
Share-based compensation	December 31, 2024		December 31, 2023
Option Expense	$	896	$	3,035
DSU Expense	511		397
RSU Expense	6,049		7,288
Total share-based compensation for continuing operations (per statement of loss)	$	7,456	$	10,720
Discontinued operations	—		239
Total share-based compensation (per statement of equity)	$	7,456	$	10,959

During the year ended December 31, 2023, the Corporation issued the second and final third tranches of 224,902 common shares valued at $3,068,000 as required for a prior year acquisition, offset by miscellaneous deferred financing costs of $15,000.

The Corporation has options outstanding under a consolidated share option plan. All directors, officers and employees of the Corporation, and its subsidiaries, are eligible to participate in the share option plans although as a matter of policy, options are currently not issued to directors. Option exercise prices are denominated in either Canadian or U.S. dollars, depending on the residency of the recipient. Canadian dollar denominated options have been converted to U.S. dollars using the year-end exchange rate for presentation purposes.

All options have a term of seven years from the date of grant unless otherwise determined by the board of directors. One-third of the options vest and may be exercised, at the beginning of each of the second, third, and fourth years after granting.


Balance	Options for common shares	Weighted average exercise price
At January 1, 2023	4,807,620	$	9.19

Options exercised	(152,120)	2.25
Options forfeited	(263,253)	10.39
Options expired	(2,025)	1.36
At December 31, 2023	4,390,222	8.65

Options exercised	(154,509)	1.89
Options forfeited	(152,282)	8.73
Options expired	(320,411)	9.50
At December 31, 2024	3,763,020	$	8.85


	Options outstanding				Options exercisable
	Number	Weighted average remaining contractual life	Weighted average exercise		Number	Weighted average
Range of exercise price	outstanding	(years)	price		exercisable	exercise price
$1.86 - $3.06	812,156	1.0	$	2.77	812,156	$	2.77
$3.35 - $5.17	392,397	0.8	3.65		386,186	3.62
$6.51 - $10.64	1,782,164	3.1	9.41		1,532,083	9.52
$11.88 - $26.13	776,303	3.0	16.55		776,303	16.55
	3,763,020	2.4	$	8.85	3,506,728	$	8.86

During 2024, compensation expense of $896,000 (2023 – $3,035,000) was recorded in net loss based on the grant date fair value of the awards recognized over the vesting period.

During 2024, 154,509 (2023 - 152,120) options were exercised for an equal amount of common shares for proceeds of $308,000 (2023 -$335,000).

The Corporation has a consolidated share distribution plan that permits the issuance of common shares for no cash consideration to employees of the Corporation to recognize their past contribution and to encourage future contribution to the Corporation. At December 31, 2024, there were 8,621,503 (2023 – 17,140,498) shares available to be issued under this plan.

During 2023 and 2024, no shares were issued under this plan and therefore no compensation expense was recorded against profit or loss.

Deferred share units (“DSUs”) are granted to the board of directors and executives. Eligible directors must elect to receive at least half of their annual retainers and executives may elect to receive all or part of their annual bonuses in DSUs. Each DSU is redeemable for one common share in the capital of the Corporation after the director or executive ceases to provide services to the Corporation. Shares will be issued from the Corporation’s share distribution plan.


Balance			DSUs for common shares
At January 1, 2023			709,680
DSUs granted			93,188
DSUs exercised			(65,499)
At December 31, 2023			737,369
DSUs granted			252,299
DSUs exercised			—
At December 31, 2024			989,668

During 2024, compensation expense of $511,000 (2023 - $397,000) was recorded in net loss relating to 252,299 DSUs (2023 - 93,188) granted during the year.

During 2024, nil DSUs (2023 – 65,499) were exercised, net of applicable taxes, which resulted in the issuance of nil common shares (2023 – 31,736), resulting in an impact on equity of $nil (2023 - $171,000).

Restricted share units (“RSUs”) are granted to certain employees and executives. Each RSU is convertible into one common share, net of statutory tax withholdings. The RSUs vest after a specified number of years from the date of issuance, and under certain circumstances, are contingent on achieving specified performance criteria and/or market criteria. A performance factor adjustment is made if there is an over-achievement (or under-achievement) of specified performance criteria, resulting in additional (or fewer) RSUs being converted. Certain RSUs granted in 2023 and 2024 include an additional market criteria with weighted vesting over three years.

The Corporation has two plans under which RSUs may be granted, the consolidated share distribution plan and the market purchase RSU plan. Awards under the consolidated share distribution plan are satisfied by the issuance of treasury shares on maturity.


Balance			RSUs for common shares
At January 1, 2023			1,002,080
RSUs granted			2,996,387

RSUs exercised			(279,668)
RSUs forfeited			(577,353)
At December 31, 2023			3,141,446
RSUs granted			3,151,939

RSUs exercised			(642,850)
RSUs forfeited			(1,058,440)
At December 31, 2024			4,592,095

During 2024, 3,151,939 (2023 – 2,996,387) RSUs were issued. The fair value of RSU grants is measured based on the stock price of the shares underlying the RSU on the date of grant or by using a complex simulation model, depending on the type of RSU.

During 2024, 642,850 RSUs (2023 – 279,668) were exercised, net of applicable taxes, which resulted in the issuance of 347,901 common shares (2023 – 132,745), resulting in an impact on equity of $855,000 (2023 - $585,000).