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Restricted Stock Units | 9 Months Ended
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Sep. 30, 2022
Restricted Stock Units |
Restricted Stock Units | Note 18: Restricted Stock Units During the nine months ended September 30, 2022, the Company granted 1,086,667 fully vested RSUs to nonemployees with a fair market value of $1.0 million and 500,000 RSUs to an employee with a fair market value of $390,000 that vest evenly over three years. The RSUs expire five years from date of grant. Per terms of the restricted stock agreements, for certain employees the Company paid the employee’s related taxes associated with the employee’s vested stock and decreased the freely tradable shares issued to the employee by a corresponding value, resulting in a share issuance net of taxes to the employee. The value of the shares netted for employee taxes represents treasury stock repurchased. An aggregate of 4,426,064 shares of common stock were issued as a result of vested RSUs, of which, 6,993 shares of common stock were withheld to pay employee taxes upon such vesting. The Company recorded the cost of the withheld shares of $2,553 as treasury stock as of September 30, 2022. The following table summarizes the Company’s RSU activity during the nine months ended September 30, 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 |  |  | 1,886,667 |  |  |  | 4.53 |  |  | $ | 0.88 |
Vested |  |  | (4,088,301 | ) |  |  | 3.96 |  |  | $ | 1.26 |
Forfeited/Cancelled |  |  | – |  |  |  | – |  |  | $ | – |
Unvested at September 30, 2022 |  |  | 13,181,600 |  |  |  | 3.62 |  |  | $ | 1.37 |
During the three months ended September 30, 2022 and 2021, the Company recognized $0.3 million and $4.6 million, respectively, in share-based compensation expense related to RSUs. During the nine months ended September 30, 2022 and 2021, the Company recognized $8.7 million and $8.3 million, respectively, in share-based compensation expense related to RSUs. The unrecognized share-based compensation expense related to RSUs at September 30, 2022 of $2.2 million will be recognized through the second quarter of 2025 based on the remaining vesting periods, assuming the underlying grants are not cancelled or forfeited.

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