SHARE-BASED COMPENSATION AND OTHER BENEFITS (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Components of Share-based Compensation Expense |
The components of share-based compensation expense are as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Stock options |
$ |
4,569 |
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$ |
1,093 |
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$ |
14,369 |
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$ |
2,791 |
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| Restricted stock |
347 |
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1,015 |
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1,625 |
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5,258 |
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| Warrants |
550 |
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126 |
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1,120 |
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932 |
| Total share-based compensation expense |
$ |
5,466 |
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$ |
2,234 |
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$ |
17,114 |
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$ |
8,981 |
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| Continuity of Stock Options Outstanding |
The following table summarizes the status of stock options and related transactions:
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Number of Stock Options |
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Weighted-Average Per Share Exercise Price |
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| Issued and Outstanding as of January 1, 2022 |
20,429,120 |
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$ |
3.20 |
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Granted (1)
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10,311,000 |
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$ |
2.01 |
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Exercised (2)
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(274,998) |
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$ |
1.66 |
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| Forfeited/expired/cancelled |
(2,037,002) |
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$ |
4.58 |
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| Issued and Outstanding as of September 30, 2022 |
28,428,120 |
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$ |
2.68 |
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| Exercisable as of September 30, 2022 |
11,863,260 |
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$ |
2.44 |
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(1)The weighted-average per share grant date fair value was $1.44.
(2)The weighted-average share price at the date of exercise was $3.84.
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| Summary of Stock Options Outstanding |
The following table summarizes the issued and outstanding stock options as of September 30, 2022:
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| Expiration Year |
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Stock Options Outstanding |
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Exercise Price |
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Stock Options Exercisable |
| 2022 |
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50,000 |
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$1.35 - $2.00 |
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50,000 |
| 2028 |
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685,000 |
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$1.00 - $1.35 |
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685,000 |
| 2029 |
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6,849,668 |
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$1.26 - $2.75 |
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6,689,665 |
| 2030 |
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792,500 |
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$0.91 - $3.98 |
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426,660 |
| 2031 |
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9,809,952 |
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$3.70 - $6.53 |
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2,837,941 |
| 2032 |
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10,241,000 |
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$1.60 - $4.20 |
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1,173,994 |
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28,428,120 |
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11,863,260 |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The following assumptions were applied at the time of grant:
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Nine Months Ended September 30, |
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2022 |
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2021 |
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| Risk-free annual interest rate |
0.45% - 3.24% |
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0.45% - 1.25% |
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| Expected annual dividend yield |
0% |
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0% |
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| Volatility |
72.3% - 78.5% |
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74.0% - 78.5% |
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| Expected life of stock options |
5.0 - 7.5 years |
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5 - 7.48 years |
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| Forfeiture rate |
0% |
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0% |
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| Nonvested Restricted Stock Shares Activity |
The following table summarizes the status of restricted stock and related transactions:
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Number of Restricted Subordinate Voting Shares |
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| Unvested restricted stock as of January 1, 2022 |
2,859,151 |
Granted (1)
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86,952 |
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| Cancelled |
(7,813) |
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| Vested |
(1,701,221) |
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| Unvested restricted stock as of September 30, 2022 |
1,237,069 |
(1) The weighted-average per share grant date fair value was $2.05
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