Schedule of Financial Information Activities Related to Discontinued Operations |
Details of assets and liabilities from discontinued operations are as follows: | | | | | | | | | | | | | September 30, | | December 31, | (in thousands) | 2024 | | 2023 | Accounts receivable, net | $ | — | | $ | 16 | Prepaid expenses and other current assets | 1,735 | | 1,837 | Total current assets of discontinued operations | $ | 1,735 | | $ | 1,853 | | | | | Intangible assets, net | $ | — | | $ | 538 | Restricted cash, non-current | — | | 875 | Total non-currents assets of discontinued operations | $ | — | | $ | 1,413 | | | | | Accounts payable | $ | — | | $ | 255 | Accruals and other current liabilities | — | | 961 | Total current liabilities of discontinued operations (1) | $ | — | | $ | 1,216 |
(1)Amount represents severance and personnel liabilities related to the exit of the Fintech Platform business. We substantially completed the restructuring activities as of March 31, 2024. A summary of severance and personnel liabilities related to the exit of the Fintech Platform business, included within current liabilities of discontinued operations on the condensed consolidated balance sheet, is as follows: | | | | | | | (in thousands) | Balance on December 31, 2023 | $ | 917 | | Severance and other personnel costs | 707 | | Cash payments during the period | (1,624) | | Balance on September 30, 2024 | $ | — | |
Details of loss from discontinued operations are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | Service revenue | $ | — | | | $ | 2,664 | | | $ | 426 | | | $ | 9,942 | | Operating expenses: | | | | | | | | Cost of service revenue (exclusive of amortization) | — | | | 2,592 | | | 350 | | | 9,976 | | Selling, general and administrative (1) | — | | | 3,303 | | | 1,950 | | | 9,966 | | Research and development (1) | — | | | 4,372 | | | 1,757 | | | 15,200 | | Goodwill impairment | — | | | 77,175 | | | — | | | 77,175 | | Intangible asset impairment | — | | | 16,007 | | | — | | | 16,007 | | Amortization | — | | | 946 | | | — | | | 3,823 | | Net loss from discontinued operations | $ | — | | | $ | (101,731) | | | $ | (3,631) | | | $ | (122,205) | |
(1)The restructuring charges are included in the results of discontinued operations for the periods of our condensed consolidated financial statements presented in this Report. A summary of our restructuring charges included within our consolidated statement of operations for the three and nine months ended September 30, 2024 were as follows: | | | | | | | | | | | | (in thousands) | Three Months Ended September 30, 2024 | | Nine Months Ended September 30, 2024 | Research and development | $ | — | | | $ | 336 | | Selling, general and administrative | — | | | 371 | | Total restructuring charges | $ | — | | | $ | 707 | |
Significant non-cash activities related to discontinued operations are as follows: | | | | | | | | | | | | | Nine Months Ended September 30, | (in thousands) | 2024 | | 2023 | Operating activities: | | | | Stock-based compensation | $ | (10) | | | $ | 5,620 | | Depreciation and amortization | $ | 538 | | | $ | 3,823 | |
|