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WARRANT LIABILITY | 9 Months Ended
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Sep. 30, 2022
Warrant Liability | 13. 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:
|  | September 30, 2022 |  |  | December 31, 2021 |
Balance at beginning of the period |  | $ | 741 |  |  | $ | 2,295 |
Warrants issued |  |  | 2,240 |  |  |  | - |
Fair value adjustment |  |  | (2,692 | ) |  |  | (1,581 | )
Effect of movement in exchange rates |  |  | (71 | ) |  |  | 27 |
Balance at end of the period |  | $ | 218 |  |  | $ | 741 |
Continuity of warrants during the periods is as follows:
|  | Underlying Shares |  |  | Weighted Average Exercise Price |
Warrants outstanding and exercisable, January 1, 2021 |  |  | 2,980,774 |  |  | $ | 0.80 |
Exercised |  |  | (1,030,362 | ) |  | $ | 0.80 |
Warrants outstanding and exercisable, December 31, 2021 |  |  | 1,950,412 |  |  | $ | 0.80 |
Issued |  |  | 7,000,000 |  |  | $ | 1.09 |
Warrants outstanding and exercisable, September 30, 2022 |  |  | 8,950,412 |  |  | $ | 1.03 |
|  |  |  |  | All Warrants Outstanding and Exercisable |
Expiry Date |  | Exercise Price per Share |  |  | September 30, 2022 |  |  | December 31, 2021 |
September 21, 2023 |  | $ | 1.09 |  |  |  | 7,000,000 |  |  |  | - |
September 25, 2023 |  | $ | 0.80 |  |  |  | 1,950,412 |  |  |  | 1,950,412 |
|  |  |  |  |  |  | 8,950,412 |  |  |  | 1,950,412 |
As at September 30, 2022, the weighted average remaining contractual life of warrants outstanding was 0.98 years (December 31, 2021 – 1.73 years). Valuation of the warrant liability requires the use of 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:
|  | September 30, 2022 |  |  | December 31, 2021 |
Weighted average assumptions: |  |  |  |  |  |
Risk-free interest rate |  |  | 3.76 | % |  |  | 0.91 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected warrant life (years) |  |  | 0.98 |  |  |  | 1.73 |
Expected stock price volatility |  |  | 55.79 | % |  |  | 83.13 | %
Weighted average fair value |  | $ | 0.02 |  |  | $ | 0.38 |
During the nine months ended September 30, 2022, the Company recorded no realized loss on the exercise of warrants (December 31, 2021 - $1,106, 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