FJ, your summary is for all intents and purposes correct. The 'gain' when exercised is treated as income from or a result of employment and therefore becomes a T4 reportable amount with any future gain treated as a capital gain when shares are ultimately sold unless those shares are moved into a registered account when they are exercised. There may be a few specific details overlooked but what you have stated is a reasonable explanation.

Just an observation on the share increase of 53,040, I think you'll find that at least 38,040 of this represents the exercise of compensation warrants having an expiry upcoming in June. It would also not surprise me that the residual amount of 15,000 also represents the exercise of compensation warrants all of which expire before the end of Q3.