Shareholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
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| Shareholders' Equity |
|
| Schedule of Warrants remain outstanding |
The following table summarizes the warrants that remain outstanding as of September 30, 2022:
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|
|
|
|
|
|
|
|
|
|
|
Exercise |
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|
Number of |
|
|
Security issued |
|
|
Price (CAD$) |
|
|
Warrants |
|
Expiration Date |
Warrants issued as part of debt offering |
|
|
0.33 |
|
|
45,249,520 |
|
November 1, 2022 |
Warrants issued as part of debt offering |
|
|
0.39 |
|
|
18,360,000 |
|
November 20, 2022 |
Consultant warrants |
|
|
0.53 |
|
|
750,000 |
|
November 22, 2022 |
Consultant warrants |
|
|
0.33 |
|
|
500,000 |
|
January 28, 2023 |
Founders separation warrants |
|
|
1.05 |
|
|
9,045,691 |
|
September 30, 2024 |
|
|
|
|
|
|
73,905,211 |
|
|
|
| Schedule of warrants outstanding |
A rollforward of warrant activity for the nine months ended September 30, 2022 is as follows:
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|
|
|
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|
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|
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|
|
|
|
Weighted |
|
|
|
Number of |
|
|
Average |
Warrants |
|
|
Warrants |
|
|
Exercise Price |
Balance as of January 1, 2022 |
|
|
73,905,211 |
|
|
CAD$ 0.44 |
Exercised |
|
|
— |
|
|
— |
Balance as of September 30, 2022 |
|
|
73,905,211 |
|
|
CAD$ 0.44 |
|
| Summary of restricted stock units outstanding |
A summary of the status of the RSUs outstanding is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
Weighted Average |
|
RSUs |
|
|
RSUs |
|
Grant Date Fair Value |
|
Unvested as of January 1, 2022 |
|
|
3,627,081 |
|
$ |
0.37 |
|
Issued |
|
|
40 |
|
|
0.23 |
|
Forfeited |
|
|
(355,093) |
|
|
0.33 |
|
Vested |
|
|
(993,476) |
|
|
0.33 |
|
Unvested as of September 30, 2022 |
|
|
2,278,552 |
|
$ |
0.40 |
|
|
| Summary of share options outstanding |
A summary of the status of the share options outstanding is as follows:
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|
|
|
|
|
|
|
|
|
|
|
Share Options |
|
Weighted |
|
Weighted Average |
|
|
|
Common |
|
Average |
|
Remaining Contractual |
Share options |
|
|
Shares |
|
Exercise Price |
|
Life (yrs) |
Balance as of January 1, 2022 |
|
|
16,573,380 |
|
$ |
0.63 |
|
5.34 |
Forfeited |
|
|
(6,391,470) |
|
$ |
0.69 |
|
— |
Balance as of September 30, 2022 |
|
|
10,181,910 |
|
$ |
0.60 |
|
6.44 |
|
| Summary of share options that remain outstanding |
The following table summarizes the share options that remain outstanding as of September 30, 2022:
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
Exercise |
|
|
|
Options |
Security issuable |
|
Share Options |
|
Price |
|
Expiration Date |
|
Exercisable |
Legacy employees |
|
190,000 |
|
$ 1.58-1.58 |
|
June 28, 2028 |
|
190,000 |
2020 employee grant |
|
6,309,312 |
|
$ 0.30-0.48 |
|
June 25, 2030 - December 1, 2030 |
|
3,703,684 |
Other employee grants |
|
3,682,598 |
|
$ 0.41-3.96 |
|
June 17, 2024 - November 21, 2029 |
|
3,682,598 |
Total |
|
10,181,910 |
|
|
|
|
|
7,576,282 |
|
| Summary of performance stock units outstanding |
A summary of the status of the PSUs outstanding is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
Weighted Average |
|
Performance Stock Units |
|
|
PSUs |
|
Grant Date Fair Value |
|
Unvested as of January 1, 2022 |
|
|
11,804,498 |
|
$ |
0.31 |
|
Issued |
|
|
— |
|
|
— |
|
Forfeited |
|
|
(296,008) |
|
|
0.16 |
|
Vested |
|
|
(700,000) |
|
|
0.51 |
|
Unvested as of September 30, 2022 |
|
|
10,808,490 |
|
$ |
0.30 |
|
|
| Summary of PSU award granted containing market conditions |
A summary of the PSU awards granted containing market conditions is as follows:
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|
|
|
|
|
|
|
|
|
Closing Price on |
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|
|
|
|
PSU Grant Dates |
|
Grant Date |
|
|
Expiration Date |
|
Outstanding (#) |
June 18, 2021 |
|
$ |
0.4941 |
|
|
December 31, 2024 |
|
7,487,351 |
September 30, 2021 |
|
$ |
0.3875 |
|
|
December 31, 2024 |
|
2,186,099 |
December 19, 2021 |
|
$ |
0.2263 |
|
|
December 31, 2024 |
|
435,040 |
Total |
|
|
|
|
|
|
|
10,108,490 |
|