LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

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:


	Year Ended December 31,
	2023		2022
Net loss	$	(23,796)	$	(59,313)
Weighted-average number of common shares - basic	152,940,352		146,631,767
Dilutive effect of stock options and awards	—		—
Weighted-average number of common shares - diluted	152,940,352		146,631,767
Loss per common share – basic and diluted	$	(0.16)	$	(0.40)

As of December 31, 2023 and December 31, 2022, potentially dilutive securities include stock options, restricted share units, 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 year are presented in the table below:


	Year Ended December 31,
	2023	2022
Outstanding options	5,780,134	3,957,027
Outstanding restricted share units	7,250,766	2,569,574
Total	13,030,900	6,526,601

On February 1, 2024, the Company accelerated the vesting of outstanding RSUs for all board of directors and several employees. The accelerated vesting resulted in 3,038,919 RSUs being issued at a fair value $0.18.

Convertible debenture conversion

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 years ended December 31, 2023 and December 31, 2022, 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. Conversely, income available to common stockholders will be impacted by interest expense of $3,182 and amortization of debt issuance costs of $1,599 related to the debenture.

Additionally, the Company evaluated the calculation for diluted EPS for the non-contingent conversion feature. Non-contingent features are considered at the option of the Lender at any time before maturity. The Company noted that only the non-contingent conversion feature requires further analysis for diluted EPS as there are no contingencies under the Subscription Agreement and common shares will be issued on conversion. The Company evaluated that the potential adjustments to the income available to common stockholders will include the after-tax amount of interest and other consequential changes in income or expense that would result from the assumed conversion, if any.

The potential adjustment to the weighted-average number of common shares outstanding is based on the additional common shares resulting from the assumed conversion. The Company will consider the conversion feature only if it will have dilutive impact, not anti-dilutive.