Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

The following table summarizes stock option activity and related information for the periods presented:


	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (1) (in thousands)
Outstanding at January 1, 2020	2,473,198	$	4.67	6.84	$	—
Options granted	—	$	—
Options exercised	(6,821)	$	3.78
Options canceled	(146,059)	$	5.88
Outstanding at December 31, 2020	2,320,318	$	4.67	5.92	$	—
Exercisable at December 31, 2020	2,267,154	$	4.70	5.86	$	—

Outstanding at January 1, 2021	2,320,318	$	4.67	5.92	$	—
Options granted	223,638	$	6.37
Options exercised	(500)	$	3.14
Options canceled	(331)	$	9.29
Outstanding at March 31, 2021	2,543,125	$	4.82	6.05	$	—
Exercisable at March 31, 2021	2,283,243	$	4.70	5.65	$	—

Outstanding at April 1, 2021	2,543,125	$	4.82	6.05	$	—
Options granted	528,077	$	6.31
Options exercised	(52,799)	$	4.19
Options canceled	(139,395)	$	9.52
Outstanding at March 31, 2022	2,879,008	$	4.88	6.02	$	6,747
Exercisable at March 31, 2022	2,206,259	$	4.44	4.99	$	5,984

(1) Intrinsic value represents the excess of the fair value on the last day of the period (which was $7.07, $3.75 and $3.01 as of March 31, 2022, March 31, 2021 and December 31, 2020, respectively) over the exercise price, multiplied by the number of options.

Schedule of valuation assumptions

The assumptions used to value options granted to employees during the periods presented was as follows:


	Year Ended March 31, 2022	Three Month Transition Period Ended March 31, 2021
Weighted average expected life (in years)	5.87	5.23
Risk-free interest rate	1.08% - 1.32%	0.78% - 1.73%
Expected volatility	42.5% - 43.8%	43.1% - 44.3%
Grant date fair market value	$6.34	$3.75
Grant date fair value	$1.94 - $3.32	$0.94 - $1.65
Dividend yield	—%	—%

Schedule of unvested restricted stock units

The following table summarizes RSA activity and related information for the periods presented:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
January 1, 2020	—	$	—
Granted	135,501	$	3.91
Vested	(98,450)	$	3.88
December 31, 2020	37,051	$	4.00
Granted	—	$	—
Vested	(37,051)	$	4.00
March 31, 2021	—	$	—
Granted	—	$	—
Vested	—	$	—
March 31, 2022	—	$	—

The following table summarizes RSU activity and related information for the periods presented:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
January 1, 2020	—	$	—
Granted	816,180	$	4.00
Vested	(4,000)	$	4.00
Canceled	(6,855)	$	4.00
December 31, 2020	805,325	$	4.00
Granted	137,452	$	3.75
Vested	(3,000)	$	3.75
Canceled	(4,380)	$	4.00
March 31, 2021	935,397	$	3.96
Granted	342,640	$	6.31
Vested	(305,982)	$	3.98
Canceled	(17,280)	$	3.98
March 31, 2022	954,775	$	4.61

Stock-based compensation expense

The accompanying consolidated statement of operations and comprehensive loss includes stock-based compensation expense for the periods presented as follows (in thousands):


	Year Ended March 31, 2022		Three Month Transition Period Ended March 31, 2021		Year Ended December 31, 2020
Cost of revenue	$	161	$	39	$	93
Research and development	552		115		306
Sales and marketing	190		33		68
General and administrative	1,711		326		1,058
Total	$	2,614	$	513	$	1,525

Unrecognized stock-based compensation

Unrecognized stock-based compensation expense as of dates presented was as follows (in thousands):


	March 31, 2022			March 31, 2021
	Unrecognized Expense		Average Expected Recognition Period (in years)	Unrecognized Expense		Average Expected Recognition Period (in years)
Stock options	$	1,413	2.11	$	280	5.06
Restricted stock	2,576		1.57	2,738		1.76
Total	$	3,989	1.76	$	3,018	2.07