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SHARE BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2023
SHARE BASED COMPENSATION |
Share based compensation | 12. SHARE BASED COMPENSATION The Company’s 2022 Incentive Compensation Plan (the “2022 Plan”) and its previous “‘rolling” stock option plan (the “Prior Plan”) are described in the Company’s 2022 Form 10-K. OPTIONS Stock options granted under the Prior Plan are non-transferable and non-assignable and may be granted for a term not exceeding five years. Under the 2022 Plan, stock options may be granted with a term of up to ten years and in the case of all stock options, the exercise price may not be less than 100% of the fair market value of a Common Share on the date the award is granted. Stock option vesting terms are subject to the discretion of the Compensation Committee of the Company’s Board of Directors. Common shares are newly issued from available authorized shares upon exercise of awards. The Company no longer makes new grants of stock options under the Prior Plan. Information relating to share options outstanding and exercisable as at March 31, 2023 and December 31, 2021 is as follows:
Options Outstanding |
|  | Number of options (in thousands) |  |  | Weighted average exercise price |  |  | Weighted average remaining life (years) |  |  | Aggregate intrinsic value |
Outstanding balance, December 31, 2022 |  |  | 5,805 |  |  | $ | 1.71 |  |  |  | 4.2 |  |  | $ | 64 |
Granted |  |  | 100 |  |  | $ | 0.35 |  |  |  | 10.0 |  |  |  | - |
Cancelled |  |  | (407 | ) |  | $ | 2.60 |  |  |  | 3.0 |  |  |  | - |
Outstanding balance, March 31, 2023 |  |  | 5,498 |  |  | $ | 1.62 |  |  |  | 4.1 |  |  | $ | 108 |
Exercisable balance, March 31, 2023 |  |  | 4,013 |  |  | $ | 1.95 |  |  |  | 2.8 |  |  | $ | 108 |
The total expense related to the options granted in the three months ended March 31, 2023 was $0.1 million (2022 - $1.5 million). This expense is included in the share based compensation line on the condensed interim consolidated statements of loss and comprehensive loss. Generally, the options granted in 2023 and 2022 vest one to two years following the date of grant provided that the recipient is still employed or engaged by the Company. At March 31, 2023 the total remaining stock option cost for nonvested awards is expected to be $0.3 million over a weighted average future period of 1.3 years until the awards vest. See Note 18 for subsequent forfeiture of options. RESTRICTED STOCK AWARDS Information relating to restricted stock awards outstanding as at March 31, 2023 and December 31, 2022:
|  | Number of restricted stock awards |  |  | Weighted average grant date fair value |
|  | Thousands |  |  |  |
Balance, December 31, 2022 |  |  | 2,918 |  |  | $ | 0.68 |
Granted |  |  | 1,040 |  |  |  | 0.35 |
Balance, March 31, 2023 |  |  | 3,958 |  |  | $ | 0.59 |
The total expense related to the restricted stock awards in the three months ended March 31, 2023 was $0.5 million (2022 - nil). This expense is included in the share based compensation line on the condensed interim consolidated statements of loss and comprehensive loss. The outstanding restricted stock awards vest over the next three years provided the award holder is still employed or engaged by the Company. As of March 31, 2023, the Company had $1.4 million of unrecognized compensation expense related to restricted stock awards which will be recognized over the next three years. See Note 18 for subsequent forfeiture of restricted share awards.

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