EQUITY (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
|---|
| Equity [Abstract] |
|
| Schedule of Warrants Outstanding and Exercisable |
The following table summarizes the status of warrants and related transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Derivative (Equity) Warrants |
|
|
|
|
|
Derivative Liabilities Warrants (1)
|
|
Total Number of Warrants |
|
Weighted - Average Exercise Price |
Balance as of January 1, 2023 |
30,673,635 |
|
|
|
|
|
55,375,202 |
|
86,048,837 |
|
$ |
1.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cancelled |
(100,000) |
|
|
|
|
|
|
— |
|
|
(100,000) |
|
|
$ |
1.47 |
|
Balance as of March 31, 2023 |
30,573,635 |
|
|
|
|
|
55,375,202 |
|
85,948,837 |
|
$ |
1.40 |
|
Exercisable as of March 31, 2023 |
28,348,635 |
|
|
|
|
|
55,375,202 |
|
83,723,837 |
|
$ |
1.38 |
|
(1) Refer to Note 9 - Derivative Liabilities for additional information.
|
| Summary of Stock Options Outstanding |
The following table summarizes the status of stock options and related transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Stock Options |
|
Weighted-Average Per Share Exercise Price |
| Issued and Outstanding as of January 1, 2023 |
30,752,259 |
|
|
$ |
2.58 |
|
| Granted |
1,027,500 |
|
|
$ |
0.60 |
|
|
|
|
|
| Forfeited/expired |
(3,181,340) |
|
|
$ |
2.62 |
|
| Issued and Outstanding as of March 31, 2023 |
28,598,419 |
|
|
$ |
2.50 |
|
| Exercisable as of March 31, 2023 |
14,247,252 |
|
|
$ |
2.37 |
|
|
| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The following assumptions were used for the calculation at date of grant:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2023 |
|
2022 |
| Weighted average stock price |
$0.60 |
|
$4.20 |
| Weighted average expected stock price volatility |
77.4% |
|
72.8% |
| Expected annual dividend yield |
0% |
|
0% |
| Weighted average expected life |
6.2 years |
|
6.1 years |
| Weighted average risk-free annual interest rate |
3.7% |
|
1.9% |
| Weighted average grant date fair value |
$0.42 |
|
$2.51 |
|
| Nonvested Restricted Stock Shares Activity |
The following table summarizes the status of restricted stock and related transactions:
|
|
|
|
|
|
|
Number of Restricted Subordinate Voting Shares |
| Unvested restricted stock as of January 1, 2023 |
1,156,319 |
|
|
| Cancelled |
(53,001) |
|
| Vested and Released |
(5,952) |
|
| Unvested restricted stock as of March 31, 2023 |
1,097,366 |
|
| Components of Share-based Compensation Expense |
The components of share-based compensation expense are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
2022 |
|
|
|
|
| Stock options |
$ |
1,596 |
|
|
$ |
5,845 |
|
|
|
|
|
| Restricted stock |
200 |
|
|
832 |
|
|
|
|
|
| Warrants |
515 |
|
|
287 |
|
|
|
|
|
| Total share-based compensation expense |
$ |
2,311 |
|
|
$ |
6,964 |
|
|
|
|
|
|