STOCK OPTIONS AND CONTRIBUTED SURPLUS (Tables)

12 Months Ended

Dec. 31, 2021

SCHEDULE OF STOCK OPTIONS OUTSTANDING

Stock option transactions and the number of stock options outstanding were as follows:

	Number of Options			Historical Weighted Average Exercise Price
Balance, January 1, 2019		4,446,373		$	5.80
Expired/cancelled (1)		(870,781	)		9.00
Exercised		(28,125	)		2.20
Granted		1,778,567			2.70
Balance, December 31, 2019		5,326,034			4.30
Expired/cancelled		(828,794	)		10.20
Exercised		(330,284	)		2.40
Granted		947,493			3.60
Balance, December 31, 2020		5,114,449			3.30
Expired/cancelled		(166,438	)		3.40
Exercised		(1,001,519	)		3.00
Granted		1,013,125			8.50
Balance, December 31, 2021		4,959,617		$	4.40

(1) 227,719 cancelled options related to staff employed at DenseLight

SCHEDULE OF STOCK OPTIONS ASSUMPTIONS

The stock options granted were valued using the Black-Scholes option pricing model using the following assumptions:

	2021			2020			2019
Weighted average exercise price	$	8.50		$	3.60		$	2.70
Weighted average risk-free interest rate		0.80% - 1.48	%		0.52% - 1.52	%		1.57	%
Weighted average dividend yield		0	%		0	%		0	%
Weighted average volatility		90.68	%		94.77	%		95.48	%
Weighted average estimated life		10 years			10 years			10 years
Weighted average share price	$	8.50		$	3.60		$	2.70
Share price on the various grant dates:	$	6.20 - $9.50		$	2.20 - $3.90		$	2.40 - $2.80
Weighted average fair value	$	7.50		$	3.00		$	2.40

SCHEDULE OF WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE AND WEIGHTED AVERAGE EXERCISE PRICE OF OPTIONS

The weighted average remaining contractual life and weighted average exercise price of options outstanding and of options exercisable as at December 31, 2021 are as follows:

Options Outstanding						Options Exercisable
Exercise Range		Number Outstanding		Historical Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Number Exercisable		Historical Weighted Average Exercise Price
	$1.10 - $2.50		749,313	$	2.20		6.20		661,188	$	2.20
	$2.60 - $3.70		933,617	$	2.60		7.38		546,304	$	2.60
	$3.80 - $9.20		3,276,687	$	5.10		7.79		1,731,064	$	3.90
			4,959,617	$	4.40		7.45		2,938,556	$	3.30