| SHARE-BASED COMPENSATION |
|
8. |
SHARE-BASED COMPENSATION |
The Company’s share-based compensation
plans includes stock options and Restricted Share Units (“RSU”). The Company has reserved up to 15% of the issued and outstanding
Common Shares for the granting of stock options and RSUs to eligible Employees, Officers, Directors and external consultants.
| Common shares outstanding, June 30, 2022 |
111,408,322 |
|
| Share-based compensation available for issuance: 15% |
16,711,248 |
| Stock options outstanding, June 30, 2022 |
|
(3,842,392) |
| RSU outstanding, June 30, 2022 |
|
(1,883,011) |
| Share-based compensation available for future grants |
10,985,845 |
The Company granted stock options
to acquire common stock through our stock option plan of which the following are outstanding as June 30:
| |
2022 |
|
2021 |
|
| |
Stock Options |
Weighted Average Exercise Price |
|
Stock Options |
Weighted Average Exercise Price |
|
| |
|
$ |
|
|
$ |
|
| Balance, January 1 |
5,257,089 |
1.73 |
|
2,923,770 |
1.76 |
|
| Granted |
671,300 |
0.54 |
|
2,622,386 |
2.10 |
|
| Forfeited |
(2,085,997) |
1.94 |
|
(19,568) |
0.73 |
|
| Expired |
-- |
-- |
|
(9,810) |
3.66 |
|
| Exercised |
-- |
-- |
|
(120,633) |
1.44 |
|
| Balance, June 30 |
3,842,392 |
1.40 |
|
5,396,145 |
1.94 |
|
|
(b) |
Restricted Share Units |
The Company granted RSUs to Officers
and Directors through our incentive share award plan. Grants of RSUs to Directors vest either immediately or on the date of the next Annual
General Meeting. Grants of RSUs to Officers vest over a four-year period. The following RSUs are outstanding at June 30:
| |
2022 |
2021 |
| Balance at Jan 1 |
1,581,607 |
-- |
| Granted |
653,279 |
1,914,981 |
| Exercised |
(219,792) |
-- |
| Cancelled |
(132,083) |
-- |
| Balance, June 30 |
1,883,011 |
1,914,981 |
|
(c) |
Stock-Based Compensation |
The following table shows the stock-based
compensation expense.
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
| |
$ |
|
$ |
|
$ |
|
$ |
| Stock options |
(257) |
|
639 |
|
(45) |
|
955 |
| RSUs |
380 |
|
654 |
|
588 |
|
996 |
| G&A - Stock options & RSUs |
123 |
|
1,293 |
|
543 |
|
1,951 |
| R&D - Stock options |
172 |
|
136 |
|
345 |
|
247 |
| Share-based compensation expense |
295 |
|
1,429 |
|
888 |
|
2,198 |
|