LOSS PER SHARE

9 Months Ended

Sep. 30, 2023

LOSS PER SHARE The Company computes loss per share of common shares. Basic net loss per common share is computed by dividing the net loss by the weighted-average number of common shares outstanding. Diluted loss per common share is computed by dividing the net loss by the weighted-average number of common shares together with the number of additional common shares that would have been outstanding if all potentially dilutive common shares had been issued, unless anti-dilutive.

The following table sets forth the computation of basic and dilutive net loss per share attributable to common shareholders:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss	$	(15,143)	$	(7,588)	$	(15,211)	$	(24,084)
Weighted-average number of common shares - basic	153,094,229		145,334,992		152,632,806		145,203,515
Dilutive effect of securities	—		—		—		—
Weighted-average number of common shares - diluted	153,094,229		145,334,992		152,632,806		145,203,515
Loss per common share – basic	$	(0.10)	$	(0.05)	$	(0.10)	$	(0.17)
Loss per common share – diluted	$	(0.10)	$	(0.05)	$	(0.10)	$	(0.17)

As of September 30, 2023 and 2022, potentially dilutive securities include stock options, restricted share units, common share warrants, and convertible debenture conversion. When the Company recognizes a net loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted net loss per share. The potentially dilutive awards outstanding for each period are presented in the table below:


	September 30,
	2023	2022
Outstanding options	6,535,407	4,625,261
Outstanding restricted share units	3,559,769	2,843,470
Total	10,095,176	7,468,731

The Company's debenture is convertible into 19.9% ownership of the Company’s common shares at a conversion price of C$2.00 per common share of the Company. The Company can settle the convertible debenture in shares. If the convertible debenture in diluted EPS is anti-dilutive, or if the conversion value of the debenture does not exceed their conversion price for a reporting period, then the shares underlying the notes will not be reflected in the Company’s calculation of diluted EPS. For the three and nine months ended September 30, 2023, the price of the Company’s shares did not exceed the conversion price and therefore there was no impact to potential common share diluted EPS during those periods.

On October 12, 2023, the Company granted 4.5 million restricted shares to William Morachnick, the new chief executive officer, as part of his employment agreement.