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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] |
Components of Share-based Compensation Expense | The components of share-based compensation expense are as follows:
| Year ended December 31 |  | Year ended December 31 |  | Ten months ended December 31 |
| 2020 |  | 2019 |  | 2018 |
Simple warrants (a) |  | 1,539 |  |  | 23,918 |  |  | 5,029 |
Performance warrants (a) |  | (42 | ) |  | 11,023 |  |  | 1,860 |
Stock options (b) |  | 651 |  |  | 98 |  |  | — |
Restricted share units (c) |  | 4,069 |  |  | 220 |  |  | — |
Deferred share units (c) |  | 2,349 |  |  | 1,119 |  |  | — |
Shares issued for services |  | — |  |  | 2,320 |  |  | 521 |
|  | 8,566 |  |  | 38,698 |  |  | 7,410 |
Black-Scholes Option Pricing Model to Estimate the Fair Value of Units Granted | In determining the amount of share-based compensation, the Company used the Black-Scholes option pricing model to estimate the fair value of units granted during the year ended December 31, 2020, December 31, 2019 and ten months ended December 31, 2018 through application of the following assumptions:
| December 31, 2020 | December 31, 2019 | December 31, 2018
Risk-free interest rate | 0.28% - 0.29% | 1.41% - 1.88% | 1.65% - 2.05%
Expected life of units (years) | 10 | 2 - 10 | 0.5 – 14
Expected annualized volatility | 143% | 97% - 116% | 80% - 106%
Expected dividend yield | Nil | Nil | Nil
Weighted average Black-Scholes value of each unit | $1.13 - $1.17 | $0.67 - $23.55 | $1.76 - $3.81
Summary of Changes in Simple and Performance Warrants | The following table summarizes changes in the simple and performance warrants during the year ended December 31, 2020:
|  | Simple warrants outstanding |  |  | Weighted average exercise price |  |  | Performance warrants outstanding |  |  | Weighted average exercise price |
Balance at December 31, 2019 |  |  | 9,815,000 |  |  | $ | 4.01 |  |  |  | 5,798,822 |  |  | $ | 2.66 |
Forfeited |  |  | (6,390,400 | ) |  |  | 3.79 |  |  |  | (4,126,822 | ) |  |  | 2.04 |
Balance at December 31, 2020 |  |  | 3,424,600 |  |  | $ | 4.41 |  |  |  | 1,672,000 |  |  | $ | 4.19 |
The following table summarizes changes in the simple and performance warrants during the year ended December 31, 2019:
|  | Simple warrants outstanding |  |  | Weighted average exercise price |  |  | Performance warrants outstanding |  |  | Weighted average exercise price |
Balance at December 31, 2018 |  |  | 6,129,866 |  |  | $ | 1.80 |  |  |  | 7,094,822 |  |  | $ | 2.04 |
Granted |  |  | 4,795,200 |  |  |  | 6.32 |  |  |  | 723,200 |  |  |  | 12.23 |
Forfeited |  |  | (733,866 | ) |  |  | 2.32 |  |  |  | (366,400 | ) |  |  | 1.21 |
Exercised |  |  | (376,200 | ) |  |  | 0.85 |  |  |  | (1,652,800 | ) |  |  | 0.63 |
Balance at December 31, 2019 |  |  | 9,815,000 |  |  | $ | 4.01 |  |  |  | 5,798,822 |  |  | $ | 2.66 |
Summarizes Outstanding Simple and Performance Warrants | The following table summarizes outstanding simple and performance warrants as at December 31, 2020:
|  | Warrants outstanding |  |  | Warrants exercisable |
Range of exercise prices |  | Number of warrants |  |  | Weighted average exercise price |  |  | Weighted average contractual life (years) |  |  | Number of warrants |  |  | Weighted average exercise price |  |  | Weighted average contractual life (years) |
Simple warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.63 - $0.94 |  |  | 1,009,400 |  |  |  | 0.74 |  |  |  | 3.54 |  |  |  | 1,009,400 |  |  |  | 0.74 |  |  |  | 3.54 |
$1.25 - $1.88 |  |  | 400,000 |  |  |  | 1.56 |  |  |  | 3.59 |  |  |  | 400,000 |  |  |  | 1.56 |  |  |  | 3.59 |
$2.97 - $4.53 |  |  | 527,200 |  |  |  | 3.05 |  |  |  | 3.64 |  |  |  | 455,200 |  |  |  | 3.01 |  |  |  | 3.54 |
$6.25 - $9.38 |  |  | 1,318,400 |  |  |  | 6.33 |  |  |  | 5.18 |  |  |  | 275,200 |  |  |  | 6.61 |  |  |  | 5.10 |
$12.50 - $37.50 |  |  | 169,600 |  |  |  | 22.28 |  |  |  | 6.49 |  |  |  | 16,000 |  |  |  | 20.60 |  |  |  | 4.50 |
|  |  | 3,424,600 |  |  | $ | 4.41 |  |  |  | 4.34 |  |  |  | 2,155,800 |  |  | $ | 2.27 |  |  |  | 3.76 |
Performance warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.63 - $0.94 |  |  | 498,667 |  |  |  | 0.70 |  |  | n/a |  |  |  | 370,667 |  |  |  | 0.72 |  |  | n/a |
$1.25 - $1.88 |  |  | 282,133 |  |  |  | 1.42 |  |  | n/a |  |  |  | 247,467 |  |  |  | 1.40 |  |  | n/a |
$2.97 - $4.53 |  |  | 624,000 |  |  |  | 3.13 |  |  | n/a |  |  |  | 397,333 |  |  |  | 3.10 |  |  | n/a |
$6.25 - $9.38 |  |  | 150,933 |  |  |  | 7.32 |  |  | n/a |  |  |  | 38,400 |  |  |  | 6.25 |  |  | n/a |
$12.50 - $37.50 |  |  | 116,267 |  |  |  | 27.52 |  |  | n/a |  |  |  | — |  |  |  | — |  |  | n/a |
|  |  | 1,672,000 |  |  | $ | 4.19 |  |  | n/a |  |  |  | 1,053,867 |  |  | $ | 1.98 |  |  | n/a |
The following table summarizes outstanding simple and performance warrants as at December 31, 2019:
|  | Warrants outstanding |  |  | Warrants exercisable |
Range of exercise prices |  | Number of warrants |  |  | Weighted average exercise price |  |  | Weighted average contractual life (years) |  |  | Number of warrants |  |  | Weighted average exercise price |  |  | Weighted average contractual life (years) |
Simple warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.63 - $0.94 |  |  | 4,019,000 |  |  |  | 0.68 |  |  |  | 5.62 |  |  |  | 3,635,000 |  |  |  | 0.68 |  |  |  | 5.62 |
$1.25 - $1.88 |  |  | 560,000 |  |  |  | 1.50 |  |  |  | 10.18 |  |  |  | 560,000 |  |  |  | 1.50 |  |  |  | 10.18 |
$2.97 - $4.53 |  |  | 1,232,000 |  |  |  | 3.18 |  |  |  | 5.62 |  |  |  | 848,000 |  |  |  | 3.10 |  |  |  | 5.11 |
$6.25 - $9.38 |  |  | 3,462,400 |  |  |  | 6.37 |  |  |  | 4.50 |  |  |  | 80,000 |  |  |  | 6.25 |  |  |  | 4.44 |
$12.50 - $37.50 |  |  | 541,600 |  |  |  | 18.08 |  |  |  | 7.87 |  |  |  | 9,600 |  |  |  | 21.88 |  |  |  | 9.05 |
|  |  | 9,815,000 |  |  | $ | 4.01 |  |  |  | 5.61 |  |  |  | 5,132,600 |  |  | $ | 1.29 |  |  |  | 6.02 |
Performance warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.63 - $0.94 |  |  | 3,700,690 |  |  |  | 0.64 |  |  | n/a |  |  |  | 3,546,022 |  |  |  | 0.64 |  |  | n/a |
$1.25 - $1.88 |  |  | 646,933 |  |  |  | 1.52 |  |  | n/a |  |  |  | 381,334 |  |  |  | 1.48 |  |  | n/a |
$2.97 - $4.53 |  |  | 788,000 |  |  |  | 3.09 |  |  | n/a |  |  |  | 490,666 |  |  |  | 3.08 |  |  | n/a |
$6.25 - $9.38 |  |  | 362,933 |  |  |  | 6.97 |  |  | n/a |  |  |  | 38,400 |  |  |  | 6.25 |  |  | n/a |
$12.50 - $37.50 |  |  | 300,266 |  |  |  | 23.72 |  |  | n/a |  |  |  | — |  |  |  | — |  |  | n/a |
|  |  | 5,798,822 |  |  | $ | 2.66 |  |  | n/a |  |  |  | 4,456,422 |  |  | $ | 1.02 |  |  | n/a |
Summary of Changes in Stock Options | The following table summarizes changes in stock options during the year ended December 31, 2020:
|  | Stock options outstanding |  |  | Weighted average exercise price |
Balance at December 31, 2019 |  |  | 623,850 |  |  | $ | 4.33 |
Granted |  |  | 481,600 |  |  |  | 1.16 |
Forfeited |  |  | (384,850 | ) |  |  | 4.96 |
Balance at December 31, 2020 |  |  | 720,600 |  |  | $ | 1.82 |
The following table summarizes changes in the stock options during the year ended December 31, 2019:
|  | Stock options outstanding |  |  | Weighted average exercise price |
Balance at December 31, 2018 |  |  | — |  |  | $ | — |
Granted |  |  | 623,850 |  |  |  | 4.33 |
Balance at December 31, 2019 |  |  | 623,850 |  |  | $ | 4.33 |
Summary of Outstanding Stock Options | The following table summarizes outstanding stock options as at December 31, 2020:
|  | Stock options outstanding |  |  | Stock options exercisable |
Exercise prices |  | Number of options |  |  | Weighted average contractual life (years) |  |  | Number of options |  |  | Weighted average contractual life (years) |
$1.15 |  |  | 400,000 |  |  |  | 9.41 |  |  |  | — |  |  |  | — |
$1.19 |  |  | 81,600 |  |  |  | 9.49 |  |  |  | 81,600 |  |  |  | 9.49 |
$3.15 |  |  | 239,000 |  |  |  | 8.68 |  |  |  | 77,417 |  |  |  | 8.63 |
|  |  | 720,600 |  |  |  | 9.18 |  |  |  | 159,017 |  |  |  | 9.07 |
The following table summarizes outstanding stock options as at December 31, 2019:
|  | Stock options outstanding |  |  | Stock options exercisable |
Exercise prices |  | Number of options |  |  | Weighted average contractual life (years) |  |  | Number of options |  |  | Weighted average contractual life (years) |
$3.15 |  |  | 373,850 |  |  |  | 9.21 |  |  |  | 22,500 |  |  |  | 4.97 |
$5.93 |  |  | 250,000 |  |  |  | 6.37 |  |  |  | — |  |  |  | — |
|  |  | 623,850 |  |  |  | 7.97 |  |  |  | 22,500 |  |  |  | 4.97 |
Summary of Changes in RSUs and DSUs | The following table summarizes changes in RSUs and DSUs as at December 31, 2020:
|  | RSUs outstanding |  |  | DSUs outstanding |
Balance at December 31, 2019 |  |  | 48,883 |  |  |  | 367,924 |
Granted |  |  | 3,002,213 |  |  |  | 3,265,503 |
Forfeited |  |  | (43,813 | ) |  |  | (310,164 | )
Exercised |  |  | (1,350,367 | ) |  |  | — |
Balance at December 31, 2020 |  |  | 1,656,916 |  |  |  | 3,323,263 |
The following table summarizes changes in RSUs and DSUs as at December 31, 2019:
|  | RSUs outstanding |  |  | DSUs outstanding |
Balance at December 31, 2018 |  |  | — |  |  |  | — |
Granted |  |  | 107,543 |  |  |  | 378,080 |
Forfeited |  |  | (700 | ) |  |  | (7,617 | )
Settled |  |  | — |  |  |  | (2,539 | )
Exercised |  |  | (57,960 | ) |  |  | — |
Balance at December 31, 2019 |  |  | 48,883 |  |  |  | 367,924 |

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