2023 Q2 Form 10-Q Financial Statement

#000172587223000003 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $12.99M $13.48M
YoY Change -43.55% -46.17%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.07M $14.13M
YoY Change -31.99% -14.22%
% of Gross Profit
Research & Development $6.364M $7.130M
YoY Change -12.79% 3.06%
% of Gross Profit
Depreciation & Amortization $3.138M $60.00K
YoY Change 3038.0% 25.0%
% of Gross Profit
Operating Expenses $6.364M $7.130M
YoY Change -12.79% 3.06%
Operating Profit -$5.041M -$6.375M
YoY Change 1266.12% -315.15%
Interest Expense $595.0K $1.421M
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.446M -$4.954M
YoY Change -184.35% -188.35%
Income Tax $10.00K $6.000K
% Of Pretax Income
Net Earnings -$4.456M -$4.960M
YoY Change -202.15% -225.13%
Net Earnings / Revenue -34.31% -36.78%
Basic Earnings Per Share -$0.39 -$0.43
Diluted Earnings Per Share -$0.39 -$0.43
COMMON SHARES
Basic Shares Outstanding 11.86M shares 11.86M shares
Diluted Shares Outstanding 11.56M shares 11.60M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.52M $10.93M
YoY Change -64.52% -64.22%
Cash & Equivalents $11.52M $10.93M
Short-Term Investments
Other Short-Term Assets $10.74M $10.47M
YoY Change 196.17% 304.21%
Inventory
Prepaid Expenses
Receivables $7.083M $12.95M
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.35M $34.34M
YoY Change -32.05% -20.77%
LONG-TERM ASSETS
Property, Plant & Equipment $531.0K $530.0K
YoY Change 20.41% 27.4%
Goodwill $5.259M $5.259M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $29.82M $30.77M
YoY Change -17.94% -19.72%
TOTAL ASSETS
Total Short-Term Assets $29.35M $34.34M
Total Long-Term Assets $29.82M $30.77M
Total Assets $59.17M $65.11M
YoY Change -25.61% -20.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.62M $19.12M
YoY Change 33.9% 117.92%
Accrued Expenses
YoY Change
Deferred Revenue $8.200M $2.700M
YoY Change -46.49% -82.88%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.83M $21.77M
YoY Change -17.57% -22.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $480.0K $1.406M
YoY Change -82.17% -83.24%
Total Long-Term Liabilities $480.0K $1.406M
YoY Change -82.17% -83.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.83M $21.77M
Total Long-Term Liabilities $480.0K $1.406M
Total Liabilities $21.12M $23.18M
YoY Change -21.04% -36.17%
SHAREHOLDERS EQUITY
Retained Earnings -$32.90M -$28.45M
YoY Change 128.8% 51.77%
Common Stock $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.04M $41.94M
YoY Change
Total Liabilities & Shareholders Equity $59.17M $65.11M
YoY Change -25.61% -20.28%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$4.456M -$4.960M
YoY Change -202.15% -225.13%
Depreciation, Depletion And Amortization $3.138M $60.00K
YoY Change 3038.0% 25.0%
Cash From Operating Activities $2.305M -$6.369M
YoY Change -28.7% -169.3%
INVESTING ACTIVITIES
Capital Expenditures $1.707M $82.00K
YoY Change -231.01% -30.51%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.707M -$1.379M
YoY Change 31.01% -35.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.000K -$2.429M
YoY Change 10.31%
NET CHANGE
Cash From Operating Activities 2.305M -$6.369M
Cash From Investing Activities -1.707M -$1.379M
Cash From Financing Activities -5.000K -$2.429M
Net Change In Cash 593.0K -$10.18M
YoY Change -69.27% -309.84%
FREE CASH FLOW
Cash From Operating Activities $2.305M -$6.369M
Capital Expenditures $1.707M $82.00K
Free Cash Flow $598.0K -$6.451M
YoY Change -86.82% -171.11%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21108000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10931000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30554000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
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CY2022Q1 us-gaap Income Taxes Paid Net
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CY2023Q1 us-gaap Conversion Of Stock Amount Converted1
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CY2022Q1 us-gaap Conversion Of Stock Amount Converted1
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CY2023Q1 bmtx Number Of Premium Finance Obligations Outstanding
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2 performance_obligation
CY2023Q1 bmtx Premium Finance Obligations Outstanding
PremiumFinanceObligationsOutstanding
1100000 usd
CY2023Q1 bmtx Premium Finance Obligations Outstanding Weighted Average Annual Interest Rate
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0.0495
CY2023Q1 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
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CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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0.50
CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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300000 usd
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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155000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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305000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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929000 usd
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869000 usd
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530000 usd
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508000 usd
CY2023Q1 bmtx Depreciation Including Loss On Disposition Of Property Plant And Equipment
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100000 usd
CY2022Q1 bmtx Depreciation Including Loss On Disposition Of Property Plant And Equipment
DepreciationIncludingLossOnDispositionOfPropertyPlantAndEquipment
100000 usd
CY2023Q1 us-gaap Capitalized Computer Software Gross
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74278000 usd
CY2022Q4 us-gaap Capitalized Computer Software Gross
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72981000 usd
CY2023Q1 us-gaap Capitalized Computer Software Accumulated Amortization
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53647000 usd
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
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50657000 usd
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20631000 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
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22324000 usd
CY2023Q1 us-gaap Capitalized Computer Software Amortization1
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3000000 usd
CY2022Q1 us-gaap Capitalized Computer Software Amortization1
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2900000 usd
CY2022Q1 us-gaap Impairment Of Long Lived Assets Held For Use
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0 usd
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
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0 usd
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
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P20Y
CY2022Q1 us-gaap Goodwill Impairment Loss
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0 usd
CY2023Q1 us-gaap Goodwill Impairment Loss
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0 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 usd
CY2022Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2053000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1973000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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4349000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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4429000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
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100000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
240000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
320000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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320000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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320000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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320000 usd
CY2023Q1 bmtx Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
2829000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4349000 usd
CY2022Q1 bmtx Lessee Operating Lease Number Of Office Space Locations
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2 location
CY2022Q1 bmtx Lessee Operating Lease Number Of Office Space Locations Matured
LesseeOperatingLeaseNumberOfOfficeSpaceLocationsMatured
1 location
CY2022Q1 bmtx Lessee Operating Lease Number Of Office Space Locations
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2 location
CY2022Q4 us-gaap Lessee Operating Lease Term Of Contract
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P3M
CY2022Q4 us-gaap Lessee Operating Lease Term Of Contract
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P3M
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q1 us-gaap Operating Lease Liability
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0 usd
CY2022Q4 us-gaap Operating Lease Liability
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0 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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CY2023Q1 us-gaap Operating Lease Cost
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100000 usd
CY2022Q1 us-gaap Operating Lease Cost
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200000 usd
CY2023Q1 us-gaap Operating Lease Payments
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0 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000 usd
CY2023Q1 bmtx Reverse Recapitalization Contingent Consideration Equity Shares
ReverseRecapitalizationContingentConsiderationEquityShares
300000 shares
CY2023Q1 bmtx Reverse Recapitalization Par Or Stated Value Per Share
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0.0001
CY2023Q1 us-gaap Common Stock Shares Authorized
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CY2023Q1 bmtx Reverse Recapitalization Contingent Consideration Equity Shares
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300000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q1 bmtx Reverse Recapitalization Contingent Consideration Equity Shares
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300000 shares
CY2023Q1 bmtx Common Stock Voting Rights Number Of Votes Per Share
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1 vote
CY2023Q1 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Preferred Stock Shares Issued
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CY2023Q1 us-gaap Preferred Stock Shares Issued
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CY2023Q1 us-gaap Preferred Stock Shares Outstanding
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2023Q1 bmtx Reverse Recapitalization Contingent Consideration Equity Earnout Period Stock Price Trigger
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15.00
CY2023Q1 bmtx Reverse Recapitalization Contingent Consideration Equity Earnout Period Threshold Trading Days
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CY2023Q1 bmtx Reverse Recapitalization Contingent Consideration Equity Earnout Period Threshold Trading Day Period
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30 trading_day
CY2023Q1 bmtx Reverse Recapitalization Contingent Consideration Equity Earnout Period Stock Price Trigger
ReverseRecapitalizationContingentConsiderationEquityEarnoutPeriodStockPriceTrigger
15.00
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.10
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
22703004000 shares
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
22703004000 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
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1 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q1 bmtx Class Of Warrant Or Right Maximum Expiration Period Period Post Completion Of Merger
ClassOfWarrantOrRightMaximumExpirationPeriodPeriodPostCompletionOfMerger
P5Y
CY2023Q1 bmtx Class Of Warrant Or Right Redemption Rights Stock Price Trigger
ClassOfWarrantOrRightRedemptionRightsStockPriceTrigger
24.00
CY2023Q1 bmtx Class Of Warrant Or Right Redemption Rights Threshold Trading Days
ClassOfWarrantOrRightRedemptionRightsThresholdTradingDays
20 trading_day
CY2023Q1 bmtx Class Of Warrant Or Right Redemption Rights Threshold Trading Day Period
ClassOfWarrantOrRightRedemptionRightsThresholdTradingDayPeriod
30 trading_day
CY2023Q1 bmtx Class Of Warrant Or Right Reclassified
ClassOfWarrantOrRightReclassified
66855 shares
CY2022Q1 bmtx Class Of Warrant Or Right Reclassified
ClassOfWarrantOrRightReclassified
300000 shares
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13484000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25047000 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2700000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6600000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4800000 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14100000 usd
CY2023Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
4100000 usd
CY2022Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
2600000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.001
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.293
CY2023Q1 us-gaap Deferred Tax Assets Liabilities Net
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28400000 usd
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
29900000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4960000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3964000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-4960000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3964000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11602000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11955000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11602000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12563000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11602000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11955000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
608000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11602000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12563000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23898000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23351000 shares
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000 usd
CY2022Q1 bmtx Class Of Warrant Or Right Warrants Reacquired Shares
ClassOfWarrantOrRightWarrantsReacquiredShares
1169963 shares
CY2022Q1 bmtx Class Of Warrant Or Right Warrants Reacquired Price Per Share
ClassOfWarrantOrRightWarrantsReacquiredPricePerShare
1.69
CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
60 employee
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
800000 usd
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
100000 usd

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0001725872-23-000003.txt Edgar Link pending
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