DESCRIPTION OF THE BUSINESS AND MERGER TRANSACTION (Tables)

12 Months Ended

Dec. 31, 2021

Business Description And Reverse Recapitalization [Abstract]

Summary of Significant Sources and Uses of Cash Related to Closing of Merger Transaction and Reconciliation of Common Shares Related to Merger

The following table provides a summary of the significant sources and uses of cash related to the closing of the merger transaction:

(amounts in thousands)
Cash at Megalith	$	27,669
Cash from PIPE (private investment in public entity) investors	20,003
Total sources of cash	47,672
Cash paid to underwriters and other transaction costs	(3,987)
Cash paid to Customers Bank as consideration	(23,125)
Cash from recapitalization transaction (A)	20,560
Cash used to pay down BMTX debt	(8,834)
Cash received by BMTX and used to pay down debt	(6,738)
Total cash used to pay down outstanding debt (B)	(15,572)
Net cash received by BMTX from the reverse recapitalization transaction through March 31, 2021 (A+B)	4,988
90 day merger true-up, cash paid by BMTX in May 2021	(3,672)
Final cash received by BMTX from the reverse recapitalization transaction through December 31, 2021	$	1,316

The following table provides a reconciliation of the common shares related to the merger:

Shares held by legacy BankMobile shareholders - December 31, 2020	6,123,432
Shares related to the recapitalization transaction - January 4, 2021	6,076,946
Total shares issued and outstanding - January 4, 2021	12,200,378