SHAREHOLDERS' EQUITY (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of stock options activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
|
|
|
Weighted |
|
Weighted |
|
|
|
|
|
|
|
Average |
|
Average |
|
|
|
|
|
Number of |
|
Exercise |
|
Remaining |
|
Aggregate |
|
|
Shares Subject |
|
Price Per |
|
Contractual |
|
Intrinsic Value |
|
|
to Options |
|
Share |
|
Life (in years) |
|
(in thousands) |
Balance at December 31, 2019 |
|
637,200 |
|
$ |
5.60 |
|
4.62 |
|
|
|
Options granted |
|
173,000 |
|
$ |
4.75 |
|
|
|
|
|
Options exercised |
|
(10,000) |
|
$ |
2.50 |
|
|
|
|
|
Options canceled / expired |
|
(51,600) |
|
$ |
8.00 |
|
|
|
|
|
Balance at December 31, 2020 |
|
748,600 |
|
$ |
5.25 |
|
4.0 |
|
|
|
Options granted |
|
545,000 |
|
$ |
6.17 |
|
|
|
|
|
Options exercised |
|
(3,000) |
|
$ |
6.40 |
|
|
|
|
|
Options canceled / expired |
|
(86,367) |
|
$ |
5.99 |
|
|
|
|
|
Balance at December 31, 2021 |
|
1,204,233 |
|
$ |
5.56 |
|
3.6 |
|
$ |
1,148 |
Vested and exercisable at December 31, 2021 |
|
729,687 |
|
$ |
5.23 |
|
3.3 |
|
$ |
1,081 |
|
| Schedule of stock options outstanding and exercisable |
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding |
|
Options Exercisable |
|
|
Weighted |
|
|
|
|
|
|
|
|
Average |
|
Weighted |
|
|
|
Weighted |
|
|
Remaining |
|
Average |
|
|
|
Average |
Number of |
|
Contractual |
|
Exercise Price |
|
Number |
|
Exercise Price |
Outstanding |
|
Life (in years) |
|
Per Share |
|
Exercisable |
|
Per Share |
200,000 |
|
3.7 |
|
$ |
0.25 |
|
200,000 |
|
$ |
0.25 |
12,000 |
|
0.8 |
|
$ |
14.00 |
|
12,000 |
|
$ |
14.00 |
15,000 |
|
6.1 |
|
$ |
9.00 |
|
15,000 |
|
$ |
9.00 |
85,000 |
|
1.8 |
|
$ |
9.00 |
|
85,000 |
|
$ |
9.00 |
146,800 |
|
2.0 |
|
$ |
7.80 |
|
127,227 |
|
$ |
7.80 |
81,100 |
|
2.8 |
|
$ |
6.40 |
|
59,473 |
|
$ |
6.40 |
40,000 |
|
3.7 |
|
$ |
4.50 |
|
18,667 |
|
$ |
4.50 |
93,000 |
|
4.0 |
|
$ |
4.85 |
|
43,400 |
|
$ |
4.85 |
307,000 |
|
4.1 |
|
$ |
5.30 |
|
102,333 |
|
$ |
5.30 |
30,000 |
|
4.3 |
|
$ |
5.60 |
|
10,000 |
|
$ |
5.60 |
194,333 |
|
4.8 |
|
$ |
7.65 |
|
56,587 |
|
$ |
7.65 |
1,204,233 |
|
3.6 |
|
$ |
5.56 |
|
729,687 |
|
$ |
5.23 |
|
| Schedule of assumptions were used to determine fair value of the awards |
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2021 |
|
2020 |
|
Expected life (in years) |
|
5.0 |
|
5.0 |
|
Risk-free interest rate |
|
0.4-0.9 |
% |
0.4-2.5 |
% |
Dividend yield |
|
— |
% |
— |
% |
Expected volatility |
|
91-137 |
% |
91-107 |
% |
|
| Schedule of changes in stock option liability |
Changes in the Company’s stock option liability for the years ended December 31, 2021 and 2020 were as follows (stated in thousands):
|
|
|
|
Balance at December 31, 2019 |
|
$ |
66 |
Gain on revaluation |
|
|
(50) |
Balance at December 31, 2020 |
|
$ |
16 |
Gain on revaluation |
|
|
(9) |
Balance at December 31, 2021 |
|
$ |
25 |
|
| Schedule of warrants |
|
|
|
|
|
Number of Warrants outstanding |
Balance at December 31, 2019 |
|
78,551 |
Convertible debt, warrants issued |
|
302,322 |
Equity financing, warrants issued |
|
3,284,133 |
Balance at December 31, 2020 |
|
3,665,006 |
Debenture, warrants issued (Note 4) |
|
275,000 |
Balance at December 31, 2021 |
|
3,940,006 |
|
| Schedule of warrants, valuation assumptions |
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
Risk free rate of return |
|
|
0.56 |
% |
|
0.39 |
% |
Expected life |
|
|
4.0 |
years |
|
5.0 |
years |
Expected volatility |
|
|
90 |
% |
|
90 |
% |
Expected dividend per share |
|
|
nil |
|
|
nil |
|
Exercise price |
|
$ |
1.51 |
|
$ |
0.78 |
|
Stock price |
|
$ |
1.50 |
|
$ |
0.96 |
|
|
| Consultants |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of assumptions were used to determine fair value of the awards |
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2021 |
|
|
2020 |
|
Risk free rate of return |
|
0.4 |
% |
|
0.1 |
% |
Expected life |
|
0.8 |
years |
|
1.8 |
years |
Expected volatility |
|
186 |
% |
|
100 |
% |
Expected dividend per share |
|
nil |
|
|
nil |
|
|