NON-CONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

NON-CONTROLLING INTERESTS [Text Block]

10.  NON-CONTROLLING INTERESTS

The NCI reflects the Class B non-voting units of Origination that are not held by the Company either directly or indirectly. There are 19,552,864 outstanding Class B non-voting units of Origination held by external holders, reflecting a 35.967% economic interest in Origination as of December 31, 2022 (December 31, 2021 - 32.954%).

2022 Activities

In 2022, the following development partnership units were exchanged for Class B non-voting units of Origination (Note 9), as follows:

a. DP2: 826,063 Class B non-voting units of Origination were issued, with a value of $3,159,695.

b. DP3: 894,929 Class B non-voting units of Origination were issued, with a value of $5,102,229.

c. DP4: 706,975 Class B non-voting units of Origination were issued, with a value of $4,135,797.

d. Red Dawn 1: 617,103 Class B non-voting units of Origination were issued, with a value of $3,184,247.

The issuance of these Class B units is reflected as a reduction to Redeemable NCI for the value at which these units were issued, an increase to NCI for the change in the Company's share in Origination's net assets, and an increase to additional paid-in capital for the difference.

During the year ended December 31, 2022, Origination:

a. Repurchased and cancelled 799,600 of its Class A units, held by the Company, to match the number of SVS cancelled by the Company (Note 11).

b. Issued 2,024,401 of its Class A units to the Company, to match the number of SVS issued by the Company in connection with the settlement of certain RSUs (Note 12).

The change in these Class A units resulted in a change to the NCI ownership, triggering an adjustment to the carrying value of NCI, with a corresponding offset to additional paid-in capital.

Origination declared and paid dividends to its Class B non-voting units of Origination totaling $6,552,683, for the year ended December 31, 2022, resulting in a decrease of non-controlling interest.

2021 Activities

On closing the BCA, Origination's consolidated book value of net liabilities was $35,344,612, which results in an opening NCI balance of $11,486,999. This NCI balance along with the weighted average stated capital of the equity interests surrendered by the NCI holder of $18,721,276, for a total of $30,208,275, has been credited to additional paid in-capital.

In October 2021, development partnership units of DP1 were exchanged for 339,372 Class B non-voting units of Origination at a value of $1,192,893 (Note 9), reflecting a reduction to Redeemable NCI for the value at which these units were issued, an increase to NCI for the change in the Company's share in Origination's net assets, and an increase to additional paid-in capital for the difference