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Common Shares

3 Months Ended

Mar. 31, 2022

Common Shares

Common Shares

6. Common Shares

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Equity Financings

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On July 12, 2021, we closed a public offering that resulted in issuing 12,272,730 common shares in the capital of the Company (each a “Common Share’) and 7,408,101 Common Share purchase warrants (each a “Warrant”) for net proceeds of $12,323. 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. The relative fair values of the Common Shares and Warrants, which were classified as equity, were $11,426 and $2,074, respectively.

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The Company renewed its at-the-market offering agreement in December 2021 (the “ATM Agreement”) with H. C. Wainwright & Co. LLC (“Wainwright”) to provide balance sheet flexibility at a potentially lower cost than other means of equity issuances. Under the ATM Agreement the Company can, but is not obligated to, issue and sell Common Shares through Wainwright for aggregate gross proceeds of up to $10,000 (the “ATM Program”). During the three months ended March 31, 2022 and 2021 the Company sold nil and 405,800 Common Shares, respectively, under the ATM Program for net proceeds of $nil and $434, respectively. The entire $10,000 under the renewed ATM Program remained available as of March 31, 2022. 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.

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Warrants

​

Warrant activity is summarized in the following table.

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​	​	​	​	​	​	​	​	​
​	​	​	​	Weighted		​	Weighted	​
​	​	​	​	Average		​	Average	​
​	​	Warrants	​	Exercise Price		​	Remaining Life	​
​		Outstanding		Per Share			(Years)
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	​
As of March 31, 2022	​	7,408,101	​	$	1.25	​	2.3	​

​

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Stock-Based Compensation

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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.

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Stock-based compensation expense was: 

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​	​	​	​	​	​	​	​	​
​	​	​	​	Three Months Ended March 31,
​			2022			2021
RSUs	​	​	$	172	​	$	206	​
DSUs	​	​	​	272	​	​	212	​
Stock Options	​	​	​	—	​	​	3	​
​	​	​	$	444	​	$	421	​
​	​	​	​	​	​	​	​	​
Phantom units	​	​	$	—	​	$	18	​

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As of March 31, 2022, unrecognized compensation expense for RSUs was $632, which is expected to be recognized over a weighted average period of 1.7 years.

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Restricted Share Units

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The following table summarizes RSU activity:

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​	​	​	​	​	​	​
​	​	​	​	Weighted Average		​
​	​	Number	​	Grant-Date Fair		​
​		of RSUs		Value Per RSU		​
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
Granted	​	759,000	​	​	0.59	​
Cancelled/forfeited	​	(361,460)	​	​	0.50	​
Vested, net of shares withheld	​	(791,868)	​	​	0.47	​
Unvested - March 31, 2022	​	1,604,011	​	$	0.60	​

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During the three months ended March 31, 2022 and 2021, the Company withheld Common Shares with an equivalent value to meet employee withholding tax obligations of $327 and $194, respectively, that resulted upon vesting of RSUs during the period. Common Shares withheld are considered cancelled/forfeited.

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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 March 2022, the Board granted 324,000 DSUs and the Company recognized $272 in DSU expense. In February 2021, the Board granted 204,000 DSUs and the Company recognized $212 in DSU expense.

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The following table summarizes DSU activity:

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​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	Weighted Average	​
​	​	Number of	​	​	Grant-Date Fair	​
​		DSUs		​	Value per DSU
Outstanding - December 31, 2020	​	726,000	​	$	0.57	​
Granted	​	204,000	​	​	1.04	​
Outstanding - December 31, 2021	​	930,000	​	$	0.68	​
Granted	​	324,000	​	​	0.84	​
Outstanding - March 31, 2022	​	1,254,000	​	$	0.72	​

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Stock Options

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The following table summarizes option activity for vested awards:

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​		​	Weighted Average	​	​		​
​	​	​	​	Weighted Average		​	Remaining	​	Aggregate		​
​	​	Number of	​	Exercise Price		​	Contractual Term	​	Intrinsic		​
​		Options		Per Option			(Years)		Value
Outstanding - December 31, 2020	​	1,367,000		$	0.71	​	2.63	​	$	507	​
Outstanding - December 31, 2021	​	1,367,000		$	0.71	​	1.64	​	$	38	​
Outstanding - March 31, 2022	​	1,367,000	​	$	0.71	​	1.39	​	$	466	​
​	​	​	​	​	​	​	​	​	​	​	​
Exercisable - March 31, 2022	​	1,367,000	​	$	0.71	​	1.39	​	$	466	​

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Phantom Units

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The following table summarizes phantom units activity:

​

​	​	​	​	​	​
​	​	​	​	Weighted Average	​
​	​	​	​	Remaining	​
​	​	Number of	​	Vesting Term	​
​		Phantom Units		(Years)
Unvested - December 31, 2020	​	72,000		0.5	​
Vested	​	(72,000)	​	​	​
Unvested - December 31, 2021	​	—	​	—	​
Unvested - March 31, 2022	​	—	​	—	​

​

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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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