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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2020
Summary of Carrying Amounts and Estimated Fair Values of Assets and Liabilities Measured at Fair Value | The following table summarizes, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the Consolidated Balance Sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented. Refer to Note 5, Note 10 and Note 11 for additional information on these liabilities.
|  | June 30, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 165,914,391 |  |  | $ | — |  |  | $ | — |  |  | $ | 165,914,391 |
Restricted cash |  |  | 13,794,839 |  |  |  | — |  |  |  | — |  |  |  | 13,794,839 |
Total assets |  | $ | 179,709,230 |  |  | $ | — |  |  | $ | — |  |  | $ | 179,709,230 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 18,050,000 |  |  | $ | 18,050,000 |
Borrowings |  |  | — |  |  |  | 259,705,002 |  |  |  | — |  |  |  | 259,705,002 |
Tax receivable agreement |  |  | — |  |  |  | — |  |  |  | 107,579,633 |  |  |  | 107,579,633 |
Interest rate swap |  |  | — |  |  |  | 10,692,535 |  |  |  | — |  |  |  | 10,692,535 |
Total liabilities |  | $ | — |  |  | $ | 270,397,537 |  |  | $ | 125,629,633 |  |  | $ | 396,027,170 |
|  | December 31, 2019 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 24,617,996 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,617,996 |
Restricted cash |  |  | 13,283,121 |  |  |  | — |  |  |  | — |  |  |  | 13,283,121 |
Interest rate swap |  |  | — |  |  |  | 555,449 |  |  |  | — |  |  |  | 555,449 |
Total assets |  | $ | 37,901,117 |  |  | $ | 555,449 |  |  | $ | — |  |  | $ | 38,456,566 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 14,250,000 |  |  | $ | 14,250,000 |
Borrowings |  |  | — |  |  |  | 213,908,388 |  |  |  | — |  |  |  | 213,908,388 |
Tax receivable agreement |  |  | — |  |  |  | — |  |  |  | 67,176,226 |  |  |  | 67,176,226 |
Total liabilities |  | $ | — |  |  | $ | 213,908,388 |  |  | $ | 81,426,226 |  |  | $ | 295,334,614 |
Contingent Consideration |
Schedule of Contingent Consideration Related to Previous Business Acquisitions | The following table provides a rollforward of the contingent consideration related to previous business acquisitions. Refer to Note 5 for more details.
|  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |
|  | (Successor) |  |  | (Predecessor) |
Balance at beginning of period |  | $ | 14,250,000 |  |  | $ | 1,816,988 |
Purchases |  |  | 10,800,000 |  |  | — |
Payments |  |  | (14,320,549 | ) |  |  | (1,816,988 | )
Accretion expense |  | — |  |  | — |
Valuation adjustment |  |  | 7,320,549 |  |  | — |
Balance at end of period |  | $ | 18,050,000 |  |  | $ | — |
Tax Receivable Agreement |
Schedule of Contingent Consideration Related to Previous Business Acquisitions | The following table provides a rollforward of the TRA related to the Business Combination and subsequent acquisition of Post-Merger Repay Units held by Corsair, pursuant to the Unit Purchase Agreement. See Note 15 for further discussion on the TRA.
|  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |
|  | (Successor) |  |  | (Predecessor) |
Balance at beginning of period |  | $ | 67,176,226 |  |  | $ | — |
Purchases |  |  | 29,822,986 |  |  | — |
Payments |  | — |  |  |  | — |
Accretion expense |  |  | 1,096,084 |  |  | — |
Valuation adjustment |  |  | 9,484,337 |  |  | — |
Balance at end of period |  | $ | 107,579,633 |  |  | $ | — |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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