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WARRANT LIABILITY | 6 Months Ended
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Jun. 30, 2021
Note 12 - WARRANT LIABILITY |
12. | WARRANT LIABILITY
| The Company’s warrant liability arises as a result of the issuance of warrants exercisable in US dollars. As the denomination is different from the Canadian dollar functional currency of the entity issuing the underlying shares, the Company recognizes a derivative liability for these warrants and re-measures the liability at the end of each reporting period using the Black-Scholes model. Changes in respect of the Company’s warrant liability are as follows:
|  | June 30, 2021 |  |  | December 31, 2020 |
Balance at beginning of the period |  | $ | 2,295 |  |  | $ | 1,579 |
Fair value adjustment |  |  | (1,044 | ) |  |  | 650 |
Effect of movement in exchange rates |  |  | 56 |  |  |  | 66 |
Balance at end of the period |  | $ | 1,307 |  |  | $ | 2,295 |
| Continuity of warrants during the periods is as follows:
|  | Underlying Shares |  |  | Weighted Average Exercise Price |
Warrants outstanding and exercisable, January 1, 2020 |  |  | 7,639,968 |  |  | $ | 0.79 |
Exercised |  |  | (4,195,072 | ) |  | $ | 0.80 |
Exercised |  |  | (464,122 | ) |  | C$0.85 |
Warrants outstanding and exercisable, December 31, 2020 |  |  | 2,980,774 |  |  | $ | 0.80 |
Exercised |  |  | (1,030,362 | ) |  | $ | 0.80 |
Warrants outstanding and exercisable, June 30, 2021 |  |  | 1,950,412 |  |  | $ | 0.80 |
|  |  |  |  | All Warrants Outstanding and Exercisable |
Expiry Date |  | Exercise Price per Share |  |  | June 30, 2021 |  |  | December 31, 2020 |
September 25, 2023 |  | $ | 0.80 |  |  |  | 1,950,412 |  |  |  | 2,980,774 |
|  |  |  |  |  |  | 1,950,412 |  |  |  | 2,980,774 |
| As at June 30, 2021, the weighted average remaining contractual life of warrants outstanding was 2.24 years (December 31, 2020 - 2.73 years).
| Valuation of the warrant liability requires the use of highly subjective estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing warrants is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the warrant liability was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values:
|  | June 30, 2021 |  |  | December 31, 2020 |
Weighted average assumptions: |  |  |  |  |  |
Risk-free interest rate |  |  | 0.44 | % |  |  | 0.20 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected warrant life (years) |  |  | 2.24 |  |  |  | 2.73 |
Expected stock price volatility |  |  | 85.01 | % |  |  | 73.93 | %
Weighted average fair value |  | $ | 0.67 |  |  | $ | 0.77 |
| During the six months ended June 30, 2021, the Company recorded a realized loss on the exercise of warrants of $1,111, as result of the exercise of 1,030,362 warrants for the issuance of 1,030,362 common shares.

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- Definition The entire disclosure for warrant liability. + References No definition available. + Details
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Period Type: | duration