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Share-Based Payment Arrangements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

The Company recorded share-based compensation as follows:



	Three months ended June 30,				Six months ended June 30,

	2022		2021		2022		2021

Stock options (a)	$	128,441	$	116,892	$	320,588	$	247,790

Restricted share units (b)		63,087		243,753		123,873		488,129

Total	$	191,528	$	360,645	$	444,461	$	735,919

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

a) 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		167,699		$	4.70		9.6

Forfeited		(137,526	)	$	7.11		9.3

Expired		(40,648	)	$	10.46		1.1

Outstanding, June 30, 2022		856,314		$	8.20		7.7

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

b) Restricted Share Units (“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		98,417

Exercised		(17,585	)

Forfeited		(35,893	)

Outstanding, June 30, 2022		253,613

Exercisable at June 30, 2022		108,992

During the six months ended June 30, 2022, 17,585 common shares were issued on the exercise of 17,585 RSUs at a weighted average share price at exercise of $7.53. The fair value of each RSU is based on the market price of the Company’s common shares on the date of grant and the total fair value of RSUs granted in six months ended June 30, 2022 was $491,999. As at June 30, 2022, unrecognized share-based compensation expense related to

non-vested

RSUs granted was $310,434 (December 31, 2021 - $277,686).

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.