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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2021
Jun. 30, 2021
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:          
Net income (loss) $ 16,059 $ 11,269 $ 18,393 $ 17,043 $ (12,214)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation of premises and equipment 56 103 147 193 310
Amortization of developed software 2,823 5,645 8,467 11,444 11,047
Amortization of other intangible assets 80 160 240 321 664
Amortization of leased assets 282 368 644 820 1,253
Impairment of software assets 0 0 0 215 3,721
Share-based compensation expense 3,139 5,536 8,019 11,343 468
Gain on fair value of private warrant liability (15,003) (11,947) (17,989) (17,225) 0
Changes in operating assets and liabilities:          
Accounts receivable, net (1,241) (1,525) 197 872 1,306
Prepaid expenses and other current assets (2,683) 562 302 569 6,456
Other assets (372) (354) (631) (804) 372
Accounts payable and accrued liabilities 2,047 5,474 (115) (1,228) (3,572)
Taxes payable 1,679 1,636 1,103 1,807 0
Operating lease liabilities (182) (357) (535) (715) (1,406)
Deferred revenue 2,835 4,336 3,840 2,888 10,751
Other liabilities 0 0 0 0 (3,118)
Net Cash Provided by Operating Activities 9,519 20,906 22,082 27,543 16,038
Cash Flows from Investing Activities:          
Purchase or development of internal use software (117) (143) (501) (595) (3,947)
Purchases of premises and equipment 0 (51) (51) (138) (73)
Net Cash Used in Investing Activities (117) (194) (552) (733) (4,020)
Cash Flows from Financing Activities:          
Repayments of borrowings from Partner Bank (15,572) (21,000) (21,000) (21,000) (19,000)
Capital contribution from Partner Bank 0 0 0 0 1,385
Proceeds from Recapitalization transaction 20,560 16,888 16,888 16,888 0
Proceeds from exercise of warrants 0 0 0 17 0
Net Cash Used in Financing Activities 4,988 (4,112) (4,112) (4,095) (17,615)
Net Increase (Decrease) in Cash and Cash Equivalents 14,390 16,600 17,418 22,715 (5,597)
Cash and Cash Equivalents – Beginning 2,989 2,989 2,989 2,989 8,586
Cash and Cash Equivalents – Ending 17,379 19,589 20,407 25,704 2,989
Supplementary Cash Flow Information:          
Income taxes paid, net of refunds 0 1,424 3,124 4,224 0
Interest paid 119 178 178 178 0
Noncash Operating, Investing and Financing Activities:          
Shares issued to settle Megalith accounts payable in connection with Recapitalization transaction 740 740 740 740 0
Share-based compensation expense recorded as capital contribution from Partner Bank $ 0 $ 0 $ 0 $ 0 $ 468