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Prepaid Service Contract | 12 Months Ended
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Dec. 31, 2022
Prepaid Service Contract [Abstract] |
Prepaid Service Contract | 6. Prepaid Service Contract In April 2020, the Company entered into an agreement with a technology partner in which the Company paid the technology partner $1.0 million and 193,906 shares of the Company’s restricted common stock for a total of $2.1 million in exchange for services to develop a new client and back end interface as well as related functionalities for the Company’s key operations. In addition, the Company agreed to pay an annual license fee of $600,000 for this software. In February 2022, the Company entered into a Consulting Services Agreement (“CSA”) with the technology partner, whereby the Company would provide certain consulting services over an 18-month period. The consulting fee income was recognized on a straight-line basis over the service period. The Company recorded a total of $1.7 million for the year ended December 31, 2022 from the technology partner which is included in the line item “Other income” on the statements of operations. In September 2022, the Company and the technology partner mutually agreed to terminate the services being provided under both the original agreement as well as the CSA. Per the terms of the respective termination agreements, neither the Company nor the technology partner will have any further obligations to provide future services. As part of the termination, the technology partner returned 193,906 shares of the Company’s common stock previously issued. The Company wrote off the remaining balance of the prepaid service contract of $532,000 and the Company received $950,000 which is included in the line item “Other income” on the statements of operations. The expense related to share-based payments to the technology partner for professional services was $239,000 and $376,000 for the years ended December 31, 2022 and 2021, respectively. The total expense related to the technology partner was $711,000 and $959,000 for the years ended December 31, 2022 and 2021, respectively, which is included in “Technology and communications” on the statements of operations.

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