XML 24 R15.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Stock-Based Compensation | 9 Months Ended
--- | ---
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation | Note 8 — Stock-based compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The fair value is recognized in earnings over the period during which an employee is required to provide the service. The Company accounts for forfeitures as they occur. CuriosityStream 2020 Omnibus Plan In October 2020, the Board of Directors of the Company adopted the CuriosityStream 2020 Omnibus Plan (the “2020 Plan”). Upon adoption of the 2020 Plan, a total of 7,725,000 shares were approved to be issued as stock options, share appreciation rights, RSUs and restricted stock. The following table summarizes stock option and RSU activity, prices, and values for the nine months ended September 30, 2022:
|  |  |  |  | Stock Options |  |  | Restricted Stock Units |
|  | Number of Shares Available for Issuance Under the Plan |  |  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Number of Shares |  |  | Weighted- Average Grant Date Fair Value |
|  | (in thousands, except per share data) |
Balance as of December 31, 2021 |  |  | 1,821 |  |  |  | 4,747 |  |  | $ | 7.61 |  |  |  | 850 |  |  | $ | 11.41 |
Granted |  |  | (1,370 | ) |  |  | 821 |  |  |  | 3.18 |  |  |  | 549 |  |  |  | 3.15 |
Options exercised and RSUs vested |  |  | 49 |  |  |  | — |  |  |  | — |  |  |  | (130 | ) |  |  | 11.17 |
Forfeited or expired |  |  | 600 |  |  |  | (378 | ) |  |  | 7.61 |  |  |  | (222 | ) |  |  | 11.51 |
Balance as of September 30, 2022 |  |  | 1,100 |  |  |  | 5,190 |  |  | $ | 6.91 |  |  |  | 1,047 |  |  | $ | 6.96 |
There were no options exercised during the three and nine months ended September 30, 2022. The intrinsic value of options exercised during the three and nine months ended September 30, 2021 was $0.1 and $1.4 million, respectively. Options generally have a four-year vesting period with 25% of the shares vesting on each anniversary date. When options are exercised, the Company’s policy is to issue previously unissued shares of Common Stock to satisfy share option exercises. RSUs generally have a four-year or a quarterly vesting period with 1/48 th of the shares vesting monthly or 6.25% of the shares vesting quarterly. Upon vesting and distribution, the Company’s policy is to issue previously unissued shares of Common Stock to satisfy RSUs vested, net of shares withheld for taxes if elected by the RSU holder. The fair value of stock option awards is estimated using the Black-Scholes option pricing model, which includes a number of assumptions including Company’s estimates of stock price volatility, employee stock option exercise behaviors, future dividend payments, and risk-free interest rates. The expected term of options granted is the estimated period of time from the beginning of the vesting period to the date of expected exercise or other settlement, based on historical exercises and post-vesting terminations. The Company generally estimates expected term based on the midpoint between the vesting date and the end of the contractual term, also known as the simplified method, given the lack of historical exercise behavior. The Company uses its own historical volatility as well as the historical volatility of similar public companies for estimating volatility. The risk-free interest rate is estimated using the rate of return on U.S. Treasury securities with maturities that approximate to the expected term of the option. The Company does not currently anticipate declaring any dividends. Assumptions used to value the options granted and the resulting weighted-average grant date fair value and stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 were as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Dividend yield |  |  | N/A |  |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | N/A |  |  |  | 60 | % |  |  | 60% - 70 | % |  |  | 60 | %
Expected term (years) |  |  | N/A |  |  |  | 6.25 |  |  |  | 6.00 - 6.50 |  |  |  | 2.50 - 6.25 |
Risk-free interest rate |  |  | N/A |  |  |  | 1.01 | % |  |  | 1.40% - 2.95 | % |  |  | 0.14% - 1.11 | %
Weighted average grant date fair value |  |  | N/A |  |  | $ | 6.51 |  |  | $ | 1.91 |  |  | $ | 6.58 |
|  | (in thousands) |  |  | (in thousands) |
Stock-based compensation - Options |  | $ | 999 |  |  | $ | 882 |  |  | $ | 2,913 |  |  | $ | 3,611 |
Stock-based compensation - RSUs |  | $ | 674 |  |  | $ | 704 |  |  | $ | 2,142 |  |  | $ | 1,835 |

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration