Capitalized Software Development Costs

9 Months Ended

Sep. 30, 2023

Capitalized Software Development Costs Disclosure [Abstract]

Capitalized Software Development Costs

Capitalized Software Development Costs

    In accordance with ASC 350-40 “Internal-Use Software” and/or ASC 350-985 “Software”, the Company has capitalized certain software and product related development costs associated with the Company’s continuing medical education service offerings; development of the P&C underwriting insurance data exchange platform servicing the London markets; development of SaaS based Asset Management and Collection platforms having global application; development of single sign on agent and customer portal, including mobile application, and content development work related to the e-learning business. During the three and nine months ended September 30, 2023, the Company capitalized $0.5 million and $1.1 million, respectively. During the three and nine months ended September 30, 2022, the Company capitalized $1.5 million and $5.7 million, respectively, of such development costs. At September 30, 2023 and December 31, 2022, a total of $16.2 million and $15.3 million, respectively, of remaining unamortized development costs are reported on the Company’s condensed consolidated balance sheets.

    During the three and nine months ended September 30, 2023, the Company recognized $28 thousand and $131 thousand, respectively, of amortization expense with regards to these capitalized software development costs. During the three and nine months ended September 30, 2022, related amortization expense was $0.7 million and $2.2 million respectively.