v3.24.1.u1
Exit of the Fintech Platform Business (Tables)
 3 Months Ended
Mar. 31, 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:
 
March 31,
December 31,
(in thousands)20242023
Restricted cash, current
$875$—
Accounts receivable, net
—16
Prepaid expenses and other current assets
1,7351,837
Total current assets of discontinued operations
$2,610$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
1,406961
Total current liabilities of discontinued operations (1)
$1,406$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. Prior to the issuance of the condensed consolidated financial statements in this Report, $0.9 million was paid and the remaining $0.5 million will be paid over time through the third quarter of 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 consolidated balance sheet, is as follows:
(in thousands)
Balance on December 31, 2023$917 
Severance and other personnel costs766 
Cash payments during the period(277)
Balance on March 31, 2024
$1,406 
Details of loss from discontinued operations are as follows:
 Three Months Ended March 31,
(in thousands)20242023
Service revenue$426 $3,557 
Operating expenses:
Cost of service revenue (exclusive of amortization)316 3,684 
Selling, general and administrative (1)
2,073 4,091 
Research and development (1)
1,664 5,645 
Amortization— 1,459 
Net loss from discontinued operations$(3,627)$(11,322)
(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 months ended March 31, 2024 were as follows:
(in thousands)
Research and development$412 
Selling, general and administrative
354 
Total restructuring charges
$766 
As of March 31, 2024, we have recorded total restructuring charges of $3.6 million and impairment charges of $93.2 million in connection with the exit of the Fintech Platform business.
Significant non-cash activities related to discontinued operations are as follows:
Three Months Ended March 31,
20242023
Operating activities:
Stock-based compensation$227 $2,130 
Depreciation and amortization$538 $2,104