Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION

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SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Stock-Based Compensation Plans

The Company's 2018 Equity Incentive Plan, 2020 Equity Incentive Plan and Earnout Plan are described in the Company's 2022
Form 10-K.

Share-Based Compensation Expense

The following table summarizes the Company's share-based compensation expense for each of its awards, included in the Consolidated Statements of Operations for the three months ended March 31, 2023.

Three Months Ended March 31,
2023 2022
Share-based compensation award type:
RSUs 380  315 
Stock options 88  185 
Total Shared Based Compensation Expense $ 468  $ 500 

The Company recognized share-based compensation expense in general and administrative expense.

Stock Options

The following table is a summary of options activity for the Company’s equity incentive plans for the three months ended March 31, 2023:
Stock Options
Weighted-Average
Exercise Price
  
Weighted-Average
Remaining
Contractual
Term (Years)
 Aggregate Intrinsic Value
Balance as at December 31, 2022 410,477  $ 7.15  2.56 $ — 
Granted —  $ —  —  — 
Exercised —  $ —  —  $ — 
Forfeited (3,484) $ 10.41  —  — 
Expired (31,923) $ 12.12  —  — 
Balance as of March 31, 2023 375,070  $ 6.70  2.47 $ — 
Vested and expected to vest as of March 31, 2023 364,537  $ 6.59  2.51 $ — 
Vested and exercisable as of March 31, 2023 321,191  $ 5.82  2.06 $ — 

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common shares for all stock options that had exercise prices lower than the fair value of the Company’s common shares.

The weighted-average grant-date fair value per share of stock-options granted during the three months ended March 31, 2023 and 2022 was $nil and $1.72, respectively.

The share-based compensation expense related to unvested stock options awards not yet recognized as of March 31, 2023 and December 31, 2022, was $282 and $961, respectively, which is expected to be recognized over a weighted average period of 2.5 years and 1.2 years, respectively.

Restricted Share Units
Time-based Restricted Share Units
The fair value for time-based RSUs is based on the closing price of the Company’s common shares on the grant date.

The following table summarizes the changes in the Company’s time-based restricted share unit activity during the three months ended March 31, 2023:

Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2022 1,368,151  $ 3.50 
Granted —  — 
Vested (370,489) 3.23 
Canceled/forfeited (7,520) 7.33 
Non-vested as of March 31, 2023
 990,142  $ 3.57 

Market-based Restricted Share Units

The Company has previously granted RSUs with both a market condition and a service condition (market-based RSUs) to the Company’s employees. No such market-based RSUs were granted during the three months ended March 31, 2023. The market-based condition for these awards requires that (i) the Company’s common shares maintain a closing price equal to or greater than $12.50 for any 20 trading days within any consecutive 30 trading day period on or before December 18, 2022 (which condition was met on March 16, 2021) or (ii) the Company's common shares maintain a closing price equal to or greater than $15.00 for any 20 trading days within any consecutive 30 trading day period on or before December 18, 2024. Provided that the market-based condition is satisfied, and the respective employee remains employed by the Company, the market-based restricted share units will vest in four equal annual installments on the applicable vesting date.

The following table presents the weighted-average assumptions used in the Monte Carlo simulation model to determine the fair value of the market-based restricted share units granted in the three months ended March 31, 2023:

Weighted Average Assumptions
Grant date share price $ 2.53 
Risk-free interest rate 1.6  %
Expected dividend yield 0.0  %
Expected volatility 75  %
Expected life (in years)
2.1 - 2.4
The following table summarizes the changes in the Company’s market-based restricted share unit activity during the three months ended March 31, 2023:
Restricted Share Units
Weighted-Average
Grant Date Fair Value
Non-vested as of December 31, 2022 529,793  $ 12.79 
Granted —  — 
Vested —  — 
Canceled/forfeited (31,415) 13.28 
Non-vested as of March 31, 2023 498,378  $ 12.75