| SCHEDULE OF STOCK OPTION ACTIVITY |
The
following summarizes stock option activity during the years ended December 31, 2021 and 2020:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
|
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 |
|
|
$ |
3.73 |
|
|
|
5.46 |
|
| Forfeited |
|
|
(25,132 |
) |
|
$ |
1.31 |
|
|
|
- |
|
| Cancelled |
|
|
(18,421 |
) |
|
$ |
1.31 |
|
|
|
- |
|
| Balance at December 31, 2020 |
|
|
1,450,918 |
|
|
$ |
2.01 |
|
|
|
4.38 |
|
| Granted |
|
|
509,788 |
|
|
$ |
7.00 |
|
|
|
4.47 |
|
| Exercised |
|
|
(1,120,719 |
) |
|
|
3.23 |
|
|
|
- |
|
| Forfeited |
|
|
(28,947 |
) |
|
$ |
4.75 |
|
|
|
- |
|
| Cancelled |
|
|
(94,021 |
) |
|
$ |
6.70 |
|
|
|
- |
|
| Balance at December 31, 2021 |
|
|
717,019 |
|
|
$ |
5.84 |
|
|
|
4.48 |
|
| * |
reflects the 1:4.75 reverse stock split effected on November 29, 2020. |
|
| SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK OPTIONS |
The
Company’s outstanding and exercisable stock options at December 31, 2021 were:
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK OPTIONS
| |
|
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
$ |
|
|
|
$ |
|
|
|
|
|
|
|
$ |
|
| January 31, 2026 |
|
|
921 |
|
|
|
4.09 |
|
|
|
4.75 |
|
|
|
3.75 |
|
|
|
921 |
|
|
|
3.75 |
|
| June 30, 2026 |
|
|
255,594 |
|
|
|
4.50 |
|
|
|
4.75 |
|
|
|
3.75 |
|
|
|
211,993 |
|
|
|
3.75 |
|
| May 31, 2026 |
|
|
355,775 |
|
|
|
4.42 |
|
|
|
8.87 |
|
|
|
7.00 |
|
|
|
59,296 |
|
|
|
7.00 |
|
| July 15, 2026 |
|
|
55,445 |
|
|
|
4.54 |
|
|
|
8.87 |
|
|
|
7.00 |
|
|
|
4,620 |
|
|
|
7.00 |
|
| September 30, 2026 |
|
|
49,284 |
|
|
|
4.75 |
|
|
|
8.87 |
|
|
|
7.00 |
|
|
|
4,108 |
|
|
|
7.00 |
|
| Total Share Options |
|
|
717,019 |
|
|
|
4.48 |
|
|
|
7.40 |
|
|
|
5.84 |
|
|
|
280,938 |
|
|
|
4.53 |
|
| * |
reflects the 1:4.75 reverse stock split effected on November 29, 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 years ended
December 31, 2021 and 2020 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted
average assumptions:
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS
| |
|
December 31, 2021 |
|
|
December 31, 2020 |
|
| Expected volatility |
|
|
80.00 |
% |
|
|
79.60 |
% |
| Expected term (in years) |
|
|
3.31 |
|
|
|
3.44 |
|
| Risk-free interest rate |
|
|
0.92 |
% |
|
|
0.45 |
% |
| Fair value of options |
|
$ |
2.59 |
|
|
$ |
1.90 |
|
|
| SCHEDULE OF OUTSTANDING WARRANTS |
The
Company’s outstanding warrants as of December 31, 2021 were:
SCHEDULE OF OUTSTANDING WARRANTS
| |
|
Number of warrants* |
|
|
Weighted average exercise price* |
|
|
Weighted average exercise price* |
|
|
Expiry Date |
| |
|
|
|
|
|
|
CAD |
|
|
|
$ |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding, December 31, 2019 |
|
|
3,398,996 |
|
|
|
7.70 |
|
|
|
6.05 |
|
|
|
| Exercised during quarter 4, 2020 |
|
|
(365,112 |
) |
|
|
2.38 |
|
|
|
1.87 |
|
|
December 21, 2021** |
| Expired during quarter 4, 2020 |
|
|
(63,157 |
) |
|
|
2.38 |
|
|
|
1.87 |
|
|
October 15, 2021** |
| Expired during quarter 4, 2020 |
|
|
(163,610 |
) |
|
|
2.38 |
|
|
|
1.87 |
|
|
December 21, 2021** |
| Expired during quarter 4, 2020 |
|
|
(33,684 |
) |
|
|
1.66 |
|
|
|
1.30 |
|
|
December 31, 2021** |
| Expired during quarter 4, 2020 |
|
|
(210,526 |
) |
|
|
2.38 |
|
|
|
1.87 |
|
|
January 16, 2022** |
| Expired during quarter 4, 2020 |
|
|
(16,842 |
) |
|
|
1.66 |
|
|
|
1.30 |
|
|
January 21, 2022** |
| Outstanding, December 31, 2020 |
|
|
2,546,065 |
|
|
|
9.50 |
|
|
|
7.46 |
|
|
|
| Granted during quarter 3, 2021 |
|
|
3,263,997 |
|
|
|
7.48 |
|
|
|
6.00 |
|
|
July 12, 2024 |
| Granted during quarter 3, 2021 |
|
|
93,938 |
|
|
|
4.98 |
|
|
|
3.99 |
|
|
July 28, 2024 |
| Exercised during quarter 3, 2021 |
|
|
(39,800 |
) |
|
|
7.48 |
|
|
|
6.00 |
|
|
July 12, 2024 |
| Exercised during quarter 4, 2021 |
|
|
(93,938 |
) |
|
|
4.98 |
|
|
|
3.99 |
|
|
July 28, 2024 |
| Outstanding, December 31, 2021 |
|
|
5,770,262 |
|
|
|
7.49 |
|
|
|
5.91 |
|
|
|
| * |
|
reflects the
1:4.75 reverse stock split effected on November 29, 2020. |
| ** |
|
pursuant to
the terms of the warrants, the warrants were accelerated to expire on October 10, 2020 due to |
occurrence
of an acceleration event. Accordingly, any unexercised warrants were terminated.
| ** |
|
pursuant to the terms of the warrants, the warrants were accelerated to expire on October
10, 2020 due to occurrence of an acceleration event. Accordingly, any unexercised warrants were terminated. |
|