6. CUSTOMER CARD FUNDING LIABILITY

12 Months Ended

Dec. 31, 2020

Contract with Customer, Liability [Abstract]

CUSTOMER CARD FUNDING LIABILITY

6.     CUSTOMER CARD FUNDING LIABILITY

The Company issues prepaid cards with various provisions for cardholder fees or expiration. Revenue generated from cardholder fees and interchange fees are recognized when the Company's performance obligation is fulfilled. Unspent balances left on Pharma cards are recognized as settlement income at the expiration of the cards and the program (Note 2). Contract liabilities related to prepaid cards represent funds on card and client funds held to be loaded to card before the amounts are ultimately spent by the cardholders or recognized as revenue by the Company. Contract liabilities related to prepaid cards are reported as Customer card funding liability on the consolidated balance sheet.

The opening and closing balances of the Company's contract liabilities are as follows:

	Year Ended December 31,
	2020		2019
Beginning balance	$	32,723,227	$	25,960,974
Increase (decrease), net		15,377,724		6,762,253
Ending balance	$	48,100,951	$	32,723,227

The amount of revenue recognized during the years ended December 31, 2020 and 2019 that was included in the opening contract liability for prepaid cards was $844,514 and $818,889, respectively.