13. Shareholders' Equity

LP Units of JJ LP

The limited partnership units (“LP Units”) of JJ LP, a subsidiary of the Company, are exchangeable for one common share at any time per request of the owner of the LP Units and are not saleable or transferable without the Company’s authorization. During each of the three months ended March 31, 2025 and 2024, there were no LP Units of JJ LP converted to common shares. As of each of March 31, 2025 and December 31, 2024, 43,821,379 LP Units of JJ LP were issued and outstanding.

Warrants

In connection with the NPA Amendment, the Company issued 91,999,901 Debt Modification Warrants. Each Debt Modification Warrant is exercisable at any time prior to its expiration for one common share of the Company at an exercise price of $0.07084 per common share. The Debt Modification Warrants expire on February 15, 2030 and contain customary anti-dilution adjustment provisions.

​

The fair value of the Debt Modification Warrants upon issuance was determined using the Black-Scholes option pricing model with the following assumptions:

​

​

The following table summarizes the warrants that remain outstanding as of March 31, 2025:

​

​

There was no warrant activity during the three months ended March 31, 2025.

​

Share-based Compensation

Under the Amended and Restated 2018 Stock and Incentive Plan (the “2018 Plan”), the Company has reserved 60,000,000 common shares to be issued as awards to employees, management, directors and consultants of the Company, as designated by the Company’s board of directors (the “Board”) or the compensation committee of the Board. “Award” is defined in the 2018 Plan to include options, stock appreciation rights, restricted stocks, restricted stock units, performance stock units, dividend equivalents and stock-based awards. As of March 31, 2025, 15,748,928 common shares are available for issuance under the 2018 Plan.

Restricted Stock Units (“RSUs”)

A summary of the status of the RSUs outstanding is as follows:

​

​

During the three months ended March 31, 2025 and 2024, the Company recorded $2 and $48 of share-based compensation expense, respectively, relating to RSUs.

On June 12, 2023, the Company approved the grant of 2,468,301 RSUs to the audit committee chair of the Board, and 7,404,903 RSUs to three new members of the Board. These RSUs were issued at a weighted average grant date fair value of $0.03.

During August 2023, the Board granted 3,196,678 RSUs and issued 538,425 shares to certain employees in connection with their employment with the Company. Of these RSUs, 2,406,290 had vested as of March 31, 2025. The remaining RSUs are scheduled to vest on a quarterly basis through December 1, 2026. These RSUs were issued at a weighted-average grant date fair value of $0.0294.

As of March 31, 2025, there was $7 of remaining RSU expense to be recognized over the weighted average remaining period of 1.13 years.

Share Options

A summary of the status of the share options outstanding is as follows:

​

For the three months ended March 31, 2025 and 2024, the Company recorded share-based compensation expense of $63 and $17, respectively, related to these options.

On September 29, 2024, the Company entered into an independent director compensation agreement that approved the issuance of 27,878,788 options to four members of the Board, with each member granted 6,969,697 share options. These options were issued at a weighted-average grant date fair value of $0.0143, and share-based compensation expense of $63 was recognized related to these options during the three months ended March 31, 2025. As of March 31, 2025, 20,909,091 options vested, with each Board member receiving 5,227,273 options. The remaining options are scheduled to vest on the business day immediately preceding the next annual general meeting of shareholders.

As of March 31, 2025, there was $23 of remaining expense to be recognized over the weighted average remaining period of 0.22 years.

The following table summarizes the share options that remain outstanding as of March 31, 2025:

​

​

Performance Stock Units (“PSUs”)

There was no PSU activity during the three months ended March 31, 2025, and there were 700,000 PSUs unvested as of both March 31, 2025 and December 31, 2024.

​

As there was no PSU activity during the three months ended March 31, 2025, no share-based compensation expense was recognized for this period. During the three months ended March 31, 2024, the Company recorded share-based compensation expense of $42 relating to PSUs.

On September 26, 2023, the Company entered into an employment agreement with Tim Conder, the Company’s Chief Executive Officer (“CEO”) (the “CEO Agreement”) pursuant to which Mr. Conder serves as the CEO of the Company. Under the terms of the CEO Agreement, Mr. Conder received an equity grant of 2,000,000 PSUs under the 2018 Plan of which up to 1,000,000 PSUs would vest upon the Board’s approval of whether metrics set forth in the CEO Agreement had been achieved as of December 31, 2023. On April 19, 2024, the Board determined that two-thirds of the metrics set forth in the CEO Agreement had been achieved as of December 31, 2023 and Mr. Conder is entitled to 666,666 PSUs. On

April 19, 2024, the Company also entered into a side letter with Mr. Conder pursuant to which Mr. Conder agreed that the 666,666 PSUs would vest on June 30, 2024. These PSUs vested per the side letter on June 30, 2024.

As of March 31, 2025, Mark Scatterday, the Company’s former CEO and director, and major stockholder and lender, had an aggregate of 700,000 PSUs outstanding, which are not expected to vest and will therefore forfeit on May 31, 2025.

As of March 31, 2025, all PSU awards granted containing market conditions have expired and there is no remaining expense to be recognized.