RESTATEMENT AND REVISION OF PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatements of Previously Reported Consolidated Financial Statements

The effects of the restatement of the previously reported Consolidated Balance Sheets are presented below:

	As of December 31, 2020
(amounts in thousands)	As Previously Reported (Audited)		Restatement Adjustments		As Restated
ASSETS
Cash and cash equivalents	$	2,989	$	—	$	2,989
Accounts receivable, net1,2	7,384		2,649		10,033
Prepaid expenses and other current assets	2,348		—		2,348
Total current assets	12,721		2,649		15,370
Premises and equipment, net	401		—		401
Developed software, net	39,657		—		39,657
Goodwill	5,259		—		5,259
Other intangibles, net	5,070		—		5,070
Other assets	853		—		853
Total assets	$	63,961	$	2,649	$	66,610
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities1	$	7,346	$	175	$	7,521
Taxes payable	—		—		—
Payable to Partner Bank1	5,105		(5,105)		—
Borrowings from Partner Bank	21,000		—		21,000
Current portion of operating lease liabilities	701		—		701
Deferred revenue, current1	2,588		8,000		10,588
Total current liabilities	36,740		3,070		39,810
Non-current liabilities:
Operating lease liabilities	430		—		430
Deferred revenue, non-current	2,101		—		2,101
Liability for private warrants	—		—		—
Total liabilities	$	39,271	$	3,070	$	42,341
Commitments and contingencies (Note 8)
Shareholders’ equity:
Preferred stock	$	—	$	—	$	—
Common stock	1		—		1
Additional paid-in capital	64,017		—		64,017
Accumulated deficit2	(39,328)		(421)		(39,749)
Total shareholders’ equity	$	24,690	$	(421)	$	24,269
Total liabilities and shareholders’ equity	$	63,961	$	2,649	$	66,610

1In order to restate the previously reported net Payable to Partner Bank balance on a gross basis.

2In order to restate the previously reported out of period adjustments in the correct period.

	As of March 31, 2021
(amounts in thousands)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
ASSETS
Cash and cash equivalents	$	17,379	$	—	$	17,379
Accounts receivable, net1,3	5,616		5,658		11,274
Prepaid expenses and other current assets	5,032		—		5,032
Total current assets	28,027		5,658		33,685
Premises and equipment, net	345		—		345
Developed software, net	36,952		—		36,952
Goodwill	5,259		—		5,259
Other intangibles, net	4,990		—		4,990
Other assets	942		—		942
Total assets	$	76,515	$	5,658	$	82,173
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities1,3	$	9,998	$	3,989	$	13,987
Taxes payable3	1,793		(114)		1,679
Payable to Partner Bank1	9,000		(9,000)		—
Borrowings from Partner Bank	5,427		—		5,427
Current portion of operating lease liabilities	714		—		714
Deferred revenue, current1	3,134		10,900		14,034
Total current liabilities	30,066		5,775		35,841
Non-current liabilities:
Operating lease liabilities	235		—		235
Deferred revenue, non-current	1,490		—		1,490
Liability for private warrants	15,836		—		15,836
Total liabilities	$	47,627	$	5,775	$	53,402
Commitments and contingencies (Note 8)
Shareholders’ equity:
Preferred stock	$	—	$	—	$	—
Common stock	1		—		1
Additional paid-in capital2	49,326		3,134		52,460
Accumulated deficit2,3	(20,439)		(3,251)		(23,690)
Total shareholders’ equity	$	28,888	$	(117)	$	28,771
Total liabilities and shareholders’ equity	$	76,515	$	5,658	$	82,173

1In order to restate the previously reported net Payable to Partner Bank balance on a gross basis.

2In order to restate for the adjustments related to share-based compensation expense.

3In order to restate the previously reported out of period adjustments in the correct period.

	As of June 30, 2021
(amounts in thousands)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
ASSETS
Cash and cash equivalents	$	19,589	$	—	$	19,589
Accounts receivable, net1,3	8,257		3,301		11,558
Prepaid expenses and other current assets	1,786		—		1,786
Total current assets	29,632		3,301		32,933
Premises and equipment, net	349		—		349
Developed software, net	34,155		—		34,155
Goodwill	5,259		—		5,259
Other intangibles, net	4,910		—		4,910
Other assets	740		—		740
Total assets	$	75,045	$	3,301	$	78,346
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities1,3	$	13,617	$	31	$	13,648
Taxes payable3	1,317		319		1,636
Payable to Partner Bank1	7,117		(7,117)		—
Borrowings from Partner Bank	—		—		—
Current portion of operating lease liabilities	719		—		719
Deferred revenue, current1	4,763		10,750		15,513
Total current liabilities	27,533		3,983		31,516
Non-current liabilities:
Operating lease liabilities	55		—		55
Deferred revenue, non-current	1,512		—		1,512
Liability for private warrants	18,893		—		18,893
Total liabilities	$	47,993	$	3,983	$	51,976
Commitments and contingencies (Note 8)
Shareholders’ equity:
Preferred stock	$	—	$	—	$	—
Common stock	1		—		1
Additional paid-in capital2	49,326		5,523		54,849
Accumulated deficit2,3	(22,275)		(6,205)		(28,480)
Total shareholders’ equity	$	27,052	$	(682)	$	26,370
Total liabilities and shareholders’ equity	$	75,045	$	3,301	$	78,346

1In order to restate the previously reported net Payable to Partner Bank balance on a gross basis.

2In order to restate for the adjustments related to share-based compensation expense.

3In order to restate the previously reported out of period adjustments in the correct period.

	As of September 30, 2021
(amounts in thousands)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
ASSETS
Cash and cash equivalents	$	20,407	$	—	$	20,407
Accounts receivable, net1,3	4,498		5,338		9,836
Prepaid expenses and other current assets	2,046		—		2,046
Total current assets	26,951		5,338		32,289
Premises and equipment, net	305		—		305
Developed software, net	31,691		—		31,691
Goodwill	5,259		—		5,259
Other intangibles, net	4,830		—		4,830
Other assets	840		—		840
Total assets	$	69,876	$	5,338	$	75,214
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities1,3	$	8,225	$	(45)	$	8,180
Taxes payable3	863		240		1,103
Payable to Partner Bank1	6,914		(6,914)		—
Borrowings from Partner Bank	—		—		—
Current portion of operating lease liabilities	596		—		596
Deferred revenue, current1	4,306		12,000		16,306
Total current liabilities	20,904		5,281		26,185
Non-current liabilities:
Operating lease liabilities	—		—		—
Deferred revenue, non-current	223		—		223
Liability for private warrants	12,850		—		12,850
Total liabilities	$	33,977	$	5,281	$	39,258
Commitments and contingencies (Note 8)
Shareholders’ equity:
Preferred stock	$	—	$	—	$	—
Common stock	1		—		1
Additional paid-in capital2	49,379		7,932		57,311
Accumulated deficit2,3	(13,481)		(7,875)		(21,356)
Total shareholders’ equity	$	35,899	$	57	$	35,956
Total liabilities and shareholders’ equity	$	69,876	$	5,338	$	75,214

1In order to restate the previously reported net Payable to Partner Bank balance on a gross basis.

2In order to restate for the adjustments related to share-based compensation expense.

3In order to restate the previously reported out of period adjustments in the correct period.

The effect of the restatement of the previously reported Consolidated Statements of Income (Loss) is presented below:

	Twelve-months ended December 31, 2020
(amounts in thousands)	As Previously Reported (Audited)		Restatement Adjustments		As Restated
Operating revenues:
Interchange and card revenue1	$	26,285	$	(421)	$	25,864
Servicing fees from Partner Bank	22,465		—		22,465
Account fees	11,308		—		11,308
University fees	5,320		—		5,320
Other revenue	1,480		—		1,480
Total operating revenues	66,858		(421)		66,437
Operating expenses:
Technology, communication, and processing	27,404		—		27,404
Salaries and employee benefits	26,076		—		26,076
Professional services	9,304		—		9,304
Provision for operating losses	5,170		—		5,170
Occupancy	1,428		—		1,428
Customer related supplies2	3,236		—		3,236
Advertising and promotion	941		—		941
Merger and acquisition related expenses	739		—		739
Other expense2	2,935		—		2,935
Total operating expenses	77,233		—		77,233
Income (loss) from operations	(10,375)		(421)		(10,796)
Non-operating income and expense:
Gain (loss) on fair value of private warrant liability	—		—		—
Interest expense	(1,395)		—		(1,395)
Income (loss) before income tax expense	(11,770)		(421)		(12,191)
Income tax expense	23		—		23
Net Income (Loss)	(11,793)		(421)		(12,214)
Weighted average number of shares outstanding - basic	6,123		—		6,123
Weighted average number of shares outstanding - diluted	6,123		—		6,123
Net Income (loss) per share - basic	$	(1.93)	$	(0.06)	$	(1.99)
Net Income (loss) per share - diluted	$	(1.93)	$	(0.06)	$	(1.99)

1In order to restate the previously reported out of period adjustments in the correct period.

2Adjusted to present the effect of the reclassification of Customer related supplies expenses as described in Note 2 - Basis of Presentation and Significant Accounting Policies, subsection Prior Period Reclassifications.

	Three-months ended March 31, 2021
(amounts in thousands, except per share data)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
Operating revenues:
Interchange and card revenue2	$	8,351	$	(107)	$	8,244
Servicing fees from Partner Bank	9,372		—		9,372
Account fees	2,686		—		2,686
University fees	1,324		—		1,324
Other revenue	2,650		—		2,650
Total operating revenues	24,383		(107)		24,276
Operating expenses:
Technology, communication, and processing2	8,652		(297)		8,355
Salaries and employee benefits1	5,423		3,134		8,557
Professional services	1,737		—		1,737
Provision for operating losses	1,329		—		1,329
Occupancy	352		—		352
Customer related supplies	475		—		475
Advertising and promotion	191		—		191
Merger and acquisition related expenses	—		—		—
Other expense	457		—		457
Total operating expenses	18,616		2,837		21,453
Income (loss) from operations	5,767		(2,944)		2,823
Non-operating income and expense:
Gain (loss) on fair value of private warrant liability	15,003		—		15,003
Interest expense	(54)		—		(54)
Income (loss) before income tax expense	20,716		(2,944)		17,772
Income tax expense2	1,827		(114)		1,713
Net Income (Loss)	18,889		(2,830)		16,059
Weighted average number of shares outstanding - basic	11,900		(202)		11,698
Weighted average number of shares outstanding - diluted	15,512		(187)		15,325
Net Income (loss) per share - basic	$	1.59	$	(0.22)	$	1.37
Net Income (loss) per share - diluted	$	0.25	$	(0.18)	$	0.07

1In order to restate the previously reported expense related to share-based compensation.

2In order to restate the previously reported out of period adjustments in the correct period.

	Three-months ended June 30, 2021
(amounts in thousands, except per share data)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
Operating revenues:
Interchange and card revenue2	$	7,186	$	(429)	$	6,757
Servicing fees from Partner Bank	10,579		—		10,579
Account fees	2,641		—		2,641
University fees	1,331		—		1,331
Other revenue	1,156		—		1,156
Total operating revenues	22,893		(429)		22,464
Operating expenses:
Technology, communication, and processing2	8,924		(297)		8,627
Salaries and employee benefits1	7,170		2,389		9,559
Professional services	2,126		—		2,126
Provision for operating losses	1,401		—		1,401
Occupancy	284		—		284
Customer related supplies	186		—		186
Advertising and promotion	125		—		125
Merger and acquisition related expenses	—		—		—
Other expense	466		—		466
Total operating expenses	20,682		2,092		22,774
Income (loss) from operations	2,211		(2,521)		(310)
Non-operating income and expense:
Gain (loss) on fair value of private warrant liability	(3,056)		—		(3,056)
Interest expense	(42)		—		(42)
Income (loss) before income tax expense	(887)		(2,521)		(3,408)
Income tax expense2	949		433		1,382
Net Income (Loss)	(1,836)		(2,954)		(4,790)
Weighted average number of shares outstanding - basic	11,900		—		11,900
Weighted average number of shares outstanding - diluted	11,900		—		11,900
Net Income (loss) per share - basic	$	(0.15)	$	(0.25)	$	(0.40)
Net Income (loss) per share - diluted	$	(0.15)	$	(0.25)	$	(0.40)

1In order to restate the previously reported expense related to share-based compensation.

2In order to restate the previously reported out of period adjustments in the correct period.

	Six-months ended June 30, 2021
(amounts in thousands, except per share data)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
Operating revenues:
Interchange and card revenue2	$	15,537	$	(536)	$	15,001
Servicing fees from Partner Bank	19,951		—		19,951
Account fees	5,327		—		5,327
University fees	2,655		—		2,655
Other revenue	3,806		—		3,806
Total operating revenues	47,276		(536)		46,740
Operating expenses:
Technology, communication, and processing2	17,576		(594)		16,982
Salaries and employee benefits1	12,593		5,523		18,116
Professional services	3,863		—		3,863
Provision for operating losses	2,730		—		2,730
Occupancy	636		—		636
Customer related supplies	661		—		661
Advertising and promotion	316		—		316
Merger and acquisition related expenses	—		—		—
Other expense	923		—		923
Total operating expenses	39,298		4,929		44,227
Income (loss) from operations	7,978		(5,465)		2,513
Non-operating income and expense:
Gain (loss) on fair value of private warrant liability	11,947		—		11,947
Interest expense	(96)		—		(96)
Income (loss) before income tax expense	19,829		(5,465)		14,364
Income tax expense2	2,776		319		3,095
Net Income (Loss)	17,053		(5,784)		11,269
Weighted average number of shares outstanding - basic	11,900		(100)		11,800
Weighted average number of shares outstanding - diluted	13,314		477		13,791
Net Income (loss) per share - basic	$	1.43	$	(0.47)	$	0.96
Net Income (loss) per share - diluted	$	0.38	$	(0.43)	$	(0.05)

1In order to restate the previously reported expense related to share-based compensation.

2In order to restate the previously reported out of period adjustments in the correct period.

	Three-months ended September 30, 2021
(amounts in thousands, except per share data)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
Operating revenues:
Interchange and card revenue2	$	5,572	$	957	$	6,529
Servicing fees from Partner Bank	11,823		—		11,823
Account fees	2,628		—		2,628
University fees	1,474		—		1,474
Other revenue	477		—		477
Total operating revenues	21,974		957		22,931
Operating expenses:
Technology, communication, and processing2	4,596		297		4,893
Salaries and employee benefits1	6,728		2,409		9,137
Professional services	3,496		—		3,496
Provision for operating losses	1,067		—		1,067
Occupancy	282		—		282
Customer related supplies	1,017		—		1,017
Advertising and promotion	176		—		176
Merger and acquisition related expenses	—		—		—
Other expense	614		—		614
Total operating expenses	17,976		2,706		20,682
Income (loss) from operations	3,998		(1,749)		2,249
Non-operating income and expense:
Gain (loss) on fair value of private warrant liability	6,042		—		6,042
Interest expense	—		—		—
Income (loss) before income tax expense	10,040		(1,749)		8,291
Income tax expense2	1,246		(79)		1,167
Net Income (Loss)	8,794		(1,670)		7,124
Weighted average number of shares outstanding - basic	11,900		—		11,900
Weighted average number of shares outstanding - diluted	11,904		—		11,904
Net Income (loss) per share - basic	$	0.74	$	(0.14)	$	0.60
Net Income (loss) per share - diluted	$	0.74	$	(0.14)	$	0.60

1In order to restate the previously reported expense related to share-based compensation.

2In order to restate the previously reported out of period adjustments in the correct period.

	Nine-months ended September 30, 2021
(amounts in thousands, except per share data)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
Operating revenues:
Interchange and card revenue2	$	21,109	$	421	$	21,530
Servicing fees from Partner Bank	31,774		—		31,774
Account fees	7,955		—		7,955
University fees	4,129		—		4,129
Other revenue	4,283		—		4,283
Total operating revenues	69,250		421		69,671
Operating expenses:
Technology, communication, and processing2	22,172		(297)		21,875
Salaries and employee benefits1	19,321		7,932		27,253
Professional services	7,359		—		7,359
Provision for operating losses	3,797		—		3,797
Occupancy	918		—		918
Customer related supplies	1,678		—		1,678
Advertising and promotion	492		—		492
Merger and acquisition related expenses	—		—		—
Other expense	1,537		—		1,537
Total operating expenses	57,274		7,635		64,909
Income (loss) from operations	11,976		(7,214)		4,762
Non-operating income and expense:
Gain (loss) on fair value of private warrant liability	17,989		—		17,989
Interest expense	(96)		—		(96)
Income (loss) before income tax expense	29,869		(7,214)		22,655
Income tax expense2	4,022		240		4,262
Net Income (Loss)	25,847		(7,454)		18,393
Weighted average number of shares outstanding - basic	11,534		300		11,834
Weighted average number of shares outstanding - diluted	12,059		300		12,359
Net Income (loss) per share - basic	$	2.24	$	(0.69)	$	1.55
Net Income (loss) per share - diluted	$	0.65	$	(0.62)	$	0.03

1In order to restate the previously reported expense related to share-based compensation.

2In order to restate the previously reported out of period adjustments in the correct period.

The effect of the restatement of the previously reported Consolidated Statements of Changes in Shareholders’ Equity is presented in the tables below:

As Previously Reported
	Common Stock
(amounts in thousands, except share data)	Shares of Common Stock Outstanding	Common Stock		Additional Paid-in Capital		Accumulated Deficit		Total
Balance at December 31, 2019	6,123,432	$	1	$	62,164	$	(27,535)	$	34,630
Net loss	—	—		—		(11,793)		(11,793)
Capital contribution from Partner Bank	—	—		1,385		—		1,385
Share-based compensation expense1	—	—		468		—		468
Balance at December 31, 2020	6,123,432	$	1	$	64,017	$	(39,328)	$	24,690
Net income	—	—		—		18,889		18,889
Valuation of private warrants	—	—		(30,839)		—		(30,839)
Recapitalization transaction	6,076,946	—		16,148		—		16,148
Balance at March 31, 2021	12,200,378	$	1	$	49,326	$	(20,439)	$	28,888
Net loss	—	—		—		(1,836)		(1,836)
Balance at June 30, 2021	12,200,378	$	1	$	49,326	$	(22,275)	$	27,052
Net income	—	—		—		8,794		8,794
Issuance of common stock as compensation	6,000	—		53		—		53
Balance at September 30, 2021	12,206,378	$	1	$	49,379	$	(13,481)	$	35,899

1Adjusted to present the effect of the reclassification of share-based compensation expenses as described in Note 2 - Basis of Presentation and Significant Accounting Policies, subsection Prior Period Reclassifications.

Restatement Adjustments
	Common Stock
(amounts in thousands, except share data)	Shares of Common Stock Outstanding	Common Stock		Additional Paid-in Capital		Accumulated Deficit		Total
Balance at December 31, 2019	—	$	—	$	—	$	—	$	—
Net loss2	—	—		—		(421)		(421)
Capital contribution from Partner Bank	—	—		—		—		—
Share-based compensation expense	—	—		—		—		—
Balance at December 31, 2020	—	$	—	$	—	$	(421)	$	(421)
Net income1,2	—	—		—		(2,830)		(2,830)
Valuation of private warrants	—	—		—		—		—
Recapitalization transaction1	(1,317,035)	—		—		—		—
Issuance of common stock as compensation1	1,317,035	—		2,323		—		2,323
Share-based compensation expense1	—	—		811		—		811
Balance at March 31, 2021	—	$	—	$	3,134	$	(3,251)	$	(117)
Net loss1,2	—	—		—		(2,954)		(2,954)
Issuance of common stock as compensation1	—	—		2,389		—		2,389
Balance at June 30, 2021	—	$	—	$	5,523	$	(6,205)	$	(682)
Net income1,2	—	—		—		(1,670)		(1,670)
Issuance of common stock as compensation1	—	—		2,409		—		2,409
Balance at September 30, 2021	—	$	—	$	7,932	$	(7,875)	$	57

1In order to restate the previously reported expense related to share-based compensation.

2In order to restate the previously reported out of period adjustments in the correct period.

As Restated
	Common Stock
(amounts in thousands, except share data)	Shares of Common Stock Outstanding	Common Stock		Additional Paid-in Capital		Accumulated Deficit		Total
Balance at December 31, 2019	6,123,432	$	1	$	62,164	$	(27,535)	$	34,630
Net loss	—	—		—		(12,214)		(12,214)
Capital contribution from Partner Bank	—	—		1,385		—		1,385
Share-based compensation expense	—	—		468		—		468
Balance at December 31, 2020	6,123,432	$	1	$	64,017	$	(39,749)	$	24,269
Net income	—	—		—		16,059		16,059
Valuation of private warrants	—	—		(30,839)		—		(30,839)
Recapitalization transaction	4,759,911	—		16,148		—		16,148
Issuance of common stock as compensation	1,317,035	—		2,323		—		2,323
Share-based compensation expense	—	—		811		—		811
Balance at March 31, 2021	12,200,378	$	1	$	52,460	$	(23,690)	$	28,771
Net loss	—	—		—		(4,790)		(4,790)
Issuance of common stock as compensation	—	—		2,389		—		2,389
Balance at June 30, 2021	12,200,378	$	1	$	54,849	$	(28,480)	$	26,370
Net income	—	—		—		7,124		7,124
Issuance of common stock as compensation	6,000	—		2,462		—		2,462
Balance at September 30, 2021	12,206,378	$	1	$	57,311	$	(21,356)	$	35,956

The effect of the restatement of the previously reported Consolidated Statements of Cash Flows is presented below:

	Twelve-months ended December 31, 2020
(amounts in thousands)	As Previously Reported (Audited)		Restatement Adjustments		As Restated
Cash Flows from Operating Activities:
Net income (loss)2	$	(11,793)	$	(421)	$	(12,214)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of premises and equipment	310		—		310
Amortization of developed software	11,047		—		11,047
Amortization of other intangible assets	664		—		664
Amortization of leased assets	1,253		—		1,253
Impairment of software asset	3,721		—		3,721
Share-based compensation expense	468		—		468
Gain on fair value of private warrant liability	—		—		—
Changes in operating assets and liabilities:
Accounts receivable, net1,2	3,106		(1,800)		1,306
Prepaid expenses and other current assets	6,456		—		6,456
Receivable from Partner Bank1	849		(849)		—
Other assets	372		—		372
Accounts payable and accrued liabilities1	(3,747)		175		(3,572)
Payable to Partner Bank1	5,105		(5,105)		—
Taxes payable	—		—		—
Operating lease liabilities	(1,406)		—		(1,406)
Deferred revenue1	2,751		8,000		10,751
Other liabilities	(3,118)		—		(3,118)
Net Cash Provided by Operating Activities	16,038		—		16,038
Cash Flows from Investing Activities:
Purchase or development of internal use software	(3,947)		—		(3,947)
Purchases of premises and equipment	(73)		—		(73)
Net Cash Used in Investing Activities	(4,020)		—		(4,020)
Cash Flows from Financing Activities:
Repayments of borrowings from Partner Bank	(19,000)		—		(19,000)
Capital contribution from Partner Bank	1,385		—		1,385
Recapitalization transaction	—		—		—
Cash provided by exercise of warrants	—		—		—
Net Provided by (Cash Used) in Financing Activities	(17,615)		—		(17,615)
Net Increase (Decrease) in Cash and Cash Equivalents	(5,597)		—		(5,597)
Cash and Cash Equivalents – Beginning	8,586		—		8,586
Cash and Cash Equivalents – Ending	$	2,989	$	—	$	2,989
Supplementary Cash Flow Information:
Income taxes paid, net of refunds	$	—	$	—	$	—
Interest paid	$	—	$	—	$	—
Noncash Operating, Investing and Financing Activities:
Share-based compensation expense recorded as capital contribution from Partner Bank	$	468	$	—	$	468

1In order to restate the previously reported net Payable to Partner Bank balance on a gross basis.

2In order to restate the previously reported out of period adjustments in the correct period.

	Three-months ended March 31, 2021
(amounts in thousands)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
Cash Flows from Operating Activities:
Net income (loss)2,3	$	18,889	$	(2,830)	$	16,059
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of premises and equipment	56		—		56
Amortization of developed software	2,823		—		2,823
Amortization of other intangible assets	80		—		80
Amortization of leased assets	282		—		282
Impairment of software asset	—		—		—
Share-based compensation expense2	5		3,134		3,139
Gain on fair value of private warrant liability	(15,003)		—		(15,003)
Changes in operating assets and liabilities:
Accounts receivable, net1,3	1,768		(3,009)		(1,241)
Prepaid expenses and other current assets	(2,683)		—		(2,683)
Receivable from Partner Bank	—		—		—
Other assets	(372)		—		(372)
Accounts payable and accrued liabilities1,3	3,923		(1,876)		2,047
Payable to Partner Bank1	—		—		—
Taxes payable3	—		1,679		1,679
Operating lease liabilities	(182)		—		(182)
Deferred revenue1	(67)		2,902		2,835
Other liabilities	—		—		—
Net Cash Provided by Operating Activities	9,519		—		9,519
Cash Flows from Investing Activities:
Purchase or development of internal use software	(117)		—		(117)
Purchases of premises and equipment	—		—		—
Net Cash Used in Investing Activities	(117)		—		(117)
Cash Flows from Financing Activities:
Repayments of borrowings from Partner Bank	(15,572)		—		(15,572)
Capital contribution from Partner Bank	—		—		—
Recapitalization transaction	20,560		—		20,560
Cash provided by exercise of warrants	—		—		—
Net Provided by (Cash Used) in Financing Activities	4,988		—		4,988
Net Increase (Decrease) in Cash and Cash Equivalents	14,390		—		14,390
Cash and Cash Equivalents – Beginning	2,989		—		2,989
Cash and Cash Equivalents – Ending	$	17,379	$	—	$	17,379
Supplementary Cash Flow Information:
Income taxes paid, net of refunds	$	—	$	—	$	—
Interest paid	$	119	$	—	$	119
Noncash Operating, Investing and Financing Activities:
Shares issued to settle Megalith accounts payable in connection with Recapitalization transaction4	$	—	$	740	$	740
Share-based compensation expense recorded as capital contribution from Partner Bank	$	—	$	—	$	—

1In order to restate the previously reported net Payable to Partner Bank balance on a gross basis.

2In order to restate for the adjustments related to share-based compensation expense.

3In order to restate the previously reported out of period adjustments in the correct period.

4In order to present the non-cash impact related to shares issued to settle Megalith accounts payable in connection with Recapitalization transaction.

	Six-months ended June 30, 2021
(amounts in thousands)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
Cash Flows from Operating Activities:
Net income (loss)2,3	$	17,053	$	(5,784)	$	11,269
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of premises and equipment	103		—		103
Amortization of developed software	5,645		—		5,645
Amortization of other intangible assets	160		—		160
Amortization of leased assets	368		—		368
Impairment of software asset	—		—		—
Share-based compensation expense2	13		5,523		5,536
Gain on fair value of private warrant liability	(11,947)		—		(11,947)
Changes in operating assets and liabilities:
Accounts receivable, net1,3	(873)		(652)		(1,525)
Prepaid expenses and other current assets	562		—		562
Receivable from Partner Bank	—		—		—
Other assets	(354)		—		(354)
Accounts payable and accrued liabilities1,3	5,618		(144)		5,474
Payable to Partner Bank1	2,012		(2,012)		—
Taxes payable3	1,317		319		1,636
Operating lease liabilities	(357)		—		(357)
Deferred revenue1	1,586		2,750		4,336
Other liabilities	—		—		—
Net Cash Provided by Operating Activities	20,906		—		20,906
Cash Flows from Investing Activities:
Purchase or development of internal use software	(143)		—		(143)
Purchases of premises and equipment	(51)		—		(51)
Net Cash Used in Investing Activities	(194)		—		(194)
Cash Flows from Financing Activities:
Repayments of borrowings from Partner Bank	(21,000)		—		(21,000)
Capital contribution from Partner Bank	—		—		—
Recapitalization transaction	16,888		—		16,888
Cash provided by exercise of warrants	—		—		—
Net Provided by (Cash Used) in Financing Activities	(4,112)		—		(4,112)
Net Increase (Decrease) in Cash and Cash Equivalents	16,600		—		16,600
Cash and Cash Equivalents – Beginning	2,989		—		2,989
Cash and Cash Equivalents – Ending	$	19,589	$	—	$	19,589
Supplementary Cash Flow Information:
Income taxes paid, net of refunds	$	1,424	$	—	$	1,424
Interest paid	$	178	$	—	$	178
Noncash Operating, Investing and Financing Activities:
Shares issued to settle Megalith accounts payable in connection with Recapitalization transaction4	$	—	$	740	$	740
Share-based compensation expense recorded as capital contribution from Partner Bank	$	—	$	—	$	—

1In order to restate the previously reported net Payable to Partner Bank balance on a gross basis.

2In order to restate for the adjustments related to share-based compensation expense.

3In order to restate the previously reported out of period adjustments in the correct period.

4In order to present the non-cash impact related to shares issued to settle Megalith accounts payable in connection with Recapitalization transaction.

	Nine-months ended September 30, 2021
(amounts in thousands)	As Previously Reported (Unaudited)		Restatement Adjustments		As Restated
Cash Flows from Operating Activities:
Net income (loss)2,3	$	25,847	$	(7,454)	$	18,393
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of premises and equipment	147		—		147
Amortization of developed software	8,467		—		8,467
Amortization of other intangible assets	240		—		240
Amortization of leased assets	644		—		644
Impairment of software asset	—		—		—
Share-based compensation expense2	87		7,932		8,019
Gain on fair value of private warrant liability	(17,989)		—		(17,989)
Changes in operating assets and liabilities:
Accounts receivable, net1,3	2,886		(2,689)		197
Prepaid expenses and other current assets	302		—		302
Receivable from Partner Bank	—		—		—
Other assets	(631)		—		(631)
Accounts payable and accrued liabilities1,3	105		(220)		(115)
Payable to Partner Bank1	1,809		(1,809)		—
Taxes payable3	863		240		1,103
Operating lease liabilities	(535)		—		(535)
Deferred revenue1	(160)		4,000		3,840
Other liabilities	—		—		—
Net Cash Provided by Operating Activities	22,082		—		22,082
Cash Flows from Investing Activities:
Purchase or development of internal use software	(501)		—		(501)
Purchases of premises and equipment	(51)		—		(51)
Net Cash Used in Investing Activities	(552)		—		(552)
Cash Flows from Financing Activities:
Repayments of borrowings from Partner Bank	(21,000)		—		(21,000)
Capital contribution from Partner Bank	—		—		—
Recapitalization transaction	16,888		—		16,888
Cash provided by exercise of warrants	—		—		—
Net Provided by (Cash Used) in Financing Activities	(4,112)		—		(4,112)
Net Increase (Decrease) in Cash and Cash Equivalents	17,418		—		17,418
Cash and Cash Equivalents – Beginning	2,989		—		2,989
Cash and Cash Equivalents – Ending	$	20,407	$	—	$	20,407
Supplementary Cash Flow Information:
Income taxes paid, net of refunds	$	3,124	$	—	$	3,124
Interest paid	$	178	$	—	$	178
Noncash Operating, Investing and Financing Activities:
Shares issued to settle Megalith accounts payable in connection with Recapitalization transaction4	$	—	$	740	$	740
Share-based compensation expense recorded as capital contribution from Partner Bank	$	—	$	—	$	—

1In order to restate the previously reported net Payable to Partner Bank balance on a gross basis.

2In order to restate for the adjustments related to share-based compensation expense.

3In order to restate the previously reported out of period adjustments in the correct period.

4In order to present the non-cash impact related to shares issued to settle Megalith accounts payable in connection with Recapitalization transaction.