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SHARE BASED PAYMENTS | 12 Months Ended
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Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
SHARE BASED PAYMENTS | 15. SHARE BASED PAYMENTS Stock Options The Company has an option program that entitles officers, directors, employees and certain consultants to purchase common shares in the Company. Options are granted at the market price of the shares at the date of grant, have a range of five to ten year terms and vest over two years. The number and weighted average exercise prices of share options are as follows: SCHEDULE OF SHARE OPTIONS ACTIVITY
|  | December 31, 2023 |  |  | December 31, 2022 |
|  |  | Number of options |  |  |  | Weighted average exercise price |  |  |  | Number of options |  |  |  | Weighted average exercise price |
Outstanding at January 1 |  |  | 776,000 |  |  | $ | 1.67 |  |  |  | 143,500 |  |  | $ | 4.50 |
Granted |  |  | 281,800 |  |  |  | 5.45 |  |  |  | 634,500 |  |  |  | 0.93 |
Expired/cancelled |  |  | (108,500 | ) |  |  | 5.62 |  |  |  | (2,000 | ) |  |  | 3.75 |
Exercised |  |  | (9,666 | ) |  |  | 0.80 |  |  |  |  |  |  |  |  |
Outstanding at December 31 |  |  | 939,634 |  |  | $ | 2.36 |  |  |  | 776,000 |  |  | $ | 1.67 |
Exercisable at December 31 |  |  | 540,268 |  |  | $ | 1.84 |  |  |  | 352,999 |  |  | $ | 2.56 |
The range of exercise prices of the outstanding stock options for December 31, 2023 is as follows: SCHEDULE OF EXERCISE PRICES OF OUTSTANDING STOCK OPTIONS
Range of exercise prices |  |  | Number of outstanding stock options |  |  | Weighted average exercise price |  |  | Weighted average contractual life ( years) |
$ | 5.00 to $6.04 |  |  |  | 281,800 |  |  |  | 5.45 |  |  |  | 4.4 |
$ | 1.80 to $4.90 |  |  |  | 108,000 |  |  |  | 2.23 |  |  |  | 2.4 |
$ | 0.80 to $1.80 |  |  |  | 549,834 |  |  |  | 0.80 |  |  |  | 3.0 |
|  |  |  |  | 939,634 |  |  | $ | 2.36 |  |  |  | 3.3 |
Kolibri Global Energy Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 (Audited, expressed in thousands of United States dollars) The range of exercise prices of the outstanding stock options for December 31, 2022 is as follows:
Range of exercise prices |  |  | Number of outstanding stock options |  |  | Weighted average exercise price |  |  | Weighted average contractual life ( years) |
$ | 5.00 to $6.00 |  |  |  | 97,000 |  |  |  | 5.70 |  |  |  | 0.3 |
$ | 1.80 to $4.90 |  |  |  | 119,500 |  |  |  | 2.49 |  |  |  | 3.1 |
$ | 0.80 to $1.80 |  |  |  | 559,500 |  |  |  | 0.80 |  |  |  | 4.0 |
|  |  |  |  | 776,000 |  |  | $ | 1.67 |  |  |  | 3.4 |
The fair value of the stock options was estimated using Black Scholes model with the following weighted average inputs: SCHEDULE OF FAIR VALUE OF STOCK OPTIONS
|  | 2023 |  |  | 2022 |
Fair value at grant date (per option) |  | $ | 5.09 |  |  |  | 0.70 |
Volatility (%) |  |  | 105.49 |  |  |  | 149.68 |
Forfeiture rate (%) |  |  | 5 | % |  |  | 5 | %
Option life (years) |  |  | 8.67 |  |  |  | 5 |
Risk-free interest rate (%) |  |  | 3.19 |  |  |  | 1.56 |
Restricted Stock Units The Company has a restricted stock unit (“RSU”) program that entitles officers, directors and employees to obtain RSUs that are issuable as shares in the Company as they are vested. The RSUs are redeemable over a three year vesting period, with the 1/3 of the grant vesting on the first, second and third years from the date of grant. The Company granted 119,140 RSUs in the second quarter of 2023 to directors, officers and employees. The fair value at grant date for the RSUs was $5.28 per RSU which was the closing share price on the date of grant. RSUs are valued using the fair-value method where compensation cost attributable to all share units granted are measured at fair value at the grant date and expensed over the vesting period with a corresponding increase to contributed surplus. The Company capitalizes a portion of share based compensation that is directly attributable to development activities. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of units that vest. Stock based compensation was recorded as follows: SCHEDULE OF STOCK BASED COMPENSATION
|  | 2023 |  |  | 2022 |
|  | December 31 |
|  | 2023 |  |  | 2022 |
Expensed |  | $ | 790 |  |  | $ | 277 |
Capitalized |  | $ | 140 |  |  | $ | 29 |
Stock based compensation |  | $ | 140 |  |  | $ | 29 |
Kolibri Global Energy Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 (Audited, expressed in thousands of United States dollars)

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