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CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities:    
Net income (loss) $ 3,406 $ 18,393
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 239 147
Loss on disposal of premises and equipment 38 0
Amortization of developed software 8,581 8,467
Amortization of other intangible assets 240 240
Amortization of leased assets 398 644
Provision for bad debt 70 103
Share-based compensation expense 8,715 8,019
Gain on fair value of private warrant liability (6,916) (17,989)
Changes in operating assets and liabilities:    
Accounts receivable, net 510 96
Prepaid expenses and other current assets (4,851) 295
Other assets 0 (366)
Accounts payable and accrued liabilities 3,556 (375)
Taxes payable (1,807) 1,103
Operating lease liabilities (416) (535)
Deferred revenue (4,313) 3,840
Net Cash provided by Operating Activities 7,450 22,082
Cash Flows from Investing Activities:    
Development of internal use software (4,013) (501)
Purchases of premises and equipment (506) (51)
Net Cash used in Investing Activities (4,519) (552)
Cash Flows from Financing Activities:    
Repayments of borrowings from Partner Bank 0 (21,000)
Recapitalization transaction 0 16,888
Repurchase of private warrants (1,977) 0
Payments related to net settlement of share-based compensation awards (225) 0
Net Cash used in Financing Activities (2,202) (4,112)
Net Increase in Cash and Cash Equivalents 729 17,418
Cash and Cash Equivalents – Beginning 25,704 2,989
Cash and Cash Equivalents – Ending 26,433 20,407
Supplementary Cash Flow Information:    
Income taxes paid, net of refunds 7,704 3,124
Interest paid 0 178
Noncash Operating, Investing, and Financing Activities:    
Shares issued to settle Megalith accounts payable in connection with Recapitalization transaction $ 0 $ 740