Shareholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Shareholders' Equity |
|
| Schedule of Significant Assumptions Determining the Fair Value of the Warrant Liability |
The fair value of the Debt Modification Warrants upon issuance was determined using the Black-Scholes option pricing model with the following assumptions:
|
|
|
|
Exercise price |
|
$ |
0.07084 |
Expected dividend yield |
|
|
0% |
Risk free interest rate |
|
|
3.94% |
Expected life in years |
|
|
7.0 years |
Expected volatility |
|
|
84.00% |
|
| Schedule of Warrants that Remain Outstanding |
The following table summarizes the warrants that remain outstanding as of September 30, 2023:
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|
|
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|
|
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|
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|
Exercise |
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|
Number of |
|
|
Security issued |
|
|
Price (CAD$) |
|
|
Warrants |
|
Expiration Date |
Founders separation warrants |
|
|
1.05 |
|
|
9,045,691 |
|
September 30, 2024 |
Debt modification warrants |
|
|
0.09 |
|
|
91,999,901 |
|
February 15, 2030 |
|
|
|
|
|
|
101,045,592 |
|
|
|
| Schedule of Warrants Outstanding |
A rollforward of warrant activity for the nine months ended September 30, 2023 is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
Number of |
|
|
Average |
Warrants |
|
|
Warrants |
|
|
Exercise Price |
Balance as of December 31, 2022 |
|
|
9,545,691 |
|
|
CAD$ 1.01 |
Issued |
|
|
91,999,901 |
|
|
0.09 |
Expired |
|
|
(500,000) |
|
|
0.33 |
Balance as of September 30, 2023 |
|
|
101,045,592 |
|
|
CAD$ 0.18 |
|
| Summary of Restricted Stock Units Outstanding |
A summary of the status of the RSUs outstanding is as follows:
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|
|
|
|
|
|
|
|
|
|
Number of |
|
Weighted Average |
|
RSUs |
|
|
RSUs |
|
Grant Date Fair Value |
|
Unvested as of December 31, 2022 |
|
|
2,742,765 |
|
$ |
0.25 |
|
Issued |
|
|
13,608,307 |
|
|
0.03 |
|
Vested |
|
|
(4,163,720) |
|
|
0.08 |
|
Forfeited |
|
|
(1,452,804) |
|
|
0.23 |
|
Unvested as of September 30, 2023 |
|
|
10,734,548 |
|
$ |
0.04 |
|
|
| Summary of Share Options Outstanding |
A summary of the status of the share options outstanding is as follows:
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|
|
|
|
|
|
|
|
|
|
|
Share Options |
|
Weighted |
|
Weighted Average |
|
|
|
Common |
|
Average |
|
Remaining Contractual |
Share options |
|
|
Shares |
|
Exercise Price |
|
Life (yrs) |
Balance as of December 31, 2022 |
|
|
9,753,600 |
|
$ |
0.60 |
|
6.11 |
Forfeited |
|
|
(1,014,915) |
|
$ |
0.47 |
|
— |
Balance as of September 30, 2023 |
|
|
8,738,685 |
|
$ |
0.62 |
|
5.23 |
|
| Summary of Share Options that Remain Outstanding |
The following table summarizes the share options that remain outstanding as of September 30, 2023:
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
Exercise |
|
|
|
Options |
Security issuable |
|
Share Options |
|
Price |
|
Expiration Date |
|
Exercisable |
Legacy employees |
|
190,000 |
|
$ 1.58-1.58 |
|
June 28, 2028 |
|
190,000 |
2020 employee grant |
|
4,866,087 |
|
$ 0.30-0.48 |
|
June 25, 2030 - December 1, 2030 |
|
3,698,944 |
Other employee grants |
|
3,682,598 |
|
$ 0.41-3.96 |
|
June 17, 2024 - November 21, 2029 |
|
3,682,598 |
Total |
|
8,738,685 |
|
|
|
|
|
7,571,542 |
|
| Summary of Performance Stock Units Outstanding |
A summary of the status of the PSUs outstanding is as follows:
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|
|
|
|
|
|
|
|
|
|
Number of |
|
Weighted Average |
|
Performance Stock Units |
|
|
PSUs |
|
Grant Date Fair Value |
|
Unvested as of January 1, 2023 |
|
|
10,632,378 |
|
$ |
0.30 |
|
Issued |
|
|
2,000,000 |
|
|
0.06 |
|
Vested |
|
|
(42,000) |
|
|
0.21 |
|
Forfeited |
|
|
(9,154,925) |
|
|
0.30 |
|
Unvested as of September 30, 2023 |
|
|
3,435,453 |
|
$ |
0.17 |
|
|
| Summary of PSU Award Granted Containing Market Conditions |
A summary of the PSU awards granted containing market conditions as of September 30, 2023 is as follows:
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|
|
|
|
|
|
|
|
|
Closing Price on |
|
|
|
|
|
PSU Grant Dates |
|
Grant Date |
|
|
Expiration Date |
|
Outstanding (#) |
September 30, 2021 |
|
$ |
0.39 |
|
|
December 31, 2024 |
|
373,758 |
December 19, 2021 |
|
$ |
0.23 |
|
|
December 31, 2024 |
|
361,695 |
Total |
|
|
|
|
|
|
|
735,453 |
|