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RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 11 – RELATED PARTY TRANSACTIONS

 

Working Capital Loan

 

During the nine months ended September 30, 2023, the Company received proceeds of $2 million under a $2.5 million loan facility with CRG Financial, maturing on December 15, 2023. The loan facility includes interest of 12%. The Company repaid the $2 million outstanding loan balance on March 21, 2023 with the proceeds received from the Avenue Facility and recorded a $325 thousand loss on debt extinguishment related to the repayment of the CRG Financial loan (see Note 6). As of both September 30, 2023 and December 31, 2022, the outstanding balance was $0 related to the CRG Financial loan. Mr. Bhatia, a member of the Board of the Company, also serves on the Board of Directors of CRG Financial.

 

WorkSimpli Software

 

During the nine months ended September 30, 2023 and 2022, WorkSimpli utilized CloudBoson Technologies Pvt. Ltd. (“CloudBoson”), formerly LegalSubmit Pvt. Ltd., a company owned by WorkSimpli’s Chief Software Engineer, to provide software development services. WorkSimpli paid CloudBoson a total of $611 thousand and $403 thousand during the three months ended September 30, 2023 and 2022, respectively, and $1.8 million and $1.1 million during the nine months ended September 30, 2023 and 2022, respectively, for these services. WorkSimpli owed CloudBoson $208 thousand as of September 30, 2023. There were no amounts owed to CloudBoson as of December 31, 2022.