ALR Technologies SG Ltd 20-F for FY2023

ALR Technologies SG Ltd. (ALRTF)

20-F 2024-04-30 For: 2023-12-31

Added on April 06, 2026

About this 20-F

ALR Technologies SG Ltd filed this 20-F on April 30, 2024, covering the fiscal year ended December 31, 2023 (FY2023).

Headline figures

Fiscal year ended December 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $25.54K; up 978.8% from $2367 a year earlier
Net loss: $7.47M; compared with a net loss of $10.62M a year earlier

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(Mark One)

[ ]	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

	OR

[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended December 31, 2023

	OR

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	OR

[ ]	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report: N/A

	For the transition period from __________ to __________

N/A		SINGAPORE
(Translation of Registrant’s		(Jurisdiction of incorporation
name into English)		or organization)

	Large Accelerated Filer	☐	Accelerated Filer	☐
	Non-accelerated Filer	☒	Emerging Growth Company	☐

		Page No.

INTRODUCTION

	PART I

Item 1.	Identity of Directors, Senior Management and Advisors	5
Item 2.	Offer Statistics and Expected Timetable	5
Item 3.	Key Information	5
Item 4.	Information on the Company	17
Item 4A.	Unresolved Staff Comments	27
Item 5.	Operating and Financial Review and Prospects	27
Item 6.	Directors, Senior Management and Employees	39
Item 7.	Major Shareholders and Related Party Transactions	43
Item 8.	Financial Information	45
Item 9.	The Offer and Listing	46
Item 10.	Additional Information	46
Item 11.	Quantitative and Qualitative Disclosures About Market Risk	58
Item 12.	Description of Securities Other than Equity Securities	58

	PART II

Item 13.	Defaults, Dividend Arrearages and Delinquencies	58
Item 14.	Material Modifications to the Rights of Security Holders and Use of Proceeds	58
Item 15.	Controls and Procedures	58
Item 16.	[Reserved]	60
Item 16A.	Audit committee financial expert	60
Item 16B.	Code of Ethics	60
Item 16C.	Principal Accountant Fees and Services	60
Item 16D.	Exemptions from the Listing Standards for Audit Committees	61
Item 16E.	Purchases of Equity Securities by the Issuer and Affiliated Purchasers	61
Item 16F.	Change in Registrant’s Certifying Accountant	61
Item 16G.	Corporate Governance	61
Item 16H.	Mine Safety Disclosure	61
Item 16I.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	61
Item 16J.	Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure	61

	PART III

Item 17.	Financial Statements	61
Item 18.	Financial Statements	62
Item 19.	Exhibits	63

SIGNATURES		64

	c.	plot the data into a graph;
	d.	assess the effectiveness of the insulin dose and glycemic control; and

	Authorized:	Unlimited ordinary shares without par value
	Issued:	632,466,844 ordinary shares are issued and outstanding.

	Authorized:	Unlimited preferred shares without par value.
	Issued:	No preferred shares have been issued.

	2023			2022			2021

Revenue	$	26,000		$	2,000		$	8,000
Cost of revenue		(22,000	)		(1,000	)		(3,000	)
Gross margin		4,000			1,000			5,000

Operating Expenses
Product development costs		1,404,000			482,000			499,000
Professional fees		815,000			921,000			881,000
Selling, general and administrative expenses		2,599,000			2,867,000			1,566,000
Total operating expenses		4,818,000			4,270,000			2,946,000

Loss before other items		4,814,000			4,269,000			2,941,000

Other Items
Interest expense		2,522,000			6,350,000			5,468,000
Loss on settlement of debt		139,000			—			34,000
Total other items		2,661,000			6,350,000			5,502,000

Net Loss	$	7,475,000		$	10,619,000		$	8,443,000

	Changes from 2023 to 2022					Changes from 2022 to 2021
		Amount ($) Increase / (Decrease)		Percentage (%) Increase / (Decrease)			Amount ($) Increase / (Decrease)		Percentage (%) Increase / (Decrease)

Revenue		24,000		1200			(6,000	)	(75	)
Cost of revenue		(21,000	)	2100			2,000		(67	)
Gross margin		3,000		300			(4,000	)	(80	)

Operating Expenses
Product development costs		922,000		191			(17,000	)	(3	)
Professional fees		(106,000	)	(12	)		40,000		5
Selling, general and administrative expenses		(268,000	)	(9	)		1,301,000		83
Total operating expenses		548,000		13			1,324,000		45

Loss before other items		545,000		13			1,328,000		45

Other Items
Interest expense		(3,828,000	)	(60	)		882,000		16
Loss on settlement of debt		139,000		100			(34,000	)	(100	)
Total other items		(3,689,000	)	(58	)		848,000		15

Net Loss		(3,144,000	)	(30	)		2,176,000		26

Selling, general and administrative:	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Salaries and consulting fees	$	864,000	$	1,033,000	$	745,000
Travel and trade shows		76,000		31,000		14,000
Website and information technology		45,000		26,000		26,000
Transfer agent, filing fees and quotation costs		27,000		42,000		29,000
Market research consulting fees		34,000		45,000		44,000
License and permits		2,000		5,000		26,000
Rent		47,000		44,000		25,000
Shareholder communications		13,000		69,000		6,000
Foreign exchange		40,000		59,000		35,000
Other general and administrative costs		48,000		14,000		29,000
Subtotal		1,196,000		1,368,000		979,000
Share-based compensation		1,403,000		1,499,000		587,000
Total	$	2,599,000	$	2,867,000	$	1,566,000

Professional fees:	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Corporate auditor	$	63,000	$	97,000	$	46,000
Accounting fees		223,000		273,000		149,000
Tax consultant fees		3,000		18,000		43,000
Legal fees		122,000		494,000		292,000
Recruiter fees		—		—		48,000
Market consultants and outreach		—		—		134,000
Subtotal		411,000		882,000		712,000
Share-based compensation		404,000		39,000		169,000
Total	$	815,000	$	921,000	$	881,000

Interest expense:	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Interest expense incurred on lines of credit	$	1,644,000	$	1,597,000	$	1,402,000
Interest expense incurred on promissory notes		531,000		543,000		527,000
Borrowing costs on loan payable		150,000		73,000		—
Accrued interest on loan payable		112,000		—		—
Imputed interest on loan payable		48,000		23,000		—
Imputed interest on zero interest loans		34,000		104,000		113,000
Other interest		3,000		5,000		1,000
Subtotal		2,522,000		2,345,000		2,043,000
Interest expense incurred on stock options granted and/or modified		—		4,005,000		3,425,000
Total	$	2,522,000	$	6,350,000	$	5,468,000

Lines of credit:	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Line of credit provided by Sidney Chan	$	10,300,000	$	10,300,000	$	10,221,000
Line of credit provided by Christine Kan		3,911,000		3,116,000		2,468,000
Total	$	14,211,000	$	13,416,000	$	12,689,000

Interest expense on lines of credit:	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Interest expense incurred on the line of credit from Sidney Chan during the period	$	1,236,000	$	1,235,000	$	1,157,000
Interest expense incurred on the line of credit from Christine Kan during the period		408,000		362,000		245,000
Total	$	1,644,000	$	1,597,000	$	1,402,000

Working Capital	As At December 31, 2023			As At December 31, 2022			Amount ($) Increase / (Decrease)			Percentage (%) Increase / (Decrease)
Current Assets	$	155,000			377,000			(222,000	)		(59	)
Current Liabilities		32,071,000			27,089,000			4,982,000			18
Working Capital Deficiency	$	(31,916,000	)		(26,712,000	)		(5,204,000	)		19

	December 31, 2023		December 31, 2022		Change ($)		Change (%)
Accounts payable and accrued liabilities	$	1,501,000		1,343,000		158,000		12
Promissory notes to related parties		3,092,000		3,092,000		—		—
Promissory notes to arm’s length parties		2,163,000		2,163,000		—		—
Interest payable		5,170,000		4,663,000		507,000		11
Lines of credit from related parties		17,956,000		15,828,000		2,128,000		13
Loan payable to related parties		2,189,000		—		2,189,000		100
Total current liabilities	$	32,071,000		27,089,000		4,982,000		18

Cash Flows	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Cash flows used in Operating Activities	$	(1,622,000	)	$	(2,573,000	)	$	(2,225,000	)
Cash flows provided by Financing Activities		1,539,000			2,507,000			2,286,000
Effect of foreign exchange on cash		(7,000	)		99,000			(11,000	)
Net Increase in Cash During Period	$	(90,000	)	$	33,000		$	50,000

Cash Used in Operating Activities Reconciliation	Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021
Net loss	$	(7,475,000	)	$	(10,619,000	)	$	(8,443,000	)
Share-based compensation incurred for product development, selling, general and admin, professional fees and interest expense		2,867,000			5,770,000			4,403,000
Unrealized foreign exchange		37,000			—			—
Interest accretion on loan payable		48,000			23,000			—
Borrowing costs on loan payable		150,000			73,000			—
Accrued interest on loan payable		112,000			—			—
Non-cash imputed interest expense		34,000			105,000			113,000
Loss on debt settlement		139,000			—			34,000
Bonuses settled by issuance of shares		—			245,000			—
Accounts receivable		(41,000	)		—			—
Inventory		(11,000	)		—			—
Net purchases with balances owing in accounts payable and accrued liabilities		452,000			337,000			211,000
Repayments of lines of credit interest		(311,000	)		(496,000	)		(457,000	)
Retainers and prepaid services		202,000			(151,000	)		(15,000	)
Accrued interest on lines of credit		1,644,000			1,597,000			1,402,000
Accrued interest from promissory notes		531,000			543,000			527,000
Cash used in operating activities	$	(1,622,000	)	$	(2,573,000	)	$	(2,225,000	)
					(1,768,000

Cash from Financing Activities Reconciliation	Year Ended December 31, 2023		Year Ended December 31, 2022			Year Ended December 31, 2021
Proceeds from lines of credit	$	794,000	$	728,000		$	1,149,000
Proceeds from sale of ordinary shares		745,000		—			—
Proceeds from promissory notes		—		650,000			—
Repayment of promissory notes		—		(650,000	)		—
Proceeds from loan payable		—		1,779,000			—
Proceeds from rights offering		—		—			1,125,000
Proceeds from exercise of options		—		—			12,000
Cash provided by financing activities	$	1,539,000	$	2,507,000		$	2,286,000

	Payments Due by Period
	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
Accounts payable and accrued liabilities	$	1,501,000	$	1,501,000	$	—		—	$	—
Promissory notes to related parties		3,092,000		3,092,000		—		—		—
Promissory notes to arm’s length parties		2,163,000		2,163,000		—		—		—
Interest payable		5,170,000		5,170,000		—		—		—
Lines of credit		17,956,000		17,956,000		—		—		—
Loan payable		2,189,000		2,189,000		—		—		—
	$	32,071,000	$	32,071,000	$	—	$	—	$	—

Name and Address	Age	Position(s)
Sidney Chan 9 Raffles Place #26-01 Republic Plaza Singapore 048619	73	Chairman of the Board of Directors, Chief Executive Officer, Chief Financial Officer (or “CFO”) and Principal Accounting Officer; Director
Benjamin Szeto 9 Raffles Place #26-01 Republic Plaza Singapore 048619	52	Secretary and Chief Legal Counsel
Christine Y S Kan 9 Raffles Place #26-01 Republic Plaza Singapore 048619	72	Vice President of Corporate Development; Director
Dr. Alfonso Salas 2106 West 33 Avenue Vancouver, British Columbia, Canada V6M 1B9	63	Director
Kenneth Robulak 1552 Highland Park Drive Clearwater, Florida, USA 33756	75	Director
Peter Stafford 10405 81 Street Osoyoos, British Columbia, Canada V0H 1V2	86	Director
Ronald Cheng 255 Springfield Road Ottawa, Ontario, Canada K1M 0K8	73	Director

Name and Principal Position	Year⁽¹⁾	Salary ($)	Bonus ($)	Share-based Awards ($)	Option-based Awards⁽⁴⁾($)	All other Compensation ($)	Total ($)
(a)	(b)	(c)	(d)	(e)	(f)	(g)	(h)
Sidney Chan - Chairman of the Board, CEO, CFO, and PAO	2023 2022	240,000 124,800	Nil 150,000⁽³⁾	Nil Nil	Nil 4,004,906	9,600 124,800⁽⁵⁾	249,600 4,404,506
Christine Y S Kan – Vice President and Director	2023 2022	44,671⁽²⁾ 43,532⁽²⁾	Nil Nil	Nil Nil	Nil Nil	Nil Nil	44,671 43,532
Benjamin Szeto – Secretary and Chief Legal Counsel	2023 2022	8,934⁽²⁾ 8,706⁽²⁾	Nil Nil	Nil Nil	84,528 304,291	Nil Nil	93,462 312,997
Kenneth James Robulak – Director	2023 2022	Nil Nil	Nil Nil	Nil Nil	Nil 26,146	Nil Nil	Nil 26,146
Dr. Alfonso Salas – Director	2023 2022	Nil Nil	Nil Nil	Nil Nil	Nil Nil	Nil Nil	Nil Nil
Peter Stafford – Director	2023 2022	Nil Nil	Nil 40,000⁽⁶⁾	Nil Nil	Nil Nil	Nil Nil	Nil 40,000
Ronald Cheng – Director	2023 2022	Nil Nil	Nil Nil	Nil Nil	Nil Nil	Nil Nil	Nil Nil

For the year ended December 31,	2023			2022
Risk-free interest rate		4.15	%		3.05	%
Expected life (years)		4.9			4.5
Expected volatility		145	%		123	%
Expected dividends		0	%		0	%
Forfeiture rate		0	%		0	%
Exercise price	$	0.05		$	0.05
Fair value per share	$	0.03		$	0.03

Name of Beneficial Owner	Direct Amount of Beneficial Owner	Position	Percent of Class
Sidney Chan	4,638,846,000[1]	Chief Executive Officer, Chief Financial Officer, Member and Chairman of the Board	91.3%

Christine Y S Kan	933,153,982[2]	Vice President and Member of the Board	68.0%

Benjamin Szeto	5,000,000[3]	Secretary and Chief Legal Counsel	0.8%

Dr. Alfonso Salas	6,577,738[4]	Member of the Board	1.0%

Kenneth Robulak	11,190,000[5]	Member of the Board	1.7%

Peter Stafford	11,500,000[6]	Member of the Board	1.8%

Ronald Cheng	6,205,800[7]	Member of the Board	1.0%

All Officers and Directors as a group (7 people)	5,612,473,520		95.8%

[1]	Mr. Chan owns 190,345,000 ordinary shares and holds the following warrants to acquire ordinary shares:
	●	4,213,001,000 at an exercise price of $0.002 per share until April 12, 2024***;
	●	120,000,000 at an exercise price of $0.015 per share until December 11, 2024**; and
	●	115,500,000 at an exercise price of $0.05 per share until December 31, 2026.

[2]	Ms. Kan, owns 193,153,482 ordinary shares and holds the following warrants to acquire ordinary shares:
	●	700,000,500 at an exercise price of $0.002 per share until April 12, 2024***; and
	●	40,000,000 at an exercise price of $0.05 per share until December 31, 2026.

[3]	Mr. Szeto holds the following options to acquire ordinary shares:
	●	1,000,000 at an exercise price of $0.035 per share until October 24, 2024; and
	●	9,000,000 at an exercise price of $0.05 per share until December 31, 2025, of which 5,000,000 are subject to vesting conditions.

[4]	Dr. Salas owns 1,577,738 ordinary shares and holds the following options to acquire ordinary shares:
	●		4,000,000 at an exercise price of $0.035 until May 6, 2024*; and
	●		1,000,000 at an exercise price of $0.035 until May 17, 2024*.

[5]	Mr. Robulak owns 1,190,000 ordinary shares and holds the following options to acquire ordinary shares:
	●		6,650,000 at an exercise price of $0.035 until March 14, 2024*;
	●		1,000,000 at an exercise price of $0.015 until April 12, 2024*;
	●		8,000,000 at an exercise price of $0.050 until May 31, 2025, subject to certain vesting conditions; and
	●		2,350,000 at an exercise price of $0.015 until December 31, 2025.

[6]	Mr. Stafford owns 1,500,000 ordinary shares and holds the following options to acquire ordinary shares:
	●		500,000 at an exercise price of $0.015 per share until April 12, 2024*;
	●		4,500,000 at an exercise price of $0.035 per share until May 6, 2024*; and
	●		5,000,000 at an exercise price of $0.05 per share until June 30, 2026.

[7]	Mr. Cheng owns 1,205,800 ordinary shares and holds the following options to acquire ordinary shares:
	●		500,000 at an exercise price of $0.015 per share until April 12, 2024*; and
	●		4,500,000 at an exercise price of $0.035 per share until May 6, 2024*.

2023	$ 42,000	Dale Matheson Carr-Hilton LaBonte LLP
2022	$ 37,000	Dale Matheson Carr-Hilton LaBonte LLP

2023	$ 17,000	Dale Matheson Carr-Hilton LaBonte LLP
2022	$ 40,000	Dale Matheson Carr-Hilton LaBonte LLP

2023	$ 11,000	Dale Matheson Carr-Hilton LaBonte LLP
2022	$ 8,000	Dale Matheson Carr-Hilton LaBonte LLP

		Incorporated by reference
Exhibit					Filed
No.	Document Description	Form	Date	Number	herewith

2.1	Agreement and Plan of Merger and Reorganization dated May 17, 2022 by and among the Company, ALR Delaware, and ALR Nevada	20-F	5/1/23	2.1
3.1	Constitution of the Company	20-F	5/1/23	3.1
4.1	Specimen Ordinary Share Certificate of the Company	20-F	5/1/23	4.1
4.2	Description of Share Capital				X
10.1	Line of Credit Agreement with Sidney Chan	20-F	5/1/23	10.1
10.2	Line of Credit Agreement with Christine Kan	20-F	5/1/23	10.2
10.3	Employment Agreement between the Company and Christine Kan	20-F	5/1/23	10.3
10.4	Letter of Employment between the Company and Sidney Chan	20-F	5/1/23	10.4
10.5	Option Agreement between the Company and Sidney Chan	20-F	5/1/23	10.5
10.6	Loan Agreement, as amended, between the Company and Kan Wen Chen Pte. Ltd.				X
10.7	Manufacturing and Supply Agreement between the Company and Infinovo Medical Co. Ltd.	20-F	5/1/23	10.7
14.1	Code of Ethics and Business Conduct	20-F	5/1/23	14.1
21.1	List of subsidiaries of the Company	20-F	5/1/23	21.1
31.1	Certification of CEO pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002				X
31.2	Certification of CFO pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002				X
32.1	Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002				X
101.INS	Inline XBRL Instance Document				X
101.SCH	Inline XBRL Taxonomy Extension Schema Document				X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document				X
101.DEF	Inline XBRL Definition Linkbase Document				X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document				X
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document				X
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)				X

	ALR TECHNOLOGIES SG LTD.
	(Registrant)

DATE: April 30, 2024	BY:	/s/ Sidney Chan
		Sidney Chan
		Chairman, Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer and a member of the Board

Signatures	Title	Date

/s/ Sidney Chan	Chairman, Principal Executive Officer, Principal	April 30, 2024
Mr. Sidney Chan	Financial Officer, Principal Accounting Officer and
	a member of the Board


/s/ Christine Y S Kan	Vice President and Member of the Board	April 30, 2024
Ms. Christine Y S Kan


/s/ Peter Stafford	Member of the Board	April 30, 2024
Mr. Peter Stafford


/s/ Kenneth J. Robulak	Member of the Board	April 30, 2024
Mr. Kenneth J. Robulak


/s/ Alfonso Salas	Member of the Board	April 30, 2024
Dr. Alfonso Salas


/s/ Ronald Cheng	Member of the Board	April 30, 2024
Mr. Ronald Cheng

Index	Page

Report of Independent Registered Public Accounting Firm	F-2

Consolidated Balance Sheets	F-4

Consolidated Statements of Operations and Comprehensive Loss	F-5

Consolidated Statements of Changes in Shareholders’ Deficit	F-6 – F-7

Consolidated Statements of Cash Flows	F-8

Notes to Consolidated Financial Statements	F-9 – F-43

	2023			2022

Assets
Current assets:
Cash	$	59,082		$	148,628
Accounts receivable		41,100			—
Inventory		11,000			—
Prepaid expenses		44,016			228,661
Total assets	$	155,198		$	377,289

Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable and accrued liabilities	$	1,501,322		$	1,342,872
Promissory notes payable to related parties		3,091,966			3,091,966
Promissory notes payable		2,163,368			2,163,368
Interest payable		5,170,149			4,662,731
Lines of credit from related parties		17,956,033			15,828,155
Loan payable to related parties		2,188,515			—
Total current liabilities		32,071,353			27,089,092

Long-term liabilities:
Loan payable to related parties		—			1,842,982
Total liabilities		32,071,353			28,932,074

Shareholders’ Deficit
Ordinary shares		30,912,769			28,040,825
Additional paid-in capital		57,280,320			56,032,129
Accumulated other comprehensive income (loss) – cumulative translation differences		(844	)		6,147
Accumulated deficit		(120,108,400	)		(112,633,886	)
Total shareholders’ deficit		(31,916,155	)		(28,554,785	)
Total liabilities and shareholders’ deficit	$	155,198		$	377,289


	Ordinary Shares
	Number of Shares			Amount		Obligation to Issue Shares			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Shareholders’ Deficit

Balance, December 31, 2020		511,020,709		$	26,041,897	$	200,000		$	45,569,257		$	—		$	(93,571,762	)	$	(21,760,608	)
Issuance of ordinary shares for settlement of debt		4,400,000			250,800		—			—			—			—			250,800
Issuance of ordinary shares for cash		26,496,635			1,324,832		(200,000	)		—			—			—			1,124,832
Cancelled shares		(1,000	)		—		—			—			—			—			—
Exercise of stock options		800,000			12,000		—			—			—			—			12,000
Reclassification of additional paid-in capital on exercise of stock options		—			41,271		—			(41,271	)		—			—			—
Imputed interest		—			—		—			112,339			—			—			112,339
Stock options granted as compensation		—			—		—			4,403,218			—			—			4,403,218
Exchange difference on translating foreign operations		—			—		—			—			(11,409	)		—			(11,409	)
Net loss for the year		—			—		—			—			—			(8,443,315	)		(8,443,315	)

Balance, December 31, 2021		542,716,344		$	27,670,800	$	—		$	50,043,543		$	(11,409	)	$	(102,015,077	)	$	(24,312,143	)
Issuance of ordinary shares for settlement of debt and bonuses		9,250,000			370,000		—			—			—			—			370,000
Issuance of ordinary shares for cash		500			25		—			—			—			—			25
Imputed interest		—			—		—			104,494			—			—			104,494
Discount on loan payable		—			—		—			113,912			—			—			113,912
Stock options granted as compensation		—			—		—			5,770,180			—			—			5,770,180
Exchange difference on translating foreign operations		—			—		—			—			17,556			—			17,556
Net loss for the year		—			—		—			—			—			(10,618,809	)		(10,618,809	)

Balance, December 31, 2022 carried forward		551,966,844		$	28,040,825	$	—		$	56,032,129		$	6,147		$	(112,633,886	)	$	(28,554,785	)

	As of December 31,
	2023		2022		2021
Options		411,970,000		321,700,000		5,497,001,500
Warrants		5,188,501,500		5,200,501,500		—
Total		5,600,471,500		5,522,201,500		5,497,001,500