LOSS PER SHARE

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Net loss	$	(9,634)	$	(2,912)
Weighted-average number of common shares - basic	156,036,670		152,314,150
Dilutive effect of stock options and awards	—		—
Weighted-average number of common shares - diluted	156,036,670		152,314,150
Loss per common share – basic and diluted	$	(0.06)	$	(0.02)

As of March 31, 2024 and March 31, 2023, 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:


	March 31,
	2024	2023
Outstanding options	5,522,942	4,386,215
Outstanding restricted share units	3,750,000	2,216,022
Total	9,272,942	6,602,237

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 months ended March 31, 2024, 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.