Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of Shareholder's Equity [Line Items]

Disclosure of number and weighted average exercise prices of share options

The following table summarizes information about the stock options outstanding and exercisable:

	Year ended December 31, 2021				Year ended December 31, 2020
		Number of options		Weighted average exercise price		Number of options			Weighted average exercise price
Balance at beginning of the year		2,455,002	$	2.89		3,518,335		$	3.26
Granted during the year		3,085,000		0.63		-			-
Expired during the year		(200,000)		6.66		(980,000	)		4.29
Forfeited during the year		(660,001)		2.08		(83,333	)		2.17
Balance at end of the year		4,680,001	$	1.36		2,455,002		$	2.89
Options exercisable at the end of the year		1,531,667	$	2.72		1,711,669		$	3.51

Disclosure of indirect measurement of fair value of goods or services received, share options granted during period

The fair value of the stock options granted have been estimated on the date of grant using the Black-Scholes option pricing model. The assumptions are presented below for options granted during the year ended December 31, 2021. Expected volatility is calculated by reference to the weekly closing share price for a period that reflects the expected life of the options. A total of 3,085,000 stock options were issued during the year ended December 31, 2021 of which 1,085,000 stock options were issued on February 3, 2021 vesting 1/3 on February 3, 2022, 1/3 on February 3, 2023 and 1/3 on February 3, 2024 and 2,000,000 stock options were issued on November 15, 2021 vesting 1/3 on November 15, 2022, 1/3 on November 15, 2023 and 1/3 on November 15, 2024

	December 31, 2021
Exercise price		$0.62 -$0.65
Expected volatility		59.38% - 64.20%
Expected option life		5 years
Contractual option life		5 years
Expected forfeiture		none
Expected dividend yield		0%
Risk-free interest rate		0.46% - 1.48%
Weighted average fair value per share granted		$0.32

Disclosure of number and weighted average exercise prices of other equity instruments

The following table shows the RSU awards which have been granted and settled during the year:

	December 31, 2021					December 31, 2020
RSU	Number of units			Weighted average value grant date fair value		Number of units			Weighted average value grant date fair value
Balance at beginning of year		863,333		$	1.13		1,065,000		$	1.31
Awards and payouts during the period (net):
RSUs awarded		1,000,000			0.64		-			-
RSUs settled and common shares issued		(206,667	)		1.06		(98,334	)		2.79
RSUs forfeited		(229,999	)		0.65		(103,333	)		1.36
Balance at end of the year*		1,426,667		$	0.87		863,333		$	1.13

*As at December 31, 2021, 420,002 RSUs (2020 - 287,778 RSUs) have vested and have not yet been settled.

Explanation of effect of share-based payments on entity's profit or loss

The share-based payments recognized as an expense for the years ended December 31, 2021 and 2020 are as follows:

	Year ended		Year ended
	December 31, 2021		December 31, 2020
Expense recognized in the year for share-based payments	$	868	$	983

Earnings per share

The following table sets forth the computation of basic and diluted earnings (loss) per share:

	Year ended December 31, 2021		Year ended December 31, 2020
Numerator
Net income (loss) for the year	$	276,167	$	(263,429	)
Effect of dilutive securities		534		-
	$	276,701	$	(263,429	)
Denominator
For basic - weighted average number of shares outstanding		210,526,871		210,406,658
Effect of dilutive securities		1,426,667		-
For diluted - adjusted weighted average number of shares outstanding		211,953,538		210,406,658
Earnings (loss) Per Share
Basic	$	1.31	$	(1.25	)
Diluted	$	1.31	$	(1.25	)

Black scholes [Member]

Disclosure of Shareholder's Equity [Line Items]

Earnings per share

The following tables reflect the number of stock options outstanding, the weighted average of stock options outstanding, and the exercise price of stock options outstanding at December 31, 2021.

At December 31, 2021
Expiry Date	Black-Scholes Value		Number of Options		Number of Exercisable Options		Exercise Price
February 5, 2022		171		100,000		100,000		5.86
December 21, 2022		644		605,000		605,000		3.48
June 30, 2023		203		200,000		200,000		3.30
December 27, 2024		372		930,000		626,667		1.30
February 2, 2026		268		845,001		-		0.65
November 15, 2026		675		2,000,000		-		0.62
	$	2,333		4,680,001		1,531,667	$	1.36