Subsequent events
a. On September 13, 2022, the Company secured an additional bridge loan in the amount of $133,667 (US$100,000) from Orca Holdings, LLC. The loan is interest free and secured by the royalty fee earned on a future Affinity licensing agreement. The agreement extended all current loans from Orca maturity date to October 31, 2022. The maturity date was further extended to October 25, 2023 (Note 27d).
b. On October 25, 2022, the Company secured an additional bridge loan in the amount of $203,572 (US$150,000) from Orca Holdings, LLC. The bridge loan bears interest at 10% and is repayable on October 25, 2023.
c. On October 25, 2022, the Company granted a total of 500,000 options to a consultant of the Company that will expire on October 25, 2027. 250,000 of the options are exercisable at a price of $0.09 per share and another 250,000 are exercisable at a price of $0.05. One-third of the options will vest after six months, with a further third vesting every six months thereafter.
d. On On November 15, 2022, the Company secured a secured promissory note in the aggregate principal amount of up to USD$612,500. The Note bears interest at 10% per annum and matures on October 25, 2023. The Note will be secured against the assets of the Company pursuant to a general security agreement. The existing debt with this creditor will be consolidated under the Note and the creditor will make an additional US$125,000 available to the Company which was advanced on November 18, 2022. As additional consideration for the issuance of the Note, the Company issued 788,000 Shares to the creditor and all existing options held by this creditor will vest immediately