Note 18: Restricted Stock Units

During the three months ended March 31, 2022, the Company granted 300,000 RSUs to a nonemployee with a fair market value of $268,500. The RSUs were granted on March 17, 2022, with a three-year vesting period and a five-year term.

During the three months ended June 30, 2022, the Company granted 469,677 fully vested RSUs to a nonemployee for production services with a fair market value of $286,806. The RSUs were granted on May 10, 2022 with a five-year term and recorded as part of capitalized production costs.

During the three months ended June 30, 2022, the Company also granted 500,000 RSUs to a former employee of Wow, as a new employee of the Company after the acquisition date, with a fair market value of $390,000. The RSUs were granted on June 23, 2022, with a three-year vesting period and a five-year term.

The following table summarizes the Company’s RSU activity during the six months ended June 30, 2022:

During the three months ended June 30, 2022 and 2021, the Company recognized $3.8 million and $0.8 million, respectively, in share-based compensation expense related to RSUs. During the six months ended June 30, 2022 and 2021, the Company recognized $7.9 million and $1.9 million, respectively, in share-based compensation expense related to RSUs. The unrecognized share-based compensation expense related to RSUs at June 30, 2022 of $2.9 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.