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Share-based compensation
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based compensation

11. Share-based compensation

 

The Company grants share purchase options (“Options”) for the purchase of common shares to its directors, officers, employees and consultants.

 

Options may be exercisable over periods of up to 10 years as determined by the Board of Directors of the Company. The Option price for shares that are the subject of any Option shall be fixed by the Board when such Option is granted but shall not be less than the market value of such shares at the time of grant.

 

The Omnibus Plan allows the Company to award restricted share units to directors, officers, employees and consultants of the Company and its subsidiaries upon such conditions as the Board may establish, including the attainment of performance goals recommended by the Company’s compensation committee. The purchase price for common shares of the Company issuable under each RSU award, if any, shall be established by the Board at its discretion. Common shares issued pursuant to any RSU award may be made subject to vesting conditions based upon the satisfaction of service requirements, conditions, restrictions, time periods or performance goals established by the board.

 

The TSXV required, at the time of approval of the Omnibus Plan, the Company to fix the number of common shares to be issued in settlement of awards that are not options. The maximum number of Shares available for issuance pursuant to the settlement of RSU shall be an aggregate of 2,861,658 Shares.

 

(a) Options

 

The following is a summary of Options outstanding as of June 30, 2024 and December 31, 2023, and changes during the six months then ended, by Option exercise currency:

 

   Number of shares   Weighted-average exercise price
(CAD)
   Weighted-average remaining contractual term   Aggregate intrinsic value 
Outstanding at December 31, 2023   416,621   $19.34    2.96   $        - 
Outstanding at June 30, 2024   416,621   $19.34    2.46   $- 
Exercisable at June 30, 2024   411,457   $19.50    2.38   $- 

 

   Number of shares   Weighted-average exercise price
(USD)
   Weighted-average remaining contractual term   Aggregate intrinsic value 
Outstanding at December 31, 2023   249,819   $5.26    4.36   $- 
Acquisition of FaZe   1,196,759    2.92                       
Outstanding at June 30, 2024   1,446,578   $3.32    8.84   $- 
Exercisable at June 30, 2024   1,412,309   $3.34    8.90   $- 

 

 

See Note 4 for a summary of the significant valuation inputs used to value options issued in relation to the acquisition of FaZe.

 

Share-based compensation expense related to the vesting of Options was $34 thousand and $310 thousand for the six months ended June 30, 2024 and 2023, respectively, and is included in general and administrative expense on the consolidated statements of operations and comprehensive loss.

 

(b) RSUs

 

The following is a summary of RSUs outstanding on June 30, 2024, and December 31, 2023, and changes during the six months then ended:

 

   Number of shares   Weighted-average grant date fair value 
Outstanding at December 31, 2023   664,597   $3.71 
Acquisition of FaZe   595,175    1.39 
Granted   111,736    2.04 
Exercised   (674,591)   2.53 
Outstanding at June 30, 2024   696,917   $              2.60 

 

The grant-date fair values of RSUs are based on the Company’s stock price as of the grant date (see Note 4).

 

Shared-based compensation expense related to the vesting of RSU’s was $1.0 million and $0.6 million for the six months ended June 30, 2024 and 2023, respectively, and is included in general and administrative expense on the consolidated statements of operations and comprehensive loss.