EQUITY (Tables)
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9 Months Ended |
Sep. 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 |
851,471 |
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— |
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851,471 |
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$ |
0.61 |
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| Cancelled/forfeited/expired |
(337,500) |
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— |
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(337,500) |
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$ |
1.49 |
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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 September 30, 2023 |
48,699,886 |
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37,862,922 |
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86,562,808 |
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$ |
1.16 |
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Exercisable as of September 30, 2023 |
46,524,886 |
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37,862,922 |
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84,387,808 |
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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 |
4,112,000 |
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$ |
0.51 |
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| Cancelled/forfeited/expired |
(6,490,171) |
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$ |
2.60 |
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| Issued and Outstanding as of September 30, 2023 |
28,374,088 |
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$ |
2.27 |
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| Exercisable as of September 30, 2023 |
17,364,078 |
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$ |
2.49 |
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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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Nine Months Ended September 30, |
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2023 |
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2022 |
| Weighted average stock price |
$0.51 |
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$2.02 |
| Weighted average expected stock price volatility |
76.9% |
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73.1% |
| Expected annual dividend yield |
0% |
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0% |
| Weighted average expected life |
6.0 years |
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5.8 years |
| Weighted average risk-free annual interest rate |
3.6% |
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2.6% |
| Weighted average grant date fair value |
$0.34 |
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$1.45 |
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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 |
(54,774) |
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| Vested and Released |
(1,099,684) |
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| Unvested restricted stock as of September 30, 2023 |
1,861 |
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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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2023 |
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2022 |
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2023 |
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2022 |
| Stock options |
$ |
712 |
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$ |
4,569 |
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$ |
4,170 |
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$ |
14,369 |
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| Restricted stock |
— |
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347 |
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293 |
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1,625 |
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| Warrants |
344 |
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550 |
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1,267 |
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1,120 |
| Total share-based compensation expense |
$ |
1,056 |
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$ |
5,466 |
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$ |
5,730 |
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$ |
17,114 |
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