $ | (7,097,638 | ) | $ | (1,884,416 | ) | $ | (6,890,812 | ) |
| Comprehensive income (loss) per share - basic | $ | (0.10 | ) | $ | (0.03 | ) | $ | (0.16 | ) |
| Comprehensive income (loss) per share - diluted | $ | (0.10 | ) | $ | (0.03
| )
| $ | (0.16 | ) |
