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Transactions with Tigress and Hedge Connection
3 Months Ended
Mar. 31, 2023
Transactions with Tigress and Hedge Connection [Abstract]  
Transactions with Tigress and Hedge Connection

3. Transactions with Tigress and Hedge Connection

 

In 2021 and 2022, the Company entered into agreements and subsequent reorganization agreements and termination agreements with Tigress Holdings, LLC (“Tigress”) and Hedge Connection, LLC (“Hedge Connection”). Refer to Note 3 – Transactions with Tigress and Hedge Connection in the Company’s 2022 Form 10-K for more detail on these transactions. Information related to these transactions that impact the periods presented is shown below.

 

During the three months ended March 31, 2023 and 2022, the Company recognized $38,000 and $165,000 from its equity method investment in Tigress, respectively. On January 21, 2022, the Company purchased Hedge Connection for $1,000,000, of which $400,000 was noncash consideration and $600,000 was a note payable. The Company paid off $100,000 of its note payable to Hedge Connection during the three months ended March 31, 2022. As of March 31, 2023 and the date of this Report, the Company owned 17% of Tigress.