Further information about us and our operations can be obtained from the offices of META, from the META's website or on EDGAR at www.sec.gov/edgar.shtml.

We have additional products in development that utilize our proprietary holography technology. Included in the holoOPTIX TM family of products are holographic optical elements ("HOEs"). HOEs are a core component in the display of augmented reality smart glasses products, as well as (in their larger version) in Heads-Up Displays ("HUDs"), in automobiles and aircraft.

There are six NANOWEB®-enabled products and applications that are currently in early stages of development including:

NANOWEB® for Transparent EMI Shielding

NANOWEB® for Transparent Antennas

NANOWEB® for 5G signal enhancement

NANOWEB® for Touch Screen Sensors

NANOWEB® for Solar cells

NANOWEB® for Transparent Heating to de-ice and de-fog

More details of these products and applications can be found in our EDGAR filings and on our website at www.metamaterial.com.

Wireless Sensing and Radio Wave Imaging Technology

We are developing wireless sensing and radio wave imaging applications from our London, UK office and our newly established Athens, Greece office.

As part of the Arrangement Agreement with Torchlight Energy Resources, Inc. ("Torchlight"), we acquired a group of oil and gas assets ("O&G assets") and had interest in them as follows:

the Orogrande Project in Hudspeth County, Texas

the Hazel Project in Sterling, Tom Green, and Irion Counties, Texas

the Hunton wells in partnership with Kodiak in Central Oklahoma

The increase in selling and marketing expenses for the three months ended March 31, 2022, compared to the same period of 2021, is primarily due to:

$0.3 million increase in salaries and benefits due to new hires in the latter part 2021 along with the Torchlight and Nanotech acquisitions.

$0.3 million increase in conference fees and travel expenses relating to the participation in trade shows and conferences in Q1 2022.

The increase in general and administrative expenses for the three months ended March 31, 2022, compared to the same period of 2021, is primarily due to:

$3.2 million increase in share-based compensation mainly in relation to the quarterly vesting cost of RSUs and stock options granted during Q1 2022.

$0.6 million increase in insurance expense due to the new insurance requirements in the US resulting from our NASDAQ listing.

The increase in research and development expenses for the three months ended March 31, 2022, compared to the same period of 2021, is primarily due to:

$1.1 million increase in salaries and benefits primarily due to the expansion of headcount through Nanotech acquisition.

$0.4 million increase in share-based compensation mainly in relation to the quarterly vesting cost of RSUs and stock options granted during Q1 2022.

$0.3 increase in rent and utilities primarily due to leases acquired during 2021 and 2022 in Canada, USA and Greece.

CA$3.01 on February 16, 2021 when we converted unsecured convertible promissory notes of $4,356,734 principal and interest at share price of CA$0.50 in accordance with the terms of the bridge financing;

CA$3.80 on March 3, 2021 when we converted secured convertible debentures of $4,252,059 principal and interest at share price of CA$0.70 pursuant to the terms of the agreement with BDC.

On March 31, 2022, we had cash and cash equivalents of $30.2 million including $0.5 million in restricted cash compared to $47.4 million in cash and cash equivalents at December 31, 2021.

The following table summarizes our cash flows for the periods presented:

Net cash used in operating activities

Net cash provided by (used in) investing activities

During the three months ended March 31, 2021, net cash used in investing activities of $1.6 million was primarily driven by $1.5 million equipment purchases for our facility in California, United States.

Net cash provided by financing activities

For a description of our commitments and contractual obligations, please see "Note 18 - Commitments and contingencies" in the Notes to the Condensed Consolidated Interim Financial Statements of this Form 10-Q.

© Edgar Online, source Glimpses