General form of registration statement for all companies including face-amount certificate companies

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
STOCKHOLDERS' EQUITY    
SHAREHOLDERS' EQUITY

Shares Outstanding

 

The table below details the change in Company shares outstanding by class during the quarter ended March 31, 2021:

 

(in thousands)   Subordinate Voting Shares     Super Voting Shares  
Balance—December 31, 2020     57,617       203  
Shares issued in connection with exercise of warrants     1,325       -  
Shares issued in connection with conversion of convertible debentures     1,390       -  
Shares issued in connection with asset acquisition     22,644       -  
Issuance of vested restricted stock units     246       -  
Balance—March 31, 2021     83,221       203  

 

Warrants

A reconciliation of the beginning and ending balance of warrants outstanding is as follows:

 

 (in thousands)      
Balance—December 31, 2020     93,898  
Warrants issued in conjunction with convertible debenture offering   xxx  
Warrants issued in conjunction with broker option exercise(1)     163  
Warrants converted into subordinate voting shares     (1,000 )
Balance—March 31, 2021     93,061  

Shares Outstanding

 

The table below details the change in Company shares outstanding by class during the year ended December 31, 2020:

 

    Subordinate     Super  
(in thousands)   Voting Shares     Voting Shares  
Balance—December 31, 2019     32,844       203  
Shares issued in connection with convertible debenture offering     250       -  
Shares issued in connection with subordinate voting share offering     23,000       -  
Shares issued in connection with exercise of warrants     750       -  
Shares issued in connection with conversion of convertible debentures     375       -  
Shares issued in connection with asset purchase     150       -  
Issuance of vested restricted stock units     248       -  
Balance—December 31, 2020     57,617       203  

 

In December 2020, the Company complete a CAD$34.5 million share offering resulting in the issuance of 11.5 million subordinate voting shares priced at CAD$1.50 per share. The offering resulting in approximately $25 million in proceeds, net of offering expenses. The use of proceeds were for the development of a cultivation and production facility and working capital and other corporate purposes.

 

As discussed in Note 4, in consideration for the acquisition of Mezzotin in connection with the reverse takeover, Indus issued 130 shares of Indus subordinate voting shares representing $1,513 total value based on the concurrent financing subscription price of CAD$15.65 (US$11.60). The excess of the purchase price over net assets acquired was charged to the consolidated statements of operations as RTO expense in general and administrative expenses.

 

Warrants

 

A reconciliation of the beginning and ending balance of warrants outstanding is as follows:

 

(in thousands)      
Balance—December 31, 2019     2,769  
Warrants issued in conjunction with convertible debenture offering     80,379  
Warrants issued in conjunction with equity offering(1)     11,500  
Warrants converted into subordinate voting shares     (750 )
Balance—December 31, 2020     93,898  

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(1) Excludes 553 warrants issuable should underwriter options be exercised.