General form of registration statement for all companies including face-amount certificate companies

Share Capital (Tables)

v3.20.4
Share Capital (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Equity [Abstract]    
Schedule of Stock Option Activity

The following summarizes stock option activity during the nine months ended September 30, 2020:

 

    Number of Options*     Weighted Average Exercise Price*     Weighted Average Remaining Life (years)  
Balance at December 31, 2019     1,106,711     $ 1.35       4.98  
Granted     387,760     $ 3.47       5.71  
Forfeited     (25,132 )   $ 1.24       -  
Balance at September 30, 2020     1,469,339     $ 1.91       4.62  

 

* reflects the 1:4.75 reverse stock split effected on XXX, 2020.
The following summarizes stock option activity during the years ended December 31, 2019 and 2018:

 

    Number of Options*     Weighted Average Exercise Price*     Weighted Average Remaining Life (years)  
Balance at December 31, 2017     168,421     $ 0.27       4.42  
Granted     670,526     $ 0.81       4.81  
Balance at December 31, 2018     838,947     $ 1.38       4.81  
Granted     315,789     $ 2.07       5.42  
Exercised     10,526     $ 1.83       -  
Cancelled     37,500     $ 1.66       -  
Balance at December 31, 2019     1,106,711     $ 1.35       4.98  

 

* reflects the 1:4.75 reverse stock split effected on XXX, 2020.
Schedule of Outstanding and Exercisable Stock Options

The Company’s outstanding and exercisable stock options at September 30, 2020 were:

 

    Outstanding Options*     Exercisable Options*  
Expiry Date   Number     Weighted Average Remaining Life (years)     Weighted Average Exercise Price     Weighted Average Exercise Price     Number     Weighted Average Exercise Price  
                CAD $     $           $  
May 24, 2024     21,053       3.65       1.66       1.25       21,053       1.25  
June 1, 2024     168,421       3.67       0.36       0.27       168,421       0.267  
June 19, 2024     15,789       3.72       1.66       1.25       15,789       1.25  
October 24, 2024     10,526       4.07       1.66       1.25       10,526       1.25  
November 5, 2024     18,421       4.10       1.66       1.25       18,421       1.25  
December 12, 2024     531,579       4.20       1.66       1.25       531,579       1.25  
April 30, 2025     63,158       4.58       2.38       1.78       47,368       1.78  
April 30, 2025     168,421       4.58       2.38       1.78       126,316       1.78  
June 10, 2025     42,105       4.70       2.38       1.78       36,842       1.78  
November 15, 2025     42,105       5.13       4.75       3.56       26,316       3.56  
January 31, 2026     38,947       5.34       4.75       3.56       11,579       3.56  
June 30, 2026     348,813       5.75       4.75       3.56       87,203       3.56  
Total Share Options     1,469,339       4.62       2.55       1.91       1,101,414       1.46  

 

* reflects the 1:4.75 reverse stock split effected on November 29, 2020.

The Company’s outstanding and exercisable stock options at December 31, 2019 were:

 

    Outstanding Options*     Exercisable Options*  
Expiry Date   Number     Weighted Average Remaining Life (years)     Weighted Average Exercise Price     Weighted Average Exercise Price     Number     Weighted Average Exercise Price  
                CAD $     $           $  
May 24, 2024     21,053       4.40       1.66       1.28       21,053       1.28  
June 1, 2024     168,421       4.42       0.36       0.27       168,421       0.274  
June 19, 2024     15,789       4.47       1.66       1.28       15,789       1.28  
October 24, 2024     10,526       4.82       1.66       1.28       5,263       1.28  
November 5, 2024     21,053       4.85       1.66       1.28       15,789       1.28  
December 12, 2024     554,079       4.95       1.66       1.28       398,684       1.28  
April 30, 2025     63,158       5.33       2.38       1.83       23,684       1.83  
April 30, 2025     168,421       5.33       2.38       1.83       63,158       1.83  
June 10, 2025     42,105       5.45       2.38       1.83       21,053       1.83  
November 15, 2025     42,105       5.88       4.75       3.66       10,526       3.66  
Total Share Options     1,106,711       4.98       1.76       1.35       743,421       1.17  

 

* reflects the 1:4.75 reverse stock split effected on XXX, 2020.
Schedule of Weighted Average Assumptions

Stock-based compensation expense recognized is based on options expected to vest, the fair value of each employee option grant during the nine months period ended September 30, 2020 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

 

    September 30, 2020  
Expected volatility     79.60 %
Expected term (in years)     3.44  
Risk-free interest rate     0.45 %
Fair value of options   $ 1.90  

Stock-based compensation expense recognized is based on options expected to vest, the fair value of each employee option grant during the years ended December 31, 2019 and 2018 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

 

    December 31, 2019     December 31, 2018  
Expected volatility     79.60 %     79.60 %
Expected term (in years)     4.59       3.14  
Risk-free interest rate     1.51 %     2.05 %
Fair value of options   $ 0.67     $ 0.52  

Schedule of Outstanding Warrants

The Company’s outstanding warrants as of September 30, 2020 were:

 

    Number of warrants*     Weighted average exercise price*     Weighted average exercise price*     Expiry Date
              CAD       $      
Granted during quarter 3, 2018     63,158       2.38       1.78     August 24, 2021
Granted during quarter 4, 2018     63,158       2.38       1.78     October 15, 2021
Granted during quarter 4, 2018     528,721       2.38       1.78     December 21, 2021
Granted during quarter 4, 2018     33,684       1.66       1.25     December 21, 2021
Granted during quarter 1, 2019     210,526       2.38       1.78     January 16, 2022
Granted during quarter 1, 2019     16,842       1.66       1.25     January 21, 2022
Granted during quarter 2, 2019     1,563,806       9.50       7.12     May 2, 2024
Granted during quarter 2, 2019     986,068       9.50       7.12     May 10, 2024
Cancelled during quarter 2, 2019     (63,158 )     2.38       1.78     May 10, 2024
Granted during quarter 3, 2019     1,453       9.50       7.12     May 10, 2024
Cancelled during quarter 3, 2019     (5,263 )     9.50       7.12     May 10, 2024
Outstanding, September 30, 2020     3,398,997       7.70       5.77      

 

* reflects the 1:4.75 reverse stock split effected on November 29, 2020.

The Company’s outstanding warrants as of December 31, 2019 were:

 

    Number of warrants*     Weighted average exercise price*     Weighted average exercise price*     Expiry Date
          CAD     $      
Granted during quarter 3, 2018     63,158       2.38       1.83     August 24, 2021
Granted during quarter 4, 2018     63,158       2.38       1.83     October 15, 2021
Granted during quarter 4, 2018     528,721       2.38       1.83     December 21, 2021
Granted during quarter 4, 2018     33,684       1.66       1.28     December 21, 2021
Outstanding, December 31, 2018     688,721       2.34       1.80      
Granted during quarter 1, 2019     210,526       2.38       1.83     January 16, 2022
Granted during quarter 1, 2019     16,842       1.66       1.28     January 21, 2022
Granted during quarter 2, 2019     1,563,806       9.50       7.31     May 2, 2024
Granted during quarter 2, 2019     986,068       9.50       7.31     May 10, 2024
Cancelled during quarter 2, 2019     (63,158 )     2.38       1.83     May 10, 2024
Granted during quarter 3, 2019     1,453       9.50       7.31     May 10, 2024
Cancelled during quarter 3, 2019     (5,263 )     9.50       7.31     May 10, 2024
Outstanding, December 31, 2019     3,398,997       7.70       5.93      

 

* reflects the 1:4.75 reverse stock split effected on XXX, 2020.