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Variable Interest Entities

9 Months Ended

Sep. 30, 2023

Variable Interest Entities [Abstract]

Variable Interest Entities

14. Variable Interest Entities

VIEs are entities with any of the following characteristics: (i) the entity does not have enough equity to finance its activities without additional financial support; (ii) the equity holders, as a group, lack the characteristics of a controlling financial interest; or (iii) the entity is structured with non-substantive voting rights.

Consolidation of a VIE is required for the party deemed to be the primary beneficiary, if any. The primary beneficiary is the party who has both (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company is not the primary beneficiary of any entities in which it has a variable interest as it does not have the power to direct the activities that most significantly impact the entities’ economic performance. Such power is conveyed through the entities’ boards of directors and the Company does not have control over the boards.

The following table presents information about the Company’s variable interests in non-consolidated VIEs:

		September 30, 2023				December 31, 2022
Carrying Amount—Assets (Securrency):
Preferred stock—Securrency Series A Shares		$	—			$	8,488
Preferred stock—Securrency Series B Shares			305				5,500
Secured convertible note			12,925				—
Convertible note			16,190				14,500
Subtotal—Securrency		$	29,420			$	28,488
Carrying Amount—Assets (Fnality):
Convertible note			7,453				6,921
Carrying Amount—Assets (Other investments):			—				312
Total (Note 7)		$	36,873			$	35,721
Maximum exposure to loss		$	36,873			$	35,721

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//810/tableOfContent

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- References

No definition available.

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