2022 Q4 Form 10-K Financial Statement

#000155837023006073 Filed on April 17, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $30.74M $89.36M $38.14M
YoY Change -19.39% 134.31% 205.64%
Cost Of Revenue $22.00M $60.04M $19.71M
YoY Change 11.62% 204.64% 169.78%
Gross Profit $8.745M $29.32M $18.43M
YoY Change -52.55% 59.11% 256.3%
Gross Profit Margin 28.44% 32.81% 48.32%
Selling, General & Admin $6.260M $21.34M $14.04M
YoY Change -55.43% 51.97% 171.0%
% of Gross Profit 71.58% 72.79% 76.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $522.7K $34.22K $1.954M
YoY Change -46.5% -98.25% 300.0%
% of Gross Profit 5.98% 0.12% 10.6%
Operating Expenses $6.260M $21.34M $14.04M
YoY Change -55.43% 51.97% 171.0%
Operating Profit $2.485M $7.979M $4.385M
YoY Change -43.32% 81.98% -43255.51%
Interest Expense -$961.0K $3.231M -$3.184M
YoY Change -69.82% -201.46% 268.07%
% of Operating Profit -38.67% 40.49% -72.62%
Other Income/Expense, Net $440.00 -$3.486M -$22.44K
YoY Change -101.96% 15433.6% -116.65%
Pretax Income $1.525M $4.493M -$1.444M
YoY Change -205.61% -411.25% 61.1%
Income Tax $111.5K $246.3K $0.00
% Of Pretax Income 7.31% 5.48%
Net Earnings $1.413M $4.167M -$1.507M
YoY Change -193.76% -376.46% 65.95%
Net Earnings / Revenue 4.6% 4.66% -3.95%
Basic Earnings Per Share $0.33 -$44.09
Diluted Earnings Per Share $0.10 $0.33 -$106.3K
COMMON SHARES
Basic Shares Outstanding 12.64M 34.18K
Diluted Shares Outstanding 12.64M 34.18K

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.047M $4.047M $4.684M
YoY Change -13.6% 190.6%
Cash & Equivalents $4.047M $4.047M $4.684M
Short-Term Investments
Other Short-Term Assets $883.3K $883.3K $1.225M
YoY Change -27.92% 448.69%
Inventory
Prepaid Expenses
Receivables $26.35M $26.35M $7.871M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $31.28M $31.28M $13.78M
YoY Change 127.01% 127.01% 111.54%
LONG-TERM ASSETS
Property, Plant & Equipment $673.2K $1.472M
YoY Change
Goodwill $6.520M
YoY Change 0.0%
Intangibles $13.64M
YoY Change -12.53%
Long-Term Investments
YoY Change
Other Assets $46.99K $5.212M $107.7K
YoY Change 308.3% 4740.94% -6.97%
Total Long-Term Assets $26.84M $26.84M $22.22M
YoY Change 20.8% 20.8% -8.11%
TOTAL ASSETS
Total Short-Term Assets $31.28M $31.28M $13.78M
Total Long-Term Assets $26.84M $26.84M $22.22M
Total Assets $58.13M $58.13M $36.00M
YoY Change 61.46% 61.46% 17.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.70M $17.70M $6.710M
YoY Change 163.72% 163.72% 105.62%
Accrued Expenses $4.778M $4.870M $1.045M
YoY Change 357.24% 366.04% -24.96%
Deferred Revenue $546.7K
YoY Change -59.45%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $655.0K $655.0K $550.0K
YoY Change 19.09% 19.09% -54.42%
Total Short-Term Liabilities $25.57M $25.57M $9.724M
YoY Change 162.99% 162.99% 46.61%
LONG-TERM LIABILITIES
Long-Term Debt $23.06M $23.06M $20.20M
YoY Change 14.2% 71.43%
Other Long-Term Liabilities $4.895M $4.895M $6.456M
YoY Change -24.17% -34.88%
Total Long-Term Liabilities $27.96M $27.96M $26.65M
YoY Change 4.91% 22.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.57M $25.57M $9.724M
Total Long-Term Liabilities $27.96M $27.96M $26.65M
Total Liabilities $53.53M $53.53M $36.37M
YoY Change 47.16% 47.16% 28.41%
SHAREHOLDERS EQUITY
Retained Earnings -$3.643M
YoY Change -21.97%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.595M $4.595M -$374.9K
YoY Change
Total Liabilities & Shareholders Equity $58.13M $58.13M $36.00M
YoY Change 61.46% 61.46% 17.28%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income $1.413M $4.167M -$1.507M
YoY Change -193.76% -376.46% 65.95%
Depreciation, Depletion And Amortization $522.7K $34.22K $1.954M
YoY Change -46.5% -98.25% 300.0%
Cash From Operating Activities -$1.271M $2.129M $3.751M
YoY Change -215.16% -43.25% -752.91%
INVESTING ACTIVITIES
Capital Expenditures $688.0K $688.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$688.0K -$688.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$688.0K -$688.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.17M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.004M -2.078M -678.7K
YoY Change -1457.09% 206.12% -105.52%
NET CHANGE
Cash From Operating Activities -1.271M 2.129M 3.751M
Cash From Investing Activities -688.0K -688.0K 0.000
Cash From Financing Activities -1.004M -2.078M -678.7K
Net Change In Cash -2.963M -637.0K 3.072M
YoY Change -351.59% -120.73% 321.05%
FREE CASH FLOW
Cash From Operating Activities -$1.271M $2.129M $3.751M
Capital Expenditures $688.0K $688.0K
Free Cash Flow -$1.959M $1.441M
YoY Change

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CY2021 drct Proceeds From Paycheck Protection Program Loan
ProceedsFromPaycheckProtectionProgramLoan
287143
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11167043
CY2022 drct Payment To Redemption Of Common Units
PaymentToRedemptionOfCommonUnits
-7200000
CY2022 drct Redemption Of Non Participating Preferred Shares
RedemptionOfNonParticipatingPreferredShares
-7046251
CY2021 drct Redemption Of Non Participating Preferred Shares
RedemptionOfNonParticipatingPreferredShares
-3500000
CY2021 drct Payments On Seller Notes And Earnouts Payable
PaymentsOnSellerNotesAndEarnoutsPayable
358975
CY2022 drct Payment Of Distributions To Members
PaymentOfDistributionsToMembers
-1692434
CY2021 drct Payment Of Distributions To Members
PaymentOfDistributionsToMembers
-1236049
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2077687
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-678718
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-636978
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3072433
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4684431
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1611998
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4047453
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4684431
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
46726
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
14878
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2568299
CY2021 us-gaap Interest Paid Net
InterestPaidNet
3111628
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
19479
CY2022 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
1000000
CY2022 drct Distributions Payable To Members
DistributionsPayableToMembers
1448333
CY2022 drct Outside Basis Difference In Partnership On Non Cash Financial Activities
OutsideBasisDifferenceInPartnershipOnNonCashFinancialActivities
5270208
CY2022 drct Tra Payable To Direct Digital Management Llc In Non Cash Financial Activities
TraPayableToDirectDigitalManagementLlcInNonCashFinancialActivities
4332190
CY2022 drct Tax Benefit On Tra In Non Cash Financing Activities
TaxBenefitOnTraInNonCashFinancingActivities
823481
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates include the allocation of purchase price consideration in the business combination and the related valuation of acquired assets and liabilities, intangible assets, and goodwill impairment testing. The Company bases its estimates on past experiences, market conditions, and other assumptions that the Company believes are reasonable under the circumstances, and the Company evaluates these estimates on an ongoing basis.</p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
2558730
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4323
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
40856
CY2022 drct Accounts Receivable Guaranteed Recovery Of Uncollected Balances From Insurance Percent
AccountsReceivableGuaranteedRecoveryOfUncollectedBalancesFromInsurancePercent
0.90
CY2022 drct Accounts Receivable Remittance From Insurance On Collection Of Full Amounts Percent
AccountsReceivableRemittanceFromInsuranceOnCollectionOfFullAmountsPercent
0.10
CY2022 drct Accounts Receivable Provision For Doubtful Accounts Percent
AccountsReceivableProvisionForDoubtfulAccountsPercent
0.10
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
16664
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
91048
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Company has customers on both the buy-and sell-side of its business. The following table sets forth our consolidated concentration of accounts receivable:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 0pt 36pt;"><span style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:68.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">December 31, </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">December 31, </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> </b></p></td></tr><tr><td style="vertical-align:bottom;width:68.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">    </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:2.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">    </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> </b></p></td></tr><tr><td style="vertical-align:bottom;width:68.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Customer A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;"> 79.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%  </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;"> 62.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:68.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Customer H</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;"> 5.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%  </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;"> —</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:68.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Customer B</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;"> 0.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%  </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;"> 5.2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 0pt 36pt;"><span style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">​</span></p>
CY2022Q4 us-gaap Goodwill
Goodwill
6519636
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
546710
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1348093
CY2022 us-gaap Advertising Expense
AdvertisingExpense
899622
CY2021 us-gaap Advertising Expense
AdvertisingExpense
216464
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022Q3 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
515096
CY2022Q3 drct Litigation Settlement Installment Payment Period
LitigationSettlementInstallmentPaymentPeriod
P24M
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4047453
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
707436
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
34218
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
673218
CY2022Q4 drct Payments To Acquire License
PaymentsToAcquireLicense
500000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34218
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
0
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34218
CY2020Q3 us-gaap Goodwill
Goodwill
4095700
CY2020Q3 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
18033850
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1953819
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1953818
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13637759
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
15591578
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
123118
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
13524
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
14201
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4777764
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1044907
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
18033850
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4396091
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13637759
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1953818
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1953818
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1878602
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1652952
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1652952
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
4545617
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13637759
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4128505
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
406510
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
429096
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
501078
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
206639
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
655000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1310000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1310473
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1313215
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1313337
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
19931725
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
25833750
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
655000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2115161
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
23063589
CY2022Q4 drct Current Portion Of Liability Related To Tax Receivable Agreement
CurrentPortionOfLiabilityRelatedToTaxReceivableAgreement
182571
CY2022Q4 drct Liability Related To Tax Receivable Agreement Net Of Current Portion
LiabilityRelatedToTaxReceivableAgreementNetOfCurrentPortion
4149619
CY2022Q4 drct Liability Related To Tax Receivable Agreement
LiabilityRelatedToTaxReceivableAgreement
4332190
CY2022Q3 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
515096
CY2022Q3 drct Litigation Settlement Installment Payment Period
LitigationSettlementInstallmentPaymentPeriod
P24M
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
279928
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
215008
CY2022 drct Class Of Warrant Or Right Weighted Average Exercise Price Granted
ClassOfWarrantOrRightWeightedAverageExercisePriceGranted
5.50
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
798774
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
91989
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
745340
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
837329
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
154490
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
110215
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
156077
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
159755
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
163474
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
398104
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1142115
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
304786
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
837329
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2022Q1 us-gaap Proceeds From Issuance Initial Public Offering
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.67
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CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2022 drct Class Of Warrant Or Right Weighted Average Remaining Contractual Term Outstanding
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P4Y4M17D
CY2022 drct Class Of Warrant Or Right Exercisable
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3220000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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278850
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.68
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.62
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
254000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.69
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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19486
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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1.01
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.63
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0325
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
1.68
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
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0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
377614
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.67
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
1.62
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
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4166603
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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12637551
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34182
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12637551
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34182
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2021 us-gaap Earnings Per Share Basic
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3474000
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0.85
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0.15
CY2022 drct Adjustments To Additional Paid In Capital Liability Related To Tax Receivable Agreement
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823481
CY2022 drct Outside Basis Difference In Partnership On Non Cash Financial Activities
OutsideBasisDifferenceInPartnershipOnNonCashFinancialActivities
5270208
CY2022Q4 drct Liability Related To Tax Receivable Agreement
LiabilityRelatedToTaxReceivableAgreement
4332190
CY2022 drct Payment On Tax Receivable Agreement
PaymentOnTaxReceivableAgreement
114538
CY2022Q4 drct Current Portion Of Liability Related To Tax Receivable Agreement
CurrentPortionOfLiabilityRelatedToTaxReceivableAgreement
182571
CY2022Q1 drct Corporate Income Tax Rate On Taxable Income
CorporateIncomeTaxRateOnTaxableIncome
0.197
CY2022Q3 drct Corporate Income Tax Rate On Taxable Income
CorporateIncomeTaxRateOnTaxableIncome
0.2045
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
246268
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q4 drct Franchise Taxes
FranchiseTaxes
80329
CY2021Q4 drct Franchise Taxes
FranchiseTaxes
63523
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
140835
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
105433
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
246268
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.011
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.026
CY2022 drct Effective Income Tax Rate Reconciliation Partnership Income Not Taxed
EffectiveIncomeTaxRateReconciliationPartnershipIncomeNotTaxed
-0.166
CY2021 drct Effective Income Tax Rate Reconciliation Partnership Income Not Taxed
EffectiveIncomeTaxRateReconciliationPartnershipIncomeNotTaxed
-0.236
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0.055
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
5033156
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
131620
CY2022Q4 us-gaap Deferred Tax Assets Gross
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5164776
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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89359733
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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38136862
CY2022 us-gaap Operating Income Loss
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7978939
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
4384600
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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4493200
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-1443571
CY2022Q4 us-gaap Assets
Assets
58126039
CY2021Q4 us-gaap Assets
Assets
35999933
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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7010796
CY2022Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
21782890
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
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696486
CY2022Q3 us-gaap Assets Current
AssetsCurrent
29490172
CY2022Q3 us-gaap Other Assets Noncurrent
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24704688
CY2022Q3 us-gaap Assets
Assets
54194860
CY2022Q3 us-gaap Liabilities
Liabilities
48800687
CY2022Q3 us-gaap Additional Paid In Capital
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7817283
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
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-2437648
CY2022Q3 us-gaap Stockholders Equity
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5394173
CY2022Q3 us-gaap Liabilities And Stockholders Equity
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54194860
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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26379734
CY2022Q3 us-gaap Cost Of Revenue
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18524631
CY2022Q3 us-gaap Gross Profit
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7855103
CY2022Q3 us-gaap Operating Expenses
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5615920
CY2022Q3 us-gaap Operating Income Loss
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2239183
CY2022Q3 us-gaap Other Nonoperating Income Expense
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-905605
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1333578
CY2022Q3 drct Income Tax Expense Benefit And Franchise Taxes
IncomeTaxExpenseBenefitAndFranchiseTaxes
128436
CY2022Q3 us-gaap Net Income Loss
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1205142
CY2022Q3 us-gaap Earnings Per Share Basic
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0.09
CY2022Q3 us-gaap Earnings Per Share Diluted
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0.08
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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14178000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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14624693
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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59011379
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38039657
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20971722
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15083521
us-gaap Operating Income Loss
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5888201
us-gaap Other Nonoperating Income Expense
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-2525207
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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3362994
drct Income Tax Expense Benefit And Franchise Taxes
IncomeTaxExpenseBenefitAndFranchiseTaxes
215112
us-gaap Net Income Loss
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3147882
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
us-gaap Weighted Average Number Of Shares Outstanding Basic
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11838030
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11985090
us-gaap Profit Loss
ProfitLoss
3147882
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13914426
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
94440
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3399801
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
1205142
us-gaap Net Income Loss
NetIncomeLoss
3147882
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
5394173

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