10. RESTRICTED STOCK UNITS

A summary of restricted stock unit activity for the nine months ended September 30, 2022, is presented below.

SUMMARY OF RESTRICTED STOCK AWARD ACTIVITY 

During the nine months ended September 30, 2022, the Company granted 1,334,270 restricted stock units to certain officers, employees and directors. The restricted stock units vest on various dates from January 2023 through March 2026. These restricted stock units were valued based on the closing price of the Company’s common stock on the respective dates of issuance and had an aggregate grant date fair value of $1,561, which is being amortized as share-based compensation expense over the respective vesting terms.

The total fair value of restricted stock units that vested during the three and nine months ended September 30, 2022, was $311 and $876, respectively. As of September 30, 2022, the remaining share-based compensation expense associated with previously issued restricted stock units was $1,741 which will be recognized in future periods as the units vest. When calculating basic net loss per share, these shares are included in weighted average common shares outstanding from the time they vest.