v3.19.3
Stockholders' (Deficit) Equity (Tables)
|
9 Months Ended |
|
|---|
| 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 |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Cost of revenue |
|
$ |
94 |
|
|
$ |
127 |
|
|
$ |
229 |
|
|
$ |
289 |
|
|
Sales and marketing |
|
|
173 |
|
|
|
134 |
|
|
|
411 |
|
|
|
368 |
|
|
General and administrative |
|
|
442 |
|
|
|
258 |
|
|
|
1,167 |
|
|
|
932 |
|
|
Engineering and development |
|
|
61 |
|
|
|
85 |
|
|
|
167 |
|
|
|
273 |
|
|
|
|
$ |
770 |
|
|
$ |
604 |
|
|
$ |
1,974 |
|
|
$ |
1,862 |
|
|
| 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 |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Expected term |
|
6.1 years |
|
|
5.9 years |
|
|
6.1 years |
|
|
5.9 years |
|
|
Volatility |
|
|
85.4 |
% |
|
|
81.9 |
% |
|
|
85.4 |
% |
|
|
81.4 |
% |
|
Annual dividend per share |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Risk-free interest rate |
|
|
2.60 |
% |
|
|
2.90 |
% |
|
|
2.60 |
% |
|
|
2.50 |
% |
|
| Summary of Option Activity |
A summary of option activity for the nine months ended September 30, 2019 is as follows (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
Weighted
Average |
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Remaining |
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
Contractual |
|
|
Aggregate |
|
|
|
Shares |
|
|
Exercise
Price |
|
|
Term
(Years) |
|
|
Intrinsic
Value(1) |
|
|
Options outstanding, December 31, 2018 |
|
1,623 |
|
|
$ |
6.54 |
|
|
|
|
|
|
$ |
— |
|
|
Granted at fair market value |
|
70 |
|
|
$ |
2.08 |
|
|
|
|
|
|
|
|
|
|
Exercised |
|
(2 |
) |
|
$ |
2.10 |
|
|
|
|
|
|
|
|
|
|
Forfeited, cancelled, or expired |
|
(332 |
) |
|
$ |
7.27 |
|
|
|
|
|
|
|
|
|
|
Options outstanding at September 30, 2019 |
|
1,359 |
|
|
$ |
6.14 |
|
|
|
5.63 |
|
|
$ |
— |
|
|
Options exercisable at September 30, 2019 |
|
1,080 |
|
|
$ |
7.00 |
|
|
|
5.01 |
|
|
$ |
— |
|
|
Vested options expired during the period
ended September 30, 2019 |
|
124 |
|
|
$ |
9.08 |
|
|
|
|
|
|
|
|
|
(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 nine months ended September 30, 2019 is as follows (in thousands, except per share data):
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Average Grant |
|
|
|
Shares |
|
|
Date Fair Value |
|
|
Unvested options at December 31, 2018 |
|
522 |
|
|
$ |
2.11 |
|
|
Granted |
|
70 |
|
|
$ |
1.51 |
|
|
Vested |
|
(229 |
) |
|
$ |
2.55 |
|
|
Forfeited or cancelled |
|
(84 |
) |
|
$ |
2.39 |
|
|
Unvested options at September 30, 2019 |
|
279 |
|
|
$ |
1.59 |
|
|
| 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 |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Proceeds from stock options exercised |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
2 |
|
|
Tax benefit related to stock options
exercised (1) |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
Intrinsic value of stock options exercised (2) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Weighted-average fair value of options
granted during period |
|
$ |
— |
|
|
$ |
1.02 |
|
|
$ |
1.53 |
|
|
$ |
1.38 |
|
|
Total fair value of shares vested during the
period |
|
$ |
— |
|
|
$ |
164 |
|
|
$ |
683 |
|
|
$ |
1,008 |
|
(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 market price of the stock on the date of grant.
|
| Summary of Unvested Restricted Stock Units |
A summary of unvested RSU activity for the nine months ended September 30, 2019 is as follows (in thousands, except per share amounts):
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Average Grant |
|
|
|
Shares |
|
|
Date Fair Value |
|
|
Unvested RSUs at December 31, 2018 |
|
2,163 |
|
|
$ |
1.84 |
|
|
Granted |
|
1,851 |
|
|
$ |
2.08 |
|
|
Vested |
|
(841 |
) |
|
$ |
1.74 |
|
|
Forfeited or cancelled |
|
(113 |
) |
|
$ |
2.37 |
|
|
Unvested RSUs at September 30, 2019 |
|
3,060 |
|
|
$ |
1.87 |
|
|
| Summary of Warrant Activity |
The Company issues warrants to acquire shares of its common stock as approved by the Board. A summary of warrant activity for the nine months ended September 30, 2019 is as follows (in thousands, except exercise price amounts):
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Average |
|
|
|
Shares |
|
|
Exercise Price |
|
|
Warrants outstanding, December 31, 2018 |
|
1,934 |
|
|
$ |
6.62 |
|
|
Granted or Issued |
|
149 |
|
|
$ |
2.22 |
|
|
Exercised |
|
— |
|
|
$ |
— |
|
|
Forfeited, cancelled, or expired |
|
— |
|
|
$ |
— |
|
|
Warrants outstanding at September 30, 2019 |
|
2,083 |
|
|
$ |
6.30 |
|
|
Warrants exercisable at September 30, 2019 |
|
2,083 |
|
|
$ |
6.30 |
|
|
Vested warrants expired during the quarter ended
September 30, 2019 |
|
— |
|
|
$ |
— |
|
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| X |
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| X |
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| X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.
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| X |
- DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock units.
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- DefinitionTabular disclosure of the changes in outstanding nonvested shares.
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| X |
- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.
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| X |
- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
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| X |
- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
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