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Common Shares | 9 Months Ended
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Sep. 30, 2021
Common Shares |
Common Shares | 6. Common Shares ​ Equity Financing ​ On July 12, 2021, we closed a public offering of 12,272,730 units (the “Units”) for net proceeds of $12,323 (the “2021 Offering”). Each Unit consisted of one common share in the capital of the Company (each a “Common Share’) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant”). A total of 7,408,101 Warrants were issued, including 920,454 Warrants purchased by the underwriters pursuant to an overallotment option and 351,282 Warrants issued to the underwriters as compensation. Each Warrant entitles the holder thereof to purchase one Common Share at a price of $1.25 per Common Share (subject to adjustment in certain circumstances) and is exercisable for a period of 36 months from the closing date of the 2021 Offering. The Warrants, which are classified as equity, had an aggregate relative fair value of $2,074 upon the issuance thereof on the closing date. The relative fair value of Warrants was estimated at the grant date using the Black-Scholes option pricing model using the following assumptions: 1) expected volatility of 70.6%, 2) risk-free rate of 0.43%, 3) expected life of 3 years, and 4) stock price on the closing date of $0.89 per Common Share. A relative fair value of $11,426 was allocated to the Common Shares. ​ Vista is a party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which the Company may, but is not obligated to, issue and sell Common Shares through Wainwright for aggregate sales proceeds of up to $10,000 (the “ATM Program”). No securities will be offered in Canada under the ATM Agreement. The ATM Agreement was amended in June 2020 to remain in force until terminated by either party. During the three and nine months ended September 30, 2021 the Company sold nil and 798,270 Common Shares, respectively, under the ATM Program for net proceeds of $nil and $871, respectively. During the three and nine months ended September 30, 2020 the Company sold 509,315 and 1,541,134 Common Shares, respectively, under the ATM Program for net proceeds of $629 and $1,436, respectively. Each sale under the ATM Agreement was made pursuant to an “at the market offering” as defined in Rule 415 under the United States Securities Act of 1933, as amended. In July 2021, the ATM Program was suspended in conjunction with the public offering of shares. Vista could use the ATM Program in the future following filing and effectiveness of a new shelf registration statement with the Securities and Exchange Commission. ​ Warrants Warrant activity is summarized in the following table. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​
​ | ​ | ​ | ​ | average | ​ | average | ​
​ | ​ | Warrants | ​ | exercise price | ​ | remaining life | ​
​ |  | outstanding |  | per share |  | (yrs.) |
As of December 31, 2020 | ​ | — | ​ | $ | — | ​ | — | ​
Issued | ​ | 7,408,101 | ​ | ​ | 1.25 | ​ | 3.0 | ​
As of September 30, 2021 | ​ | 7,408,101 | ​ | $ | 1.25 | ​ | 2.8 | ​
​ ​ Stock-Based Compensation ​ The Company’s stock-based compensation plans include: restricted share units (“RSUs”) issuable pursuant to the Company’s long-term equity incentive plan, deferred share units (“DSUs”) issuable pursuant to the Company’s deferred share unit plan (“DSU Plan”) and stock options (“Stock Options”) issuable under the Company’s stock option plan. Stock-based compensation may be issued to our directors, officers, employees and consultants. The maximum number of Common Shares that may be reserved for issuance under the combined stock-based compensation plans is a variable number equal to 10% of the issued and outstanding Common Shares on a non-diluted basis at any particular time. Vista also issued phantom units in 2018 to be settled in cash over a three-year term. Stock-based compensation and phantom units may be granted from time to time at the discretion of the Board of Directors of the Company (the “Board”), with vesting provisions as determined by the Board. ​ Stock-based compensation expense was: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30, | ​
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
RSUs | ​ | $ | 143 | ​ | $ | 158 | ​ | $ | 512 | ​ | $ | 489 | ​
DSUs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 212 | ​ | ​ | 209 | ​
Stock Options | ​ | ​ | — | ​ | ​ | 7 | ​ | ​ | 3 | ​ | ​ | 59 | ​
​ | ​ | $ | 143 | ​ | $ | 165 | ​ | $ | 727 | ​ | $ | 757 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Phantom units | ​ | $ | (24) | ​ | $ | 45 | ​ | $ | 26 | ​ | $ | 79 | ​
​ As of September 30, 2021, unrecognized compensation expense for RSUs was $458 which is expected to be recognized over a weighted average period of 1.2 years. ​ Restricted Share Units ​ The following table summarizes RSU activity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​
​ | ​ | Number | ​ | Grant-Date Fair | ​
​ |  | of RSUs |  | Value Per RSU | ​
Unvested - December 31, 2019 | ​ | 1,491,301 |  | $ | 0.51 |
Granted | ​ | 1,609,000 | ​ | ​ | 0.41 | ​
Cancelled/forfeited | ​ | (237,853) | ​ | ​ | 0.60 | ​
Vested, net of shares withheld | ​ | (395,446) | ​ | ​ | 0.63 | ​
Unvested - December 31, 2020 | ​ | 2,467,002 |  | $ | 0.42 |
Granted | ​ | 891,000 | ​ | ​ | 0.76 | ​
Cancelled/forfeited | ​ | (413,335) | ​ | ​ | 0.48 | ​
Vested, net of shares withheld | ​ | (946,328) | ​ | ​ | 0.46 | ​
Unvested - September 30, 2021 | ​ | 1,998,339 | ​ | $ | 0.53 | ​
​ During the nine months ended September 30, 2021 and 2020, the Company withheld Common Shares with an equivalent value to meet employee withholding tax obligations of $401 and $124, respectively, that resulted upon vesting of RSUs during the period. Common Shares withheld are considered cancelled/forfeited. ​ Deferred Share Units ​ The DSU Plan provides for granting of DSUs to non-employee directors. DSUs vest immediately, however the Company will issue one Common Share for each DSU only after the non-employee director ceases to be a director of the Company. In February 2021, the Board granted 204,000 DSUs and the Company recognized $212 in DSU expense. In March 2020, the Board granted 360,000 DSUs and the Company recognized $209 in DSU expense. ​ The following table summarizes DSU activity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Weighted Average | ​
​ | ​ | Number of | ​ | ​ | Grant-Date Fair | ​
​ |  | DSUs |  | ​ | Value per DSU |
Unvested - December 31, 2019 | ​ | 366,000 | ​ | $ | 0.57 | ​
Granted | ​ | 360,000 | ​ | ​ | 0.58 | ​
Outstanding - December 31, 2020 | ​ | 726,000 | ​ | $ | 0.57 | ​
Granted | ​ | 204,000 | ​ | ​ | 1.04 | ​
Outstanding - September 30, 2021 | ​ | 930,000 | ​ | $ | 0.68 | ​
​ Stock Options ​ The following table summarizes option activity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​ | Remaining | ​ | Aggregate | ​
​ | ​ | Number of | ​ | Exercise Price | ​ | Contractual Term | ​ | Intrinsic | ​
​ |  | Options |  | Per Option |  | (Years) |  | Value |
Outstanding - December 31, 2019 | ​ | 1,437,000 |  | $ | 0.73 | ​ | 3.49 | ​ | $ | 35 | ​
Granted | ​ | 50,000 | ​ | ​ | 0.51 | ​ | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (50,000) | ​ | ​ | 0.75 | ​ | ​ | ​ | ​ | 9 | ​
Cancelled/Forfeited | ​ | (70,000) | ​ | ​ | 1.02 | ​ | ​ | ​ | ​ | — | ​
Outstanding - December 31, 2020 | ​ | 1,367,000 |  | $ | 0.71 | ​ | 2.63 | ​ | $ | 507 | ​
Outstanding - September 30, 2021 | ​ | 1,367,000 | ​ | $ | 0.71 | ​ | 1.89 | ​ | $ | 45 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable - September 30, 2021 | ​ | 1,367,000 | ​ | $ | 0.71 | ​ | 1.89 | ​ | $ | 45 | ​
​ The following table summarizes unvested option activity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​
​ | ​ | ​ | ​ | Weighted | ​ | Average | ​
​ | ​ | ​ | ​ | Average | ​ | Remaining | ​
​ | ​ | ​ | ​ | Grant-Date | ​ | Amortization | ​
​ | ​ | Number of | ​ | Fair Value | ​ | Period | ​
​ |  | Options |  | Per Option |  | (Years) |
Unvested - December 31, 2019 | ​ | 514,004 | ​ | $ | 0.40 | ​ | 0.61 | ​
Granted | ​ | 50,000 | ​ | ​ | 0.20 | ​ | ​ | ​
Vested | ​ | (530,671) | ​ | ​ | 0.38 | ​ | ​ | ​
Unvested - December 31, 2020 | ​ | 33,333 | ​ | $ | 0.31 | ​ | 0.25 | ​
Vested | ​ | (33,333) | ​ | ​ | 0.31 | ​ | ​ | ​
Unvested - September 30, 2021 | ​ | — | ​ | $ | — | ​ | — | ​
​ Phantom Units ​ The following table summarizes phantom units activity: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​
​ | ​ | ​ | ​ | Remaining | ​
​ | ​ | Number of | ​ | Vesting Term | ​
​ |  | Phantom Units |  | (Years) |
Unvested - December 31, 2019 | ​ | 144,000 |  | 1.0 | ​
Vested | ​ | (72,000) | ​ | ​ | ​
Unvested - December 31, 2020 | ​ | 72,000 | ​ | 0.5 | ​
Vested | ​ | (72,000) | ​ | ​ | ​
Unvested - September 30, 2021 | ​ | — | ​ | — | ​
​

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