Note 15: Restricted Stock Units

Restricted stock units (“RSUs”) are granted under the Company’s 2020 Plan. During the three months ended March 31, 2025 and 2024, the Company granted 110,968 and 95,229 fully vested RSUs to the Company’s board members and consultants, with a fair market value of $65,375 and $131,379, respectively.

An aggregate of 110,968 shares of common stock were issued during the three months ended March 31, 2025 as a result of RSUs vested during the current and prior periods.

The following table summarizes the Company’s RSU activity:

During the three months ended March 31, 2025 and 2024, the Company recognized $0.1 million and $0.2 million, respectively, in share-based compensation expense related to RSU awards included in General and Administrative Expense on the Company’s condensed consolidated statements of operations. The unvested share-based compensation as of March 31, 2025 was $17,545 which will be recognized through the fourth quarter of 2026 assuming the underlying grants are not cancelled or forfeited. The total fair value of shares vested during the three months ended March 31, 2025 was $0.1 million.