SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

The Company adopted two equity incentive plans where the Company may grant Class A stock options. Under the terms of the plans, the maximum number of stock options which may be granted are a total of 10% of the number of shares outstanding assuming conversion of all shares to SVS. The exercise price for stock options issued under the plans will be set by the Compensation Committee of the Board of Directors but will not be less than 100% of the fair market value of the Company’s shares on the grant date. Stock options have a maximum term of 10 years from the date of grant. Stock options vest at the discretion of the Board.

As of March 31, 2024, the Company had 44,673,241 options exercisable and 91,465,266 options outstanding, with exercise prices ranging from C$0.00 to C$1.63. The following table summarizes the Company’s stock option activity and related information:


	Number of Options	Weighted Average Price (CAD$)		Weighted Average Years
Balance, December 31, 2023	91,702,766	$	0.34	3.78


Forfeited/Expired	(237,500)	$	1.03	—
Balance, March 31, 2024	91,465,266	$	0.34	4.52

During the three months ended March 31, 2024 and 2023, the Company recognized share-based compensation of $1.0 million and $1.0 million, respectively. No options were granted during three months ended March 31, 2024 and 2023.