Quarterly report pursuant to Section 13 or 15(d)

Redeemable Preferred Stock and Stockholders' Equity (Tables)

v3.21.1
Redeemable Preferred Stock and Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
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):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Cost of revenue

 

$

79

 

 

$

51

 

Sales and marketing

 

 

121

 

 

 

210

 

General and administrative

 

 

615

 

 

 

425

 

Engineering and development

 

 

113

 

 

 

33

 

Total

 

$

928

 

 

$

719

 

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:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Expected term (years)

 

 

6.1

 

 

 

5.9

 

Volatility

 

 

110

%

 

 

82

%

Annual dividend per share

 

$

 

 

$

 

Risk-free interest rate

 

 

0.69

%

 

 

1.25

%

Summary of Option Activity

A summary of option activity for the three months ended March 31, 2021 is as follows (in thousands, except per share data):

 

 

 

 

 

 

Weighted

 

 

Weighted
Average
Remaining

 

 

 

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Aggregate

 

 

 

Shares

 

 

Exercise
Price

 

 

Term
(Years)

 

 

Intrinsic
Value(1)

 

Options outstanding at December 31, 2020

 

 

2,398

 

 

$

2.96

 

 

 

7.2

 

 

$

53

 

Granted at fair market value

 

 

20

 

 

$

1.29

 

 

 

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

 

 

 

Forfeited, cancelled, or expired

 

 

(9

)

 

$

1.88

 

 

 

 

 

 

 

Options outstanding at March 31, 2021

 

 

2,409

 

 

$

2.95

 

 

 

6.9

 

 

$

589

 

Options exercisable at March 31, 2021

 

 

1,083

 

 

$

6.01

 

 

 

4.3

 

 

$

2

 

Vested options expired during the period
   ended March 31, 2021

 

 

 

 

$

 

 

 

 

 

 

 

 

(1)
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.

 

Summary of Unvested Stock Option Activity

A summary of unvested stock option activity for the three months ended March 31, 2021 is as follows (in thousands, except per share data): 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

Unvested options at December 31, 2020

 

 

1,323

 

 

$

0.34

 

Granted

 

 

20

 

 

$

1.07

 

Vested

 

 

(18

)

 

$

1.18

 

Forfeited or cancelled

 

 

 

 

$

 

Unvested options at March 31, 2021

 

 

1,325

 

 

$

0.34

 

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):

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Proceeds from stock options exercised

 

$

 

 

$

 

Tax benefit related to stock options exercised (1)

 

 N/A

 

 

 N/A

 

Intrinsic value of stock options exercised (2)

 

$

 

 

$

 

Weighted-average fair value of options granted
   during period

 

$

1.07

 

 

$

0.54

 

Total fair value of shares vested during the period

 

$

21

 

 

$

67

 

 

(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.
(2)
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 exercise price of the options.

Restricted Stock Units

Summary of Unvested Restricted Stock Units

A summary of unvested RSU activity for the three months ended March 31, 2021 is as follows (in thousands, except per share amounts):

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average Grant

 

 

 

Shares

 

 

Date Fair Value

 

Unvested RSUs at December 31, 2020

 

 

3,672

 

 

$

0.66

 

Granted

 

 

1,164

 

 

$

1.14

 

Vested

 

 

(1,694

)

 

$

0.88

 

Forfeited or cancelled

 

 

(465

)

 

$

1.50

 

Unvested RSUs at March 31, 2021

 

 

2,677

 

 

$

0.58

 

Summary of Warrant Activity

A summary of warrant activity for the three months ended March 31, 2021 is as follows (in thousands, except exercise price amounts):

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

Shares

 

 

Exercise
Price

 

Warrants outstanding, December 31, 2020

 

 

54,052

 

 

$

0.62

 

Granted or Issued

 

 

 

 

$

 

Exercised

 

 

(35,740

)

 

$

0.43

 

Forfeited, cancelled, or expired

 

 

 

 

$

 

Warrants outstanding at March 31, 2021

 

 

18,312

 

 

$

1.01

 

Warrants exercisable at March 31, 2021

 

 

18,312

 

 

$

1.01

 

Vested warrants expired during the period
   ended March 31, 2021

 

 

 

 

$