Kakaopay Transaction	6 Months Ended
Jun. 30, 2023
Kakaopay Transaction [Abstract]
Kakaopay Transaction	5. Kakaopay Transaction On April 27, 2023, the Company entered into an agreement to raise capital into the Company by issuing new shares of the Company’s common stock to Kakaopay Corporation (“Kakaopay”), a company established under the Laws of the Republic of Korea, and a fintech subsidiary of Korean-based conglomerate Kakao Corp. Pursuant to stock purchase and ancillary agreements with Kakaopay, the transaction will occur in two tranches. On May 18, 2023, the first tranche closed and Kakaopay purchased a 19.9% stake of the Company or 8,075,607 newly issued shares for approximately $17.4 million. In the second tranche, subject to shareholder and regulatory approval, Kakaopay will acquire an additional 31.1% of the Company or 25,756,470 additional newly issued shares for approximately $60.5 million. Refer to the Company’s Current Report on Form 8-K filed on May 3, 2023 for further detail regarding this transaction. As of December 31, 2022, the Company capitalized deferred issuance costs related to this transaction of $318,000, which was recorded within the line item “Prepaid expenses and other assets” in the statements of financial condition. At the time of the issuance, the total deferred issuance cost of $1,907,000 related to this transaction was reclassified as a reduction to “Additional paid-in capital” in stockholders’ equity in the statements of financial condition. During the six months ended June 30, 2023, the Company recognized $1,589,000 of issuance costs related to this transaction. On May 22, 2023, Gloria E. Gebbia, issued a warrant to BCW Securities LLC, a Delaware limited liability company (“BCW”), to purchase 403,780 shares of common stock of the Company held by Ms. Gebbia at an exercise price of $2.15 per share. Ms. Gebbia issued the warrant pursuant to that certain agreement, dated March 27, 2023, by and among Ms. Gebbia, the Company and BCW relating to the investment by Kakaopay in the Company.

Kakaopay Transaction

6 Months Ended

Jun. 30, 2023

5. Kakaopay Transaction

On April 27, 2023, the Company entered into an agreement to raise capital into the Company by issuing new shares of the Company’s common stock to Kakaopay Corporation (“Kakaopay”), a company established under the Laws of the Republic of Korea, and a fintech subsidiary of Korean-based conglomerate Kakao Corp.

Pursuant to stock purchase and ancillary agreements with Kakaopay, the transaction will occur in two tranches. On May 18, 2023, the first tranche closed and Kakaopay purchased a 19.9% stake of the Company or 8,075,607 newly issued shares for approximately $17.4 million. In the second tranche, subject to shareholder and regulatory approval, Kakaopay will acquire an additional 31.1% of the Company or 25,756,470 additional newly issued shares for approximately $60.5 million. Refer to the Company’s Current Report on Form 8-K filed on May 3, 2023 for further detail regarding this transaction.

As of December 31, 2022, the Company capitalized deferred issuance costs related to this transaction of $318,000, which was recorded within the line item “Prepaid expenses and other assets” in the statements of financial condition. At the time of the issuance, the total deferred issuance cost of $1,907,000 related to this transaction was reclassified as a reduction to “Additional paid-in capital” in stockholders’ equity in the statements of financial condition. During the six months ended June 30, 2023, the Company recognized $1,589,000 of issuance costs related to this transaction.

On May 22, 2023, Gloria E. Gebbia, issued a warrant to BCW Securities LLC, a Delaware limited liability company (“BCW”), to purchase 403,780 shares of common stock of the Company held by Ms. Gebbia at an exercise price of $2.15 per share. Ms. Gebbia issued the warrant pursuant to that certain agreement, dated March 27, 2023, by and among Ms. Gebbia, the Company and BCW relating to the investment by Kakaopay in the Company.