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Pixelpin Acquisition and Patent Approvals | 12 Months Ended
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Dec. 31, 2022
Pixelpin Acquisition and Patent Approvals |
Pixelpin Acquisition and Patent Approvals | 2. Pixelpin Acquisition and Patent Approvals On February 23, 2021, Trust Stamp Malta completed an agreement to acquire Pixelpin, an image-based “Pin-on-Glass” account access solution that alleviates pain-points of traditional login methods while ensuring the security of authentication. The Company paid $92 thousand in cash as consideration for the asset purchase of software intellectual property including VAT taxes. The asset acquisition was recorded at 100% of the fair value of the net assets acquired. The allocation of the consideration to the fair value of 100% of the net assets acquired at the date of acquisition is as follows: ​
​ | ​ | ​ | ​
​ |  | Fair Value
Trade name and trademarks | ​ | $ | 90,621
Foreign currency translation | ​ |  | 1,133
Total | ​ | $ | 91,754
​ On June 1, 2022, Trust Stamp Malta received a $13 thousand refund for the VAT taxes paid in the Pixelpin acquisition transaction and the Company applied the refund to reduce the asset’s carrying value to $78 thousand. In addition to the acquisition, the Company experienced continued growth in its robust intellectual property portfolio adding a total of $175 thousand in patent investments with nine (9) new patent issuances and thirteen (13) new patent filings during the year ended December 31, 2022.

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