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Restricted Stock Units

3 Months Ended

Mar. 31, 2022

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:

Schedule of restricted stock units
	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.