Annual report pursuant to Section 13 and 15(d)

SHARE CAPITAL (Tables)

v3.22.1
SHARE CAPITAL (Tables)
12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
SCHEDULE OF STOCK OPTION ACTIVITY

The following summarizes stock option activity during the years ended December 31, 2021 and 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     $ 3.73       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:

 

    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:

 

    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:

 

    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.