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RESTRUCTURING COSTS
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING COSTS

11. RESTRUCTURING COSTS

 

In October 2023, the Company committed to effectively align resources with business priorities and improve profitability through a reduction in the workforce for the Healthcare IT segment. The Company identified opportunities for improvements in its workforce realignment, strategy and staffing, and increased its focus on performance management, to ensure it has the right skillsets and number of employees to execute its long-term vision. In addition, the Company instituted certain other expense reductions.

 

A majority of the impacted employees exited in the fourth quarter of 2023. The Company estimates that it will incur expenses of approximately $1.5 million related to the reduction in workforce of which approximately $606,000 and $645,000 were incurred in 2024 and 2023, respectively, $23,000 and $137,000 was incurred during the three and six months ended June 30, 2025, respectively, with the remaining expenses to be incurred during the remainder of 2025. These restructuring expenses primarily consisted of one-time termination benefits, including, but not limited to, severance payments and healthcare benefits.

 

The expense associated with the restructuring is included in restructuring costs in the condensed consolidated statement of operations for the three and six months ended June 30, 2025 and 2024. The following table summarizes activity related to liabilities associated with restructuring costs:

 

   Severance and separation costs   Other exit related costs   Total restructuring and other costs 
   ($ in thousands) 
Balance as of January 1, 2025  $-   $-   $- 
Additions   137    -    137 
Payments and other adjustments   (137)   -           (137)
Balance as of June 30, 2025  $-   $-   $- 
                
Balance as of January 1, 2024  $145   $26   $171 
Additions   606    -    606 
Payments and other adjustments   (751)   (26)   (777)
Balance as of December 31, 2024  $-   $-   $-