2015 Stock Option Plan

The Company maintains the 2015 Stock Option Plan (“2015 Option Plan”), originally referred to as the 2007 Option Plan. In June 2015, the 2015 Option Plan was amended from a fixed option plan to a rolling share option plan pursuant to which the Company is authorized to grant options of up to 20% of its issued and outstanding Common Shares. Share options granted vest at various rates and have a term not exceeding ten years. As of September 30, 2023 and December 31, 2022, the Company had 397,613 and 396,080 options available for grant under the 2015 Option Plan, respectively.

The following table summarizes the share options outstanding under the 2015 Option Plan for the nine months ended September 30, 2023. All amounts are denominated in C$, except year and share amounts:

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The aggregate intrinsic value of options outstanding and vested and exercisable is calculated as the difference between the exercise price of the underlying options, and the fair value of the Company’s Common Shares when the exercise price is below fair value.  There were no options exercised or granted during the nine months ended September 30, 2023.

Upon the change in the Company’s functional currency effective July 1, 2023 C$ share options previously classified as equity were reclassified as liabilities. On July 1, 2023, these options had a fair value of $1,768,515, which was recorded as share-based compensation liability, of which $1,435,913 was reclassified from additional paid-in capital and the remainder of $332,602 was recorded as additional share-based compensation expense. The C$ options were re-measured as of September 30, 2023 and had a fair value of $992,367, resulting in a decrease in fair value of $776,148, of which $332,602 was reduced

from share-based compensation expense, with the remaining $443,516 applied to additional paid-in-capital in the Company’s unaudited condensed consolidated statement of operations and comprehensive loss.

The following table summarizes the weighted average of significant assumptions used to calculate the fair value of C$ share options outstanding and exercisable as of July 1, 2023 and September 30, 2023:

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Share-based Payment Expense

The following table summarizes total share-based compensation included in the Company’s accompanying unaudited condensed consolidated statements of operations and comprehensive loss:

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As of September 30, 2023, there was $487,925 of unrecognized share-based compensation liability related to options outstanding but unvested, which is expected to be recognized over weighted-average remaining service period of 2.5 years.