EQUITY (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Equity [Abstract] |
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| Schedule of Warrants Outstanding and Exercisable |
The following table summarizes the status of our warrants and related transactions for each of the presented years:
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Non-Derivative Warrants |
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Derivative Warrants |
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Total Number of Warrants |
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Weighted - Average Exercise Price Per Warrant |
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Aggregate Intrinsic Value |
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Weighted Average Remaining Contractual Life (in Years) |
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Balance, January 1, 2021 (1)
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36,764,244 |
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42,017,892 |
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78,782,136 |
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$ |
1.31 |
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$ |
358,319 |
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5.3 |
Granted (2)
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300,000 |
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— |
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300,000 |
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$ |
4.18 |
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| Exercised |
(7,658,196) |
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(1,893,537) |
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(9,551,733) |
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$ |
2.26 |
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$ |
31,343 |
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| Cancelled |
(250,000) |
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— |
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(250,000) |
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$ |
1.50 |
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Balance, December 31, 2021 |
29,156,048 |
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40,124,355 |
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69,280,403 |
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$ |
1.19 |
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$ |
142,791 |
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4.7 |
Granted (2)(3)
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1,600,000 |
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19,512,280 |
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21,112,280 |
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$ |
2.06 |
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| Exercised |
(82,413) |
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(4,261,433) |
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(4,343,846) |
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$ |
1.26 |
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$ |
9,746 |
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Balance, December 31, 2022 |
30,673,635 |
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55,375,202 |
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86,048,837 |
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$ |
1.40 |
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$ |
1,081 |
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3.9 |
Exercisable, December 31, 2022 |
28,323,635 |
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55,375,202 |
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83,698,837 |
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$ |
1.38 |
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$ |
1,081 |
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3.9 |
(1)Total number of outstanding warrants reflects the conversion of warrants to acquire Super Voting Shares and Multi-Voting shares into warrants to acquire Subordinate Voting Shares.
(2)The non-derivative warrants were issued for consulting or other services, therefore, these compensatory warrants are accounted for as share-based payment arrangements.
(3)Derivative warrants were issued to the Second Lien Notes Holders and the Acquisition Facility Lender. Refer to Note 14 - Derivative Liabilities for more information.
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| Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions |
The following assumptions were used for the calculations at date of issuance.
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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| Weighted average stock price |
$1.74 |
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$4.18 |
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$2.08 |
| Weighted average expected stock price volatility |
81% |
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73% |
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81% |
| Expected annual dividend yield |
—% |
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—% |
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—% |
| Weighted average expected life of warrants |
5.0 years |
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3.5 years |
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2.7 years |
| Weighted average risk-free annual interest rate |
3.48% |
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1.06% |
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0.35% |
| Weighted average grant date fair value |
$1.13 |
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$2.14 |
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$1.00 |
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| Summary of Stock Options Outstanding |
The following table summarizes the status of the Company’s options and related transactions for each of the presented years:
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Stock Options |
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Weighted Average Exercise Price per Stock Options |
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Aggregate Intrinsic Value |
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Weighted Average Remaining Contractual Life (in Years) |
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Balance, January 1, 2021 |
9,573,834 |
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$ |
2.00 |
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$ |
36,909 |
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8.4 |
| Granted |
11,486,952 |
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$ |
4.16 |
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| Exercised |
(291,664) |
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$ |
1.90 |
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$ |
881 |
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| Forfeited/expired |
(340,002) |
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$ |
3.23 |
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Balance, December 31, 2021 |
20,429,120 |
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$ |
3.20 |
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$ |
11,583 |
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8.7 |
| Granted |
13,686,806 |
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$ |
1.95 |
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| Exercised |
(324,998) |
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$ |
1.67 |
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$ |
620 |
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| Forfeited/expired |
(3,038,669) |
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$ |
4.02 |
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Balance, December 31, 2022 |
30,752,259 |
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$ |
2.58 |
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$ |
— |
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8.5 |
Exercisable, December 31, 2022 |
12,166,594 |
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$ |
2.46 |
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$ |
— |
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7.2 |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The following assumptions were used for the calculation at date of grant:
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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| Weighted average stock price |
$1.95 |
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$4.16 |
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$2.78 |
| Weighted average expected stock price volatility |
74.1% |
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73.0% |
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80.9% |
| Expected annual dividend yield |
—% |
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—% |
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—% |
| Weighted average expected life |
5.7 years |
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6.0 years |
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5.9 years |
| Weighted average risk-free annual interest rate |
2.88% |
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1.23% |
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0.52% |
| Weighted average grant date fair value |
$1.35 |
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$2.61 |
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$1.78 |
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| Summary of Restricted Stock Activity |
The following table summarized the status of our restricted stock and related transactions for each presented years:
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Unvested Restricted Stock |
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Weighted-Average Grant-date Fair Value Price per Restricted Stock |
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Average Intrinsic Value |
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Weighted Average Remaining Vesting Term
(in Years) |
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| Issued and Outstanding as of January 1, 2021 |
6,438,186 |
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$ |
1.85 |
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$ |
37,728 |
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1.7 |
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| Granted |
65,398 |
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$ |
3.66 |
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| Vested and Released |
(3,424,954) |
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$ |
1.63 |
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$ |
14,251 |
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| Cancelled |
(219,479) |
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$ |
2.45 |
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| Issued and Outstanding as of December 31, 2021 |
2,859,151 |
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$ |
2.13 |
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$ |
9,292 |
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1.2 |
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| Granted |
86,952 |
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$ |
2.05 |
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| Vested and Released |
(1,789,784) |
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$ |
1.96 |
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$ |
3,601 |
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| Issued and Outstanding as of December 31, 2022 |
1,156,319 |
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$ |
2.45 |
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$ |
881 |
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0.3 |
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| Components of Share-based Compensation Expense |
As of December 31, 2022, the Company had $19,246 of unrecognized share-based compensation cost related to unvested stock options, restricted stocks and warrants and is expected to be recognized as share-based compensation cost over a weighted average period of 1.4 years as follows:
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| 2023 |
$ |
13,485 |
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| 2024 |
4,333 |
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| 2025 |
1,128 |
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| 2026 |
275 |
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| 2027 |
25 |
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$ |
19,246 |
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