Riot Blockchain, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Restricted Common Stock, Stock Options, Restricted Stock Units (RSUs) and Warrants (Tables)

Restricted Common Stock, Stock Options, Restricted Stock Units (RSUs) and Warrants (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Recognized Stock-based Compensation

The Company recognized stock-based compensation expense during the three and nine months ended September 30, 2021 and 2020 as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Time-based restricted stock awards	$	1,518	$	467	$	3,423	$	2,848
Performance-based restricted stock awards		34,505		-		34,505		-
Total stock-based compensation	$	36,023	$	467	$	37,928	$	2,848

Summary of Restricted Plan Activity

A summary of the Company’s unvested performance-based restricted common stock units for the nine months ended September 30, 2021 is presented here:

	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021	-	$	-
Granted	3,925,000	$	36.83
Vested	(319,027)	$	36.83
Unvested at September 30, 2021	3,605,973	$	36.83

Schedule of Fair Value Assumptions

A summary of the Company’s unvested time-based restricted common stock units for the nine months ended September 30, 2021 is presented here:

	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021	633,305	$	1.27
Vested	(188,849)	$	14.44
Granted	173,737	$	33.33
Forfeited	(150)	$	44.64
Unvested at September 30, 2021	618,043	$	6.31

Schedule of Changes in Outstanding Warrants

During the three months ended September 30, 2021, 63,000 warrants were issued to XMS as partial payment for its advisory services in connection with the Whinstone Acquisition. The warrant entitles XMS to purchase from the Company up to 63,000 shares of the Company’s common stock, no par value per share, at a purchase price of $48.37 per share at any time through August 12, 2026. All warrants issued to prior investors in connection with previously disclosed private placement transactions in 2019 and 2017, had either been exercised or forfeited. The following is a summary of outstanding warrants for the nine months ended September 30, 2021:

	Shares Underlying Options/Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding and exercisable at January 1, 2021	2,061,770		$	32.33	1.1	$	6,256
Granted	63,000		$	48.37	4.9		-
Exercised	(1,672,892	)	$	1.94	-		-
Forfeited	(388,878)		$	40.00	-		-
Outstanding and exercisable at September 30, 2021	63,000		$	48.37	4.9	$	-