Quarterly report pursuant to Section 13 or 15(d)

SHARE-BASED COMPENSATION (Tables)

v3.23.1
SHARE-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of 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 
Schedule of Share-based Payment Arrangement, Option, Activity
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 $ — 
Schedule of Unvested Restricted Stock Units Roll Forward
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 
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 
Fair Value Measurement Inputs and Valuation Techniques The following assumptions were used to determine the fair value of the Private Warrants as of March 31, 2023 and December 31, 2022:
As of
March 31,
2023		 December 31,
2022
Risk-free interest rate
3.88%
4.23%
Expected volatility
110%
105%
Share Price
$0.38
$0.31
Exercise Price
$11.50
$11.50
Expiration date December 18, 2025 December 18, 2025

•The risk-free interest rate assumptions are based on U.S. dollar zero curve derived from swap rates at the valuation date, with a term to maturity matching the remaining term of warrants.
•The expected volatility assumptions are based on average of historical volatility based on comparable industry volatilities of public warrants.
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