PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE

PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE

Premises and Equipment

The components of premises and equipment were as follows:

(amounts in thousands)	Expected Useful Life	March 31, 2022		December 31, 2021
Leasehold improvements	5 years	$	28	$	28
Furniture, fixtures and equipment	10 years	243		243
IT equipment	3 to 5 years	1,931		1,813
		2,202		2,084
Accumulated depreciation		(1,786)		(1,738)
Total		$	416	$	346

Depreciation is recorded in Occupancy expense on the unaudited Consolidated Statements of Income (Loss). For both the three months ended March 31, 2022 and 2021, BMTX recorded depreciation expense of less than $0.1 million.

Developed Software

The components of developed software were as follows:

(amounts in thousands)	Expected Useful Life	March 31, 2022		December 31, 2021
Higher One disbursement business developed software	10 years	$	27,400	$	27,400
Internally developed software	3 to 7 years	41,683		41,683
Work-in-process		2,441		421
		71,524		69,504
Accumulated amortization		(43,855)		(40,911)
Total		$	27,669	$	28,593

Amortization is recorded in Technology, communication and processing expense on the unaudited Consolidated Statements of Income (Loss). BMTX recorded amortization expense of $2.9 million and $2.8 million for the three months ended March 31, 2022 and 2021, respectively.