Exit of the Fintech Platform Business (Tables)

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

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