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Subscription Agreement | 9 Months Ended
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Sep. 30, 2023
Capitalization, Long-Term Debt and Equity [Abstract] |
Subscription Agreement | Note 5 – Subscription Agreement On March 11, 2022, concurrently with our entry into a mutual reseller arrangement with MIRACL Technologies Limited (“MIRACL”), we entered into a subscription agreement with Omlis Limited, a limited company incorporated and registered in England and Wales and the parent of MIRACL (“Omlis”). We purchased $2.5 million of Omlis’ Note Receivable (“Note”) that accrues interest at 5% annually with a maturity date of March 11, 2026. Prior to maturity, we have the right to convert the Note into the securities issued in a future financing at a 20% discount from the price per share paid by the investors in that financing. If the Note remains outstanding on the maturity date, the Note shall, at the option of the holders of a majority of the outstanding Note, (i) be converted into the most senior shares in Omlis, (ii) be redeemed by payment in cash of the Note and all accrued but unpaid interest or (iii) remain outstanding. In connection with the sale of the Note, Omlis granted us a right of first refusal for 18 months that expired on September 11, 2023 with respect to any proposed sale by Omlis of equity securities constituting 20% or more of the outstanding voting power of Omlis or all or substantially all of the assets of Omlis or any of its material subsidiaries that expired on Septembe r 11, 2023. Also, in connection with the sale of the Note, Omlis issued the Company a warrant that expired on September 11, 2023, which allowed us to purchase up to 8% of the total equity shares in Omlis at a price per share of $33.91. We recorded the Note at its fair value in accordance with ASC 825, Financial Instruments, which was $2.7 million as of September 30, 2023. Interest income of $31 thousand and $93 thousand was earned during the three and nine month periods ended September 30, 2023, respectively. Interest income of $31 thousand and $70 thousand was earned during the three and nine month periods ended September 30, 2022, respectively. The $195 thousand in accrued interest is included in the fair value of the note as of September 30, 2023.

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