Annual report pursuant to Section 13 and 15(d)

15. Restricted Stock Units

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15. Restricted Stock Units
 12 Months Ended
Dec. 31, 2020
Restricted Stock Units  
Restricted Stock Units

Note 15: Restricted Stock Units

 

On December 7, 2020, the Company granted 9,075,000 shares of Restricted Stock Units (RSU’s) with a fair market value of $12,614,250 to certain employees and officers.

 

The following table summarizes the Company’s restricted stock issuance during the year ended December 31, 2020:

 

    RSUs Outstanding Number Of Shares     Exercise Prices Per Share     Weighted Average Remaining Contractual Life     Weighted Average Exercise Price Per Share     Aggregate Intrinsic Value  
Balance at December 31, 2019     –     $ –       –     $ –       –  
RSUs Granted     9,075,000     $ 1.39       4.94 years     $ 1.39       –  
RSUs Exercised     –     $ –       –     $ –       –  
RSUs Cancelled     –     $ –       –     $ –       –  
RSUs Expired     –     $ –       –     $ –       –  
Balance at December 31, 2020     9,075,000     $ 1.39       4.94 years     $ 1.39       –  
                                         
Exercisable December 31, 2019     –     $ –       –     $ –       –  
Exercisable December 31, 2020     –     $ –       –     $ –       –  

 

During the year ended December 31, 2020, the Company recognized $563,700 in share-based compensation expense. The unvested share-based compensation as of December 31, 2020 is $12,050,550 which will be recognized through the fourth quarter of 2024 assuming the underlying grants are not cancelled or forfeited.