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Common Shares

12 Months Ended

Dec. 31, 2021

Common Shares

Common Shares

6. Common Shares

​

Equity Financing

​

During July 2021, we closed a public offering of 12,272,730 units (the “Units”) for net proceeds of $12,323 (the “2021 Offering”). The stock issuance costs associated with the 2021 Offering were $1,177. Each Unit consisted of one common share 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 broker 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 of the 2021 Offering. The Warrants, which are classified as equity, had an aggregate relative fair value of $1,991 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) contractual term of 3 years, and 4) stock price on the closing date of $0.89 per Common Share. A relative fair value of $11,509 was allocated to the Common Shares.

​

Vista was party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which the Company had the right, but was not obligated, to issue and sell Common Shares through Wainwright for aggregate sales proceeds of up to $10,000 (the “ATM Program”). No securities could 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 year ended December 31, 2020 the Company sold 2,028,334 Common Shares for net proceeds of $1,959 under the ATM Program, which included $191 that settled for cash in January 2021. During the year ended December 31, 2021 the Company sold 798,270 Common Shares for net proceeds of $871 under the ATM Program. 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 2021 Offering.

​

Vista subsequently filed for and received notice of effectiveness of a new shelf registration statement in November 2021 with the Securities and Exchange Commission. In December 2021, the Company renewed the ATM Agreement on

substantially the same terms, to provide for aggregate sales proceeds up to $10,000 (the “2021 ATM Program”). The entire $10,000 under the 2021 ATM Program remained available as of December 31, 2021.

​

Other Share Issuances

​

During the years ended December 31, 2021 and 2020 we issued 946,328 and 445,446 Common Shares, respectively, in connection with vesting of restricted share units (“RSUs”) and/or stock option exercises.

​

Warrants

​

Warrant activity is summarized in the following table. Intrinsic value is the aggregate value of warrants that were in the money at the end of the period. The warrants are subject to standard anti-dilution provisions.

​

​	​	​	​	​	​	​	​	​
​	​	​	​	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 December 31, 2021	​	7,408,101	​	$	1.25	​	2.5	​

​

Stock-Based Compensation

​

The Company’s stock-based compensation plans include: RSUs currently outstanding under the Company’s long-term equity incentive plan (“LTIP”), 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 (the “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 one 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 for the years ended December 31, 2021 and 2020 was:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
​			2021			2020
RSUs	​	​	$	672	​	$	643	​	​
DSUs	​	​	​	212	​	​	209	​	​
Stock Options	​	​	​	3	​	​	61	​	​
​	​	​	$	887	​	$	913	​	​
​	​	​	​	​	​	​	​	​	​
Phantom units	​	​	$	26	​	$	98	​	​

​

As of December 31, 2021, unrecognized compensation expense for RSUs was $312, 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 - December 31, 2021	​	1,998,339	​	$	0.53	​

​

During the years ended December 31, 2021 and 2020, the Company withheld shares equivalent to the value of employee withholding tax obligations which resulted from RSUs vesting in the period. Shares withheld are considered cancelled/forfeited.

​

Under the LTIP, a portion of the RSU awards vest on a fixed future date providing the recipient continues to be affiliated with Vista on that date. Other RSU awards vest subject to achievement of certain performance and market criteria, including the accomplishment of certain corporate objectives and the Company’s share price performance. Of the unvested RSUs, approximately 35% will vest based on fixed future dates, and approximately 11% and 54% will vest on performance and share-price criteria, respectively. The minimum vesting period for RSUs is one year.

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Deferred Share Units

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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 of DSU expense. In March 2020, the Board granted 360,000 DSUs and the Company recognized $209 of DSU expense.

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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 - December 31, 2021	​	930,000	​	$	0.68	​

​

Stock Options

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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 - December 31, 2021	​	1,367,000	​	$	0.71	​	1.64	​	$	38	​
​	​	​	​	​	​	​	​	​	​	​	​
Exercisable - December 31, 2021	​	1,367,000	​	$	0.71	​	1.64	​	$	38	​

​

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 - December 31, 2021	​	—	​	$	—	​	—	​

​

The fair value of stock options granted during the year ended December 31, 2020 to employees, directors and consultants was estimated at the grant date using the Black-Scholes option pricing model using the following weighted-average assumptions:

​

​	​	​	​	​
​	​	​	​	​
​	​	2020
Expected volatility	​	64.1	%	​
Risk-free interest rate	​	0.3	%	​
Expected life (years)	​	2.6	​	​
Dividend yield	​	0	%	​
Forfeiture assumption	​	0	%	​

​

Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Expected price volatility is based on the historical volatility of our Common Shares. Changes in the subjective input assumptions can materially affect the fair value estimate. The expected term of the options granted represents the period of time that the options granted are expected to be outstanding using the simplified approach. The risk-free rate for the periods within the contractual term of the option is based on the U.S. Treasury yield curve in effect at the date of grant.

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Phantom Units

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The value of each phantom unit is equal to the Company’s share price on the vesting date and is payable in cash. Phantom units vest on fixed future dates provided the recipient continues to be affiliated with Vista on those dates. The Company accounts for these units as awards classified as liabilities with $39 included in current liabilities as of December 31, 2020. The Company recognized $26 and $98 of compensation expense for these units in the years ended December 31, 2021 and

2020, respectively. The Company paid $65 for phantom units which vested during the year ended December 31, 2021. The Company paid $86 for phantom units which vested during the year ended December 31, 2020.

​

A summary of unvested phantom units is set forth in the following table:

​

​	​	​	​	​	​
​	​	​	​	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 - December 31, 2021	​	—	​	—	​

​

Weighted Average Common Shares

​

​	​	​	​	​	​
​	​	At December 31,			​
​		2021		2020	​
Basic Common Shares	​	110,263,237	​	101,814,139	​
Effect of dilutive stock-based awards	​	—	​	2,664,781	​
Diluted Common Shares	​	110,263,237	​	104,478,920	​

​

Unvested RSUs representing 1,998,339 Common Shares, stock options to purchase 1,367,000 Common Shares, warrants to purchase 7,408,101 Common Shares, and vested DSUs representing 930,000 unissued Common Shares were outstanding at December 31, 2021 but were not included in the computation of diluted weighted average Common Shares outstanding because their effect would have been anti-dilutive.

​

Stock options to purchase 50,000 Common Shares were outstanding at December 31, 2020 but were not included in the computation of diluted weighted average Common Shares outstanding because their effect would have been anti-dilutive. The effect of dilutive stock-based awards was calculated using the treasury stock method, based on the remaining RSUs, DSUs, and stock options outstanding as of December 31, 2020.

​

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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.

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