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Share-based compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangements [Abstract]  
Share-based compensation Share-based compensationThe Company has five components within its share-based compensation plan: stock options, DSUs, RSUs, PSUs and shares issued pursuant to the ESPP. Share-based compensation expense for the year ended December 31, 2022 was $4,713 (2021 - $2,261). The expense associated with each component is as follows for the year ended December 31:
2022
2021
$$
Stock options2,079 1,328 
DSUs857 696 
RSUs1,638 121 
ESPP139 116 
4,713 2,261 

There were no PSUs issued and outstanding for the years ended December 31, 2022 and 2021.
The following table presents share-based compensation expense by function for the year ended December 31:
2022
2021
$$
Cost of revenue93 154 
General and administrative2,793 1,279 
Sales and marketing1,673 489 
Research and development154 339 
4,713 2,261 
Stock options

In 2016, the Company established a stock option plan (the “Legacy Option Plan”) for directors, officers, employees and consultants of the Company. The Company’s Board of Directors has the authority to determine, among other things, the eligibility of individuals to participate in the Legacy Option Plan and the term, vesting periods and the exercise price of options granted to individuals under the Legacy Option Plan, subject to the provisions of the Legacy Option Plan. Each share option is exercisable for one common share of the Company. No amounts were paid or payable by the individual on receipt of the option. The options carry neither rights to dividends nor voting rights.

In connection with the IPO on October 8, 2019, the Legacy Option Plan was amended such that no further awards can be made under the Legacy Option Plan. In connection with the IPO, the Company adopted an omnibus incentive plan (the “Omnibus Incentive Plan”) which allows the Board of Directors to grant long-term equity-based awards, including stock options, DSUs, RSUs and PSUs, to eligible participants. As determined by the Company’s Board of Directors, the Compensation Nominating and Governance Committee of the Company’s Board of Directors is the Plan Administrator (as defined in the Omnibus Incentive Plan) of the Omnibus Incentive Plan. The Plan Administrator determines, subject to full approval of the Board of Directors, which directors, officers, consultants and employees are eligible to receive awards under the Omnibus Incentive Plan, the time or times at which awards may be granted, the conditions under which awards may be granted or forfeited to the Company, the number of common shares to be covered by any award, the exercise price of any award, whether restrictions or limitations are to be imposed on the common shares issuable pursuant to grants of any award, and the nature of any such restrictions or limitations, any acceleration of exercisability or vesting, or waiver of termination regarding any award, based on such factors as the Plan Administrator may determine.

The number of common shares reserved for issuance under the Omnibus Incentive Plan is 2,845,420.
The changes in the number of stock options during the years ended December 31, 2022 and 2021 were as follows:
2022
2021
Number of optionsWeighted average exercise priceNumber of optionsWeighted average exercise price
#C$#C$
Options outstanding – January 11,283,088 12.00 1,516,641 6.73 
Options granted175,892 44.86 154,414 62.09 
Options forfeited(95,139)49.57 (166,026)18.54 
Options exercised(14,840)15.06 (221,941)5.95 
Options outstanding – December 31
1,349,001 13.60 1,283,088 12.00 
Options exercisable – December 31
979,666 4.98 866,594 3.04 
The weighted average fair value of share options granted during the years ended December 31, 2022 and 2021 was estimated at the date of grant using the Black-Scholes option pricing model using the following inputs:

2022
2021
C$C$
Weighted average stock price valuation$44.86 $62.09 
Weighted average exercise price$44.86 $62.09 
Risk-free interest rate2.60 %1.15 %
Expected life in years6.256.25
Expected dividend yield— %— %
Volatility63 %55 %
Weighted average fair value of options issued$26.98 $32.71 
The following table is a summary of the Company’s stock options outstanding as at December 31, 2022:
Options outstandingOptions exercisable
Exercise price rangeNumber outstandingWeighted average remaining contractual life (years)Exercise price rangeNumber exercisable
C$##C$#
0.0001 - 1.09
784,368 4.45
0.0001 - 1.09
784,368 
8.86 - 11.06
51,811 7.95
8.86 - 11.06
21,084 
15.79 - 16.00
259,292 6.77
15.79 - 16.00
147,795 
26.43 - 95.12
253,530 9.04
26.43 - 95.12
26,419 
1,349,001 5.90979,666 
The following table is a summary of the Company’s stock options outstanding as at December 31, 2021:
Options outstandingOptions exercisable
Exercise price rangeNumber outstandingWeighted average remaining contractual life (years)Exercise price rangeNumber exercisable
C$##C$#
0.0001 - 1.09
784,368 5.45
0.0001 - 1.09
748,368 
8.86 - 11.06
65,522 8.80
8.86 - 11.06
9,784 
15.79 - 16.00
284,680 7.77
15.79 - 16.00
104,176 
26.43 - 95.12
148,518 9.40
26.43 - 95.12
4,266 
1,283,088 6.59866,594 
DSUs

The following table presents information concerning the number of DSUs granted by the Company:
#
DSUs – December 31, 2020
44,142 
Granted (at $51.63 - $96.99 per unit)
15,512 
DSUs – December 31, 2021
59,654 
Granted (at C$37.21 - $86.93 per unit)
27,568 
DSUs - December 31, 2022
87,222 

RSUs

The following table presents information concerning the number of RSUs granted by the Company:
#
RSUs – December 31, 2020
— 
Granted (at C$86.38 - $94.05 per unit)
46,591 
RSUs – December 31, 2021
46,591 
Granted (at C$40.30 - $54.26 per unit)
102,483 
Released (at C$86.38 per unit)
(5,515)
Forfeited (at C$42.24 - $94.05 per unit)
(39,933)
RSUs - December 31, 2022
103,626