Quarterly report pursuant to Section 13 or 15(d)

17. Restricted Stock Units

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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.