Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation

v3.22.2.2
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
There have been no material changes to the terms of our 2018 Equity Incentive Plan (the "2018 Plan"), 2018 Employee Stock Purchase Plan ("2018 ESPP") and 2009 Equity Incentive Plan ("2009 Plan") since the filing of our Annual Report on Form 10-K. Refer to Note 14, Stock-Based Compensation, in our Annual Report on Form 10-K filed with the SEC on April 7, 2022 for more information on our various equity incentive plans.
2018 Equity Incentive Plan
Shares of common stock reserved for issuance under the 2018 Plan also will include any shares of common stock subject to stock options, restricted stock units or similar awards granted under the 2009 Plan, that, on or after the adoption of the 2018 Plan, expire or otherwise terminate without having been exercised in full and shares of common stock issued pursuant to awards granted under the 2009 Plan that are forfeited to or repurchased by us. As of September 30, 2022, the maximum number of shares of common stock that may be added to the 2018 Plan pursuant to the foregoing is 897,229. Not including the maximum number of shares from the 2009 Plan that may be added to the 2018 Plan, the 2018 Plan had 2,272,435 and 762,038 shares of common stock reserved for future issuances as of September 30, 2022 and December 31, 2021, respectively.
Restricted Stock Units
A summary of our restricted stock unit activity under the 2018 Plan for the nine months ended September 30, 2022 is set forth below:
Shares Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2021 3,576,270  $ 1.94 
Granted 1,292,000  1.58 
Released (1,409,494) 1.76 
Forfeited (105,000) 2.22 
Outstanding as of September 30, 2022 3,353,776  $ 1.86 
During the third quarter of 2022, we granted 1,267,000 restricted stock unit awards to team members with an average grant date fair value of $1.57 per share. The awards granted to team members vest over a range of 39 to 49 months with various installment and vesting dates, and are subject to service conditions. We also granted 25,000 restricted stock units to non-employee, each with a grant date fair value of $1.70. The award vest on March 31, 2023 and are subject to service conditions.
Stock Options
A summary of our stock option activity under the 2018 Plan and related information is as follows:
Number of Shares Weighted Average
Exercise Price		 Weighted Average
Remaining
Contractual Term
(years)		 Aggregate Intrinsic
Value
Outstanding as of December 31, 2021 50,000  $ 1.08  1.37 $ 78 
Granted 50,000  1.70 
Exercised —  — 
Forfeited (12,500) 1.08 
Outstanding as of September 30, 2022 87,500  $ 1.43  5.9 $ 4 
Exercisable as of September 30, 2022 68,750  $ 1.36  4.82 $ 4 
During third quarter of 2022, we granted options to purchase 50,000 shares of our common stock to two non-employee consultants with an exercise price of $1.70 per share. The options vest over five months with half on August 30, 2022, then four equal monthly installments until December 30, 2022.
2018 Employee Stock Purchase Plan
We use a Black-Scholes option pricing model to determine the fair value of shares to be purchased under the 2018 ESPP. Stock-based compensation expense related to our 2018 ESPP for the three and nine months ended September 30, 2022 was not significant. There were 911,245 and 189,215 shares of common stock available for sale and reserved for issuance as of September 30, 2022 and December 31, 2021, respectively.
2009 Equity Incentive Plan
A summary of our stock option activity under the 2009 Plan and related information is as follows:
Number of Shares Weighted Average
Exercise Price		 Weighted Average
Remaining
Contractual Term
(years)		 Aggregate Intrinsic
Value
Outstanding as of December 31, 2021 925,467  $ 0.80  5.59 $ 1,692 
Granted —  — 
Exercised (22,757) 0.68 
Forfeited (5,481) 2.00 
Outstanding as of September 30, 2022 897,229  $ 0.80  4.96 $ 452 
Exercisable as of September 30, 2022 896,155  $ 0.80  4.96 $ 452 
For the nine months ended September 30, 2022, the aggregate intrinsic value of options exercised was $42 and the total fair value of options vested was $16.
Stock-Based Compensation
Compensation costs that have been included in our condensed consolidated statements of operations and comprehensive (loss) income for all stock-based compensation arrangements is set forth below:
Three Months Ended September 30, Nine Months Ended September 30,
Stock-based compensation 2022 2021 2022 2021
Cost of revenues $ 59  $ 352  $ 154  $ 884 
Sales and marketing 35  140  80  371 
General and administrative 760  790  1,827  2,124 
Research and development 45  213  108  554 
Total stock-based compensation $ 899  $ 1,495  $ 2,169  $ 3,933 
As of September 30, 2022, there was approximately $5,702, $224 and $1 of total unrecognized compensation cost related to the 2018 Plan, the 2018 ESPP and the 2009 Plan, respectively. These unrecognized compensation costs are expected to be recognized over an estimated weighted-average period of approximately 2.7 years, 1.1 years and 0.8 years for the 2018 Plan, the 2018 ESPP and 2009 Plan, respectively.