Subsequent Events

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated and recognized or disclosed subsequent events, as appropriate, from the condensed consolidated balance sheet date through the date the condensed consolidated financial statements were available to be issued.

On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes various provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and the restoration of favorable tax treatment for certain business provisions. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. No adjustments have been made to the accompanying financial statements as of and for the three and six months ended June 30, 2025. The Company is currently assessing the full impact of the legislation and expects an impact to its deferred tax assets and liabilities in future periods. As there were no changes to tax rates, the Company does not anticipate a material impact on future results of operations. At this time, the Company is unable to reasonably estimate the impact of the OBBA on its financial statements.

On July 24, 2025, the Company entered into Amendment No. 7 to the Amended and Restated Loan and Security Agreement which extends the term through September 8, 2025. See Note 8 - Revolving Line of Credit, for further information.

On July 28, 2025, the Company appointed Caitlin Long to its Board of Directors. Ms. Long is a renowned Bitcoin and cryptocurrency finance expert with over 30 years of experience in financial services, specializing in traditional finance, digital assets, and financial technology infrastructure. Her appointment follows the Company's May 2025 announcement of its plan to develop a Digital Asset Treasury Strategy as part of its broader FinTech initiatives.

On August 12, 2025, the Company announced a strategic repositioning of its business to accelerate the growth of its FinTech segment. As part of this repositioning, the Company plans to monetize its Brands segment and pursue a sale or strategic partnership of its Marketplace segment, both having achieved significant brand equity and customer loyalty. The Company is engaging with potential buyers and working with financial advisers to maximize shareholder value for each segment. Proceeds and cost savings will support a leaner operating model, fund FinTech product innovation, and accelerate the development of credit, payments, and consumer financial tools. The Company will report both Brands and Marketplace segments as discontinued operations in the third quarter 2025.