XML 56 R31.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Table Illustrates the Level of Concentration as a Percentage of Total Revenues

The following table illustrates the concentration as a percentage of total revenues for the Company's key Advertising Partners:


	Successor		Predecessor
	Period from January 27, 2022 through December 31, 2022		Period from January 1, 2022 through January 26, 2022		Year Ended December 31, 2021
Google	68	%	88	%	84	%
Microsoft	3	%	4	%	5	%

Schedule of Estimated Useful Lives of Property and Equipment

The estimated useful lives of the Company’s property and equipment for purposes of computing depreciation are as follows:


	(Years)
Computer equipment	3
Office equipment	3
Furniture, fixtures and equipment	3	-	7
Motor vehicles	4
Leasehold improvements	Shorter of the remaining lease term or estimated useful life for leasehold improvements.

Property and equipment, net consisted of the following:


	As of December 31,
	2022		2021
Computer equipment	$	793	$	415
Motor vehicles	234		—
Furniture and equipment	958		475
Leasehold improvements	2,750		976
Property and equipment—gross	4,735		1,866
Less accumulated depreciation	(713)		(1,036)
Property and equipment—net	$	4,022	$	830

Total depreciation expense on property and equipment was as follows:


	Successor		Predecessor
	Period from January 27, 2022 through December 31, 2022		Period from January 1, 2022 through January 26, 2022		Year Ended December 31, 2021
Depreciation expense	$	786	$	16	$	310

Schedule of Finite-Lived Intangible Assets

The estimated useful lives of the Company’s intangible assets are as follows:


	Useful Life
	(Years)
Developed technology	4
Customer relationships	3	-	5
Trademarks and trade names	10
Other intangibles	4

Internal-use software development costs and intangible assets consisted of the following:


	December 31, 2022 (Successor)
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Total internal-use software development costs	$	7,206	$	(258)	$	6,948
Intangibles:
Developed technology	$	196,128	$	(45,322)	$	150,806
Trademarks and trade names	287,857		(26,241)		261,616
Software	5,100		(1,066)		4,034
Customer relationships	121,000		(44,770)		76,230
Total intangible costs	$	610,085	$	(117,399)	$	492,686


	December 31, 2021 (Predecessor)
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Total internal-use software development costs	$	21,274	$	(10,061)	$	11,213
Intangibles:
Developed technology	$	8,398	$	(7,242)	$	1,156
Trademarks and trade names	69,007		(21,375)		47,632
Professional service agreement	3,100		(2,359)		741
Customer relationships	1,500		(661)		839
Total intangible costs	$	82,005	$	(31,637)	$	50,368

Amortization expense for internal-use software development costs and intangible assets were as follows:


	Successor		Predecessor
	Period from January 27, 2022 through December 31, 2022		Period from January 1, 2022 through January 26, 2022		Year Ended December 31, 2021
Amortization expense for internal-use software development	$	467	$	355	$	4,934
Amortization expense for intangible assets	$	117,399	$	629	$	8,641

Schedule of Ownership Interest by Other Entities

The following table summarizes the ownership interest in S1 Holdco as of December 31, 2022 (Successor).


	Units	Ownership %
Class A units of S1 Holdco	91,674	81	%
Class B units of S1 Holdco	21,747	19	%

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details