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Additional Paid-In Capital
3 Months Ended
Mar. 31, 2023
Additional Paid in Capital [Abstract]  
Additional Paid-In Capital [Text Block]

10. Additional Paid-In Capital

Stock options

On January 29, 2023, 310,000 options to purchase common stock were granted to employees under the 2016 Stock Option Plan. The options have an exercise price of $0.24. The options granted vest over a period of 4 years at a rate of 25% every twelve months and expire 10 years after the grant date. These options may have accelerated vesting if specific market conditions are met. The market conditions are based on the Company's stock price achieving specified targets over a continuous period of 30 calendar days. If the market conditions are met, the options will immediately vest and become exercisable. The stock options were accounted for at their fair value, as determined by the Black-Scholes valuation model, of approximately $55 thousand.

On January 20, 2022, 25,000 options to purchase common stock were granted to an employee under the 2016 Stock Option Plan. The options have an exercise price of $0.34. The options granted vest over a period of 2 years at a rate of 25% every six months and expire 10 years after the grant date. The stock options were accounted for at their fair value, as determined by the Black-Scholes valuation model, of approximately $6 thousand.

No stock options were exercised during the three-month periods ended March 31, 2023 and 2022.

Compensation expenses for stock-based compensation of $11 thousand and $32 thousand were recorded during the three-month periods ended March 31, 2023 and 2022, respectively. An amount of $8 thousand (2022 - $29 thousand) expensed in the three-month period ended March 31, 2023 relates to stock options granted to employees and an amount of $3 thousand (2022 - $3 thousand) relates to stock options granted to a consultant. As at March 31, 2023, the Company has $83 thousand of unrecognized stock-based compensation.

Warrants

No warrants were exercised during the three-month periods ended March 31, 2023 and 2022.

Deferred Share Units ("DSUs")

On January 29, 2023, 781,250 DSUs have been granted under the DSU Plan, accordingly, an amount of $185 thousand has been recognized in general and administrative expenses.

On January 1, 2022, 543,480 DSUs have been granted under the DSU Plan, accordingly, an amount of $197 thousand has been recognized in general and administrative expenses.

Performance and Restricted Share Units ("PRSUs")

On January 29, 2023, the Company granted 350,000 Performance Restricted Share Units to certain employees, which vest if certain market conditions are met. The PRSUs vest based on the achievement of specified market conditions over a performance period of 3 years. The market conditions are based on the Company's stock price achieving specified targets over a continuous period of 30 calendar days. If the market conditions are met, the PRSUs will vest and become payable in shares of the Company's common stock.

The Company will monitor the achievement of the market conditions throughout the performance period and will recognize compensation expense for any PRSUs that are expected to vest based on the probability of the achievement of the market conditions. As at March 31, 2023, no expense has been recognized.

No PRSUs were granted during the three-month period ended March 31, 2022.