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Cryptocurrencies | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Cryptocurrencies | (10) Cryptocurrencies Cryptocurrencies are accounted for as an indefinite-lived intangible assets and are recognized at cost, net of impairment losses. Impairments are recorded whenever the fair value of the cryptocurrency decreases below its carrying value at any time during the period from acquisition. After an impairment loss is recognized, the adjusted carrying amount of the cryptocurrency becomes its new accounting basis and this new adjusted cost basis will not be adjusted upward for any subsequent increase in fair value. The carrying values of cryptocurrencies were the following at September 30, 2023 and December 31, 2022 (in thousands):
Cryptocurrency |  | At September 30, 2023 |  |  | At December 31, 2022 |
BTC |  | $ | 794 |  |  | $ | 523 |
ETH |  |  | 1 |  |  |  | 9 |
LTC |  |  | — |  |  |  | 8 |
|  | $ | 795 |  |  | $ | 540 |
The following tables present additional information about the adjusted cost basis of cryptocurrencies (in thousands):
|  | BTC |  |  | ETH |  |  | LTC |  |  | Total |
Beginning balance—January 1, 2023 |  | $ | 523 |  |  | $ | 9 |  |  | $ | 8 |  |  | $ | 540 |
Purchase or receipts of cryptocurrency |  |  | 127,530 |  |  |  | 4 |  |  |  | 3 |  |  |  | 127,537 |
Cost of cryptocurrencies sold or distributed |  |  | (125,465 | ) |  |  | (12 | ) |  |  | (11 | ) |  |  | (125,488 | )
Impairment of cryptocurrencies |  |  | (2,187 | ) |  |  | — |  |  |  | — |  |  |  | (2,187 | )
Balance—March 31, 2023 |  | $ | 401 |  |  | $ | 1 |  |  | $ | - |  |  | $ | 402 |
Purchase or receipts of cryptocurrency |  |  | 153,351 |  |  |  | — |  |  |  | — |  |  |  | 153,351 |
Cost of cryptocurrencies sold or distributed |  |  | (150,552 | ) |  |  | — |  |  |  | — |  |  |  | (150,552 | )
Impairment of cryptocurrencies |  |  | (2,390 | ) |  |  | — |  |  |  | — |  |  |  | (2,390 | )
Balance—June 30, 2023 |  | $ | 810 |  |  | $ | 1 |  |  | $ | - |  |  | $ | 811 |
Purchase or receipts of cryptocurrency |  |  | 139,065 |  |  |  | — |  |  |  | — |  |  |  | 139,065 |
Cost of cryptocurrencies sold or distributed |  |  | (137,288 | ) |  |  | — |  |  |  | — |  |  |  | (137,288 | )
Impairment of cryptocurrencies |  |  | (1,793 | ) |  |  | — |  |  |  | — |  |  |  | (1,793 | )
Balance—September 30, 2023 |  | $ | 794 |  |  | $ | 1 |  |  | $ | - |  |  | $ | 795 |
|  | BTC |  |  | ETH |  |  | LTC |  |  | Total |
Beginning balance—January 1, 2022 |  | $ | 563 |  |  | $ | 5,988 |  |  | $ | 6 |  |  | $ | 6,557 |
Purchase or receipts of cryptocurrency |  |  | 128,388 |  |  |  | 206 |  |  |  | 847 |  |  |  | 129,441 |
Cost of cryptocurrencies sold or distributed |  |  | (126,275 | ) |  |  | (2,770 | ) |  |  | (836 | ) |  |  | (129,881 | )
Impairment of cryptocurrencies |  |  | (1,861 | ) |  |  | (1,358 | ) |  |  | (7 | ) |  |  | (3,226 | )
Balance—March 31, 2022 |  | $ | 815 |  |  | $ | 2,066 |  |  | $ | 10 |  |  | $ | 2,891 |
Purchase or receipts of cryptocurrency |  |  | 134,378 |  |  |  | 12 |  |  |  | 993 |  |  |  | 135,383 |
Cost of cryptocurrencies sold or distributed |  |  | (132,543 | ) |  |  | (2,073 | ) |  |  | (999 | ) |  |  | (135,615 | )
Impairment of cryptocurrencies |  |  | (2,075 | ) |  |  | — |  |  |  | — |  |  |  | (2,075 | )
Balance—June 30, 2022 |  | $ | 575 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 584 |
Purchase or receipts of cryptocurrency |  |  | 140,015 |  |  |  | 387 |  |  |  | 638 |  |  |  | 141,040 |
Cost of cryptocurrencies sold or distributed |  |  | (138,261 | ) |  |  | (379 | ) |  |  | (632 | ) |  |  | (139,272 | )
Impairment of cryptocurrencies |  |  | (1,670 | ) |  |  | (3 | ) |  |  | (5 | ) |  |  | (1,678 | )
Balance—September 30, 2022 |  | $ | 659 |  |  | $ | 10 |  |  | $ | 5 |  |  | $ | 674 |
Purchases or receipts of cryptocurrency consists of: (a) cash paid by the Company to purchase cryptocurrencies on various exchanges and from liquidity providers and related transaction costs to acquire the cryptocurrencies, (b) receipts of cryptocurrency sold to the Company by customers at the BTM kiosks, and (c) receipts of cryptocurrency received by the Company as consideration for company website and software services revenue. Costs of cryptocurrencies sold or distributed represents the cost basis of cryptocurrencies sold to customers or payments made in cryptocurrencies, net of impairment costs, recorded through the date of disposition. The Company may be extended short-term credits from various exchanges and liquidity providers to purchase Bitcoin. The trade credits are due and payable in cash within days after they are extended. As of September 30, 2023 and December 31, 2022, the Company had $6.1 million and $1.7 million outstanding within “Accrued Expenses” on the Consolidated Balance Sheets, respectively.

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