PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE

PREMISES AND EQUIPMENT AND DEVELOPED SOFTWARE

Premises and equipment

The components of premises and equipment were as follows:

(amounts in thousands)	Expected Useful Life	December 31, 2021		December 31, 2020
Leasehold improvements	5 years	$	28	$	28
Furniture, fixtures and equipment	10 years	243		243
IT equipment	3 to 5 years	1,813		1,675
		2,084		1,946
Accumulated depreciation		(1,738)		(1,545)
Total		$	346	$	401

Depreciation is recorded in Occupancy on the Consolidated Statements of Income (Loss). For the twelve months ended December 31, 2021 and 2020, BMTX recorded depreciation expense of $0.2 million and $0.3 million, respectively.

Developed software

The components of developed software were as follows:

(amounts in thousands)	Expected Useful Life	December 31, 2021		December 31, 2020
Higher One Disbursement business developed software	10 years	$	27,400	$	27,400
Internally developed software	3 to 7 years	41,683		40,104
Work-in-process		421		1,620
		69,504		69,124
Accumulated amortization		(40,911)		(29,467)
Total		$	28,593	$	39,657

Amortization expense is reported in Technology, communication and processing on the Consolidated Statements of Income (Loss). For the twelve months ended December 31, 2021 and 2020, BMTX recorded amortization expense of $11.4 million and $11.0 million, respectively. There was $0.2 million and $3.7 million of impairment recognized for the twelve months ended December 31, 2021 and 2020, respectively.