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

Share-Based Compensation (Tables)

v3.22.0.1
Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure of share-based payment arrangement [Abstract]  
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:
2021 2020 2019
Stock Options Weighted Average Exercise Price
$
Stock Options Weighted Average Exercise Price
$
Stock Options Weighted Average Exercise Price
$
Outstanding, beginning of year 3,764,055  4.08 2,246,947  5.31 1,249,361  8.73
Granted 1,832,500  2.99 1,817,500  3.19 1,020,000  1.42
Forfeited (110,612) 6.21 (141,418) 3.84 (12,839) 11.35
Expired (28,364) 37.63 (25,520) 62.49 (9,575) 29.07
Exercised (123,159) 1.94 (133,454) 1.81 — 
Outstanding, end of year 5,334,420  3.53 3,764,055  4.08 2,246,947  5.31
Exercisable, end of year 3,165,679  3.82 2,164,551  4.84 1,327,845  7.22
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:
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
718,331  2.01 1.39 718,331  1.39
$1.80 - $3.01
1,026,573  3.85 2.36 531,173  2.47
$3.02 - $3.90
2,982,382  3.36 3.29 1,329,041  3.24
$3.91 - $7.41
478,516  1.72 6.09 458,516  6.13
$7.42 - $40.00
128,618  1.55 20.80 128,618  20.80
5,334,420  3.08 3.53 3,165,679  3.82
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
As at December 31, 2019 16,443,500  $ 3,617,570 
As at December 31, 2020 16,443,500  $ 3,617,570 
As at December 31, 2021 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, 2021:
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
718,331  2.01 1.39 718,331  1.39
$1.80 - $3.01
1,026,573  3.85 2.36 531,173  2.47
$3.02 - $3.90
2,982,382  3.36 3.29 1,329,041  3.24
$3.91 - $7.41
478,516  1.72 6.09 458,516  6.13
$7.42 - $40.00
128,618  1.55 20.80 128,618  20.80
5,334,420  3.08 3.53 3,165,679  3.82
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:
2021 2020 2019
Risk-free interest rate 0.66% 0.34% 1.62%
Expected hold period to exercise 3.0 years 3.0 years 3.0 years
Expected share price volatility 110.45% 110.82% 97.90%
Expected dividend yield Nil Nil Nil
Weighted average fair value of options $1.99 $2.12 $0.87
Schedule of number of other equity instruments The following RSUs are outstanding at December 31:
2021 2020 2019
Outstanding, beginning of year 134,618  209,657  260,755 
Granted   154,923  270,098 
Released (94,058) (229,962) (321,196)
Outstanding, end of year 40,560  134,618  209,657 
(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:
2021 2020 2019
Outstanding, beginning of year 56,841  61,051  63,156 
Released (56,841) (4,210) (2,105)
Outstanding, end of year   56,841  61,051