WARRANTS AND COMPENSATION OPTIONS

12 Months Ended

Dec. 31, 2021

WARRANTS AND COMPENSATION OPTIONS

12. WARRANTS AND COMPENSATION OPTIONS

The following table reflects the continuity of warrants and compensation options:

	Historical Average Exercise Price		Number of Warrants/Compensation options			Historical Fair value
Balance, January 1, 2019	$	4.40		4,625,029		$	8,303,738
Fair value of warrants issued as cost of debt financing		2.70		328,950			221,620
Balance, December 31, 2019		4.30		4,953,979			8,525,358
Fair value of warrants issued on conversion of convertible debentures (Notes 10 and 11)		3.80		123,500			146,858
Fair value of expired compensation options issued to brokers		4.30		(150,544	)		(479,204	)
Fair value related to the exercise of warrants issued as cost of debt financing (1)		2.70		(328,950	)		(221,620	)
Fair value of expired warrants issued on public offering		5.80		(1,254,535	)		(2,286,426	)
Historical fair value assigned to warrants exercised		3.90		(74,400	)		(127,964	)
Balance, December 31, 2020		3.90		3,269,050			5,557,002
Fair value of warrant issued on private placement		9.00		1,764,720			3,766,007
Fair value of broker warrants issued on private placement		6.70		105,883			288,197
Fair value of warrants issued on conversion of convertible debentures (Notes 10)		3.80		1,119,750			1,229,305
Historical fair value assigned to warrants exercised		3.90		(3,144,750	)		(5,351,586	)
Fair value of expired warrants		3.90		(93,300	)		(160,470	)
Balance, December 31, 2021	$	7.10		3,021,353		$	5,328,455

(1) These warrants had a cashless exercise feature. The warrant holder utilized the cashless exercise feature to exercise the warrants, which resulted in the Company issuing 94,245 common shares to the warrant holders.