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Stockholders’ Equity | 6 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Stockholders’ Equity |
7. | Stockholders’ Equity
Public Offering On November 18, 2021, we entered into an underwriting agreement (the “Underwriting Agreement”) with TL Investment GmbH (“TL Investment”) and Canaccord Genuity LLC, as representative of the several underwriters named therein (together, the “Underwriters”), relating to the Company’s offer and sale of 4,700,000 shares (the “Firm Shares”) of our common stock, $0.0001 par value per share, at an initial price to the public of $7.50 per share. In addition, TL Investment granted the Underwriters a 30-day option to purchase up to an additional 705,000 shares (the “Option Shares”) of our common stock held by TL Investment at the public offering price, less the underwriting discounts. On November 18, 2021, the Underwriters exercised their option to purchase the Option Shares from TL Investment in full. On November 22, 2021, we issued and delivered the Firm Shares and TL Investment delivered the Option Shares. Net proceeds to Lantronix from the offering of the Firm Shares, after deducting the underwriting discount and offering expenses, were approximately $32,600,000. Stock Options The following table presents a summary of activity during the six months ended December 31, 2021 with respect to our stock options:
Schedule of option activity |  |  |  |  |  |  |  |
|  |  |  | Weighted-
|  |  |  | Average
|  | Number of |  | Exercise Price
|  | Shares |  | per Share
|  |  | (In thousands) |  |  |  |  |
Balance of options outstanding at June 30, 2021 |  |  | 1,697 |  |  | $ | 2.98 |
Granted |  |  | 100 |  |  |  | 5.46 |
Expired |  |  | (11 | ) |  |  | 2.04 |
Exercised |  |  | (210 | ) |  |  | 2.13 |
Balance of options outstanding at December 31, 2021 |  |  | 1,576 |  |  | $ | 3.26 |
Restricted Stock Units (RSUs) The following table presents a summary of activity during the six months ended December 31, 2021 with respect to our RSUs:
Schedule of other-than-option activity |  |  |  |  |  |  |  |
|  |  |  | Weighted-
|  |  |  | Average
|  |  |  | Grant Date
|  | Number of |  | Fair Value
|  | Shares |  | per Share
|  |  | (In thousands) |  |  |  |  |
Balance of RSUs outstanding at June 30, 2021 |  |  | 918 |  |  | $ | 4.14 |
Granted |  |  | 533 |  |  |  | 6.62 |
Vested |  |  | (10 | ) |  |  | 4.54 |
Forfeited |  |  | (231 | ) |  |  | 4.18 |
Balance of RSUs outstanding at December 31, 2021 |  |  | 1,210 |  |  | $ | 5.20 |
Performance Stock Units (PSUs) The following table presents a summary of activity during the six months ended December 31, 2021 with respect to our PSUs:
Schedule of other-than-option activity |  |  |  |
|  | Number of Shares
|  |  | (In thousands) |
Balance of PSUs outstanding at June 30, 2021 |  |  | 1,084 |
Granted |  |  | 575 |
Vested |  |  | (629 | )
Balance of PSUs outstanding at December 31, 2021 |  |  | 1,030 |
Employee Stock Purchase Plan (ESPP) The following table presents a summary of activity during the six months ended December 31, 2021 under our ESPP:
Schedule of other-than-option activity |  |  |  |
|  | Number of
|  | Shares
|  |  | (In thousands) |
Shares available for issuance at June 30, 2021 |  |  | 250 |
Shares issued |  |  | (64 | )
Shares available for issuance at December 31, 2021 |  |  | 186 |
Share-Based Compensation Expense The following table presents a summary of share-based compensation expense included in each functional line item on our accompanying unaudited condensed consolidated statements of operations:
Schedule of share-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  | Six Months Ended
|  | December 31, |  | December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (In thousands)
Cost of revenue |  | $ | 100 |  |  | $ | 85 |  |  | $ | 200 |  |  | $ | 143 |
Selling, general and administrative |  |  | 1,178 |  |  |  | 671 |  |  |  | 2,304 |  |  |  | 1,116 |
Research and development |  |  | 222 |  |  |  | 135 |  |  |  | 477 |  |  |  | 235 |
Total share-based compensation expense |  | $ | 1,500 |  |  | $ | 891 |  |  | $ | 2,981 |  |  | $ | 1,494 |
The following table presents the remaining unrecognized share-based compensation expense related to our outstanding share-based awards as of December 31, 2021:
Schedule of unrecognized share-based compensation expense |  |  |  |  |  |  |  |
|  | Remaining |  | Remaining
|  | Unrecognized |  | Weighted-
|  | Compensation |  | Average Years
|  | Expense |  | To Recognize
|  |  | (In thousands) |  |  |  |  |
Stock options |  | $ | 889 |  |  |  | 2.0 |
RSUs |  |  | 4,985 |  |  |  | 2.8 |
PSUs |  |  | 2,141 |  |  |  | 1.5 |
Stock purchase rights under ESPP |  |  | 141 |  |  |  | 0.4 |
|  | $ | 8,156 |  |  |  |  |
If there are any modifications or cancellations of the underlying unvested share-based awards, we may be required to accelerate, increase or cancel remaining unearned share-based compensation expense. Future share-based compensation expense and unearned share-based compensation will increase to the extent that we grant additional share-based awards.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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