SHARE BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

SHARE BASED COMPENSATION

NOTE 12 - SHARE BASED COMPENSATION

NOTE 12 - SHARE BASED COMPENSATION

On July 17, 2015, the Corporation approved the long-term employment agreement of Dr. Paul Averback as President and Chief Executive Officer. The employment agreement retains the services of Dr. Averback for an initial period of seven years. Dr Averback has agreed to forgo his salary until the Company receives a significant increase in its financing to expand its operations and execute its business plans.. Dr. Averback received 3,000,000 restricted shares in July, 2015 and shall receive 250,000 restricted stock each month for the duration of the contract, totaling up to 21,000,000 restricted shares, in lieu of cash salary. The Corporation determined that a grant date for all the restricted shares occurred on July 17, 2015 and established the fair value of each share at $1.36. The Corporation is recording the expense on a pro-rata basis and recorded an expense of $657,838 in 2021. The unrecognized compensation cost as at December 31, 2021, which will be recognized on a pro-rata basis over the duration of the employment contract as services are performed, assuming Dr. Averback continued to elect equity compensation, is $86,749. After the corporation raised gross proceeds of approximately $8,000,000 before deducting fees and other offering expenses in April,2021, Dr.Averback received total $750,000 compensation by December 31, 2021 as reward for his service.

The stock and stock option-based compensation expense to the directors and employees are disaggregated in the statements of operations and comprehensive loss for the years ended December 31, 2021, 2020 and 2019, as follows:

In Thousands of US Dollars
Functional Expense Category	2021		2020		2019
General and administrative expense	$	2,124	$	702	$	1,839
Research and development expense		479		1,046		1,172
Total	$	2,603	$	1,748	$	3,011