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17. Restricted Stock Units
 3 Months Ended
Mar. 31, 2021
Restricted Stock Units  
Restricted Stock Units

Note 17: 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.

 

On February 1, 2021, the Company issued 53,763 shares of Restricted Stock Units (RSU’s) with a fair market value of $82,594.

 

The following table summarizes the Company’s restricted stock issuance during the three months 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, 2020   9,075,000   $1.39    4.94 years   $1.39    – 
RSUs Granted   53,763   $1.38    4.84 years   $1.38    – 
RSUs Exercised   –   $–    –   $–    – 
RSUs Cancelled   –   $–    –   $–    – 
RSUs Expired   –   $–    –   $–    – 
Balance at March 31, 2021   9,128,763   $1.38 - 1.39    4.69 years   $1.39    – 
                          
Exercisable December 31, 2019   –   $–    –   $–    – 
Exercisable March 31, 2021   –   $–    –   $–    – 

 

During the quarter ended March 31, 2021, the Company recognized $1,414,524 in share-based compensation expense. The unvested share-based compensation as of March 31, 2021 is $8,734,200 which will be recognized through the fourth quarter of 2024 assuming the underlying grants are not cancelled or forfeited.