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Share-based Payments (Tables) | 6 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Changes in Warrants and DSUs | The following is a summary of the changes in warrants during the six months ended June 30, 2020 and 2019:
| Weighted average exercise price (C$) |  | Number of warrants
Balance as of January 1, 2020 | $ | 0.26 |  |  | $ | 18,066,662 |
Balance as of June 30, 2020 | $ | 0.26 |  |  | $ | 18,066,662 |
Balance as of January 1, 2019 | $ | 0.26 |  |  | $ | 25,457,623 |
Exercise of warrants | 0.36 |  |  | (7,390,961) |
Balance as of June 30, 2019 | $ | 0.22 |  |  | $ | 18,066,662 |
The following is a summary of the changes in DSUs from January 1, 2020 to June 30, 2020:
| Number of DSUs |  | Financial liability
Balance as of January 1, 2020 | 33,397 |  |  | $ | 255 |
Liabilities settled | (8,484) |  |  | (46) |
Loss (gain) on revaluation | — |  |  | (56) |
Balance as of June 30, 2020 | 24,913 |  |  | $ | 153 |
Summary of Outstanding Warrants | As of June 30, 2020, the Company had outstanding warrants as follows. For a description of the Altria Warrant, see Note 11.
Grant Date |  | Expiry date |  | Weighted average exercise price (C$) |  | Number of warrants
October 8 – 28, 2015 |  | October 8 – 28, 2020 |  | $ | 0.31 |  |  | $ | 2,976,610 |
May 13 – 27, 2016 |  | May 13 – 27, 2021 |  | 0.25 |  |  | 15,090,052 |
As of June 30, 2020 |  |  |  | $ | 0.26 |  |  | $ | 18,066,662 |
Summary of the Changes in Options | The following is a summary of the changes during the six months ended June 30, 2020 and 2019:
| Weighted average exercise price (C$) |  | Number of options |  | Weighted average remaining contractual term (years)
Balance as of January 1, 2020 | $ | 4.84 |  |  | 14,149,502 |  |  | 2.56
Exercise of options | 2.05 |  |  | (1,807,909) |  |  |
Cancellation, forfeiture and expiry of options | 15.78 |  |  | (127,045) |  |  |
Balance as of June 30, 2020 | $ | 5.13 |  |  | 12,214,548 |  |  | 2.05
Exercisable at June 30, 2020 | 3.42 |  |  | 8,688,645 |  |  | 1.78
Balance as of January 1, 2019 | $ | 2.99 |  |  | 12,902,995 |  |  | 3.35
Issuance of options | 20.81 |  |  | 1,315,787 |  |  |
Exercise of options | 3.76 |  |  | (227,342) |  |  |
Cancellation, forfeiture and expiry of options | 1.63 |  |  | (2,895) |  |  |
Balance as of June 30, 2019 | $ | 4.66 |  |  | 13,988,545 |  |  | 3.04
Exercisable as of June 30, 2019 | 2.40 |  | 6,580,238 |  |  | 2.69
Summary of Fair Value of Options Issued | The fair value of the options issued was determined using the Black-Scholes option pricing model, using the following inputs:
|  |  | For the six months ended June 30, 2019
Share price at grant date (per share) |  |  | C$20.65 - C$24.75
Exercise price (per option) |  |  | C$20.65 - C$24.75
Risk-free interest rate |  |  | 1.51% - 1.62%
Expected life of options (in years) |  |  | 5
Expected annualized volatility |  |  | 80%
Expected dividend yield |  |  | —%
Weighted average Black-Scholes value at grant date (per option) |  |  | C$13.29 - C$15.91
Forfeiture rate |  |  | —%
Summary of Restricted Share Units Activity | The following is a summary of the changes in RSUs from January 1, 2020 to June 30, 2020:
| Number of RSUs |  | Share-based reserve
Balance as of January 1, 2020 | 732,972 |  |  | $ | 889 |
Issuance of RSUs | 279,277 |  |  | — |
Vesting of issued RSUs | — |  |  | 1,482 |
Balance as of June 30, 2020 | 1,012,249 |  |  | $ | 2,371 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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