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Share-Based Compensation Expense
 3 Months Ended
Mar. 31, 2023
Share-Based Compensation Expense [Abstract]  
Share-Based Compensation Expense
11.Share-Based Compensation Expense

 

Share-based compensation expenses are summarized as follows:

 

  

Three months ended

March 31, 2023

   Three months ended
March 31, 2022		 
Restricted stock units  $1,980,413   $- 
Stock options   328,797    16,986 
   $2,309,210   $16,986 

 

During the three months ended March 31, 2023, share-based compensation expense recognized in cost of services was $509,075 in the condensed consolidated interim statement of comprehensive loss (three months ended March 31, 2022 - $nil).

 

Restricted Stock Units

 

The following table reflects the continuity of restricted stock units (“RSUs”) transactions during the three months ended March 31, 2023:

 

   Three months ended
March 31, 2023		 
   Number   Weighted Average Grant Date Fair Value 
Outstanding, beginning of year   1,548,098   $11.62 
Granted   -    - 
Forfeited   -    - 
Outstanding, end of period   1,548,098   $11.62 

 

The total unrecognized compensation cost for the RSUs issued is $14,300,148 which is expected to be recognized over a weighted-average period of 2.15 years.

 

Stock Options

 

The following table reflects the continuity of stock option transactions during the three months ended March 31, 2023:

 

   Three months ended
March 31, 2023		 
   Number  

Weighted Average

Exercise Price

 
Outstanding, beginning of year   58,607,457   $0.22 
Granted   -    - 
Forfeited   (3,985)   10.60 
Outstanding, end of period   58,603,472   $0.22 
           
Vested and exercisable   57,818,662   $0.09 

 

Additionally, the option holders are eligible to receive up to an aggregate of 28,587,396 shares of Class A Common Stock in respect of the options they hold if the closing price of the Company’s Class A Common Stock is greater than or equal to $15.00 and $17.50, respectively (with 50% released at each target, or if the latter target is reached first, 100%) for a period of 20 trading days during any 30 trading-day period. The term will expire September 16, 2027. If there is a change in control prior to September 16, 2027 resulting in a per share price equal to or in excess of the $15.00 and $17.50 share price milestones not previously met, then the Company shall issue the earnout shares to the option holders.

 

The total unrecognized compensation cost for stock options issued as at March 31, 2023 is $3,864,611 (December 31, 2022 - $4,231,026) which is expected to be recognized over a weighted-average period of 1.93 years (December 31, 2022 – 2.19 years).

 

The weighted average fair value of the outstanding options as of March 31, 2023 was $0.80 (December 31, 2022 - $0.80). Share options outstanding at March 31, 2023 and December 31, 2022 have the following expiry dates and exercise prices:

 

   March 31, 2023   December 31, 2022 
   Exercise   Share   Exercise   Share 
Expiry  Price   Options   Price   Options 
                 
2024  $2.50    157,000   $2.50    157,000 
2026   2.50    376,768    2.50    376,768 
2031   0.27    137,904    0.27    137,904 
2031   2.50    40,032    2.50    40,032 
2031   10.06    332,931    10.06    332,931 
2032   10.60    359,456    10.60    363,441 
2032   12.49    78,634    12.49    78,634 
2040   0.03    56,556,501    0.03    56,556,501 
2041   2.50    564,246    2.50    564,246 
Total        58,603,472         58,607,457 
                     
Weighted average remaining contractual life of options outstanding        17 years         17 years