EQUITY (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Equity [Abstract] |
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| Schedule of Warrants Outstanding and Exercisable |
The following table summarizes the status of warrants and related transactions:
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Non-Derivative (Equity) Warrants |
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Derivative Liabilities Warrants (1)
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Total Number of Warrants |
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Weighted - Average Exercise Price |
Balance as of January 1, 2023 |
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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| Granted |
300,000 |
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— |
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300,000 |
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$ |
0.48 |
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| Cancelled/forfeited/expired |
(100,000) |
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— |
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(100,000) |
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$ |
1.47 |
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| Reclassification |
17,512,280 |
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(17,512,280) |
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— |
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$ |
— |
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Balance as of June 30, 2023 |
48,385,915 |
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37,862,922 |
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86,248,837 |
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$ |
1.16 |
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Exercisable as of June 30, 2023 |
45,985,915 |
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37,862,922 |
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83,848,837 |
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$ |
1.14 |
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(1)In June 2023, 5,890,000 warrants were repriced from $1.25 to $1.00. Additionally, 17,512,280 warrants were reclassified from derivative liability warrants to non-derivative (equity) warrants and repriced from $2.086 to $1.00. Refer to Note 11 - Derivative Liabilities for additional information.
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| Summary of Stock Options Outstanding |
The following table summarizes the status of stock options and related transactions:
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Number of Stock Options |
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Weighted-Average Per Share Exercise Price |
| Issued and Outstanding as of January 1, 2023 |
30,752,259 |
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$ |
2.58 |
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| Granted |
3,827,500 |
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$ |
0.51 |
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| Cancelled/forfeited/expired |
(4,384,005) |
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$ |
2.76 |
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| Issued and Outstanding as of June 30, 2023 |
30,195,754 |
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$ |
2.29 |
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| Exercisable as of June 30, 2023 |
17,131,076 |
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$ |
2.51 |
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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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Six Months Ended June 30, |
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2023 |
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2022 |
| Weighted average stock price |
$0.51 |
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$2.78 |
| Weighted average expected stock price volatility |
76.9% |
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74.5% |
| Expected annual dividend yield |
0% |
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0% |
| Weighted average expected life |
6.0 years |
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6.2 years |
| Weighted average risk-free annual interest rate |
3.6% |
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2.8% |
| Weighted average grant date fair value |
$0.34 |
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$1.40 |
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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 |
| Unvested restricted stock as of January 1, 2023 |
1,156,319 |
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| Cancelled/forfeited |
(53,001) |
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| Vested and Released |
(1,097,823) |
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| Unvested restricted stock as of June 30, 2023 |
5,495 |
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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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2023 |
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2022 |
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2023 |
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2022 |
| Stock options |
$ |
1,862 |
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$ |
3,955 |
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$ |
3,458 |
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$ |
9,799 |
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| Restricted stock |
93 |
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446 |
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293 |
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1,279 |
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| Warrants |
408 |
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283 |
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923 |
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570 |
| Total share-based compensation expense |
$ |
2,363 |
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$ |
4,684 |
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$ |
4,674 |
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$ |
11,648 |
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