| RSU’s |
13.
RSU’s
Effective
March 25, 2020, the Board of Directors approved a RSU Plan to grant RSUs to its officers, directors, key employees and consultants.
The
following table summarizes the RSU activity during the years ended December 31, 2025 and 2024:
Schedule
of Restricted Share Units
| | |
| | |
Weighted
average | |
| | |
| | |
grant
date fair | |
| | |
Number
of | | |
value
per share | |
| | |
shares | | |
(C$) | |
| | |
| | |
| |
| Unvested as at December 31, 2023 | |
| 201,273 | | |
$ | 8.33 | |
| Granted (i, ii) | |
| 277,726 | | |
| 3.83 | |
| Vested | |
| (76,213 | ) | |
| 8.00 | |
| Forfeited | |
| (2,029 | ) | |
| 17.50 | |
| Unvested as at December 31, 2024 | |
| 400,757 | | |
$ | 5.22 | |
| Granted (iii) | |
| 140,762 | | |
| 7.53 | |
| Vested | |
| (159,169 | ) | |
| 5.18 | |
| Forfeited | |
| (50,141 | ) | |
| 4.98 | |
| Unvested as at December 31, 2025 | |
| 332,209 | | |
$ | 6.26 | |
| |
(i) |
On
January 29, 2024, the Company granted 19,216 RSUs to executives and employees of the Company, which vest on January 29, 2025. The
vesting of these RSUs resulted in stock-based compensation of $50,000 for the year ended December 31, 2024, which is included in
operation and administration expenses on the consolidated statements of loss and comprehensive loss. |
| |
(ii) |
On
March 13, 2024, the Company granted 258,513 RSUs to executives and employees of the Company, which vest in one-third increments
on March 31 of 2025, 2026 and 2027. The vesting of these RSUs resulted in stock-based compensation of $361,690 for the year ended
December 31, 2024, which is included in operation and administration expenses on the consolidated statements of loss and comprehensive
loss. |
| |
(iii) |
On
October 14, 2025, the Company granted 140,762 RSUs to executives and employees of the Company, which vest in one-third increments
on October 14, 2026, June 30 of 2027 and 2028. The vesting of these RSUs resulted in stock-based compensation of $108,970 for the
year ended December 31, 2025, which is included in operation and administration expenses on the consolidated statements of loss and
comprehensive loss. |
The
vesting of RSUs during the year ended December 31, 2025, resulted in stock-based compensation expense of $364,331 ($836,691 for the year
ended December 31, 2024), which is included in operation and administration expenses on the consolidated statements of loss and comprehensive
loss.
|