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Share-based Compensation and Warrants | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-based Compensation and Warrants | Share-based Compensation and Warrants Share-based Compensation The Company adopted a Stock Option Plan (the “Existing Plan”) under which it was authorized to grant options to Officers, Directors, employees and consultants enabling them to acquire common shares of the Company. The number of shares reserved for issuance under the Existing Plan cannot exceed 10% of the outstanding common shares at the time of the grant. The options can be granted for a maximum of five years and vest as determined by the Board of Directors. In August 2024 the Company adopted a new 2024 Long Term Incentive Plan (the “LTIP”) to replace the Existing Plan. Awards previously issued and outstanding pursuant to the Existing Plan will continue to be governed by the Existing Plan. The number of Common Shares reserved for issuance pursuant to Awards granted under the LTIP will not, in the aggregate, exceed 10% of the issued and outstanding Common Shares at the time of the grant. No Award, other than an Option, may vest before the date that is one year following the date on which the Award is granted, except in the case of accelerated vesting as defined in the LTIP. A continuity schedule of outstanding stock options as of December 31, 2024, and the changes during the fiscal year periods, is as follows:
| Number of stock options |  | Weighted average exercise price (CAD)
Balance, December 31, 2021 | 5,272,294 |  |  | 1.42
Granted | 3,107,501 |  |  | 4.10
Exercised | (1,016,436) |  |  | 1.51
Forfeited/expired | (127,711) |  |  | 3.60
Balance, December 31, 2022 | 7,235,648 |  |  | 2.52
Exercisable, December 31, 2022 | 4,928,144 |  |  | 1.78
Granted | 2,670,181 |  |  | 2.85
Exercised | (575,676) |  |  | 1.31
Forfeited/expired | (917,271) |  |  | 3.20
Balance, December 31, 2023 | 8,412,882 |  |  | 2.63
Exercisable, December 31, 2023 | 5,921,267 |  |  | 2.39
Granted | 3,029,000 |  |  | 5.74
Exercised | (2,267,155) |  |  | 1.06
Forfeited/expired | (300,001) |  |  | 4.42
Balance, December 31, 2024 | 8,874,726 |  |  | 4.03
Exercisable, December 31, 2024 | 6,169,340 |  |  | 3.55
As of December 31, 2024, stock options outstanding and exercisable were as follows:
|  |  | Options Outstanding | Options Exercisable
|  |  | December 31, 2024 | December 31, 2024
Option price per share | Options # |  | Weighted average remaining life (years) |  | Weighted average exercise price (CAD) | Options # | Weighted average exercise price (CAD)
$0.18 - 1.92 | 860,499 |  |  | 0.05 |  | $1.05 | 860,499 |  | $1.05
$2.40 - 2.40 | 2,628,351 |  |  | 0.94 |  | $2.92 | 2,096,340 |  | $2.95
$4.20 - 5.76 | 5,385,876 |  |  | 2.01 |  | $5.05 | 3,212,501 |  | $4.62
| 8,874,726 |  |  | 3.01 |  | $4.03 | 6,169,340 |  | $3.55
As of December 31, 2024, the aggregate intrinsic value of all outstanding stock options granted was estimated at $6,863 (vested: $6,098 and unvested: $765). As of December 31, 2024, the unrecognized compensation cost related to unvested stock options was $2,675, which is expected to be recognized over a weighted average period of 0.6 years. A summary of the Company’s unvested stock option activity is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value (CAD)
Unvested, December 31, 2021 | 757,082 |  | 1.58 |
Granted | 3,107,501 |  | 2.43 |
Vested | (1,497,082) |  | 1.95 |
Forfeited | (59,999) |  | 2.51 |
Outstanding, December 31, 2022 | 2,307,502 |  | 2.44 |
Granted | 2,670,181 |  | 1.61 |
Vested | (2,196,526) |  | 2.20 |
Forfeited | (289,541) |  | 1.69 |
Outstanding, December 31, 2023 | 2,491,616 |  | 1.85 |
Granted | 3,029,000 |  | 2.78 |
Vested | (2,588,666) |  | 2.18 |
Forfeited | (226,563) |  | 2.28 |
Outstanding, December 31, 2024 | 2,705,387 |  | 2.54 |
During the year ended December 31, 2024, the Company granted an aggregate of 3,029,000 stock options to Directors, Officers, and employees of the Company. A fair value of $6,152 was calculated for these options as measured at the grant date using the Black-Scholes option pricing model. During the year ended December 31, 2023, the Company granted an aggregate of 2,670,181 stock options to Directors, Officers, employees, and an accounting advisory consultant of the Company. A fair value of $3,193 was calculated for these options as measured at the grant date using the Black-Scholes option pricing model. During the year ended December 31, 2022, the Company granted an aggregate of 3,107,501 stock options to Directors, Officers, and consultants of the Company. A fair value of $5,795 was calculated for these options as measured at the grant date using the Black-Scholes option pricing model. The Company’s standard stock option vesting schedule calls for 25% every six months commencing six months after the grant date. During the years ended December 31, 2024, 2023 and 2022 the Company recognized stock option expense of $4,788, $3,464 and $4,332, respectively, for the vested portion of the stock options. The fair value of all compensatory options granted is estimated on the grant date using the Black-Scholes option pricing model. The weighted average assumptions used in calculating the fair values are as follows:
| As of December 31,
| 2024 |  | 2023 |  | 2022
Exercise price | C$5.74 |  | C$2.85 |  | C$4.10
Share price | C$5.75 |  | C$2.85 |  | C$3.98
Risk-free rate | 3.70 | % |  | 3.89 | % |  | 1.95 | %
Expected life (in years) | 3.11 |  | 3.13 |  | 3.06
Expected volatility | 68.08 | % |  | 83.19 | % |  | 97.29 | %
Expected dividend yield | 0 | % |  | 0 | % |  | 0 | %
Weighted average grant date fair value | C$2.78 |  | C$1.61 |  | C$2.43
The Company has elected to utilize the simplified method for determining the expected life of the options. This is due to the options granted being considered “plain vanilla” in accordance with SAB Topic 14 in ASC 718. This simplified method allows for the average of the vesting period and contractual life.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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