Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Share Based Payments (Tables)

v3.20.4
Share Based Payments (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure of share-based payment arrangement [Abstract]  
Schedule of stock options and weighted average exercise prices of share options
We have issued stock options to acquire common stock through our stock option plan of which the following are outstanding at December 31:
2020 2019 2018
Stock Options Weighted Average Exercise Price
$
Stock Options Weighted Average Exercise Price
$
Stock Options Weighted Average Exercise Price
$
Outstanding, beginning of the year
2,246,947  5.31 1,249,361  8.73 647,156  13.20
Granted during the year 1,817,500  3.19 1,020,000  1.42 750,467  4.97
Forfeited during the year (141,418) 3.84 (12,839) 11.35 (105,338) 11.67
Expired during the year (25,520) 62.49 (9,575) 29.07 (1,122) 13.78
Exercised during the year (133,454) 1.81 —  (41,802) 2.96
Outstanding, end of the
year
3,764,055  4.08 2,246,947  5.31 1,249,361  8.73
Options exercisable, end of the year
2,164,551  4.84 1,327,845  7.22 777,245  11.04
Schedule of stock options outstanding and exercisable by range of exercise price
The following table summarizes information about the stock options outstanding and exercisable at December 31, 2020:
Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price
$
Number Exercisable Weighted Average Exercise Price
$
$0.54 - $1.79
808,333  3.03 1.39 545,009  1.37
$1.80 - $3.01
459,730  4.49 2.66 289,730  2.68
$3.02 - $3.90
1,834,706  3.86 3.21 769,696  3.26
$3.91 - $7.41
493,252  2.68 6.13 392,082  6.02
$7.42 - $52.63
168,034  2.32 24.32 168,034  24.32
3,764,055  3.53 4.08 2,164,551  4.84
Schedule of weighted average remaining contractual life and outstanding stock options by exercise price
The following table summarizes our outstanding equity warrants:
Number of Warrants Outstanding(1)
Warrant
$
Balance, December 31, 2017 16,445,000  3,617,900 
Issued pursuant to equity warrant exercised (1,500) (330)
Balance, December 31, 2018 16,443,500  3,617,570 
Balance, December 31, 2019 16,443,500  3,617,570 
Balance, December 31, 2020 16,443,500  3,617,570 
(1) Exercisable into 1,730,894 common shares.
The following table summarizes information about the stock options outstanding and exercisable at December 31, 2020:
Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price
$
Number Exercisable Weighted Average Exercise Price
$
$0.54 - $1.79
808,333  3.03 1.39 545,009  1.37
$1.80 - $3.01
459,730  4.49 2.66 289,730  2.68
$3.02 - $3.90
1,834,706  3.86 3.21 769,696  3.26
$3.91 - $7.41
493,252  2.68 6.13 392,082  6.02
$7.42 - $52.63
168,034  2.32 24.32 168,034  24.32
3,764,055  3.53 4.08 2,164,551  4.84
Disclosure weighted average assumptions and fair value of options
The estimated fair value of stock options issued during the year was determined using the following weighted average assumptions:
2020 2019 2018
Risk-free interest rate 0.34% 1.62% 2.02%
Expected hold period to exercise 3.0 years 3.0 years 3.0 years
Expected share price volatility 110.82% 97.9% 81.15%
Expected forfeiture rate 3.67% 3.67% 3.67%
Expected dividend yield Nil Nil Nil
Weighted average fair value of options $2.12 $0.87 $2.67
Schedule of number of other equity instruments The following RSUs are outstanding at December 31:
2020 2019 2018
Outstanding, beginning of the year 209,657  260,755  190,407 
Granted during the year 154,923  270,098  102,855 
Forfeited during the year   —  (4,210)
Released during the year (229,962) (321,196) (28,297)
Outstanding, end of the year 134,618  209,657  260,755 
(1) The weighted average fair value of the RSUs granted was $2.41 in 2020 (2019 - $0.80 ; 2018 - $3.35).
The following PSUs are outstanding at December 31:
2020 2019 2018
Outstanding, beginning of the year 61,051  63,156  94,734 
Forfeited during the year   —  (31,578)
Released during the year (4,210) (2,105) — 
Outstanding, end of the year 56,841  61,051  63,156