Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Share Capital and Reserves (Tables)

v3.22.2.2
Share Capital and Reserves (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosure Of Share Capital Reserves And Other Equity Interest Text Block Abstract  
Schedule of outstanding stock options
    Number Outstanding     Weighted Average Exercise Price  
          ($)  
Balance – December 31, 2018     549,524       3.82  
Granted     482,500       4.06  
Exercised     (3,125 )     2.71  
Forfeited     (15,500 )     5.17  
Balance – December 31, 2019     1,013,399       3.94  
Granted     470,083       3.16  
Exercised     (3,750 )     2.69  
Forfeited     (125,907 )     4.65  
Balance –December 31, 2020     1,353,825       3.70  
Granted     960,224       4.87  
Exercised     (118,039 )     3.32  
Forfeited     (254,247 )     3.39  
Balance – December 31, 2021     1,941,769       4.24  

 
Schedule of fair value of stock options
    December 31,
2021		   December 31,
2020		   December 31,
2019		  
Risk-free interest rate   0.04% - 0.47 % 0.26-0.37 %   1.59 %
Expected life of options   5.0 years   2.0 – 5.0 years     5.0 years  
Expected dividend yield   Nil   Nil    
Nil
  
Volatility   102% - 128 % 79.44% - 87.79 %   95.8 %

 
Schedule of incentive stock options outstanding
Expiry Date  

Options

Outstanding

    

Options

Exercisable

    

Exercise

Price

     Weighted Average
Remaining Life		  
                ($)     (years)  
                         
March 17, 2022     13,063       13,063       5.22       0.46  
May 18, 2022     5,750       5,750       5.72       0.63  
September 14, 2022     74,156       74,156       4.46       0.95  
June 6, 2023     14,063       10,889       5.70       1.68  
September 4, 2023     12,813       7,455       2.97       1.93  
April 2, 2024     106,875       106,875       2.52       2.51  
June 27, 2024     6,250       6,250       2.56       2.74  
September 27, 2024     300,000       131,250       4.53       2.99  
October 22, 2024     12,500       7,345       4.03       3.06  
July 24, 2025     242,095       31,178       2.98       3.82  
July 31, 2025     166,116       166,116       2.98       3.82  
August 10, 2025     12,500       4,840       3.00       3.86  
November 19, 2025     15,364       4,186       4.59       3.14  
June 1, 2026     56,816      
-
       7.04       4.72  
June 29, 2026     329,500      
-
       5.65       4.72  
August 19, 2026     573,908      
-
       4.20       3.95  
      1,941,769       569,353       4.24       3.65  

 
Schedule of outstanding share purchase warrants
    Number
Outstanding		     Weighted Average
Exercise Price		  
          ($)  
Balance –  December 31, 2018     1,468,538       3.64  
Exercised     (154,990 )     2.09  
Expired     (347,732 )     2.46  
Issued     2,349,365       3.94  
Balance –  December 31, 2019     3,315,581       4.06  
Exercised     (1,056,143 )     1.85  
Expired     (438,948 )     3.33  
Issued     872,532       4.85  
Balance – December 31, 2020     2,692,622       3.61  
Exercised     (1,088,713 )     4.21  
Expired     (492,461 )     4.21  
Issued     3,374,682       7.50  
Balance – December 31, 2021     4,486,130       6.83  

 
Schedule of assumptions in calculating the fair value of the warrants
    December 31,
2021		     December 31,
2020		  
Risk-free interest rate     0.25 %     1.77 %
Expected life of options     0.7 – 1.76 years       2.0 years  
Expected dividend yield     Nil      
Nil
  
Volatility     75 %     107.14 %
Weighted average fair value per warrant   $ 3.38     $ 0.64  

 
Schedule of share purchase warrants outstanding
Expiry Date  

Warrants
Outstanding

    

Exercise
Price

     Weighted
Average
Remaining
Life		  
          ($)     (years)  
January 20, 2022     1,665,008       7.50       0.05  
March 17, 2022     350,000       4.80       0.21  
July 17, 2022     172,531       4.71       0.55  
November 17, 2022     611,250       4.89       0.78  
January 20, 2026     1,687,341       7.50       4.06  
      4,486,130       6.83       1.69