Shareholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024:
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|
|
|
|
|
|
|
|
|
|
|
Exercise |
|
|
Number of |
|
|
Security issued |
|
|
Price (CAD$) |
|
|
Warrants |
|
Expiration Date |
Debt modification warrants |
|
|
0.09 |
|
|
91,999,901 |
|
February 15, 2030 |
|
|
|
|
|
|
91,999,901 |
|
|
|
| Schedule of warrants outstanding |
A rollforward of warrant activity for the nine months ended September 30, 2024 is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
Number of |
|
|
Average |
Warrants |
|
|
Warrants |
|
|
Exercise Price |
Balance as of December 31, 2023 |
|
|
101,045,592 |
|
|
CAD$ 0.18 |
Expired |
|
|
(9,045,691) |
|
|
CAD$ 1.05 |
Balance as of September 30, 2024 |
|
|
91,999,901 |
|
|
CAD$ 0.09 |
|
| Summary of Restricted Stock Units outstanding |
A summary of the status of the RSUs outstanding is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
Weighted Average |
|
RSUs |
|
|
RSUs |
|
Grant Date Fair Value |
|
Unvested as of December 31, 2023 |
|
|
7,552,704 |
|
$ |
0.04 |
|
Vested |
|
|
(5,337,389) |
|
|
0.03 |
|
Forfeited |
|
|
(283,395) |
|
|
0.09 |
|
Unvested as of September 30, 2024 |
|
|
1,931,920 |
|
$ |
0.05 |
|
|
| Summary of share options outstanding |
A summary of the status of the share options outstanding is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Share Options |
|
Weighted |
|
Weighted Average |
|
|
|
Common |
|
Average |
|
Remaining Contractual |
Share options |
|
|
Shares |
|
Exercise Price |
|
Life (yrs) |
Balance as of December 31, 2023 |
|
|
8,552,161 |
|
$ |
0.62 |
|
4.94 |
Granted |
|
|
27,878,788 |
|
|
0.02 |
|
10.00 |
Forfeited |
|
|
(2,696,997) |
|
|
0.91 |
|
— |
Balance as of September 30, 2024 |
|
|
33,733,952 |
|
$ |
0.10 |
|
9.22 |
|
| Summary of share options that remain outstanding |
The following table summarizes the share options that remain outstanding as of September 30, 2024:
|
|
|
|
|
|
|
|
|
|
|
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 |
|
3,979,747 |
|
$ 0.30-0.48 |
|
June 25, 2030 - December 1, 2030 |
|
3,729,891 |
Other employee grants |
|
29,564,205 |
|
$ 0.02-3.96 |
|
February 14, 2029 - September 29, 2034 |
|
8,655,113 |
Total |
|
33,733,952 |
|
|
|
|
|
12,575,004 |
|
| Summary of Performance Stock Units outstanding |
A summary of the status of the PSUs outstanding is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
Weighted Average |
|
Performance Stock Units |
|
|
PSUs |
|
Grant Date Fair Value |
|
Unvested as of December 31, 2023 |
|
|
3,377,366 |
|
$ |
0.17 |
|
Vested |
|
|
(666,666) |
|
|
0.06 |
|
Forfeited |
|
|
(531,486) |
|
|
0.09 |
|
Unvested as of September 30, 2024 |
|
|
2,179,214 |
|
$ |
0.22 |
|
|
| Summary of PSU Award granted containing market conditions |
A summary of the PSU awards granted containing market conditions as of September 30, 2024 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Closing Price on |
|
|
|
|
|
PSU Grant Dates |
|
Grant Date |
|
|
Expiration Date |
|
Outstanding (#) |
September 30, 2021 |
|
$ |
0.39 |
|
|
December 31, 2024 |
|
249,955 |
December 19, 2021 |
|
$ |
0.23 |
|
|
December 31, 2024 |
|
229,259 |
Total |
|
|
|
|
|
|
|
479,214 |
|