2023 Q4 Form 10-K Financial Statement

#000095017024031826 Filed on March 15, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $34.27M $132.6M
YoY Change 8.95% 16.6%
Cost Of Revenue $5.982M $24.39M
YoY Change 0.94% 6.78%
Gross Profit $28.28M $108.3M
YoY Change 10.81% 19.06%
Gross Profit Margin 82.54% 81.61%
Selling, General & Admin $31.57M $111.3M
YoY Change -6.97% -7.64%
% of Gross Profit 111.63% 102.79%
Research & Development $4.016M $18.19M
YoY Change -24.2% -12.3%
% of Gross Profit 14.2% 16.8%
Depreciation & Amortization $8.642M $1.348M
YoY Change 59.77% 8.89%
% of Gross Profit 30.56% 1.25%
Operating Expenses $43.89M $230.4M
YoY Change -0.92% 14.08%
Operating Profit -$15.61M -$97.74M
YoY Change -16.88% 10.83%
Interest Expense -$10.95M -$13.96M
YoY Change -7.53% -83.18%
% of Operating Profit
Other Income/Expense, Net $2.082M -$68.00K
YoY Change 643.57% -93.49%
Pretax Income -$50.71M -$115.2M
YoY Change 18.03% -47.98%
Income Tax $42.00K $223.0K
% Of Pretax Income
Net Earnings -$50.75M -$115.5M
YoY Change 19.28% -47.1%
Net Earnings / Revenue -148.1% -87.05%
Basic Earnings Per Share -$0.88
Diluted Earnings Per Share -$0.39 -$0.88
COMMON SHARES
Basic Shares Outstanding 131.4M
Diluted Shares Outstanding 131.4M

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.59M $23.59M
YoY Change -60.94% -60.94%
Cash & Equivalents $16.45M $16.45M
Short-Term Investments $7.134M $7.134M
Other Short-Term Assets $2.521M $9.289M
YoY Change -8.79% -13.25%
Inventory
Prepaid Expenses $2.593M
Receivables $16.93M $16.93M
Other Receivables $0.00 $0.00
Total Short-Term Assets $49.81M $49.81M
YoY Change -42.09% -42.09%
LONG-TERM ASSETS
Property, Plant & Equipment $6.141M $23.92M
YoY Change -16.16% -15.56%
Goodwill $187.7M
YoY Change -3.43%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $633.0K $4.890M
YoY Change 43.21% 10.68%
Total Long-Term Assets $320.8M $320.8M
YoY Change -7.6% -7.6%
TOTAL ASSETS
Total Short-Term Assets $49.81M $49.81M
Total Long-Term Assets $320.8M $320.8M
Total Assets $370.6M $370.6M
YoY Change -14.45% -14.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.91M $12.91M
YoY Change -6.04% -6.04%
Accrued Expenses $3.066M $3.066M
YoY Change -54.3% -54.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $105.0K $105.0K
YoY Change 54.41% 54.41%
Total Short-Term Liabilities $65.65M $65.65M
YoY Change 5.7% 5.7%
LONG-TERM LIABILITIES
Long-Term Debt $222.3M $222.3M
YoY Change 37.25% 37.25%
Other Long-Term Liabilities $5.166M $36.96M
YoY Change -62.72% -41.94%
Total Long-Term Liabilities $227.5M $259.3M
YoY Change 29.37% 14.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.65M $65.65M
Total Long-Term Liabilities $227.5M $259.3M
Total Liabilities $327.1M $327.1M
YoY Change 13.39% 13.39%
SHAREHOLDERS EQUITY
Retained Earnings -$816.4M
YoY Change 16.51%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.46M $43.46M
YoY Change
Total Liabilities & Shareholders Equity $370.6M $370.6M
YoY Change -14.45% -14.45%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$50.75M -$115.5M
YoY Change 19.28% -47.1%
Depreciation, Depletion And Amortization $8.642M $1.348M
YoY Change 59.77% 8.89%
Cash From Operating Activities -$3.554M -$35.49M
YoY Change -76.5% -51.13%
INVESTING ACTIVITIES
Capital Expenditures $1.981M $7.938M
YoY Change -21.01% -30.17%
Acquisitions $5.010M
YoY Change -545.33%
Other Investing Activities -$12.38M
YoY Change -1200.36%
Cash From Investing Activities -$1.981M -$20.32M
YoY Change -21.01% 98.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $107.0K
YoY Change -99.94%
Cash From Financing Activities 5.507M 12.08M
YoY Change 36613.33% -89.17%
NET CHANGE
Cash From Operating Activities -3.554M -35.49M
Cash From Investing Activities -1.981M -20.32M
Cash From Financing Activities 5.507M 12.08M
Net Change In Cash -28.00K -43.92M
YoY Change -99.84% -255.68%
FREE CASH FLOW
Cash From Operating Activities -$3.554M -$35.49M
Capital Expenditures $1.981M $7.938M
Free Cash Flow -$5.535M -$43.43M
YoY Change -68.61% -48.29%

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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2023 us-gaap Stock Issued During Period Value Stock Options Exercised
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366000
CY2023 us-gaap Stock Repurchased And Retired During Period Value
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CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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27057000
CY2023 note Withholding Taxes On Net Share Settlement Of Stock Based Compensation And Option Exercises
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1872000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
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CY2023 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
163000
CY2023Q4 us-gaap Stockholders Equity
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43459000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
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CY2022 us-gaap Net Income Loss
NetIncomeLoss
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CY2023 us-gaap Depreciation
Depreciation
1348000
CY2022 us-gaap Depreciation
Depreciation
1238000
CY2023 note Amortization Of Intangible Assets And Capitalized Software Development Costs
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27369000
CY2022 note Amortization Of Intangible Assets And Capitalized Software Development Costs
AmortizationOfIntangibleAssetsAndCapitalizedSoftwareDevelopmentCosts
19545000
CY2023 note Amortization Of Deferred Costs To Obtain Revenue Contracts
AmortizationOfDeferredCostsToObtainRevenueContracts
3617000
CY2022 note Amortization Of Deferred Costs To Obtain Revenue Contracts
AmortizationOfDeferredCostsToObtainRevenueContracts
2786000
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
32064000
CY2023 note Noncash Operating Lease Expense
NoncashOperatingLeaseExpense
3264000
CY2022 note Noncash Operating Lease Expense
NoncashOperatingLeaseExpense
6614000
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
27057000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
38047000
CY2023 note Non Cash Earnout Benefit Expense
NonCashEarnoutBenefitExpense
-530000
CY2022 note Non Cash Earnout Benefit Expense
NonCashEarnoutBenefitExpense
-238000
CY2023 note Gain Loss On Settlement
GainLossOnSettlement
-3474000
CY2022 note Gain Loss On Settlement
GainLossOnSettlement
-11700000
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
423000
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
142000
CY2023 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2043000
CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-2121000
CY2023 note Change In Fair Value Of Financial Instruments
ChangeInFairValueOfFinancialInstruments
-15983000
CY2022 note Change In Fair Value Of Financial Instruments
ChangeInFairValueOfFinancialInstruments
-12747000
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
72000
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2023 us-gaap Paid In Kind Interest
PaidInKindInterest
6060000
CY2022 us-gaap Paid In Kind Interest
PaidInKindInterest
10958000
CY2023 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
32000
CY2022 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
260000
CY2023 note Non Cash Interest Expense
NonCashInterestExpense
3919000
CY2022 note Non Cash Interest Expense
NonCashInterestExpense
52044000
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-45250000
CY2022 note Gains Losses On Extinguishment Of Paycheck Protection Program Loan
GainsLossesOnExtinguishmentOfPaycheckProtectionProgramLoan
7667000
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
287000
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3941000
CY2023 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-3421000
CY2022 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-422000
CY2023 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
4443000
CY2022 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
4129000
CY2023 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
180000
CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
395000
CY2023 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-6426000
CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-2113000
CY2023 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
4123000
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
4780000
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-198000
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
93000
CY2023 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
269000
CY2022 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-1938000
CY2023 note Increase Decrease In Contingent Liabilities From Acquisitions Current Portion
IncreaseDecreaseInContingentLiabilitiesFromAcquisitionsCurrentPortion
-39000
CY2022 note Increase Decrease In Contingent Liabilities From Acquisitions Current Portion
IncreaseDecreaseInContingentLiabilitiesFromAcquisitionsCurrentPortion
-1567000
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-6626000
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-8589000
CY2023 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
210000
CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
274000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-35494000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-72625000
CY2023 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7938000
CY2022 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
11367000
CY2023 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
5010000
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-1125000
CY2023 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
7369000
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-20317000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10242000
CY2022 note Proceeds From Business Combination Net Of Transaction Costs
ProceedsFromBusinessCombinationNetOfTransactionCosts
175000000
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-45242000
CY2023 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
11500000
CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
166014000
CY2023 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
107000
CY2022 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
189105000
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
4498000
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
684000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
453000
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
88000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12077000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
111530000
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-189000
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-449000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-43923000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
28214000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61223000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33009000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17300000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61223000
CY2022 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
34947000
CY2022 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
26570000
CY2023 note Issuance Of Common Stock In Connection With Business Acquisitions
IssuanceOfCommonStockInConnectionWithBusinessAcquisitions
9539000
CY2022 note Issuance Of Common Stock In Connection With Business Acquisitions
IssuanceOfCommonStockInConnectionWithBusinessAcquisitions
8590000
CY2023 note Warrants Issued In Conjunction With Long Term Debt Issuance
WarrantsIssuedInConjunctionWithLongTermDebtIssuance
178000
CY2022 note Warrants Issued In Conjunction With Long Term Debt Issuance
WarrantsIssuedInConjunctionWithLongTermDebtIssuance
436000
CY2022 note Noncash Transaction Issuance Of Common Stock Upon Exercise Of Public Warrants
NoncashTransactionIssuanceOfCommonStockUponExerciseOfPublicWarrants
265000
CY2022 note Fees Payable To Debt Holders Settled Through Increase Of Debt Principal
FeesPayableToDebtHoldersSettledThroughIncreaseOfDebtPrincipal
100000
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
161000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
20679000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
35157000
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
55000
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
55000
CY2023 note Description Of Business Policy Policy Textblock
DescriptionOfBusinessPolicyPolicyTextblock
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Description of Business</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">FiscalNote Holdings, Inc. (“FiscalNote,” or the “Company”) is a leading technology provider of global policy and market intelligence. It delivers critical, actionable legal and policy insights in a rapidly evolving political and regulatory and macroeconomic environment. By combining artificial intelligence (AI) technology, other technologies with analytics, workflow tools, and expert peer insights, FiscalNote empowers customers to manage policy, address regulatory developments, and mitigate global risk. FiscalNote ingests unstructured legislative and regulatory data, and employs AI and data science to deliver structured, relevant and actionable information in order to facilitate key operational and strategic decisions by global enterprises, midsized and smaller businesses, government institutions, trade groups, and nonprofits. FiscalNote delivers that intelligence through its suite of public policy and issues management products. The Company is headquartered in Washington, D.C.</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">On July 29, 2022 (the “Closing Date”), the Company consummated the transactions contemplated by the Agreement and Plan of Merger, dated as of November 7, 2021, and as amended on May 9, 2022, (the “Merger Agreement”), by and among FiscalNote Holdings, Inc., a Delaware corporation (“Old FiscalNote”), Duddell Street Acquisition Corp., a Cayman Islands exempted company (“DSAC”), and Grassroots Merger Sub, Inc., a Delaware Corporation and a wholly owned direct subsidiary of DSAC (“Merger Sub” and, together with DSAC, the “DSAC Parties”). Pursuant to these transactions, Merger Sub merged with and into Old FiscalNote, with Old FiscalNote becoming a wholly owned subsidiary of DSAC (the “Business Combination” and, collectively with the other transactions described in the Business Combination Agreement, the “Transactions”). In connection with the closing of the Transactions (the “Closing”), DSAC domesticated and continued as a Delaware corporation under the name of “FiscalNote Holdings, Inc.” (“New FiscalNote”). Unless the context otherwise requires, references in these notes to the financial statements to the “Company,” “FiscalNote,” “we,” “us,” or “our” refer to the business of Old FiscalNote, which became the business of New FiscalNote and its subsidiaries following the Closing.</span></p>
CY2023 note Liquidity Policy Policy Textblock
LiquidityPolicyPolicyTextblock
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liquidity</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Historically the Company’s cash flows from operations have not been sufficient to fund its current operating model and the Company funded operations through raising equity and debt. The Company's ability to maintain its minimum cash requirement, fund its future cash interest requirements under its senior term loan and fund its operations depend in part on general economic, financial, competitive, legislative, regulatory and other conditions that may be beyond the Company's control. Accordingly, the Company continues to closely monitor expenses to assess whether any immediate, or long-term changes, are necessary to maintain compliance with its financial covenants.</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The Company’s cash, cash equivalents, restricted cash, and short-term investments were </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">24,434</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> as of December 31, 2023, compared with </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">61,223</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> as of December 31, 2022</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Further, the Company had negative working capital (excluding cash, restricted cash, and short-term investments) of $</span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">40,279</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> and $</span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">37,330</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> at </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 31, 2023 and December 31, 2022, respectively, and had an accumulated deficit of </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">816,416</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">700,743</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> as of December 31, 2023 and December 31, 2022, respectively, and has incurred net losses of </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">115,461</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">218,257</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> for the years ended December 31, 2023 and 2022, respectively.</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Management expects that significant on-going operating and capital expenditures will be necessary to continue to implement the Company’s business plan of entering new markets, future acquisitions, and infrastructure and product development.</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">In addition, as disclosed in Note 9, “Debt”, the Company is subject to certain financial covenants. The Company’s ability to maintain compliance with these financial covenants are based on the Company’s current expectations regarding continued growth in revenues, collections, cost structure, current cash burn rate and other operating assumptions.</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The Company believes our cash on hand at December 31, 2023, net proceeds from the sale of Board.org (see Note 19, Subsequent Events ), proceeds from our expected product sales, and available borrowings under our Senior Term Loan for certain acquisition activity, will be sufficient to meet our obligations and our required covenants for at least the next twelve months from the date of this filing.</span></p>
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
24434000
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
61223000
CY2023Q4 note Working Capital Deficit
WorkingCapitalDeficit
40279000
CY2022Q4 note Working Capital Deficit
WorkingCapitalDeficit
37330000
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-816416000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-700743000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-115461000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-218257000
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions in the Company’s consolidated financial statements and notes thereto. Significant estimates and assumptions made by management include the determination of:</span></p><div style="margin-left:4%;display:flex;margin-top:9pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">revenue recognition;</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">the average period of benefit associated with costs capitalized to obtain revenue contracts;</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">the fair value of assets acquired and liabilities assumed for business combinations;</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">the useful lives of intangible assets;</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">capitalization of software development costs;</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">valuation of financial instruments;</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">impairment of goodwill and long-lived assets;</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">the fair value of certain stock awards issued;</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">the fair value of certain consideration issued as part of business combinations;</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">the recognition, measurement, and valuation of current and deferred income taxes and uncertain tax positions; and</span></div></div><div style="margin-left:4%;display:flex;margin-top:4pt;justify-content:flex-start;align-items:baseline;margin-bottom:9pt;min-width:4%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:4.166666666666667%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">the incremental borrowing rate used to calculate lease balances.</span></div></div><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Actual results could differ materially from those estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, which forms the basis for making judgments about the carrying values of assets and liabilities.</span></p>
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Risks</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable. The Company generally maintains its cash and cash equivalents with various nationally recognized financial institutions. The Company’s cash and cash equivalents at times exceed amounts guaranteed by the Federal Deposit Insurance Corporation.</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The Company does not require collateral for accounts receivable. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. This allowance is based upon historical loss patterns, the number of days billings are past due, an evaluation of the potential risk of loss associated with delinquent accounts and current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss patterns. The Company records the allowance against bad debt expense through the consolidated statements of operations, included in sales and marketing expense, up to the amount of revenues recognized to date. Any incremental allowance is recorded as an offset to deferred revenue on the consolidated balance sheets. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success.</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">No single customer accounted for more than </span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">% of the Company's accounts receivable balance as of </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 31, 2023 and December 31, 2022</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. Revenue derived from the U.S. Federal Government was </span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">18</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">% of revenue for the years ended </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 31, 2023 and December 31, 2022. As of December 31, 2023 and December 31, 2022</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, assets located in the United States were approximately </span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">85</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">92</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">% </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">percent of total assets.</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">No vendors and two vendors individually accounted for more than </span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">% of the Company’s accounts payable as of </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">December 31, 2023 and December 31, 2022, respectively. During the years ended December 31, 2023 and 2022</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">, no vendor and one vendor represented more than </span><span style="font-size:11pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">% of the total purchases made.</span></p>
CY2023 note Costs Capitalized To Obtain Revenue Contracts Policy Policy Textblock
CostsCapitalizedToObtainRevenueContractsPolicyPolicyTextblock
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Costs Capitalized to Obtain Revenue Contracts</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The Company capitalizes incremental costs of obtaining a contract. Certain sales commissions are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions incurred for obtaining new contracts are deferred and then amortized as selling and marketing expenses on a straight-line basis over a period of benefit that the Company has determined to be approximately </span><span style="font-size:11pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">four years</span></span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. The four-year amortization period was determined based on several factors, including the nature of the technology and proprietary data underlying the services being purchased, customer contract renewal rates and industry competition. The Company updates its estimate of the period of benefit periodically and whenever events or circumstances indicate that the period of benefit could change significantly. Such changes, if any, are accounted for prospectively as a change in estimate. </span><span style="font-size:11pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The Company has elected to use a practical expedient to expense commissions for renewal contracts when the renewal period is 12 months or less</span></span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. The Company does not have material costs to fulfill contracts with customers.</span></p>
CY2023Q4 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P4Y
CY2023 us-gaap Revenue Practical Expedient Remaining Performance Obligation Description
RevenuePracticalExpedientRemainingPerformanceObligationDescription
The Company has elected to use a practical expedient to expense commissions for renewal contracts when the renewal period is 12 months or less
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
109151000
CY2023Q4 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
6223000
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
25841000
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2023 note Related Party Transactions Policy Policy Textblock
RelatedPartyTransactionsPolicyPolicyTextblock
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Related Party Transactions</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">From time to time the Company has entered into related party transactions with certain of the Company's directors and officers. These transactions have historically included term loans, convertible debt, and convertible preferred stock.</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 note Recent Accounting Pronouncements Not Yet Effective Policy Policy Textblock
RecentAccountingPronouncementsNotYetEffectivePolicyPolicyTextblock
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Recent Accounting Pronouncements Not Yet Effective</span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">In November 2023, the FASB issued ASU 2023-07 </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Segment Reporting (Topic 280)</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> guidance for segment reporting. The new guidance amends segment reporting to include significant segment expenses. The guidance will be effective for the Company's year beginning January 1, 2024. The Company does not expect that this guidance will have a significant impact on our disclosures.</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The Company has evaluated all issued Accounting Standards Updates and believes the adoption of these standards will not have a material impact on its consolidated statements of operations and comprehensive loss, balance sheets, or cash flows.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">In December 2023, the FASB issued ASU No. 2023-09, </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">The amendments in the ASU enhance income tax disclosures, primarily through standardization, disaggregation of rate reconciliation categories, and income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">years </span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">beginning after December 15, 2024, with early adoption allowed. We are currently evaluating the impact of adoption on our financial disclosures.</span></p>
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
132645000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
113765000
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
132645000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
113765000
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1183000
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1464000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
30097000
CY2022 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
1055000
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-29351000
CY2022 note Contract With Customer Liability New Deferrals Net Of Amounts Recognized
ContractWithCustomerLiabilityNewDeferralsNetOfAmountsRecognized
35139000
CY2022 note Contract With Customer Liability Increase Decrease For Effects Of Foreign Currency
ContractWithCustomerLiabilityIncreaseDecreaseForEffectsOfForeignCurrency
-453000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
36487000
CY2023 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
3933000
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-35598000
CY2023 note Contract With Customer Liability New Deferrals Net Of Amounts Recognized
ContractWithCustomerLiabilityNewDeferralsNetOfAmountsRecognized
39220000
CY2023 note Contract With Customer Liability Increase Decrease For Effects Of Foreign Currency
ContractWithCustomerLiabilityIncreaseDecreaseForEffectsOfForeignCurrency
363000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
44405000
CY2023Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
4421000
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
4081000
CY2022 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2023 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
6138000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
9769000
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
841000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
518000
CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
550000
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1236000
CY2023 us-gaap Lease Cost
LeaseCost
7529000
CY2022 us-gaap Lease Cost
LeaseCost
11523000
CY2023 us-gaap Sublease Income
SubleaseIncome
1442000
CY2022 us-gaap Sublease Income
SubleaseIncome
5350000
CY2022Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
378000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5402000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5183000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5298000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5288000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5163000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
13004000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
39338000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10110000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
29228000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y2M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
9481000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
11805000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
272000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2074000
CY2022Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
378000
CY2022Q1 note Reduction In Operating Lease Asset
ReductionInOperatingLeaseAsset
378000
CY2021 note Payment Of Sublease Termination Fee
PaymentOfSubleaseTerminationFee
1682000
CY2023Q1 note Sublease Termination Fee Payable
SubleaseTerminationFeePayable
1682000
CY2023 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-03-31
CY2017Q4 us-gaap Incentive To Lessee
IncentiveToLessee
750000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12458000
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LongTermDebt
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LongTermDebtCurrent
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LongTermDebtNoncurrent
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DeemedDividendChangeInRedemptionValueOfPreferredStock
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CurrentFederalTaxExpenseBenefit
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CurrentStateAndLocalTaxExpenseBenefit
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CurrentStateAndLocalTaxExpenseBenefit
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CurrentForeignTaxExpenseBenefit
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CurrentForeignTaxExpenseBenefit
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CurrentIncomeTaxExpenseBenefit
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CurrentIncomeTaxExpenseBenefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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DeferredFederalIncomeTaxExpenseBenefit
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DeferredStateAndLocalIncomeTaxExpenseBenefit
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DeferredStateAndLocalIncomeTaxExpenseBenefit
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DeferredForeignIncomeTaxExpenseBenefit
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DeferredForeignIncomeTaxExpenseBenefit
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DeferredIncomeTaxExpenseBenefit
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DeferredIncomeTaxExpenseBenefit
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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EffectiveIncomeTaxRateReconciliationEffectsOfRateOtherThanStatutory
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EffectiveIncomeTaxRateReconciliationInterestDisallowance
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EffectiveIncomeTaxRateReconciliationInterestDisallowance
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EffectiveIncomeTaxRateReconciliationWarrantRevaluation
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EffectiveIncomeTaxRateReconciliationWarrantRevaluation
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EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
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EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
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EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Impairment Losses
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses
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EffectiveIncomeTaxRateReconciliationNonDeductibleExpenseFromRecapitalization
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EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
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EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
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EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.008
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.001
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.002
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.015
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
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DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
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DeferredTaxAssetsInterestLimitation
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DeferredTaxAssetsInterestLimitation
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DeferredTaxAssetsdisallowedOriginalIssueDiscountInterest
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent
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DeferredTaxAssetsDeferredIncome
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DeferredTaxAssetsDeferredIncome
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
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DeferredTaxAssetsInProcessResearchAndDevelopment
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DeferredTaxAssetsInProcessResearchAndDevelopment
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DeferredTaxAssetsLeaseLiability
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DeferredTaxAssetsLeaseLiability
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DeferredTaxAssetsOperatingLossCarryforwardsDomestic
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DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
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DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
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DeferredTaxAssetsOperatingLossCarryforwardsForeign
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DeferredTaxAssetsOperatingLossCarryforwardsForeign
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DeferredTaxAssetsOther
898000
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DeferredTaxAssetsOther
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DeferredTaxAssetsGross
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DeferredTaxAssetsGross
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DeferredIncomeTaxLiabilities
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DeferredTaxAssetsValuationAllowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
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CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
714000
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
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ValuationAllowanceDeferredTaxAssetChangeInAmount
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CapitalizationOfResearchAndDevelopmentExpense
180000
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CapitalizationOfResearchAndDevelopmentExpense
719000
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
639000
CY2022 note Unrecognized Deferred Tax Liabilities
UnrecognizedDeferredTaxLiabilities
89000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
639000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
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CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
639000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
639000
CY2023Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
80000
CY2022Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
72000
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
96000
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
150662000
CY2022Q3 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
2660
CY2023 note Earned Cash Contingent Compensation Transferred From Level Three To Level One
EarnedCashContingentCompensationTransferredFromLevelThreeToLevelOne
1267000
CY2023 note Earned Cash Contingent Compensation Other Transfer Of Assets And Liabilities Between Levels
EarnedCashContingentCompensationOtherTransferOfAssetsAndLiabilitiesBetweenLevels
0
CY2022 note Earned Cash Contingent Compensation Other Transfer Of Assets And Liabilities Between Levels
EarnedCashContingentCompensationOtherTransferOfAssetsAndLiabilitiesBetweenLevels
0
CY2023 dei Auditor Firm
AuditorFirmId
49

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