Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAXES  
Schedule of significant components of the deferred taxes

    

2022

    

2021

Non-capital losses carried forward

$

17,614,000

$

11,640,000

Research and development expenditures

 

3,346,000

 

3,421,000

Investment tax credits

 

2,152,000

 

2,201,000

Tax value of technology rights and property and equipment in excess of accounting basis

 

250,000

 

287,000

Unrealized foreign exchange loss on convertible debt

 

 

12,000

Share issue costs

 

656,000

 

550,000

Total deferred income tax assets

 

24,018,000

 

18,111,000

Valuation allowance

 

(24,018,000)

 

(18,111,000)

Net deferred income tax assets

$

$

Schedule of reconciliation of the combined federal and provincial statutory income tax rate applied to the net loss for the year to the income tax recovery

    

2022

    

2021

 

Basic combined Canadian statutory income tax rate

 

26.5

%  

26.5

%

Income tax recovery based on statutory rate

$

(4,887,000)

$

(2,457,000)

Permanent differences

 

(1,164,000)

 

396,000

Share issue costs recorded, net of equity

 

(271,000)

 

(443,000)

Unrecognized benefit of current year tax losses

 

6,322,000

 

2,504,000

$

$