XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.22.2

Share capital | 6 Months Ended
--- | ---
May 31, 2022
Share capital. |
Share capital | 6) Share capital Authorized: unlimited common shares, no par value ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | in thousands of dollars, except share amounts | ​
​ | ​ | Number of shares | ​ | ​ | Ascribed value | ​
​ |  | ​ |  |  | $ |
November 30, 2021 |  | 145,009,811 | ​ | ​ | 180,820 | ​
Exercise of options | ​ | 328,635 | ​ | ​ | 76 | ​
Restricted Share Units | ​ | 501,332 | ​ | ​ | 763 | ​
Joint venture equity contribution (note 3(b)) | ​ | 31,469 | ​ | ​ | 51 | ​
May 31, 2022, issued and outstanding | ​ | 145,871,247 | ​ | ​ | 181,710 | ​
​
(a) | Stock options
During the first quarter, the Company granted 1,734,500 stock options (2021 - 3,374,150 stock options) at an exercise price of CDN$2.21 (2021 - CDN$2.52) to employees, consultants and directors exercisable for a period of five years with various vesting terms from immediate vesting to vesting over a two-year period. The fair value attributable to options granted in the period was CDN$0.90 (2021 - CDN$0.84). No stock options were granted during the second quarter. For the six-month period ended May 31, 2022, Trilogy recognized a stock-based compensation charge of $1.2 million (2021 - $2.6 million) for options granted to directors, employees and service providers, net of estimated forfeitures. The fair value of the stock options recognized in the period has been estimated using the Black-Scholes option pricing model. Assumptions used in the pricing model for the six-month period ended May 31, 2022 are as provided below. ​
​ | ​ | ​
​ |  | May 31, 2022
Risk-free interest rates |  | 1.07%
Exercise price |  | CDN$2.20
Expected life |  | 3 years
Expected volatility |  | 60.6%
Expected dividends |  | Nil
​ As of May 31, 2022, there were 2,312,838 non-vested options outstanding with a weighted average exercise price of CDN$2.43; the non-vested stock option expense not yet recognized was $0.57 million. This expense is expected to be recognized over the next twelve months. A summary of the Company’s stock option plan and changes during the six-month period ended May 31, 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 31, 2022 | ​
​ | ​ | ​ | ​ | ​ | Weighted average | ​
​ | ​ | ​ | ​ | ​ | exercise price | ​
​ |  | Number of options |  |  | CDN$ |
Balance – beginning of the period |  | 10,539,324 | ​ | ​ | 2.54 | ​
Granted |  | 1,734,500 | ​ | ​ | 2.21 | ​
Exercised |  | (81,674) | ​ | ​ | 0.85 | ​
Expired |  | (5,000) | ​ | ​ | 2.52 | ​
Balance – end of the period |  | 12,187,150 | ​ | ​ | 2.50 | ​
​ During the six-month period ended May 31, 2022, the Company received net proceeds of $54,295 upon the exercise of 81,674 options. The following table summarizes information about the stock options outstanding at May 31, 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Outstanding | ​ | ​ | Exercisable | ​ | ​ | Unvested |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ |
​ | ​ | Number of | ​ | ​ | Weighted | ​ | ​ | average | ​ | ​ | Number of | ​ | ​ | average | ​ | ​ | Number of |
​ | ​ | outstanding | ​ | ​ | average years | ​ | ​ | exercise price | ​ | ​ | exercisable | ​ | ​ | exercise price | ​ | ​ | unvested | ​
Range of exercise price (CDN$) |  | options |  |  | to expiry |  |  | CDN$ |  |  | options |  |  | CDN$ |  |  | options |
$1.01 to $1.50 |  | 870,000 | ​ |  | 0.52 | ​ | ​ | 1.05 | ​ | ​ | 870,000 | ​ | ​ | 1.05 | ​ | ​ | — | ​
$2.01 to $2.50 |  | 2,599,500 | ​ |  | 3.84 | ​ | ​ | 2.26 | ​ | ​ | 1,676,498 | ​ | ​ | 2.29 | ​ | ​ | 923,002 | ​
$2.51 to $3.00 | ​ | 6,920,150 | ​ | ​ | 2.95 | ​ | ​ | 2.64 | ​ | ​ | 5,530,314 | ​ | ​ | 2.66 | ​ | ​ | 1,389,836 | ​
$3.01 to $3.41 | ​ | 1,797,500 | ​ | ​ | 2.56 | ​ | ​ | 3.03 | ​ | ​ | 1,797,500 | ​ | ​ | 3.03 | ​ | ​ | — | ​
​ | ​ | 12,187,150 | ​ | ​ | 2.91 | ​ | ​ | 2.50 | ​ | ​ | 9,874,312 | ​ | ​ | 2.52 | ​ | ​ | 2,312,838 | ​
​ The aggregate intrinsic value of vested stock options (the market value less the exercise price) at May 31, 2022 was $0.13 million (2021 - $6.8 million) and the aggregate intrinsic value of exercised options for the six-month period ending May 31, 2022 was $0.05 million (2021 - $0.71 million).
(b) | Restricted Share Units and Deferred Share Units
The Company has a Restricted Share Unit Plan (“RSU Plan”) to provide long-term incentives to employees and consultants and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to offset cash payments for fees to directors. Awards under the RSU Plan and DSU Plan have been settled in common shares of the Company with each restricted share unit (“RSU”) and deferred share unit (“DSU”) entitling the holder to receive one common share of the Company. All units are accounted for as equity-settled awards. A summary of the Company’s unit plans and changes during the six-month period ending May 31, 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of RSUs |  |  | Number of DSUs |
Balance – beginning of the period | ​ | — | ​ |  | 1,277,445 | ​
Granted |  | 758,600 | ​ |  | 193,740 | ​
Vested |  | (501,332) | ​ |  | — | ​
Balance – end of the period |  | 257,268 | ​ |  | 1,471,185 | ​
​ For the six-month period ending May 31 2022, Trilogy recognized a stock-based compensation charge of $1.2 million (2021 - $0.07 million), net of estimated forfeitures.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration