Quarterly report pursuant to Section 13 or 15(d)

Restricted Stock Units

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Restricted Stock Units
 3 Months Ended
Mar. 31, 2022
Restricted Stock Units  
Restricted Stock Units

Note 18: Restricted Stock Units

 

During the three months ended March 31, 2022, the Company granted 300,000 shares of RSUs to a nonemployee with a fair market value of $268,500. The shares were granted on March 17, 2022, with a three-year vesting period and a five-year term.

 

The following table summarizes the Company’s RSU activity during the three months ended March 31, 2022:

                       
    Restricted Stock Units    

Weighted-

Average Remaining Contractual Life

    

Weighted-

Average Grant Date Fair Value per Share

  
Unvested at December 31, 2021     15,383,234       4.34     $ 1.40  
Granted     300,000       4.96     $ 1.42  
Vested     (17,921 )     3.84     $ 1.38  
Forfeited/Cancelled     –       –     $ –  
Unvested at March 31, 2022     15,665,313       4.11     $ 1.39  

 

During the three months ended March 31, 2022, the Company recognized $4.1 million in share-based compensation expense related to RSUs. The unrecognized share-based compensation expense related to RSUs at March 31, 2022 of $6.4 million, will be recognized through the first quarter of 2025 based on the remaining vesting periods, assuming the underlying grants are not cancelled or forfeited.