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Shareholders' Equity and Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Fair Value of Stock Option Valuation Assumptions

The following key assumptions were used in the valuation model to value stock option grants for each respective period:

		2023		2022		2021
Expected volatility		85.7% - 87.8%		84.0% - 89.9%		68.3% - 75.7%
Dividend		$nil		$nil		$nil
Risk-free interest rate		2.76% - 4.15%		1.41% - 3.28%		1.07% - 1.54%
Expected life		6.5 years		6.5 years		4.5 years - 6.9 years
Fair value		$0.44 - $0.82		$0.93 - $4.33		$4.29 - $7.31

Summary of Stock Based Compensation Stock Option

Stock option transactions under the Company’s plan for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:

		Number of Options				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (years)				Aggregate Intrinsic Value
Outstanding at January 1, 2021			3,067,322			$	5.42				6.82			$	15,735
Granted during 2021			792,236			$	8.47				9.78			$	57
Exercised during 2021			(177,000	)		$	1.07				1.14			$	1,813
Forfeited/expired during 2021			(60,000	)		$	10.70
Outstanding at December 31, 2021			3,622,558			$	6.20				7.89			$	6,530
Exercisable at December 31, 2021			2,042,663			$	4.80				5.14			$	6,001
Granted during 2022			725,360			$	2.74				9.70			$	16
Exercised during 2022			(180,000	)		$	1.30				0.51			$	772
Forfeited during 2022			(78,500	)		$	8.45
Outstanding at December 31, 2022			4,089,418			$	5.76				6.77			$	152
Exercisable at December 31, 2022			2,549,401			$	5.88				5.46			$	133
Granted during 2023			3,492,991			$	0.94				9.34			$	130
Exercised during 2023			(100,000	)		$	0.83							$	71
Forfeited during 2023			(535,833	)		$	4.04
Outstanding at December 31, 2023			6,946,576			$	3.50				7.54			$	83
Exercisable at December 31, 2023			3,081,262			$	6.07				5.44			$	1

Schedule of Nonvested Stock Options Activity

A summary of the status of the Company’s non-vested stock options, and the changes during the year ended December 31, 2023 is presented below:

		Number of Options				Weighted Average Grant Date Fair Value				Aggregate Intrinsic Value
Non-vested at January 1, 2023			1,540,017			$	3.72
Granted			3,492,991			$	0.71
Vested			(739,361	)		$	3.89
Forfeited			(428,333	)		$	2.76
Non-vested at December 31, 2023			3,865,314			$	1.07			$	82

Summary of Performance Base Restricted Share Unit

Performance-based restricted share unit activity for the years ended December 31, 2023, 2022 and 2021 is as follows:

		Number of Performance-based Restricted Share Units				Weighted Average Grant Date Fair Value
Outstanding at January 1, 2021			869,000			$	5.89
Granted			158,000			$	7.72
Issued			(487,000	)		$	5.70
Forfeited/expired			(310,000	)		$	6.66
Outstanding at December 31, 2021			230,000			$	6.83
Exercisable at December 31, 2021			200,000			$	6.49
Granted			—				—
Exercised			(200,000	)		$	6.41
Forfeited			—				—
Outstanding at December 31, 2022			30,000			$	8.31
Exercisable at December 31, 2022			30,000			$	8.31
Granted			—				—
Issued			(10,000	)		$	8.31
Forfeited/expired			(20,000	)		$	8.31
Outstanding at December 31, 2023			—			$	-
Exercisable at December 31, 2023			—			$	-

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