Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Disclosure of share-based payment arrangement [Abstract] |
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| Schedule of stock options and weighted average exercise prices of share options |
We have granted stock options to acquire common stock through our stock option plan of which the following are outstanding at December 31:
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2021 |
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2020 |
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2019 |
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Stock Options |
Weighted Average Exercise Price
$ |
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Stock Options |
Weighted Average Exercise Price
$ |
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Stock Options |
Weighted Average Exercise Price
$ |
| Outstanding, beginning of year |
3,764,055
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4.08 |
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2,246,947 |
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5.31 |
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1,249,361 |
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8.73 |
| Granted |
1,832,500
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2.99 |
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1,817,500 |
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3.19 |
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1,020,000 |
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1.42 |
| Forfeited |
(110,612) |
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6.21 |
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(141,418) |
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3.84 |
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(12,839) |
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11.35 |
| Expired |
(28,364) |
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37.63 |
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(25,520) |
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62.49 |
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(9,575) |
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29.07 |
| Exercised |
(123,159) |
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1.94 |
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(133,454) |
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1.81 |
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— |
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— |
| Outstanding, end of year |
5,334,420
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3.53 |
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3,764,055 |
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4.08 |
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2,246,947 |
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5.31 |
| Exercisable, end of year |
3,165,679
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3.82 |
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2,164,551 |
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4.84 |
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1,327,845 |
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7.22 |
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| 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, 2021:
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| Range of Exercise Prices |
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Number Outstanding |
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Weighted Average Remaining Contractual Life (years) |
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Weighted Average Exercise Price
$ |
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Number Exercisable |
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Weighted Average Exercise Price
$ |
$0.54 - $1.79 |
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718,331 |
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2.01 |
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1.39 |
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718,331 |
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1.39 |
$1.80 - $3.01 |
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1,026,573 |
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3.85 |
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2.36 |
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531,173 |
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2.47 |
$3.02 - $3.90 |
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2,982,382 |
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3.36 |
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3.29 |
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1,329,041 |
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3.24 |
$3.91 - $7.41 |
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478,516 |
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1.72 |
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6.09 |
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458,516 |
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6.13 |
$7.42 - $40.00 |
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128,618 |
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1.55 |
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20.80 |
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128,618 |
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20.80 |
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5,334,420 |
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3.08 |
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3.53 |
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3,165,679 |
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3.82 |
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| Schedule of weighted average remaining contractual life and outstanding stock options by exercise price |
The following table summarizes our outstanding equity warrants:
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Number of Warrants Outstanding(1)
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Warrant |
| As at December 31, 2019 |
16,443,500 |
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$ |
3,617,570 |
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| As at December 31, 2020 |
16,443,500 |
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$ |
3,617,570 |
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| As at December 31, 2021 |
16,443,500
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$ |
3,617,570
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(1) Exercisable into 1,730,894 common shares.
The following table summarizes information about the stock options outstanding and exercisable at December 31, 2021:
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| Range of Exercise Prices |
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Number Outstanding |
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Weighted Average Remaining Contractual Life (years) |
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Weighted Average Exercise Price
$ |
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Number Exercisable |
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Weighted Average Exercise Price
$ |
$0.54 - $1.79 |
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718,331 |
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2.01 |
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1.39 |
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718,331 |
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1.39 |
$1.80 - $3.01 |
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1,026,573 |
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3.85 |
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2.36 |
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531,173 |
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2.47 |
$3.02 - $3.90 |
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2,982,382 |
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3.36 |
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3.29 |
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1,329,041 |
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3.24 |
$3.91 - $7.41 |
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478,516 |
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1.72 |
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6.09 |
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458,516 |
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6.13 |
$7.42 - $40.00 |
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128,618 |
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1.55 |
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20.80 |
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128,618 |
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20.80 |
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5,334,420 |
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3.08 |
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3.53 |
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3,165,679 |
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3.82 |
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| Disclosure weighted average assumptions and fair value of options |
The estimated fair value of stock options granted during the year was determined using the following weighted average assumptions:
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2021 |
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2020 |
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2019 |
| Risk-free interest rate |
0.66% |
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0.34% |
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1.62% |
| Expected hold period to exercise |
3.0 years |
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3.0 years |
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3.0 years |
| Expected share price volatility |
110.45% |
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110.82% |
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97.90% |
| Expected dividend yield |
Nil |
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Nil |
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Nil |
| Weighted average fair value of options |
$1.99 |
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$2.12 |
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$0.87 |
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| Schedule of number of other equity instruments |
The following RSUs are outstanding at December 31:
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2021 |
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2020 |
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2019 |
| Outstanding, beginning of year |
134,618
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209,657 |
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260,755 |
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| Granted |
—
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154,923 |
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270,098 |
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| Released |
(94,058) |
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(229,962) |
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(321,196) |
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| Outstanding, end of year |
40,560
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134,618 |
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209,657 |
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(1) The weighted average fair value of the RSUs granted was nil in 2021 (2020 - $2.41 ; 2019 - $0.80). The following PSUs are outstanding at December 31:
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2021 |
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2020 |
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2019 |
| Outstanding, beginning of year |
56,841
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61,051 |
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63,156 |
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| Released |
(56,841) |
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(4,210) |
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(2,105) |
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| Outstanding, end of year |
—
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56,841 |
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61,051 |
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