10. Deferred Share Units

Effective April 21, 2020, the Board of Directors approved a Deferred Share Unit (“DSU”) Plan to grant DSUs to its directors. The DSU Plan permits the eligible directors to defer receipt of all or a portion of their retainer or compensation until termination of their services and to receive such fees in the form of cash at that time.

Upon vesting of the DSUs or termination of service as a director, the director will be able to redeem DSUs based upon the then market price of the Company’s Common Share on the date of redemption in exchange for cash.

Outstanding DSUs at June 30, 2026 and December 31, 2025 were as follows:

  Schedule of Deferred Share Units 

The vesting of DSU’s during the three and six months ended June 30, 2026, resulted in a recovery of stock-based compensation expense of $200,564 and $676,423, respectively (three and six months ended June 30, 2025 – $94,621 and $145,407 recovery of stock-based compensation expense, respectively). The fair value of each DSU is $3.31 as of June 30, 2026, and $5.95 as of December 31, 2025.