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

Share Based Payments (Tables)

v3.8.0.1
Share Based Payments (Tables)
12 Months Ended
Dec. 31, 2017
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:
 
2017
2016
2015
 
Stock Options
Weighted Average Exercise Price
$
Stock Options
Weighted Average Exercise Price
$
Stock Options
Weighted Average Exercise Price
$
Outstanding, beginning of the year
8,674,227

1.83
8,561,394

2.17
5,446,394

3.19

Granted during the year
405,000

0.48
1,572,000

0.28
3,280,000

0.43

Forfeited during the year
(2,012,660
)
3.45
(737,500
)
0.65
(100,000
)
1.69

Expired during the year
(116,900
)
2.22
(721,667
)
3.61
(65,000
)
1.49

Exercised during the year
(801,000
)
0.43


Outstanding, end of the
  year
6,148,667

1.39
8,674,227

1.83
8,561,394

2.17

Options exercisable, end of the year
5,453,501

1.51
6,729,643

2.27
6,476,394

2.73

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, 2017:
Range of Exercise Prices
Number Outstanding
Weighted Average Remaining Contractual Life (years)
Weighted Average Exercise Price
$
Number Exercisable
Weighted Average Exercise Price
$
$0.26 - $0.42
3,437,000

8.46
0.35
2,921,834

0.35
$0.51 - $0.80
538,000

8.22
0.64
358,000

0.70
$1.45 - $2.00
1,002,667

5.62
1.77
1,002,667

1.77
$2.13 - $3.89
545,500

3.74
3.42
545,500

3.42
$4.01 - $6.72
625,500

3.94
5.34
625,500

5.34
 
6,148,667

7.09
1.39
5,453,501

1.51
Schedule of weighted average remaining contractual life and outstanding stock options by exercise price
The following table summarizes our outstanding warrants at December 31, 2017:
Exercise Price
Outstanding, Beginning of the Year
Granted During the Year
Outstanding, End of the Year
Weighted Average Remaining Contractual Life (years)
$
0.95


16,445,000

16,445,000

4.42

The following table summarizes information about the stock options outstanding and exercisable at December 31, 2017:
Range of Exercise Prices
Number Outstanding
Weighted Average Remaining Contractual Life (years)
Weighted Average Exercise Price
$
Number Exercisable
Weighted Average Exercise Price
$
$0.26 - $0.42
3,437,000

8.46
0.35
2,921,834

0.35
$0.51 - $0.80
538,000

8.22
0.64
358,000

0.70
$1.45 - $2.00
1,002,667

5.62
1.77
1,002,667

1.77
$2.13 - $3.89
545,500

3.74
3.42
545,500

3.42
$4.01 - $6.72
625,500

3.94
5.34
625,500

5.34
 
6,148,667

7.09
1.39
5,453,501

1.51
Disclosure weighted average assumptions and fair value of options
The estimated fair value of stock options issued during the year was determined using the Black Scholes Option Pricing Model using the following weighted average assumptions and fair value of options:
 
2017
2016
2015
Risk-free interest rate
1.18%
0.82%
0.63%
Expected hold period to exercise
3.0 years
3.0 years
3.0 years
Volatility in the price of the Company's shares
90.73%
94.84%
90%
Rate of forfeiture
3.67%
3.67%
3.67%
Dividend yield
Nil
Nil
Nil
Weighted average fair value of options
$0.28
$0.17
$0.24
Schedule of number of other equity instruments
The following RSUs are outstanding at December 31:
 
2017
2016
2015
Outstanding, beginning of the year
1,322,829

368,831


Granted during the year
486,238

1,053,998

368,831

Forfeited during the year



Vested during the year

(100,000
)

Outstanding, end of the year
1,809,067

1,322,829

368,831

(1)The weighted average fair value of the RSUs granted was $0.63 in 2017 (2016 - $0.31).
The following PSUs are outstanding at December 31:
 
2017
2016
2015
Outstanding, beginning of the year
840,000



Granted during the year
60,000

1,500,000


Forfeited during the year

(660,000
)

Outstanding, end of the year
900,000

840,000


(1)     The weighted average fair value of the PSUs granted was $0.35 in 2017 (2016 - $0.36).