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Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity  
Stockholders' Equity

4.    Stockholders’ Equity

Authorized Capital Stock

The Company’s authorized capital stock consists of an unlimited number of common shares, no par value per share.

Warrants to Purchase Common Stock

During the three months ended March 31, 2025, and 2024, there were no warrants issued or exercised. Outstanding warrants have a weighted average life of 2.80 years on March 31, 2025. The following tables detail the Company’s warrant activity for the three months ended March 31, 2025, and 2024, respectively:

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Common Shares

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Issuable Upon Exercise

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of Outstanding

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Weighted-Average

Investor Warrants

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Warrants

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Exercise Price

Outstanding December 31, 2024

 

150

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$

7.71

Issued

 

—

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—

Outstanding March 31, 2025

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150

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$

7.71

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Equity Incentive Plan

The Compensation Committee of the Board of Directors administers the Company’s equity incentive plan (the “Plan”). The Compensation Committee designates eligible participants to be included under the Plan and approves the number of equity instruments to be granted from time to time under the Plan. Currently, the maximum number of equity instruments issuable under the Plan, together with the Company’s prior stock option plan, is twenty-five percent (25%) of the total number of issued and outstanding common shares. Based upon shares outstanding as of March 31, 2025, a maximum of 6,899 shares of common stock are authorized for issuance pursuant to stock options or other equity awards granted under the Plan. For all options issued under the Plan, the exercise price is the fair value of the underlying shares on the date of grant. All options vest within three years or less and are exercisable for a period of ten years from the date of grant. The Plan allows the issuance of Canadian and U.S. dollar grants. The table below outlines recognized employee expense from equity awards for the three-month period ended March 31, 2025, and 2024.

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Three Months Ended March 31, 

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2025

    

2024

Employee equity expense recognized

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$

798

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$

1,191

Total equity expense recognized

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$

798

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$

1,191

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Stock Option Activity

The following is a summary of option activity for the three months ended March 31, 2025, and 2024.

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Number of 

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Weighted-Average

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Options (thousands)

    

Exercise Price

Outstanding at December 31, 2024

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5,855

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$

6.22

Granted

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180

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6.50

Exercised

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(55)

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5.00

Forfeited

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(123)

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6.94

Outstanding at March 31, 2025

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5,857

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$

6.22

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Of the 5,857 options granted and outstanding at March 31, 2025, 4,257 are fully vested and exercisable.

The value of options issued was estimated using the Black-Scholes option pricing model using the assumptions in the table below. The expected volatility was determined using historical volatility of our stock based on the expected term of the award.

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Valuation Assumptions

Black-Scholes Model Assumptions

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March 31, 2025

Expected dividend

 

-

%

Risk free rate

 

4.05

%

Expected volatility

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159

%

Expected life

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6

years

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Restricted Share Units Activity

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The Plan allows for the issuance of restricted share units (“RSUs”). The following is a summary of RSU activity for the three months ended March 31, 2025, and 2024. The Company recognized $255 in RSU expense for the three months ended March 31, 2025, and $300 for the same period in 2024. Standard vesting of  RSUs is over three years with 1/3 vesting on the first anniversary date of the grant and then 1/24 on the last day of each subsequent month. The Compensation Committee may also award RSUs with alternative vesting.

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Number of Restricted

RSUs Current Year

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Share Units (thousands)

Outstanding at December 31, 2024

 

324

Awarded

 

283

Released

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(13)

Forfeited

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(5)

Outstanding at March 31, 2025

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589

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The value of RSUs issued was estimated using the share price on the date of the award multiplied by the number of shares granted.