SHARE-BASED COMPENSATION AND OTHER BENEFITS (Tables)
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6 Months Ended |
Jun. 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 June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Stock options |
$ |
3,955 |
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$ |
769 |
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$ |
9,799 |
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$ |
1,698 |
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| Restricted stock |
446 |
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1,705 |
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1,279 |
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4,243 |
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| Warrants |
283 |
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259 |
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570 |
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806 |
| Total share-based compensation expense |
$ |
4,684 |
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$ |
2,733 |
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$ |
11,648 |
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$ |
6,747 |
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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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1,667,000 |
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$ |
2.45 |
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Exercised (2)
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(254,998) |
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$ |
1.69 |
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| Forfeited/expired |
(340,002) |
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$ |
3.83 |
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| Issued and Outstanding as of June 30, 2022 |
21,501,120 |
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$ |
3.15 |
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| Exercisable as of June 30, 2022 |
10,639,594 |
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$ |
2.50 |
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(1)The weighted-average per share grant date fair value was $1.56.
(2)The weighted-average share price at the date of exercise was $3.99.
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| Summary of Stock Options Outstanding |
The following table summarizes the issued and outstanding stock options as of June 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 |
| 2028 |
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720,000 |
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$1.00 - $1.35 |
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720,000 |
| 2029 |
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7,019,668 |
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$1.26 - $2.75 |
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6,799,664 |
| 2030 |
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852,500 |
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$0.91 - $3.98 |
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423,326 |
| 2031 |
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11,266,952 |
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$3.70 - $6.53 |
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2,696,604 |
| 2032 |
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1,642,000 |
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$1.6 - $4.2 |
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21,501,120 |
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10,639,594 |
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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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Six Months Ended June 30, |
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2022 |
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2021 |
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| Stock price |
$1.60 - $3.94 |
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$5.71 - $6.53 |
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| Risk-free annual interest rate |
1.83% - 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 |
74% |
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77% |
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| Expected life of stock options |
5.2 - 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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5,952 |
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| Cancelled |
(7,813) |
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| Vested |
(1,644,588) |
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| Unvested restricted stock as of June 30, 2022 |
1,212,702 |
(1) The weighted-average per share grant date fair value was $4.20
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