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Restricted Stock Units | 12 Months Ended
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Dec. 31, 2024
Restricted Stock Units |
Restricted Stock Units | Note 15: Restricted Stock Units RSUs are granted under the Company’s 2020 Plan. During the year ended December 31, 2024, the Company granted 372,745 fully vested RSUs to the Company’s board members and consultants, with a fair value of $0.4 million. There was no RSUs to granted to employees during the year ended December 31, 2024. An aggregate of 166,033 shares of common stock were issued during the year ended December 31, 2024 as a result of vested RSUs held by employees. The following table summarizes the Company’s RSU activity during the years ended December 31, 2024 and 2023:
Schedule of RSU activity |  |  |  |  |  |  |  |
|  | Restricted Stock Units |  |  | Weighted- Average Grant Date Fair Value per Share |
Unvested at December 31, 2022 |  |  | 1,151,944 |  |  | $ | 13.72 |
Granted |  |  | 188,937 |  |  | $ | 1.69 |
Vested |  |  | (358,256 | ) |  | $ | 8.18 |
Forfeited/Cancelled |  |  | – |  |  | $ | – |
Unvested at December 31, 2023 |  |  | 982,625 |  |  | $ | 13.42 |
Granted |  |  | 372,745 |  |  | $ | 1.00 |
Vested |  |  | (484,953 | ) |  | $ | 3.68 |
Forfeited/Cancelled |  |  | – |  |  | $ | – |
Unvested at December 31, 2024 |  |  | 870,417 |  |  | $ | 13.53 |
During the years ended December 31, 2024 and December 31, 2023, the Company recognized $0.5 million and $1.5 million, respectively, in share-based compensation expense related to RSU awards included in General and Administrative Expense on the Company’s consolidated statements of operations. The unvested share-based compensation as of December 31, 2024 was $0.02 million which will be recognized through the second quarter of 2025 assuming the underlying grants are not cancelled or forfeited. The total fair value of shares vested during the year ended December 31, 2024 was $1.8 million.

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