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Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Stockholders' Equity Note, Warrants or Rights

A summary of the Company’s outstanding warrants as of September 30, 2022, are presented below (in thousands, except share and exercise price):


	Number of Shares	Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (in years)
Outstanding as of December 31, 2021	565,544	$	9.96	$	3,546	0.1
Granted	166,667	$	15.00
Exercised	(540,541)	$	9.25			-
Expired	(25,000)	$	9.25
Outstanding and exercisable as of September 30, 2022	166,670	$	17.40	$	—	9.8

The Company estimated the fair value of the warrants granted during the three and nine months ended September 30, 2022 using the Monte Carlo valuation model as follows:

Share-based Payment Arrangement, Expensed and Capitalized, Amount

During the three and nine months ended September 30, 2022 and 2021 the Company recognized stock-based compensation expense as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Subscriber related	$	15	$	13	$	91	$	43
Sales and marketing	5,432		821		18,565		2,324
Technology and development	2,575		1,535		8,164		12,156
General and administrative	5,614		10,298		20,474		31,949
	$	13,636	$	12,667	$	47,294	$	46,472

Share-based Payment Arrangement, Activity

A summary of stock option activity for the nine months ended September 30, 2022, is as follows (in thousands, except share and per share amounts):


	Number of Shares	Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2021	11,454,890	$	6.40	$	70,231	7.4

Exercised	(565,022)	$	1.33
Forfeited or expired	(507,492)	$	10.95
Outstanding as of September 30, 2022	10,382,376	$	6.46	$	7,975	6.2

Options vested and exercisable as of September 30, 2022	7,816,011	$	5.63	$	7,854	5.8

A summary of activity under the 2020 Plan for market and service-based stock options for the nine months ended September 30, 2022 is as follows (in thousands, except share and per share amounts):


	Number of Shares	Weighted Average Exercise Price		Total Intrinsic Value		Weighted Average Remaining Contractual Life (Years)
Outstanding as of December 31, 2021	4,453,297	$	12.75	$	17,933	5.7

Outstanding as of September 30, 2022	4,453,297	$	12.75	$	—	4.9

Options vested and exercisable as of September 30, 2022	3,536,630	$	10.98	$	—	4.7

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions



Dividend yield			—
Expected price volatility			107.0%
Risk free interest rate			2.8%
Expected term (years)			10.0

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s time-based restricted stock unit activity during the nine months ended September 30, 2022 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2021	2,785,800	$	25.73
Granted	3,512,728	$	5.70
Vested	(350,635)	$	26.93
Forfeited	(708,810)	$	14.59
Unvested at September 30, 2022	5,239,083	$	13.73

A summary of the Company’s performance-based restricted stock unit activity during the nine months ended September 30, 2022 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2021	1,900,000	$	33.87
Vested	(280,000)	$	33.87
Unvested at September 30, 2022	1,620,000	$	33.87