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Share-Based Payment Arrangements (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Text Block [Abstract]

Summary Of Share-Based Compensation

The Company recorded share-based compensation as

follows:

		Three months ended March 31,
		2022		2021
Stock options (a)	$	192,147	$	130,898
Restricted share units (b)		60,786		244,376
Total	$	252,933	$	375,274

The Company recorded share-based compensation as follows.


	Year Ended December 31,
	2021		2020		2019
Stock options (a)	$	908,293	$	677,452	$	820,613
Restricted share units (b)		959,622		776,783		647,748
Total	$	1,867,915	$	1,454,235	$	1,468,361

Summary Of Weighted-Average Exercise Prices Of Stock Options

Stock

Options

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Outstanding, December 31, 2021		866,789		$	8.81		7.5
Granted		48,199		$	5.17		9.6
Forfeited		(92,453	)	$	7.09		9.1
Expired		(15,801	)	$	10.10		8.4
Outstanding, March 31, 2022		806,734		$	8.76		7.5

Movement in the number of stock options outstanding and their related weighted-average exercise prices were as follows:


	Number of Options			Weighted Average Exercise Price		Number of Options			Weighted Average Exercise Price		Number of Options			Weighted Average Exercise Price
	2021			2021		2020			2020		2019			2019
Opening balance		423,303		$	11.01		349,657		$	11.48		95,000		$	11.70
Granted		487,775			7.10		153,828			9.99		323,278			11.20
Exercised		–			–		(7,639	)		10.50		(50,838	)		10.62
Forfeited		(40,088	)		9.87		(32,777	)		11.52		(17,783	)		10.35
Expired		(4,201	)		11.03		(6,433	)		10.67		–			–
Cancelled		–			–		(33,333	)		10.50		–			–
Outstanding at December 31		866,789		$	8.81		423,303		$	11.01		349,657		$	11.48
Exercisable at December 31		275,473		$	11.10		161,244		$	11.70		17,014		$	12.87

Summary Of Company's Stock Options Outstanding

The following summarizes information about the Company’s stock options outstanding at December 31, 2021:


	Options Outstanding						Options exercisable
Range of prices	Number		Weighted average exercise price		Weighted average life (years)		Number		Weighted average exercise price

$5.67 - $8.70		506,502	$	6.88		9.0		25,389	$	6.56

$8.71 - $10.95		200,706	$	10.67		4.9		138,622	$	10.57

$10.96 - $12.59		104,303	$	11.78		6.1		71,461	$	11.78

$12.60 - $18.02		55,278	$	14.11		6.4		40,001	$	14.59

		866,789	$	8.81		7.5		275,473	$	11.10

Summary Of Indirect Measurement Of Fair Value Of Goods Or Services Received, Share Options Granted During Period


	2021	2020	2019

Grant date share price	$ 7.00	$ 8.93	$ 10.88

Exercise price	$ 7.10	$ 9.74	$ 11.13

Risk-free rate	1.32 %	0.36 %	1.57 %

Expected life, years	6.2 years	5.0 years	3.9 years

Expected volatility	75 %	66 %	54 %

Expected dividends	– %	– %	– %

Forfeiture rate	7 %	– %	10 %

Summary Of Company's Obligation To Issue Shares On The Vesting Of Rsus

The Company’s obligation to issue shares on the vesting of RSUs is an unfunded and unsecured obligation of the Company. A continuity of RSUs is as follows:

	Number of RSUs
Outstanding, December 31, 2021	208,674
Granted	34,167
Exercised	(12,031	)
Forfeited	(17,517	)
Outstanding, March 31, 2022	213,293
Exercisable at March 31, 2022	115,257

The Company’s obligation to issue shares on the vesting of RSUs is an unfunded and unsecured obligation of the Company. A continuity of RSUs is as follows:



Number of RSUs	2021	2020	2019

Outstanding at January 1	222,222	151,790	101,778

Granted	73,164	123,797	71,640

Exercised 1	(71,190)	(35,877)	(11,905)

Forfeited	(7,074)	(3,332)	(9,723)

Withheld 1	(8,448)	(14,156)	–

Outstanding at December 31	208,674	222,222	151,790

Exercisable at December 31	115,468	33,516	32,036

1	71,190 common shares issued on exercise of 79,638 RSUs at a weighted average grant date exercise price of $8.87. Certain RSU holders elected for RSUs exercised to be settled net of any tax withholding obligations.