A summary of restricted stock unit activity for the years ended December 31, 2022 and 2021, is presented below:

SUMMARY OF RESTRICTED STOCK AWARD ACTIVITY 

During the year ended December 31, 2022, the Company granted 3,727,638 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 $2,088, which is being amortized as share-based compensation expense over the respective vesting terms.

On November 17, 2022, the board of directors approved the Cost Savings Plan in which certain directors and senior level management agreed to accept a 25% reduction in cash compensation over a four-month period commencing December 1, 2022 in exchange for shares of common stock. The shares were granted pursuant to agreements entered into effective November 17, 2022. The shares vest monthly, at the end of each month, over the four-month period, ending on March 31, 2023. On November 17, 2022, a total of 2,393,368 shares of restricted stock with a fair value of $527 was granted pursuant to the Cost Savings Plan. The total shares of restricted stock include 560,598 granted to officers and 132,572 granted to directors.

The total fair value of restricted stock units that vested during the year ended December 31, 2022 was $1,273. As of December 31, 2022, the remaining share-based compensation expense associated with previously issued restricted stock units was $1,781 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.

During the year ended December 31, 2021, the Company granted 813,265 restricted stock units to officers and directors. The restricted stock units vest starting on grant date through January 2024. 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 aggregate grant date fair value of $1,374.

The total fair value of restricted stock units that vested during the year ended December 31, 2021 was $1,626. As of December 31, 2021, the remaining share-based compensation expense associated with previously issued restricted stock units was $1,691 which was amortized over the remaining vesting periods.