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Subsequent Events | 3 Months Ended
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Mar. 31, 2023
Subsequent Events [Abstract] |
Subsequent Events | 23. Subsequent Events The Company has evaluated events that have occurred subsequent to March 31, 2023 and through May 15, 2023, the date of the filing of this Report. On April 27, 2023, the Company entered into an agreement to raise new capital into the Company by issuing new shares of the Company’s common stock to Kakaopay Corporation (“Kakaopay”), a company established under the Laws of the Republic of Korea and a fintech subsidiary of Korean-based conglomerate Kakao Corp. The Company entered into stock purchase agreements and ancillary agreements regarding this transaction. The transaction will occur in two tranches, and in the first tranche, Kakaopay will purchase a 19.9% stake of the Company of 8,075,607 newly issued shares for approximately $17.4 million. In the second tranche, subject to shareholder and regulatory approval, Kakaopay will acquire an additional 31.1% of the Company of 25,756,470 of newly issued shares for approximately $60.5 million. Refer to the Company’s Current Report on Form 8-K filed on May 3, 2023 for further detail regarding this transaction. As of March 31, 2023 and December 31, 2022, the Company capitalized deferred issuance costs related to this transaction of $383,000 and $318,000, respectively, which are recorded within the line item “Prepaid expenses and other assets” in the statements of financial condition. Based on the Company’s assessment, other than the events described above, there have been no material subsequent events that occurred during such period that would require disclosure in this Report or would be required to be recognized in the financial statements as of March 31, 2023.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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