Redeemable Preferred Stock and Stockholders' Equity (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Equity [Abstract] |
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| Summary of Income Statement Classification of Compensation Expense |
The following table summarizes the income statement classification of compensation expense associated with share-based payments (in thousands):
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Three Months Ended
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Nine Months Ended
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September 30,
|
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September 30,
|
|
|
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2020
|
|
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2019
|
|
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2020
|
|
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2019
|
|
|
Cost of revenue
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|
$
|
79
|
|
|
$
|
94
|
|
|
$
|
208
|
|
|
$
|
229
|
|
|
Sales and marketing
|
|
|
183
|
|
|
|
173
|
|
|
|
571
|
|
|
|
411
|
|
|
General and administrative
|
|
|
517
|
|
|
|
442
|
|
|
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1,424
|
|
|
|
1,167
|
|
|
Engineering and development
|
|
|
68
|
|
|
|
61
|
|
|
|
164
|
|
|
|
167
|
|
|
|
|
$
|
847
|
|
|
$
|
770
|
|
|
$
|
2,367
|
|
|
$
|
1,974
|
|
|
| Assumptions on Estimation of Stock Option Fair Values |
The stock option fair values were estimated using the Black-Scholes option-pricing model with the following assumptions:
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Three Months Ended
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Nine Months Ended
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September 30,
|
|
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September 30,
|
|
|
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2020
|
|
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2019
|
|
|
2020
|
|
|
2019
|
|
|
Expected term (years)
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N/A
|
|
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6.1
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|
|
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5.5
|
|
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6.1
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|
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Volatility
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—
|
%
|
|
|
85.4
|
%
|
|
|
102.8
|
%
|
|
|
85.4
|
%
|
|
Annual dividend per share
|
|
N/A
|
|
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$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Risk-free interest rate
|
|
|
—
|
%
|
|
|
2.60
|
%
|
|
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0.37
|
%
|
|
|
2.60
|
%
|
|
| Summary of Option Activity |
A summary of option activity for the nine months ended September 30, 2020 is as follows (in thousands, except per share data):
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Weighted
|
|
|
Weighted
Average
Remaining
|
|
|
|
|
|
|
|
|
|
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Average
|
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Contractual
|
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Aggregate
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Shares
|
|
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Exercise
Price
|
|
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Term
(Years)
|
|
|
Intrinsic
Value(1)
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Options outstanding at December 31, 2019
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|
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1,287
|
|
|
$
|
5.77
|
|
|
|
|
|
|
$
|
—
|
|
|
Granted at fair market value
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|
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1,241
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
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Exercised
|
|
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—
|
|
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$
|
—
|
|
|
|
|
|
|
|
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Forfeited, cancelled, or expired
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(124
|
)
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$
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5.35
|
|
|
|
|
|
|
|
|
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Options outstanding at September 30, 2020
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|
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2,404
|
|
|
$
|
3.01
|
|
|
|
7.38
|
|
|
$
|
—
|
|
|
Options exercisable at September 30, 2020
|
|
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1,060
|
|
|
$
|
6.19
|
|
|
|
4.68
|
|
|
$
|
—
|
|
|
Vested options expired during the period
ended September 30, 2020
|
|
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17
|
|
|
$
|
13.2
|
|
|
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(1)
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The intrinsic value calculation does not include negative values. This can occur when the fair market value on the reporting date is less than the exercise price of the grant.
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| Summary of Unvested Stock Option Activity |
A summary of unvested stock option activity for the nine months ended September 30, 2020 is as follows (in thousands, except per share data):
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|
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|
|
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Weighted
|
|
|
|
|
|
|
|
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Average Grant
|
|
|
|
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Shares
|
|
|
Date Fair Value
|
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Unvested options at December 31, 2019
|
|
|
254
|
|
|
$
|
1.44
|
|
|
Granted
|
|
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1,242
|
|
|
$
|
0.29
|
|
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Vested
|
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(137
|
)
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|
$
|
1.46
|
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Forfeited or cancelled
|
|
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(15
|
)
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|
$
|
2.56
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Unvested options at September 30, 2020
|
|
|
1,344
|
|
|
$
|
0.37
|
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| Cash Proceeds, Along With Fair Value Disclosures Related to Grants, Exercises and Vesting Options |
Cash proceeds, along with fair value disclosures related to grants, exercises and vested options are as follows (in thousands, except per share amounts):
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Three Months Ended
|
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Nine Months Ended
|
|
|
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|
September 30,
|
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|
September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Proceeds from stock options exercised
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
Tax benefit related to stock options exercised (1)
|
|
N/A
|
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N/A
|
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|
N/A
|
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|
N/A
|
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|
Intrinsic value of stock options exercised (2)
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|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Weighted-average fair value of options granted
during period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.29
|
|
|
$
|
1.53
|
|
|
Total fair value of shares vested during the period
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
188
|
|
|
$
|
683
|
|
|
|
(1)
|
Excess tax benefits received related to stock option exercises are presented as operating cash inflows. The Company currently does not receive a tax benefit related to the exercise of stock options due to the Company’s net operating losses.
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(2)
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The intrinsic value of stock options exercised is the amount by which the market price of the stock on the date of exercise exceeded the strike price of the stock on the date of grant.
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| Summary of Unvested Restricted Stock Units |
A summary of unvested RSU activity for the nine months ended September 30, 2020 is as follows (in thousands, except per share amounts):
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|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
Average Grant
|
|
|
|
|
Shares
|
|
|
Date Fair Value
|
|
|
Unvested RSUs at December 31, 2019
|
|
|
3,564
|
|
|
$
|
1.68
|
|
|
Granted
|
|
|
2,919
|
|
|
$
|
0.39
|
|
|
Vested
|
|
|
(1,694
|
)
|
|
$
|
1.10
|
|
|
Forfeited or cancelled
|
|
|
(962
|
)
|
|
$
|
1.13
|
|
|
Unvested RSUs at September 30, 2020
|
|
|
3,827
|
|
|
|
0.71
|
|
|
| Summary of Warrant Activity |
A summary of warrant activity for the nine months ended September 30, 2020 is as follows (in thousands, except exercise price amounts):
|
|
|
|
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
|
Shares
|
|
|
Exercise
Price
|
|
|
Warrants outstanding, December 31, 2019
|
|
|
2,083
|
|
|
$
|
6.12
|
|
|
Granted or Issued
|
|
|
55,864
|
|
|
$
|
0.42
|
|
|
Exercised
|
|
|
(116
|
)
|
|
$
|
0.40
|
|
|
Forfeited, cancelled, or expired
|
|
|
—
|
|
|
$
|
—
|
|
|
Warrants outstanding at September 30, 2020
|
|
|
57,831
|
|
|
$
|
0.62
|
|
|
Warrants exercisable at September 30, 2020
|
|
|
57,831
|
|
|
$
|
0.62
|
|
|
Vested warrants expired during the period
ended September 30, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|