Redeemable Preferred Stock and Stockholders' Equity (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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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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Six Months Ended |
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June 30, |
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June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Cost of revenue |
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$ |
35 |
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$ |
78 |
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$ |
113 |
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$ |
129 |
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Sales and marketing |
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|
108 |
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175 |
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229 |
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|
384 |
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General and administrative |
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168 |
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482 |
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718 |
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|
907 |
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Engineering and development |
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55 |
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66 |
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237 |
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|
|
99 |
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Total |
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$ |
366 |
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$ |
801 |
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$ |
1,297 |
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$ |
1,519 |
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| 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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Six Months Ended |
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June 30, |
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June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Expected term (years) |
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N/A |
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5.5 |
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6.1 |
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5.5 |
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Volatility |
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— |
% |
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|
103 |
% |
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|
110 |
% |
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|
103 |
% |
Annual dividend per share |
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N/A |
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$ |
— |
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$ |
— |
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$ |
— |
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Risk-free interest rate |
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— |
% |
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0.36 |
% |
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0.69 |
% |
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0.37 |
% |
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| Summary of Option Activity |
A summary of option activity for the six months ended June 30, 2021 is as follows (in thousands, except per share data):
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Weighted |
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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) |
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Intrinsic
Value(1) |
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Options outstanding at December 31, 2020 |
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2,398 |
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$ |
2.96 |
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7.2 |
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$ |
53 |
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Granted at fair market value |
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20 |
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$ |
1.29 |
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Forfeited, cancelled, or expired |
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(100 |
) |
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$ |
7.87 |
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Options outstanding at June 30, 2021 |
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2,318 |
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$ |
2.73 |
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6.9 |
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$ |
405 |
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Options exercisable at June 30, 2021 |
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2,222 |
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$ |
2.80 |
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6.9 |
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$ |
396 |
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Vested options expired during the period
ended June 30, 2021 |
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|
91 |
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$ |
8.48 |
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(1)
The intrinsic value calculation does not include negative values, which can occur when the fair market value on the reporting date is less than the exercise price of the award.
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| Summary of Unvested Stock Option Activity |
A summary of unvested stock option activity for the six months ended June 30, 2021 is as follows (in thousands, except per share data):
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Weighted |
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Average Grant |
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Shares |
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Date Fair Value |
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Unvested options at December 31, 2020 |
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1,323 |
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$ |
0.34 |
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Granted |
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20 |
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$ |
1.07 |
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Vested |
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(1,248 |
) |
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$ |
0.31 |
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Unvested options at June 30, 2021 |
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|
95 |
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$ |
0.83 |
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| Fair Value Disclosures Related to Grants, Exercises and Vesting Options |
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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Six Months Ended |
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June 30, |
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June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Weighted-average fair value of options granted
during period |
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$ |
— |
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$ |
0.29 |
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$ |
1.07 |
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$ |
0.29 |
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Total fair value of shares vested during the period |
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$ |
365 |
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$ |
58 |
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$ |
387 |
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$ |
134 |
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| Summary of Unvested Restricted Stock Units |
A summary of unvested RSU activity for the six months ended June 30, 2021 is as follows (in thousands, except per share amounts):
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Weighted |
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Average Grant |
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Shares |
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Date Fair Value |
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Unvested RSUs at December 31, 2020 |
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3,672 |
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$ |
0.66 |
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Granted |
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|
1,378 |
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$ |
1.08 |
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Vested |
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(2,879 |
) |
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$ |
0.69 |
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Forfeited or cancelled |
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(521 |
) |
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$ |
1.38 |
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Unvested RSUs at June 30, 2021 |
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1,650 |
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$ |
0.72 |
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| Summary of Warrant Activity |
A summary of warrant activity for the six months ended June 30, 2021 is as follows (in thousands, except exercise price amounts):
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Weighted |
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Average |
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Shares |
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Exercise
Price |
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Warrants outstanding, December 31, 2020 |
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54,052 |
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$ |
0.62 |
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Exercised |
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(35,765 |
) |
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$ |
0.43 |
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Warrants outstanding at June 30, 2021 |
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|
18,287 |
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$ |
1.00 |
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Warrants exercisable at June 30, 2021 |
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|
18,287 |
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|
$ |
1.00 |
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Vested warrants expired during the period
ended June 30, 2021 |
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|
— |
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$ |
— |
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