12.
SHARE CAPITAL
In
November 2025, the
Company’s board of directors authorized a share repurchase program (the “Repurchase Program”) under which the
Company may repurchase up to $40.0 million of its outstanding common shares, for a period of 12 months, subject to contractual
requirements. The board of directors will periodically review the Company’s Repurchase Program and may decide to extend
its term or increase the authorized amount. As of March 31, 2026, the Company has repurchased 3,273,383
common shares in the open market for a total cost of $3.1
million pursuant to the Repurchase Program. Subsequently, the Company repurchased an additional 182,620
common shares in the open market for a total cost of $88.5
thousand.
As
of March 31, 2026 and December 31, 2025, the Company owed $44.0 thousand worth of stock-based compensation to a former officer of the
Company. The balance issuable was classified as an Obligation to issue shares.
Basic
net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the periods presented.
Diluted net loss per share is computed by giving effect to all potential weighted average dilutive common shares. For diluted net loss
per share, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities
by application of the if-converted method, as applicable.
The
following table sets forth the computation of basic and diluted net loss per share (in thousands):
SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE
| | |
2026 | | |
2025 | |
| | |
For the Three Months Ended March 31, | |
| | |
2026 | | |
2025 | |
| Basic net loss per share: | |
| | |
| |
| Numerator | |
| | |
| |
| Net (loss) income from continuing operations | |
$ | (46,391 | ) | |
$ | 112 | |
| Net loss from discontinued operations | |
$ | - | | |
$ | (257 | ) |
| Net loss | |
$ | (46,391 | ) | |
$ | (145 | ) |
| Denominator | |
| | | |
| | |
| Basic weighted-average common shares outstanding | |
| 97,525 | | |
| 185 | |
| Basic net loss per share for continuing operations | |
$ | (0.48 | ) | |
$ | 0.61 | |
| Basic net loss per share for discontinued operations | |
$ | - | | |
$ | (1.39 | ) |
| Basic net loss per share, total | |
$ | (0.48 | ) | |
$ | (0.78 | ) |
| | |
| | | |
| | |
| Diluted net loss per share: | |
| | | |
| | |
| Numerator | |
| | | |
| | |
| Net loss from continuing operations | |
$ | (46,391 | ) | |
$ | 112 | |
| Net loss from discontinued operations | |
$ | - | | |
$ | (257 | ) |
| Net loss | |
$ | (46,391 | ) | |
$ | (145 | ) |
| Change in fair value of derivatives | |
$ | - | | |
$ | (230 | ) |
| Estimated loss on conversions | |
$ | - | | |
$ | (4,759 | ) |
| Change in fair value of convertible debenture warrants | |
$ | - | | |
$ | (2,561 | ) |
| Interest expense, amortization of debt discount and issuance costs of convertible debentures | |
$ | - | | |
$ | 902 | |
| Diluted net loss | |
$ | (46,391 | ) | |
$ | (6,793 | ) |
| Denominator | |
| | | |
| | |
| Number of shares used in basic net loss per share computation | |
| 97,525 | | |
| 185 | |
| Weighted-average effect of potentially dilutive securities: | |
| | | |
| | |
| Shares issuable from converted debentures | |
| - | | |
| 470 | |
| Conversions | |
| - | | |
| (12 | ) |
| Diluted weighted-average common shares outstanding | |
| 97,525 | | |
| 643 | |
| Diluted net loss per share for continuing operations | |
$ | (0.48 | ) | |
$ | (10.17 | ) |
| Diluted net loss per share for discontinued operations | |
$ | - | | |
$ | (0.40 | ) |
| Diluted net loss per share, total | |
$ | (0.48 | ) | |
$ | (10.57 | ) |
|