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Warrants (Tables)
6 Months Ended
Jun. 30, 2022
Class of Warrant or Right [Line Items]  
Schedule of Stockholders' Equity Note, Warrants or Rights

The following table summarizes the number of warrants outstanding as of June 30, 2022 and December 31, 2021:

 

 

Liability Classified

 

Equity Classified

 

 

Number of Shares

 

 

Weighted Average Exercise Price (C$)

 

Weighted Average Remaining Contractual Life

 

Number of Shares

 

 

Weighted Average Exercise Price (USD)

 

Weighted Average
Remaining Contractual Life

 

Balance as of December 31, 2021

 

2,097,931

 

C$

 

18.26

 

 

2.42

 

 

1,737,347

 

$

 

31.83

 

 

4.38

 

Balance as of June 30, 2022

 

2,097,931

 

C$

 

18.26

 

 

1.92

 

 

1,737,347

 

$

 

31.83

 

 

3.88

 

Liability Classified Warrant [Member]  
Class of Warrant or Right [Line Items]  
Schedule Of Fair Value Of Warrant Liability

The following table summarizes the fair value of the liability classified warrants at June 30, 2022 and December 31, 2021:

 

 

 

 

 

 

Fair Value

 

Warrant Liability

Strike Price

 

Warrants Outstanding

 

June 30, 2022

 

December 31, 2021

 

 

Change

 

 

 

 

 

 

(in thousands)

 

Bridge Financing Warrants Issued April 2019

C$22.90

 

 

100,723

 

$

1

 

$

676

 

 

$

(675

)

Private Placement Financing Warrants Issued May 2019

C$19.39

 

 

1,606,533

 

 

2,049

 

 

18,527

 

 

 

(16,478

)

Modification Warrants Issued November 2019

C$12.04

 

 

316,947

 

 

858

 

 

4,603

 

 

 

(3,745

)

Additional Modification Warrants Issued May 2020

C$14.03

 

 

73,728

 

 

197

 

 

1,071

 

 

 

(874

)

Totals

 

 

 

2,097,931

 

$

3,105

 

$

24,877

 

 

$

(21,772

)

Schedule Of Fair Value Measurement Inputs and Valuation Techniques Used In Determining Warrant Liability

The following table summarizes the significant assumptions used in determining the fair value of the warrant liability as of each reporting date (see Note 14 - Fair Value Measurements for additional details):

 

 

June 30,

 

December 31,

Significant Assumptions

2022

 

2021

Volatility

62.23% - 68.30%

 

59.95% - 74.04%

Remaining Term

0.28 - 2.89 years

 

0.78 - 3.39 years

Risk Free Rate

3.09% - 3.14%

 

0.91% - 1.06%

Equity Classified Warrant [member]  
Class of Warrant or Right [Line Items]  
Schedule Of Fair Value Of Warrant Liability

The following table summarizes the fair value of the equity classified warrants at June 30, 2022 and December 31, 2021:

 

 

 

 

 

 

 

Fair Value

 

 

 

 

 

Warrants

 

June 30,

 

December 31,

 

Warrants Included in Contributed Surplus

Strike Price

 

 

Outstanding

 

2022

 

2021

 

 

 

 

 

 

 

(in thousands)

 

Mortgage Warrants Issued June 2020

$

9.10

 

 

 

35,000

 

$

181

 

$

181

 

Private Placement Refinance Warrants Issued April 2021

$

32.68

 

 

 

1,459,044

 

 

22,259

 

 

22,259

 

Private Placement Refinance Warrants Issued October 2021

$

30.02

 

 

 

243,303

 

 

2,616

 

 

2,616

 

Totals

 

 

 

 

1,737,347

 

$

25,056

 

$

25,056

 

 

Schedule Of Fair Value Measurement Inputs and Valuation Techniques Used In Determining Warrant Liability

The equity warrants were valued as of the date of issuance using a Black Scholes Option Pricing model. The following table summarizes the significant assumptions used in determining the fair value of the warrants as of each respective issuance date:

 

Significant Assumptions

Private Placement Refinancing Warrants

 

Private Placement Refinancing Warrants

Dispensary Mortgage Warrants

Date of Issuance

October 15, 2021

 

April 30, 2021

June 5, 2020

Volatility

73%

 

73%

80%

Estimated Term

4 years

 

4 years

5 years

Risk Free Rate

1.12%

 

0.74%

0.37%