COMMON STOCK OFFERING, RESTRICTED STOCK UNITS, STOCK OPTIONS AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table sets forth a summary of stock option activity under the Stock Plans for the three months ended March 31, 2024 (shares in thousands): 

	Shares	Price (1)		Term (2)
Outstanding, December 31, 2023	7,800	$	5.77	5.9
Granted	184	3.11
Forfeited	(108)	5.29
Expired	(406)	5.35
Outstanding, March 31, 2024 (3)(4)	7,470	5.73		6.0
Vested, March 31, 2024 (3)	4,729	6.38		4.4

(1)Represents the weighted average exercise price.

(2)Represents the weighted average remaining contractual term until the stock options expire in years.

(3)As of March 31, 2024, the aggregate intrinsic value of all stock options outstanding was $0.1 million. As of March 31, 2024, the aggregate intrinsic value of vested stock options was $5 thousand.

(4)The number of outstanding stock options that are not expected to ultimately vest due to forfeiture amounted to 0.3 million shares as of March 31, 2024.

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

For the three months ended March 31, 2024, the fair value of each stock option grant under the Stock Plans was estimated on the date of grant using the BSM option-pricing model, with the following weighted-average assumptions:

 

Expected life (in years)	6.0
Volatility	64%
Dividend yield	0%
Risk-free interest rate	4.06%
Fair value per share of Common Stock on date of grant	$3.11

Schedule of Stockholders Equity

The following table presents activity affecting the total number of shares available for grant under the 2013 Plan for the three months ended March 31, 2024 (in thousands):

 

Available, December 31, 2023	8,481
Newly authorized by Board of Directors	3,584
Stock options granted	(184)
RSUs and PSUs granted	(248)
Expired options under Stock Plans	406
Forfeited options under Stock Plans	108
Forfeited RSUs under Stock Plans	136
Available, March 31, 2024	12,283

Schedule of Stock-based Compensation Expense

Stock-based compensation expense attributable to RSUs and stock options is classified as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Cost of revenue	$	515	$	413
Sales and marketing	405		458
General and administrative	1,638		1,105
Total	$	2,558	$	1,976