Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,293 $ 1,147
Restricted cash 12,762 12,345
Accounts receivable, net of allowance for credit losses of $0 and $25 805 1,124
Unbilled receivable 568 768
Due from buyer for sale of business unit 800 800
Prepaid expenses and other current assets 967 901
Total current assets 17,195 17,085
Property and equipment, net 546 611
Capitalized software, net 933 2,127
Operating lease right-of-use assets 2,253 2,373
Goodwill 3,018
Intangible assets, net 5,177
Security deposits 1,267 1,267
Other long-term asset 22 22
Total assets 22,216 31,680
Current liabilities:    
Accounts payable 3,172 4,649
Accrued expenses 2,643 2,816
Accrued fiduciary obligations 9,948 11,573
Deferred revenue 1,295 661
Current portion of operating lease liabilities 541 512
Current portion of convertible debenture, net 1,089
Other short-term liabilities 632
Total current liabilities 18,688 20,843
Other long-term liabilities 20,144 19,401
Convertible debenture, net of current portion 4,451
Operating lease liabilities, net of current portion 3,405 3,684
Deferred tax liabilities 1,190 1,190
Total liabilities 47,878 45,118
COMMITMENTS AND CONTINGENCIES (Note 17)
STOCKHOLDERS’ DEFICIT    
Common stock, $0.0001 par value, 227,791,050 shares authorized; 11,037,038 shares and 7,960,938 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1 1
Additional paid-in capital 68,455 63,307
Accumulated deficit (94,118) (76,746)
Total stockholders’ deficit (25,662) (13,438)
Total liabilities and stockholders’ deficit $ 22,216 $ 31,680