Restatement (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Restatement

Schedule of error corrections and prior period adjustments

	March 31, 2023
	As Previously		Restatement
(in thousands, except per share and share amounts)	Reported		Adjustments		As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	6,719	$	—	$	6,719
Accounts receivable, net		19,050		—		19,050
Prepaid expenses and other current assets		1,038		—		1,038
Total current assets		26,807		—		26,807
Property, equipment, and software, net		665		—		665
Goodwill		6,520		—		6,520
Intangible assets, net		13,149		—		13,149
Deferred tax asset, net		5,240		—		5,240
Operating lease right-of-use assets		757		—		757
Other long-term assets		46		—		46
Total assets	$	53,184	$	—	$	53,184
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	13,787	$	—	$	13,787
Accrued liabilities		4,674		(1,000)		3,674
Current portion of liability related to tax receivable agreement		41		—		41
Current maturities of long-term debt		819		—		819
Deferred revenues		949		—		949
Operating lease liabilities, current portion		70		—		70
Income taxes payable		183		—		183
Related party payables		1,448		—		1,448
Total current liabilities		21,971		(1,000)		20,971
Long-term debt, net of current portion and deferred financing cost		22,707		—		22,707
Economic Injury Disaster Loan		150		—		150
Liability related to tax receivable agreement, net of current portion		4,245		—		4,245
Operating lease liabilities, net of current portion		744		—		744
Total liabilities		49,817		(1,000)		48,817
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Class A Common Stock, $0.001 par value per share, 160,000,000 shares authorized, 2,902,200 shares issued and outstanding as of March 31, 2023		3		—		3
Class B Common Stock, $0.001 par value per share, 20,000,000 shares authorized, 11,278,000 shares issued and outstanding as of March 31, 2023		11		—		11
Additional paid-in capital		8,330		(5,613)		2,717
Accumulated deficit		(4,977)		4,419		(558)
Noncontrolling interest		—		2,194		2,194
Total stockholders’ equity		3,367		1,000		4,367
Total liabilities and stockholders’ equity	$	53,184	$	—	$	53,184

	June 30, 2023
	As Previously		Restatement
(in thousands, except per share and share amounts)	Reported		Adjustments		As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	5,668	$	—	$	5,668
Accounts receivable, net		29,629		—		29,629
Prepaid expenses and other current assets		1,052		—		1,052
Total current assets		36,349		—		36,349
Property, equipment, and software, net		689		—		689
Goodwill		6,520		—		6,520
Intangible assets, net		12,661		—		12,661
Deferred tax asset, net		5,171		—		5,171
Operating lease right-of-use assets		714		—		714
Other long-term assets		47		—		47
Total assets	$	62,151	$	—	$	62,151
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	23,358	$	—	$	23,358
Accrued liabilities		3,879		(1,000)		2,879
Liability related to tax receivable agreement, current portion		40		—		40
Current maturities of long-term debt		983		—		983
Deferred revenues		951		—		951
Operating lease liabilities, current portion		48		—		48
Income taxes payable		22		—		22
Related party payables		1,197		—		1,197
Total current liabilities		30,478		(1,000)		29,478
Long-term debt, net of current portion and deferred financing cost		22,515		—		22,515
Economic Injury Disaster Loan		150		—		150
Liability related to tax receivable agreement, net of current portion		4,246		—		4,246
Operating lease liabilities, net of current portion		742		—		742
Total liabilities		58,131		(1,000)		57,131
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Class A Common Stock, $0.001 par value per share, 160,000,000 shares authorized, 2,988,916 shares issued and outstanding as of June 30, 2023		3		—		3
Class B Common Stock, $0.001 par value per share, 20,000,000 shares authorized, 11,278,000 shares issued and outstanding as of June 30, 2023		11		—		11
Additional paid-in capital		8,540		(5,613)		2,927
Accumulated deficit		(4,534)		4,168		(366)
Noncontrolling interest		—		2,445		2,445
Total stockholders’ equity		4,020		1,000		5,020
Total liabilities and stockholders’ equity	$	62,151	$	—	$	62,151

	September 30, 2023
	As Previously		Restatement
(in thousands, except per share and share amounts)	Reported		Adjustments		As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	5,482	$	—	$	5,482
Accounts receivable, net		54,638		—		54,638
Prepaid expenses and other current assets		1,427		—		1,427
Total current assets		61,547		—		61,547
Property, equipment, and software, net		625		—		625
Goodwill		6,520		—		6,520
Intangible assets, net		12,172		—		12,172
Deferred tax asset, net		5,082		—		5,082
Operating lease right-of-use assets		675		—		675
Other long-term assets		127		—		127
Total assets	$	86,748	$	—	$	86,748
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	45,021	$	—	$	45,021
Accrued liabilities		4,071		(1,000)		3,071
Liability related to tax receivable agreement, current portion		41		—		41
Current maturities of long-term debt		1,146		—		1,146
Deferred revenues		1,044		—		1,044
Operating lease liabilities, current portion		50		—		50
Income taxes payable		113		—		113
Warrant liability		—		3,540		3,540
Related party payables		1,428		—		1,428
Total current liabilities		52,914		2,540		55,454
Long-term debt, net of current portion and deferred financing cost		22,324		—		22,324
Economic Injury Disaster Loan		150		—		150
Liability related to tax receivable agreement, net of current portion		4,245		—		4,245
Operating lease liabilities, net of current portion		718		—		718
Total liabilities		80,351		2,540		82,891
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Class A Common Stock, $0.001 par value per share, 160,000,000 shares authorized, 2,991,792 shares issued and outstanding as of September 30, 2023		3		—		3
Class B Common Stock, $0.001 par value per share, 20,000,000 shares authorized, 11,278,000 shares issued and outstanding as of September 30, 2023		11		—		11
Additional paid-in capital		8,782		(9,153)		(371)
Retained earnings		(2,399)		2,604		205
Noncontrolling interest		—		4,009		4,009
Total stockholders’ equity		6,397		(2,540)		3,857
Total liabilities and stockholders’ equity	$	86,748	$	—	$	86,748

	For the Three Months Ended
	March 31,
	As Previously		Restatement
(in thousands, except per share data)	Reported		Adjustments		As Restated
Revenues
Buy-side advertising	$	7,440	$	—	$	7,440
Sell-side advertising		13,783		—		13,783
Total revenues		21,223		—		21,223
Cost of revenues
Buy-side advertising		2,949		—		2,949
Sell-side advertising		11,841		—		11,841
Total cost of revenues		14,790		—		14,790
Gross profit		6,433		—		6,433
Operating expenses
Compensation, taxes and benefits		3,634		—		3,634
General and administrative		2,940		—		2,940
Total operating expenses		6,574		—		6,574
Loss from operations		(141)		—		(141)
Other income (expense)
Other income		50		—		50
Loss on redemption of non-participating preferred units		—		—		—
Loss on early termination of line of credit		(300)		—		(300)
Interest expense		(1,017)		—		(1,017)
Total other expense, net		(1,267)		—		(1,267)
Loss before taxes		(1,408)		—		(1,408)
Income tax (benefit)		(74)		—		(74)
Net loss		(1,334)		—		(1,334)
Net loss attributable to noncontrolling interest		—		(1,120)		(1,120)
Net loss attributable to Direct Digital Holdings, Inc.	$	(1,334)	$	1,120	$	(214)
Net loss per common share:
Basic	$	(0.09)	$	0.02	$	(0.07)
Diluted	$	(0.09)	$	0.02	$	(0.07)
Weighted-average number of shares of common stock outstanding:
Basic		14,576		(11,675)		2,901
Diluted		14,576		(11,675)		2,901

	For the Three Months Ended
	June 30,
	As Previously		Restatement
(in thousands, except per share data)	Reported		Adjustments		As Restated
Revenues
Buy-side advertising	$	11,803	$	—	$	11,803
Sell-side advertising		23,601		—		23,601
Total revenues		35,404		—		35,404
Cost of revenues
Buy-side advertising		4,588		—		4,588
Sell-side advertising		20,743		—		20,743
Total cost of revenues		25,331		—		25,331
Gross profit		10,073		—		10,073
Operating expenses
Compensation, taxes and benefits		4,553		—		4,553
General and administrative		3,265		—		3,265
Total operating expenses		7,818		—		7,818
Income from operations		2,255		—		2,255
Other income (expense)
Other income		42		—		42
Loss on redemption of non-participating preferred units		—		—		—
Loss on early termination of line of credit		—		—		—
Interest expense		(1,028)		—		(1,028)
Total other expense, net		(986)		—		(986)
Income before taxes		1,269		—		1,269
Income tax expense		74		—		74
Net income		1,195		—		1,195
Net income attributable to noncontrolling interest		—		1,003		1,003
Net income attributable to Direct Digital Holdings, Inc.	$	1,195	$	(1,003)	$	192
Net income per common share:
Basic	$	0.08	$	(0.05)	$	0.03
Diluted	$	0.08	$	(0.05)	$	0.03
Weighted-average number of shares of common stock outstanding:
Basic		14,773		(11,851)		2,922
Diluted		14,834		(11,721)		3,113

	For the Three Months Ended
	September 30,
	As Previously		Restatement
(in thousands, except per share data)	Reported		Adjustments		As Restated
Revenues
Buy-side advertising	$	7,850	$	—	$	7,850
Sell-side advertising		51,622		—		51,622
Total revenues		59,472		—		59,472
Cost of revenues
Buy-side advertising		3,113		—		3,113
Sell-side advertising		44,606		—		44,606
Total cost of revenues		47,719		—		47,719
Gross profit		11,753		—		11,753
Operating expenses
Compensation, taxes and benefits		4,747		—		4,747
General and administrative		2,512		—		2,512
Total operating expenses		7,259		—		7,259
Income from operations		4,494		—		4,494
Other income (expense)
Other income		83		—		83
Loss on redemption of non-participating preferred units		—		—		—
Loss on early termination of line of credit		—		—		—
Interest expense		(1,060)		—		(1,060)
Total other expense, net		(977)		—		(977)
Income before income taxes		3,517		—		3,517
Income tax expense		166		—		166
Net income		3,351		—		3,351
Net income attributable to noncontrolling interest		—		2,780		2,780
Net income attributable to Direct Digital Holdings, Inc.	$	3,351	$	(2,780)	$	571
Net income per share:
Basic	$	0.23	$	(0.14)	$	0.09
Diluted	$	0.23	$	(0.14)	$	0.09
Weighted-average number of shares of common stock outstanding:
Basic		14,268		(11,278)		2,990
Diluted		14,827		(11,783)		3,044

	For the Six Months Ended
	June 30,
	As Previously		Restatement
(in thousands, except per share data)	Reported		Adjustments		As Restated
Revenues
Buy-side advertising	$	19,243	$	—	$	19,243
Sell-side advertising		37,384		—		37,384
Total revenues		56,627		—		56,627
Cost of revenues
Buy-side advertising		7,537		—		7,537
Sell-side advertising		32,584		—		32,584
Total cost of revenues		40,121		—		40,121
Gross profit		16,506		—		16,506
Operating expenses
Compensation, taxes and benefits		8,187		—		8,187
General and administrative		6,205		—		6,205
Total operating expenses		14,392		—		14,392
Income from operations		2,114		—		2,114
Other income (expense)
Other income		92		—		92
Loss on redemption of non-participating preferred units		—		—		—
Loss on early termination of line of credit		(300)		—		(300)
Interest expense		(2,045)		—		(2,045)
Total other expense, net		(2,253)		—		(2,253)
Loss before taxes		(139)		—		(139)
Income tax expense		—		—		—
Net loss		(139)		—		(139)
Net loss attributable to noncontrolling interest		—		(117)		(117)
Net loss attributable to Direct Digital Holdings, Inc.	$	(139)	$	117	$	(22)
Net loss per common share:
Basic	$	(0.01)	$	0.00	$	(0.01)
Diluted	$	(0.01)	$	0.00	$	(0.01)
Weighted-average number of shares of common stock outstanding:
Basic		14,676		(11,764)		2,912
Diluted		14,676		(11,764)		2,912

	For the Nine Months Ended
	September 30,
	As Previously		Restatement
(in thousands, except per share data)	Reported		Adjustments		As Restated
Revenues
Buy-side advertising	$	27,093	$	—	$	27,093
Sell-side advertising		89,006		—		89,006
Total revenues		116,099		—		116,099
Cost of revenues
Buy-side advertising		10,650		—		10,650
Sell-side advertising		77,190		—		77,190
Total cost of revenues		87,840		—		87,840
Gross profit		28,259		—		28,259
Operating expenses
Compensation, taxes and benefits		12,934		—		12,934
General and administrative		8,718		—		8,718
Total operating expenses		21,652		—		21,652
Income from operations		6,607		—		6,607
Other income (expense)
Other income		175		—		175
Loss on early termination of line of credit		(300)		—		(300)
Loss on redemption of non-participating preferred units		—		—		—
Interest expense		(3,104)		—		(3,104)
Total other expense, net		(3,229)		—		(3,229)
Income before income taxes		3,378		—		3,378
Income tax expense		166		—		166
Net income		3,212		—		3,212
Net income attributable to noncontrolling interest		—		2,663		2,663
Net income attributable to Direct Digital Holdings, Inc.	$	3,212	$	(2,663)	$	549
Net income per share:
Basic	$	0.23	$	(0.14)	$	0.09
Diluted	$	0.22	$	(0.13)	$	0.09
Weighted-average number of shares of common stock outstanding:
Basic		14,216		(11,278)		2,938
Diluted		14,818		(11,738)		3,080

(in thousands, except per share data)	Common Stock
	Class A			Class B					Accumulated		Noncontrolling		Stockholders’
As Previously Reported	Units	Amount		Units	Amount		APIC		Deficit		Interest		Equity
Balance, December 31, 2022	3,252,764	$	3	11,278,000	$	11	$	8,224	$	(3,643)	$	—	$	4,595
Stock-based compensation	—		—	—		—		94		—		—		94
Issuance of restricted stock	236,754		—	—		—		—		—		—		—
Restricted stock forfeitures	(400)		—	—		—		—		—		—		—
Warrants exercised	2,200		—	—		—		12		—		—		12
Net loss	—		—	—		—		—		(1,334)		—		(1,334)
Balance, March 31, 2023	3,491,318	$	3	11,278,000	$	11	$	8,330	$	(4,977)	$	—	$	3,367
Adjustments
Balance, December 31, 2022	(352,764)	$	—	—	$	—	$	(5,613)	$	3,299	$	3,314	$	1,000
Issuance of restricted stock	(236,754)		—	—		—		—		—		—		—
Restricted stock forfeitures	400		—	—		—		—		—		—		—
Net loss	—		—	—		—		—		1,120		(1,120)		—
Total Adjustments	(589,118)	$	—	—	$	—	$	(5,613)	$	4,419	$	2,194	$	1,000
As Restated
Balance, December 31, 2022	2,900,000	$	3	11,278,000	$	11	$	2,611	$	(344)	$	3,314	$	5,595
Stock-based compensation	—		—	—		—		94		—		—		94
Warrants exercised	2,200		—	—		—		12		—		—		12
Net loss	—		—	—		—		—		(214)		(1,120)		(1,334)
Balance, March 31, 2023 - As Restated	2,902,200	$	3	11,278,000	$	11	$	2,717	$	(558)	$	2,194	$	4,367

(in thousands, except per share data)	Common Stock
	Class A			Class B					Accumulated		Noncontrolling		Stockholders’
As Previously Reported	Units	Amount		Units	Amount		APIC		Deficit		Interest		Equity
Balance, March 31, 2023	3,491,318	$	3	11,278,000	$	11	$	8,330	$	(4,977)	$	—	$	3,367
Stock-based compensation	—		—	—		—		210		—		—		210
Issuance of restricted stock net of shares withheld for vested awards	54,277		—	—		—		—		—		—		—
Restricted stock forfeitures	(25,815)		—	—		—		—		—		—		—
Distributions to members	—		—	—		—		—		(752)		—		(752)
Net income	—		—	—		—		—		1,195		—		1,195
Balance, June 30, 2023	3,519,780	$	3	11,278,000	$	11	$	8,540	$	(4,534)	$	—	$	4,020
Adjustments
Balance, March 31, 2023	(589,118)		—	—		—		(5,613)		4,419		2,194		1,000
Issuance of restricted stock net of shares withheld for vested awards	(54,277)		—	—		—		—		—		—		—
Restricted stock forfeitures	25,815		—	—		—		—		—		—		—
Issuance related to vesting of restricted stock units, net of tax withholdings	86,716		—	—		—		—		—		—		—
Distributions to members	—		—	—		—		—		752		(752)		—
Net income	—		—	—		—		—		(1,003)		1,003		—
Total Adjustments	(530,864)	$	—	—	$	—	$	(5,613)	$	4,168	$	2,445	$	1,000
As Restated
Balance, March 31, 2023	2,902,200	$	3	11,278,000	$	11	$	2,717	$	(558)	$	2,194	$	4,367
Stock-based compensation	—		—	—		—		210		—		—		210
Issuance related to vesting of restricted stock units, net of tax withholdings	86,716		—	—		—		—		—		—		—
Distributions to holders of LLC Units	—		—	—		—		—		—		(752)		(752)
Net income	—		—	—		—		—		192		1,003		1,195
Balance, June 30, 2023 - As Restated	2,988,916	$	3	11,278,000	$	11	$	2,927	$	(366)	$	2,445	$	5,020

(in thousands, except per share data)	Common Stock
	Class A			Class B					Accumulated		Noncontrolling		Stockholders’
As Previously Reported	Units	Amount		Units	Amount		APIC		Deficit		Interest		Equity
Balance, June 30, 2023	2,988,916	$	3	11,278,000	$	11	$	8,540	$	(4,534)	$	—	$	4,020
Stock-based compensation	—		—	—		—		242		—		—		242
Issuance related to vesting of restricted stock units, net of tax withholdings	2,743		—	—		—		—		—		—		—
Stock options exercised	133		—	—		—		—		—		—		—
Distributions to members	—		—	—		—		—		(1,216)		—		(1,216)
Net income	—		—	—		—		—		3,351		—		3,351
Balance, September 30, 2023	2,991,792	$	3	11,278,000	$	11	$	8,782	$	(2,399)	$	—	$	6,397
Adjustments
Balance, June 30, 2023	—		—	—		—		(5,613)		4,168		2,445		1,000
Acquisition and redemption of warrants including expenses	—		—	—		—		(3,540)		—		—		(3,540)
Distributions to members	—		—	—		—		—		1,216		(1,216)		—
Net income	—		—	—		—		—		(2,780)		2,780		—
Total Adjustments	—	$	—	—	$	—	$	(9,153)	$	2,604	$	4,009	$	(2,540)
As Restated
Balance, June 30, 2023	2,988,916	$	3	11,278,000	$	11	$	2,927	$	(366)	$	2,445	$	5,020
Stock-based compensation	—		—	—		—		242		—		—		242
Issuance related to vesting of restricted stock units, net of tax withholdings	2,743		—	—		—		—		—		—		—
Acquisition and redemption of warrants including expenses	—		—	—		—		(3,540)		—		—		(3,540)
Stock options exercised	133		—	—		—		—		—		—		—
Distributions to holders of LLC Units	—		—	—		—		—		—		(1,216)		(1,216)
Net income	—		—	—		—		—		571		2,780		3,351
Balance, September 30, 2023 - As Restated	2,991,792	$	3	11,278,000	$	11	$	(371)	$	205	$	4,009	$	3,857

(in thousands, except per share data)	Common Stock
	Class A			Class B					Accumulated		Noncontrolling		Stockholders’
As Previously Reported	Units	Amount		Units	Amount		APIC		Deficit		Interest		Equity
Balance, December 31, 2022	3,252,764	$	3	11,278,000	$	11	$	8,224	$	(3,643)	$	—	$	4,595
Stock-based compensation	—		—	—		—		304		—		—		304
Issuance of restricted stock net of shares withheld for vested awards	291,031		—	—		—		—		—		—		—
Restricted stock forfeitures	(26,215)		—	—		—		—		—		—		—
Warrants exercised	2,200		—	—		—		12		—		—		12
Distributions to members	—		—	—		—		—		(752)		—		(752)
Net loss	—		—	—		—		—		(139)		—		(139)
Balance, June 30, 2023	3,519,780	$	3	11,278,000	$	11	$	8,540	$	(4,534)	$	—	$	4,020
Adjustments
Balance, December 31, 2022	(352,764)		—	—		—		(5,613)		3,299		3,314		1,000
Issuance of restricted stock net of shares withheld for vested awards	(291,031)		—	—		—		—		—		—		—
Restricted stock forfeitures	26,215		—	—		—		—		—		—		—
Issuance related to vesting of restricted stock units, net of tax withholdings	86,716		—	—		—		—		—		—		—
Distributions to members	—		—	—		—		—		752		(753)		—
Net loss	—		—	—		—		—		117		(117)		—
Total Adjustments	(530,864)	$	—	—	$	—	$	(5,613)	$	4,168	$	2,445	$	1,000
As Restated
Balance, December 31, 2022	2,900,000	$	3	11,278,000	$	11	$	2,611	$	(344)	$	3,314	$	5,595
Stock-based compensation	—		—	—		—		304		—		—		304
Warrants exercised	2,200		—	—		—		12		—		—		12
Issuance related to vesting of restricted stock units, net of tax withholdings	86,716		—	—		—		—		—		—		—
Distributions to holders of LLC Units	—		—	—		—		—		—		(752)		(752)
Net loss	—		—	—		—		—		(22)		(117)		(139)
Balance, June 30, 2023 - As Restated	2,988,916	$	3	11,278,000	$	11	$	2,927	$	(366)	$	2,445	$	5,020

(in thousands, except per share data)	Common Stock
	Class A			Class B					Accumulated		Noncontrolling		Stockholders’
As Previously Reported	Units	Amount		Units	Amount		APIC		Deficit		Interest		Equity
Balance, December 31, 2022	2,900,000	$	3	11,278,000	$	11	$	8,224	$	(3,643)	$	—	$	4,595
Stock-based compensation	—		—	—		—		546		—		—		546
Issuance related to vesting of restricted stock units, net of tax withholdings	89,459		—	—		—		—		—		—		—
Warrants exercised	2,200		—	—		—		12		—		—		12
Stock options exercised	133		—	—		—		—		—		—		—
Distributions to members	—		—	—		—		—		(1,968)		—		(1,968)
Net income	—		—	—		—		—		3,212		—		3,212
Balance, September 30, 2023	2,991,792	$	3	11,278,000	$	11	$	8,782	$	(2,399)	$	—	$	6,397
Adjustments
Balance, December 31, 2022	—		—	—		—		(5,613)		3,299		3,314		1,000
Acquisition and redemption of warrants including expenses	—		—	—		—		(3,540)		—		—		(3,540)
Distributions to members	—		—	—		—		—		1,968		(1,968)		—
Net income	—		—	—		—		—		(2,663)		2,663		—
Total Adjustments	—	$	—	—	$	—	$	(9,153)	$	2,604	$	4,009	$	(2,540)
As Restated
Balance, December 31, 2022	2,900,000	$	3	11,278,000	$	11	$	2,611	$	(344)	$	3,314	$	5,595
Stock-based compensation	—		—	—		—		546		—		—		546
Issuance related to vesting of restricted stock units, net of tax withholdings	89,459		—	—		—		—		—		—		—
Acquisition and redemption of warrants including expenses	2,200		—	—		—		12		—		—		12
Warrant redemption	—		—	—		—		(3,540)		—		—		(3,540)
Stock options exercised	133		—	—		—		—		—		—		—
Distributions to holders of LLC Units	—		—	—		—		—		—		(1,968)		(1,968)
Net income	—		—	—		—		—		549		2,663		3,212
Balance, September 30, 2023 As Restated	2,991,792	$	3	11,278,000	$	11	$	(371)	$	205	$	4,009	$	3,857

(in thousands)	For the Three Months Ended March 31, 2023
	As Previously		Immaterial
	Reported		Revisions		As Revised
Cash Flows Provided By Operating Activities:
Net loss	$	(1,334)	$	—	$	(1,334)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of deferred financing costs		136		—		136
Amortization of intangible assets		489		—		489
Reduction in carrying amount of right-of-use assets		42		—		42
Depreciation and amortization of property, equipment and software		57		—		57
Stock-based compensation		94		—		94
Deferred income taxes		(74)		—		(74)
Payment on tax receivable agreement		(46)		46		—
Loss on early termination of line of credit		300		—		300
Changes in operating assets and liabilities:
Accounts receivable		7,304		—		7,304
Prepaid expenses and other assets		(242)		—		(242)
Accounts payable		(3,909)		—		(3,909)
Accrued liabilities and TRA payable		(40)		(110)		(150)
Income taxes payable		8		—		8
Deferred revenues		403		—		403
Operating lease liability		(24)		—		(24)
Net cash provided by operating activities		3,164		(64)		3,100
Cash Flows Used In Investing Activities:
Cash paid for capitalized software and property and equipment		(48)		—		(48)
Net cash used in investing activities		(48)		—		(48)
Cash Flows Used In Financing Activities:
Payments on term loan		(164)		—		(164)
Payments of litigation settlement		(64)		64		—
Payment of deferred financing costs		(228)		—		(228)
Proceeds from warrants exercised		12		—		12
Net cash used in financing activities		(444)		64		(380)
Net increase in cash and cash equivalents		2,672		—		2,672
Cash and cash equivalents, beginning of the period		4,047		—		4,047
Cash and cash equivalents, end of the period	$	6,719	$	—	$	6,719
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	$	879	$	—	$	879

(in thousands)	For the Six Months Ended June 30, 2023
	As Previously		Immaterial
	Reported		Revisions		As Revised
Cash Flows Provided By Operating Activities:
Net loss	$	(139)	$	—	$	(139)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of deferred financing costs		272		—		272
Amortization of intangible assets		977		—		977
Reduction in carrying amount of right-of-use assets		85		—		85
Depreciation and amortization of property, equipment and software		121		—		121
Stock-based compensation		304		—		304
Deferred income taxes		(6)		—		(6)
Payment on tax receivable agreement		(46)		46		—
Loss on early termination of line of credit		300		—		300
Bad debt expense		52		—		52
Changes in operating assets and liabilities:
Accounts receivable		(3,326)		—		(3,326)
Prepaid expenses and other assets		(257)		—		(257)
Accounts payable		5,662		—		5,662
Accrued liabilities and TRA payable		(769)		(175)		(944)
Income taxes payable		(152)		—		(152)
Deferred revenues		404		—		404
Operating lease liability		(48)		—		(48)
Related party payable		(251)		—		(251)
Net cash provided by operating activities		3,183		(129)		3,054
Cash Flows Used In Investing Activities:
Cash paid for capitalized software and property and equipment		(137)		—		(137)
Net cash used in investing activities		(137)		—		(137)
Cash Flows Used In Financing Activities:
Payments on term loan		(328)		—		(328)
Payments of litigation settlement		(129)		129		—
Payment of deferred financing costs		(228)		—		(228)
Proceeds from warrants exercised		12		—		12
Distributions to holders of LLC Units		(752)		—		(752)
Net cash used in financing activities		(1,425)		129		(1,296)
Net increase in cash and cash equivalents		1,621		—		1,621
Cash and cash equivalents, beginning of the period		4,047		—		4,047
Cash and cash equivalents, end of the period	$	5,668	$	—	$	5,668
Supplemental Disclosure of Cash Flow Information:
Cash paid for taxes	$	349	$	—	$	349
Cash paid for interest	$	1,769	$	—	$	1,769

(in thousands)	For the Nine Months Ended September 30, 2023
	As Previously		Restatement				Immaterial
	Reported		Adjustments		As Restated		Revisions		As Revised
Cash Flows Provided By Operating Activities:
Net income	$	3,212	$	—	$	3,212	$	—	$	3,212
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs		435		—		435		—		435
Amortization of intangible assets		1,465		—		1,465		—		1,465
Reduction in carrying amount of right-of-use assets		124		—		124		—		124
Depreciation and amortization of property, equipment and software		185		—		185		—		185
Stock-based compensation		546		—		546		—		546
Deferred income taxes		82		—		82		—		82
Payment on tax receivable agreement		(46)		—		(46)		46		—
Loss on early termination of line of credit		300		—		300		—		300
Bad debt expense		98		—		98		—		98
Changes in operating assets and liabilities:
Accounts receivable		(28,381)		—		(28,381)		—		(28,381)
Prepaid expenses and other assets		(524)		—		(524)		—		(524)
Accounts payable		27,326		—		27,326		—		27,326
Accrued liabilities and TRA payable		(513)		—		(513)		(240)		(753)
Income taxes payable		(61)		—		(61)		—		(61)
Deferred revenues		497		—		497		—		497
Operating lease liability		(70)		—		(70)		—		(70)
Net cash provided by operating activities		4,675		—		4,675		(194)		4,481
Cash Flows Used In Investing Activities:
Cash paid for capitalized software and property and equipment		(137)		—		(137)		—		(137)
Net cash used in investing activities		(137)		—		(137)		—		(137)
Cash Flows Used In Financing Activities:
Payments on term loan		(491)		—		(491)		—		(491)
Payments of litigation settlement		(194)		—		(194)		194		—
Payment of deferred financing costs		(442)		—		(442)		—		(442)
Proceeds from warrants exercised		12		—		12		—		12
Distributions to members		(1,988)		—		(1,988)		—		(1,988)
Net cash used in financing activities		(3,103)		—		(3,103)		194		(2,909)
Net increase in cash and cash equivalents		1,435		—		1,435		—		1,435
Cash and cash equivalents, beginning of the period		4,047		—		4,047		—		4,047
Cash and cash equivalents, end of the period	$	5,482	$	—	$	5,482	$	—	$	5,482
Supplemental Disclosure of Cash Flow Information:
Cash paid for taxes	$	349	$	—	$	349	$	—	$	349
Cash paid for interest	$	2,667	$	—	$	2,667	$	—	$	2,667
Non-cash Financing Activities:
Accrual of warrant redemption liability	$	—	$	3,540	$	3,540	$	—	$	3,540
Issuance related to vesting of restricted stock units, net of tax withholdings	$	90	$	—	$	90	$	—	$	90