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5. EQUIPMENT AND LAND
At December 31, 2015 and 2014, equipment consisted of the following:
December 31, 2015
December 31, 2014
Cost
Accumulated
depreciation
Net
book
value
Cost
Accumulated
depreciation
Net book
value
Computer equipment
$ 186 $ 178
$ 8 $ 189 $ 168
$ 21
Furniture
106
72
34
111
64
47
Geological equipment
488
371
117
488
319
169
Vehicles
221
153
68
221
114
107
$ 1,001
$ 774
$ 227 $ 1,009
$ 665
$ 344
Depreciation expense for the year ended December 31, 2015 and 2014 was $118 and $210, respectively.
We evaluate the recoverability of the carrying value of equipment when events and circumstances indicate that such
assets might be impaired.
On April 29, 2013, we completed a land acquisition from the state of Wyoming in conjunction with a third-
party land exchange, resulting in an additional 640 acres being owned by the Company and subject to a royalty
retained by the state of Wyoming. The royalty is a non-participating interest at the royalty rate commensurate with
the state or federal royalty rate, whichever is higher, for any such mineral(s), at the time of development. The
property is immediately adjacent to our mine site, and the cash consideration paid was $980.
6. ADDITIONAL PAID IN CAPITAL
Stock-based compensation
We have options outstanding and exercisable that were issued under two plans, the Fixed Stock Option
Plan (“FSOP”) and the 10% Rolling Stock Option Plan (“RSOP”).
The FSOP was originally approved by shareholders on December 11, 2002 and subsequently approved by
shareholders on December 7, 2009, following certain amendments to the FSOP. The FSOP expired upon the
adoption of the 10% Rolling Stock Option Plan, which was approved by shareholders on December 2, 2011, and as
such, we may no longer grant options under the FSOP. However, the terms of the FSOP continue to govern all prior
awards granted under such plan until such awards have been cancelled, forfeited or exercised in accordance with the
terms thereof. Under the FSOP, we could grant stock options for up to 5,779,347 common shares to eligible
directors, officers, employees or consultants. The maximum term of an option was five years. The exercise price of
an option was not less than the closing price on the last trading day preceding the grant date
.
All options granted
under the FSOP vested as follows: 20% upon each of 4 months, 8 months, 12 months, 15 months and 18 months
after the date of grant. As of December 31, 2015, there were 1,290,000 stock options outstanding under the FSOP
with a weighted-average exercise price of $7.74, all of which were exercisable.
On December 2, 2011, at the Annual General Meeting, our shareholders approved by way of an ordinary
resolution the terms of a new plan, the RSOP, which established the maximum number of common shares which
may be issued under the RSOP as a variable amount equal to 10% of the issued and outstanding common shares on a
non-diluted basis. Under the RSOP, our Board of Directors may from time to time grant stock options to individual
eligible directors, officers, employees or consultants. The maximum term of any stock option is 10 years. The
exercise price of a stock option is not less than the closing price on the last trading day preceding the grant date
.
The Board retains the discretion to impose vesting periods on any options granted. All options granted to date vest
as follows: 20% upon each of 4 months, 8 months, 12 months, 15 months and 18 months after the date of grant. As
of December 31, 2015, there were 3,288,700 stock options outstanding under the RSOP with a weighted-average
exercise price of $2.53, of which 2,606,500 options were exercisable with a weighted-average exercise price of
$3.07.