v3.26.1
Share based compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share based compensation  
Stock Based Compensation Expense

 

 

For the years ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Stock Option Expense              

 

$205,859

 

 

$118,849

 

 

$92,500

 

Deferred Share Units

 

 

155,000

 

 

 

15,000

 

 

 

-

 

Compensation Expense (Note 16)

 

 

-

 

 

 

52,634

 

 

 

55,821

 

Stock-based compensation expense in Contributed Capital

 

 

360,859

 

 

 

186,483

 

 

 

148,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee Share Purchase Plan               

 

 

43,494

 

 

 

41,619

 

 

 

30,508

 

Restricted Stock Units

 

 

298,527

 

 

 

40,632

 

 

 

62,442

 

Total stock-based compensation expense                          

 

 

702,880

 

 

 

268,734

 

 

 

241,271

 

Stock Options Outstanding

Exercise price per share

# of options outstanding

# of options exercisable

Average remaining life (in years)

$0.200

166,200

166,200

2.4

$0.203

1,400,000

-

4.2

$0.216

1,553,334

440,000

2.0

$0.252

78,850

78,850

2.7

$0.259

100,000

33,333

2.7

$0.260

52,650

52,650

2.0

$0.264

177,200

177,200

2.0

$0.309

4,350,000

50,000

5.0

7,878,234

998,233

4.0

Stock Option Activity

 

 

For the years ended December 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

weighted

 

 

 

 

Weighted

 

 

 

# of stock

 

 

average

 

 

# of stock

 

 

Average

 

 

 

Options

 

 

exercise price

 

 

Options

 

 

exercise price

 

Options outstanding, start of the year

 

 

2,647,820

 

 

$0.30

 

 

 

2,927,820

 

 

$0.32

 

Granted

 

 

5,750,000

 

 

$0.28

 

 

 

-

 

 

$-

 

Exercised

 

 

(310,799)

 

$(0.21)

 

 

-

 

 

$-

 

Forfeited

 

 

-

 

 

$-

 

 

 

(180,000)

 

$(0.22)

Expired

 

 

(208,787)

 

$(0.48)

 

 

(100,000)

 

$(0.52)

Options outstanding, end of the year

 

 

7,878,234

 

 

$0.27

 

 

 

2,647,820

 

 

$0.24

 

Options exercisable, end of the year

 

 

998,233

 

 

$0.23

 

 

 

777,820

 

 

$0.30

 

 

 

For the year ended December 31,

 

 

 

2023

 

 

 

 

 

Weighted

 

 

 

# of stock

 

 

Average

 

 

 

Options

 

 

exercise price

 

Options outstanding, start of the year

 

 

461,320

 

 

$0.51

 

Granted

 

 

2,716,500

 

 

$0.22

 

Forfeited

 

 

(100,000)

 

$(0.22)

Expired

 

 

(150,000)

 

$(0.59)

Options outstanding, end of the year

 

 

2,927,820

 

 

$0.25

 

Options exercisable, end of the year

 

 

877,820

 

 

$0.32

 

Weighted Average Assumptions

Vesting Target

Vested

1/3 vest upon the collection of US$6.5 million

Yes

1/3 vest upon the collection of the next US$7.0 million

No

1/3 vest upon the collection of an additional US$7.5 million

No

Deferred Stock Unit Activity

For the year ended

 

2025

 

 

2024

 

 

2023

 

Expected dividends paid per common share

 

Nil

 

 

 

-

 

 

Nil

 

Expected life in years

 

 

5.0

 

 

 

-

 

 

 

5.0

 

Weighted average expected volatility in the price of common shares

 

 

115%

 

 

-

 

 

 

79%

Weighted average risk-free interest rate

 

 

3.16%

 

 

-

 

 

 

3.32%

Weighted average fair market value per share at grant date

 

$0.23

 

 

$-

 

 

$0.22

 

Forfeiture rate

 

 

11.5%

 

 

-

 

 

 

18.5%
Restricted Stock Unit Activity

 

 

For the years ended December 31,

 

Opening balance

 

2025

 

 

2024

 

 

2023

 

Opening balance

 

 

120,226

 

 

 

37,354

 

 

 

37,354

 

Granted

 

 

404,927

 

 

 

82,872

 

 

 

-

 

Closing balance

 

 

525,153

 

 

 

120,226

 

 

 

37,354

 

RSUs Outstanding

For the years ended December 31,

 

 

2025

2024

 

# of RSUs

FV/Unit

# of RSUs

FV/Unit

RSUs outstanding, start of the year

915,000

$0.16

-

-

Granted

1,875,000

$0.20

1,035,000

$0.14

Common shares issued

(194,206)

($0.20)

-

-

Payroll withholdings settled in cash

(110,796)

($0.20)

-

-

Forfeited

-

-

(120,000)

($0.14)

RSUs outstanding, end of the year

2,484,998

$0.35

915,000

$0.16

For the year ended December 31,

 

 

2023

 

 

 

# of RSUs

 

 

FV/Unit

 

RSUs outstanding, start of the year

 

 

348,334

 

 

$0.21

 

Granted

 

 

-

 

 

 

-

 

Common shares issued

 

 

(256,619)

 

$(0.26)

Payroll withholdings settled in cash

 

 

(91,715)

 

$(0.23)

RSUs outstanding, end of the year

 

 

-

 

 

 

-

 

Employee Stock Purchase Plan

 

 

2025

 

 

2024

 

 

 

# of shares

 

 

$ amount

 

 

# of shares

 

 

$ amount

 

Purchased by employees

 

 

132,904

 

 

$43,495

 

 

 

234,974

 

 

$41,620

 

Matched by the Company

 

 

132,904

 

 

 

43,494

 

 

 

234,973

 

 

 

41,619

 

Total Common Shares issued

 

 

265,808

 

 

 

86,989

 

 

 

469,947

 

 

 

83,239

 

 

 

For the year ended December 31,

 

 

 

2023

 

 

 

# of shares

 

 

$ amount

 

Purchased by employees

 

 

168,515

 

 

$36,246

 

Matched by the Company

 

 

140,994

 

 

 

30,509

 

Total Common Shares issued

 

 

309,509

 

 

 

66,755