SHARE CAPITAL (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
Share Capital [Abstract] |
|
Summary of shares sold under share purchase agreement |
Between January 3, 2020 and February 13, 2020, the Company issued 4,408,048 common shares pursuant to the Second Aspire Agreement as outlined in the following table:
Grant Date
|
|
Common shares
issued
|
|
|
Value
|
|
January 3, 2020
|
|
|
500,000
|
|
|
$
|
219,600
|
|
January 6, 2020
|
|
|
500,000
|
|
|
|
229,300
|
|
January 8, 2020
|
|
|
400,000
|
|
|
|
195,160
|
|
January 10, 2020
|
|
|
500,000
|
|
|
|
247,550
|
|
January 17, 2020
|
|
|
600,000
|
|
|
|
303,000
|
|
January 23, 2020
|
|
|
600,000
|
|
|
|
295,320
|
|
February 6, 2020
|
|
|
600,000
|
|
|
|
282,000
|
|
February 13, 2020
|
|
|
708,048
|
|
|
|
300,000
|
|
|
|
|
4,408,048
|
|
|
$
|
2,071,930
|
|
Subsequent to August 29, 2019 and subject to the First Aspire Agreement, the Company issued Common Shares to Aspire as outlined in the following table:
Grant Date
|
|
Common shares
issued
|
|
|
Value
|
|
August 30, 2019
|
|
|
2,417,162
|
|
|
$
|
3,000,000
|
|
November 8, 2019
|
|
|
100,000
|
|
|
|
42,560
|
|
November 8, 2019
|
|
|
100,000
|
|
|
|
42,560
|
|
November 12, 2019
|
|
|
100,000
|
|
|
|
42,970
|
|
November 12, 2019
|
|
|
100,000
|
|
|
|
42,000
|
|
November 13, 2019
|
|
|
100,000
|
|
|
|
42,970
|
|
November 14, 2019
|
|
|
300,000
|
|
|
|
128,910
|
|
November 15, 2019
|
|
|
2,500,000
|
|
|
|
1,074,250
|
|
November 19, 2019
|
|
|
2,067,282
|
|
|
|
888,311
|
|
|
|
|
7,784,444
|
|
|
$
|
5,304,531
|
|
|
Summary of Options Outstanding |
A summary of the status of the Company’s outstanding stock options as of September 30, 2020 and December 31, 2019 and changes during the periods ended on those dates is presented in the following table:
|
|
Nine Months Ended September 30, 2020
|
|
|
Year Ended December 31, 2019
|
|
Stock Options - CDN $ denominated
|
|
Number of
Stock Options
|
|
|
Weighted average Exercise Price (CDN)
|
|
|
Number of
Stock Options
|
|
|
Weighted average Exercise Price (CDN)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance beginning
|
|
|
860,379
|
|
|
$
|
5.89
|
|
|
|
875,433
|
|
|
$
|
18.20
|
|
Granted
|
|
|
75,494
|
|
|
|
0.94
|
|
|
|
35,719
|
|
|
|
4.54
|
|
Expired / forfeited
|
|
|
(40,515
|
)
|
|
|
11.56
|
|
|
|
(50,773
|
)
|
|
|
31.79
|
|
Balance ending
|
|
|
895,358
|
|
|
$
|
5.22
|
|
|
|
860,379
|
|
|
$
|
5.89
|
|
Stock Options - USD $ denominated
|
|
Number of
Stock Options
|
|
|
Weighted average Exercise Price (USD)
|
|
|
Number of
Stock Options
|
|
|
Weighted average Exercise Price (USD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance beginning
|
|
|
854,042
|
|
|
$
|
2.65
|
|
|
|
50,349
|
|
|
$
|
1.55
|
|
Granted
|
|
|
1,374,291
|
|
|
|
-
|
|
|
|
843,693
|
|
|
|
2.72
|
|
Expired / forfeited
|
|
|
(761,528
|
)
|
|
|
2.20
|
|
|
|
(40,000
|
)
|
|
|
3.72
|
|
Balance ending
|
|
|
1,466,805
|
|
|
$
|
3.19
|
|
|
|
854,042
|
|
|
$
|
2.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total number of stock options
|
|
|
2,362,163
|
|
|
|
|
|
|
|
1,714,421
|
|
|
|
|
|
|
Summary of Weighted-Average Remaining Contractual Life and Weighted-Average Exercise Price Options Outstanding and Options Exercisable on Exercise Prices |
The weighted-average remaining contractual life and weighted-average exercise price of options outstanding and of options exercisable as at September 30, 2020 are as follows:
|
Canadian Dollar Denominated Options
|
Exercise Price
(CDN)
|
Number
Outstanding
|
|
Weighted average
remaining contractual
life (years)
|
|
Options
exercisable
|
$ 0.66
|
25,765
|
|
6.33
|
|
25,765
|
$ 0.96
|
27,304
|
|
7.00
|
|
27,304
|
$ 1.27
|
22,425
|
|
6.83
|
|
22,425
|
$ 3.28
|
31,498
|
|
4.92
|
|
31,498
|
$ 4.54
|
735,999
|
|
3.30
|
|
469,722
|
$ 9.00
|
11,481
|
|
4.77
|
|
11,481
|
$ 9.69
|
1,105
|
|
0.02
|
|
1,105
|
$11.70
|
6,667
|
|
0.19
|
|
6,667
|
$12.00
|
1,948
|
|
0.18
|
|
1,948
|
$30.00
|
28,260
|
|
0.90
|
|
28,260
|
$30.60
|
2,096
|
|
0.23
|
|
2,096
|
$32.40
|
810
|
|
0.33
|
|
810
|
|
895,358
|
|
3.73
|
|
629,081
|
US Dollar Denominated Options
|
Exercise Price
(US)
|
Number
Outstanding
|
|
Weighted average
remaining contractual
life (years)
|
|
Options
exercisable
|
$ 0.73
|
19,568
|
|
7.00
|
|
19,568
|
$ 0.75
|
4,723
|
|
7.00
|
|
4,723
|
$ 0.96
|
1,350,000
|
|
6.83
|
|
-
|
$ 1.55
|
50,349
|
|
1.22
|
|
50,349
|
$ 2.20
|
2,165
|
|
1.80
|
|
2,165
|
$ 3.72
|
40,000
|
|
1.94
|
|
-
|
|
1,466,805
|
|
6.49
|
|
76,805
|
|
|
|
|
|
|
Total
|
2,362,163
|
|
5.44
|
|
705,886
|
|
Summary of Inputs Used in Measurement of Fair Values at Grant Date of Share Based Option Plan |
The
weighted average inputs in the original currency of the grants (CDN$ or US$) used in the measurement of fair values at grant date of the share-based option grants for the nine months ended September 30, 2020 and 2019 are as follows:
|
|
|
2019
|
Fair value calculated
|
CDN $0.75
|
USD $0.77
|
|
USD $1.48
|
Share price at grant
|
CDN $0.92
|
USD $0.91
|
|
USD $2.39
|
Exercise price
|
CDN $2.27
|
USD $0.96
|
|
USD $2.79
|
Expected option life
|
3.5 years
|
3.5 years
|
|
3.5 years
|
Risk free interest rate (based on government bonds)
|
0.66%
|
0.27%
|
|
1.50%
|
Expected volatility
|
134.6%
|
152.8%
|
|
98.02%
|
Expected dividends
|
Nil
|
Nil
|
|
Nil
|
|