10. RESTRICTED STOCK UNITS

A summary of restricted stock unit activity for the three months ended March 31, 2022 is presented below.

SUMMARY OF RESTRICTED STOCK AWARD ACTIVITY 

During the three months ended March 31, 2022, the Company granted 1,334,270 restricted stock units to officers, directors, and employees that vest over four years. These restricted stock units were valued based on market value of the Company’s stock price at the date of grants and had an aggregate fair value of $1,561.

The total fair value of restricted stock units that vested or deemed vested during the three months ended March 31, 2022 was $247. As of March 31, 2022 the amount of unvested compensation related to issuances of restricted stock units was $2,359 which will be recognized as an expense in future periods as the shares vest. When calculating basic net loss per share, these shares are included in weighted average common shares outstanding from the time they vest. When calculating diluted net loss per share, these shares are included in weighted average common shares outstanding as of their grant date.