Stock-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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 July 1, 2022	2,864,970	$	4.87	5.77	$	113
Options granted	193,909	5.24
Options exercised	(9,061)	4.04
Options canceled	(4,156)	6.87
Outstanding at September 30, 2022	3,045,662	4.89		5.80	1,783
Exercisable at September 30, 2022	2,267,923	4.45		4.63	1,655
Outstanding at July 1, 2021	2,462,414	$	4.79	5.82	$	720
Options granted	55,000	4.50
Options exercised	—	—
Options canceled	(10,883)	6.47
Outstanding at September 30, 2021	2,506,531	4.77		5.67	590
Exercisable at September 30, 2021	2,224,110	4.64		5.19	569

(1) Intrinsic value represents the excess of the fair value on the last day of the period (which was $5.03 and $4.52 as of September 30, 2022 and 2021, respectively) over the exercise price, multiplied by the number of options.

	Number of Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (1) (in thousands)
Outstanding at April 1, 2022	2,879,008	$	4.88	6.02	$	6,747
Options granted	193,909	5.24
Options exercised	(13,422)	4.18
Options canceled	(13,833)	7.52
Outstanding at September 30, 2022	3,045,662	4.89		5.80	1,783
Exercisable at September 30, 2022	2,267,923	4.45		4.63	1,655
Outstanding at April 1, 2021	2,543,125	$	4.82	6.05	$	—
Options granted	55,000	4.50
Options exercised	(31,925)	4.21
Options canceled	(59,669)	6.78
Outstanding at September 30, 2021	2,506,531	4.77		5.67	590
Exercisable at September 30, 2021	2,224,110	4.64		5.19	569

(1) Intrinsic value represents the excess of the fair value on the last day of the period (which was $5.03 and $4.52 as of September 30, 2022 and 2021, 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:

	Three and Six Months Ended September 30,
	2022	2021
Weighted average expected life (in years)	5.82	6.11
Risk-free interest rate	3.12% - 3.83%	1.08%
Expected volatility	42.49% - 46.65%	43.79%
Grant date fair market value	$5.24	$4.50
Grant date fair value	$2.37 - $3.01	$1.94
Dividend yield	—%	—%

Schedule of Unvested Restricted Stock Units

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

	September 30, 2022
	Three Months Ended			Six Months Ended
	Number of Shares	Weighted-Average Grant Date Fair Value Per Share		Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Balance at beginning of period	938,925	$	4.82	954,775	$	4.61
Granted	164,440	5.24		164,440	5.24
Vested	(30,805)	4.40		(35,180)	4.31
Canceled	(44,806)	3.99		(56,281)	3.98
Balance at end of period	1,027,754	4.96		1,027,754	4.96

	September 30, 2021
	Three Months Ended			Six Months Ended
	Number of Shares	Weighted-Average Grant Date Fair Value Per Share		Number of Shares	Weighted-Average Grant Date Fair Value Per Share
Balance at beginning of period	922,037	$	3.96	935,397	$	3.96
Granted	35,000	3.75		35,000	3.75
Vested	(2,000)	3.75		(3,000)	3.75
Canceled	(3,400)	3.93		(15,760)	3.98
Balance at end of period	951,637	3.96		951,637	3.96

Stock-Based Compensation Expense

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

	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Cost of revenue	$	53	$	39	$	92	$	66
Research and development	(46)		111		(45)		238
Sales and marketing	82		35		109		71
General and administrative	547		326		1,063		633
Total	$	636	$	511	$	1,219	$	1,008

Unrecognized Stock-Based Compensation

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

	September 30, 2022			September 30, 2021
	Unrecognized Expense		Average Expected Recognition Period (in years)	Unrecognized Expense		Average Expected Recognition Period (in years)
Stock options	$	1,583	1.25	$	339	4.35
Restricted stock	2,274		1.54	1,831		1.50
Total	$	3,857	1.43	$	2,170	1.77