0001564590-21-043514 | 10-Q | XBRL Viewer

$ 0.14

$ (0.22)

$ 0.10

$ (0.35)

Weighted average number of shares outstanding:

$ 0.13

$ (0.22)

$ 0.09

$ (0.35)

12,269,412

11,617,342

12,238,475

11,600,278

Cost of revenue (exclusive of depreciation and amortization)

^[1]

13,560,714

11,617,342

13,487,806

11,600,278

Service [Member]

Costs and expenses:

$ 2,720

$ 2,587

$ 5,481

$ 5,879

[1]	A total of 2,189,910 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the three and six months ended June 30, 2020, as the impact is anti-dilutive

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid- in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 42,084	$ 12	$ (1,255)	$ 59,187	$ (15,860)
Beginning balances, shares at Dec. 31, 2019		11,657,912	(103,147)
Vesting of restricted stock units, Shares		49,917
Share-based compensation	5,619			5,619
Net income (loss)	(4,013)				(4,013)
Ending balance at Jun. 30, 2020	43,690	$ 12	$ (1,255)	64,806	(19,873)
Ending balances, shares at Jun. 30, 2020		11,707,829	(103,147)
Beginning balance at Mar. 31, 2020	43,412	$ 12	$ (1,255)	61,996	(17,341)
Beginning balances, shares at Mar. 31, 2020		11,693,162	(103,147)
Vesting of restricted stock units, Shares		14,667
Share-based compensation	2,810			2,810
Net income (loss)	(2,532)				(2,532)
Ending balance at Jun. 30, 2020	43,690	$ 12	$ (1,255)	64,806	(19,873)
Ending balances, shares at Jun. 30, 2020		11,707,829	(103,147)
Beginning balance at Dec. 31, 2020	43,345	$ 13		66,005	(22,673)
Beginning balances, shares at Dec. 31, 2020		12,167,327
Vesting of restricted stock units, Shares		81,467
Share-based compensation	4,906			4,906
Net income (loss)	1,183				1,183
Ending balance at Jun. 30, 2021	49,434	$ 13		70,911	(21,490)
Ending balances, shares at Jun. 30, 2021		12,248,794
Beginning balance at Mar. 31, 2021	45,164	$ 13		68,402	(23,251)
Beginning balances, shares at Mar. 31, 2021		12,208,077
Vesting of restricted stock units, Shares		40,717
Share-based compensation	2,509			2,509
Net income (loss)	1,761				1,761
Ending balance at Jun. 30, 2021	$ 49,434	$ 13		$ 70,911	$ (21,490)
Ending balances, shares at Jun. 30, 2021		12,248,794

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Summary of Significant Accounting Policies

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,761	$ 1,183	$ (4,013)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,330	2,588	1,902
Share-based compensation expense		4,211	4,563
Write-off of long-lived assets		24	104
Provision for bad debts		62	265
Noncash lease expenses		245	225
Interest expense		11
Gain on extinguishment of debt	(2,175)	(2,175)
Changes in assets and liabilities:
Accounts receivable		(247)	587
Prepaid expenses and other current assets		(684)	(139)
Other noncurrent assets		2	65
Accounts payable		(657)	585
Accrued expenses and other current liabilities		(685)	(927)
Deferred revenue		(77)	23
Operating lease liabilities		(268)	(237)
Net cash provided by operating activities		3,533	3,003
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(155)	(61)
Capitalized costs included in intangible assets		(2,420)	(3,088)
Net cash used in investing activities		(2,575)	(3,149)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term loan			2,152
Net cash provided by financing activities			2,152
Net increase in cash and cash equivalents		958	2,006
Cash and cash equivalents at beginning of period		12,957	11,776
Cash and cash equivalents at end of period	13,915	13,915	13,782
SUPPLEMENTAL DISCLOSURE INFORMATION
Share-based compensation capitalized in intangible assets	$ 344	$ 695	$ 1,056

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

1. Summary of significant accounting policies

(a) Basis of preparation

The accompanying unaudited condensed consolidated financial statements of Red Violet, Inc. (“red violet” or the “Company”), a Delaware corporation, have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations.

The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for any future interim periods or for the full year ending December 31, 2021.

The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“Form 10-K”).

The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date included in the Form 10-K, but does not include all disclosures required by GAAP.

The Company has only one operating segment, as defined by Accounting Standards Codification (“ASC”) 280, “Segment Reporting.”

Principles of consolidation

The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions among the Company and its subsidiaries have been eliminated upon consolidation.

(b) Recently issued accounting standards

As an emerging growth company, the Company has left open the opportunity to take advantage of the extended transition period provided to emerging growth companies in Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), however, it is the Company’s present intention to adopt any applicable new accounting standards timely.

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

2. Earnings (loss) per share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and is calculated using the treasury stock method for unvested shares. Common equivalent shares are excluded from the calculation in the loss periods as their effects would be anti-dilutive.

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands, except share data)	2021		2020			2021		2020
Numerator:
Net income (loss)	$	1,761	$	(2,532	)	$	1,183	$	(4,013	)
Denominator:
Weighted average shares outstanding:
Basic		12,269,412		11,617,342			12,238,475		11,600,278
Diluted⁽¹⁾		13,560,714		11,617,342			13,487,806		11,600,278
Earnings (loss) per share:
Basic	$	0.14	$	(0.22	)	$	0.10	$	(0.35	)
Diluted	$	0.13	$	(0.22	)	$	0.09	$	(0.35	)

(1)	A total of 2,189,910 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the three and six months ended June 30, 2020, as the impact is anti-dilutive.

Intangible Assets, Net

6 Months Ended

Jun. 30, 2021

Intangible Assets Net Excluding Goodwill [Abstract]

Intangible Assets, Net

3. Intangible assets, net

Intangible assets other than goodwill consist of the following:

June 30, 2021

December 31, 2020

(In thousands)

Amortization

Period

Gross Amount

Accumulated Amortization

Net

Gross Amount

Accumulated Amortization

Net

Software developed for internal use

5-10 years

39,916

(12,106

)

27,810

36,804

(9,634

)

27,170

The gross amount associated with software developed for internal use represents capitalized costs of internally-developed software, including eligible salaries and staff benefits, share-based compensation, travel expenses incurred by relevant employees, and other relevant costs.

Amortization expenses of $1,272 and $934 for the three months ended June 30, 2021 and 2020, respectively, and $2,475 and $1,784 for the six months ended June 30, 2021 and 2020, respectively, were included in depreciation and amortization expense. As of June 30, 2021, intangible assets of $2,905, included in the gross amounts of software developed for internal use, have not started amortization, as they are not ready for their intended use.

The Company capitalized costs of software developed for internal use of $1,517 and $2,018 during the three months ended June 30, 2021 and 2020, respectively, and $3,115 and $4,144 during the six months ended June 30, 2021 and 2020, respectively.

As of June 30, 2021, estimated amortization expense related to the Company’s intangible assets for the remainder of 2021 through 2026 and thereafter are as follows:

(In thousands)
Year	June 30, 2021
Remainder of 2021	$	2,608
2022		5,772
2023		5,692
2024		5,054
2025		3,861
2026 and thereafter		4,823
Total	$	27,810

Goodwill

6 Months Ended

Jun. 30, 2021

Goodwill Disclosure [Abstract]

Goodwill

4. Goodwill

Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. As of June 30, 2021 and December 31, 2020, the balance of goodwill of $5,227 was as a result of the acquisition of Interactive Data, LLC, a wholly-owned subsidiary of red violet, effective on October 2, 2014.

In accordance with ASC 350, “Intangibles - Goodwill and Other,” goodwill is tested at least annually for impairment, or when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable, by assessing qualitative factors or performing a quantitative analysis in determining whether it is more likely than not that its fair value exceeds the carrying value. The measurement date of the Company’s annual goodwill impairment test is October 1.

For the periods ended June 30, 2021 and 2020, no goodwill impairment charges were recorded.

Revenue Recognition

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition

5. Revenue recognition

The Company recognized revenue in accordance with ASC 606, “Revenue from Contracts with Customers” (“Topic 606”). Under this standard, revenue is recognized when control of goods or services is transferred to the Company’s customers, in an amount that reﬂects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s performance obligation is to provide on demand solutions to its customers by leveraging its proprietary technology and applying machine learning and advanced analytics to its massive data repository. The pricing for the customer contracts is based on usage, a monthly fee, or a combination of both.

Available within Topic 606, the Company has applied the portfolio approach practical expedient in accounting for customer revenue as one collective group, rather than individual contracts. Based on the Company’s historical knowledge of the contracts contained in this portfolio and the similar nature and characteristics of the customers, the Company has concluded the financial statement effects are not materially different than if accounting for revenue on a contract by contract basis.

Revenue is recognized over a period of time since the performance obligation is delivered in a series. The Company’s customers simultaneously receive and consume the benefits provided by the Company’s performance as and when provided. Furthermore, the Company has elected the “right to invoice” practical expedient, available within Topic 606, as its measure of progress, since it has a right to payment from a customer in an amount that corresponds directly with the value of its performance completed-to-date. The Company's revenue arrangements do not contain significant financing components.

For the three months ended June 30, 2021 and 2020, 81% and 79% of total revenue was attributable to customers with pricing contracts, respectively, versus 19% and 21% attributable to transactional customers, respectively. For the six months ended June 30, 2021 and 2020, 80% and 73% of total revenue was attributable to customers with pricing contracts, respectively, versus 20% and 27% attributable to transactional customers, respectively. Pricing contracts are generally annual contracts or longer, with auto renewal.

If a customer pays consideration before the Company transfers services to the customer, those amounts are classiﬁed as deferred revenue. As of June 30, 2021 and December 31, 2020, the balance of deferred revenue was $427 and $504, respectively, all of which is expected to be realized in the next 12 months. In relation to the deferred revenue balance as of December 31, 2020, $66 and $318 was recognized into revenue during the three and six months ended June 30, 2021, respectively.

As of June 30, 2021, $2,602 of revenue is expected to be recognized in the future for outstanding performance obligations, primarily related to pricing contracts that have a term of more than 12 months. $1,419 of revenue will be recognized in the remainder of 2021, $1,058 in 2022, $116 in 2023, and $9 in 2024. The actual timing of recognition may vary due to factors outside of the Company’s control. The Company excludes variable consideration related entirely to wholly unsatisfied performance obligations and contracts and recognizes such variable consideration based upon the right to invoice the customer.

Sales commissions are incurred and recorded on an ongoing basis over the term of the customer relationship. These costs are recorded in sales and marketing expenses.

In addition, the Company elected the practical expedient to not disclose the value of unsatisﬁed performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

6. Income taxes

The Company is subject to federal and state income taxes in the United States. The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the Company updates its estimate of the annual effective tax rate, and if its estimated annual tax rate changes, the Company makes a cumulative adjustment in that quarter.

For the three and six months ended June 30, 2021 and 2020, the Company’s effective income tax rate was 0%, differing from the statutory federal income tax rate of 21%, and the difference is primarily the result of the full valuation allowance applied against the Company’s deferred tax assets.

The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the Company’s financial statements.

The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. All of the Company’s income tax filings since 2017 remain open for tax examinations.

The Company does not have any unrecognized tax benefits as of June 30, 2021 and December 31, 2020.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Common Stock

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Common Stock

7. Common stock

As of June 30, 2021 and December 31, 2020, the number of issued and outstanding shares of common stock was 12,248,794 and 12,167,327, respectively. The change in the number of issued and outstanding shares of common stock was due to an aggregate of 81,467 shares of common stock issued as a result of the vesting of RSUs.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Compensation

8. Share-based compensation

On March 22, 2018, the board of directors of the Company and Cogint, Inc. (“cogint”) (now known as Fluent, Inc.), in its capacity as sole stockholder of the Company prior to the Company’s spin-off from cogint on March 26, 2018, approved the Red Violet, Inc. 2018 Stock Incentive Plan (the “2018 Plan”), which became effective immediately prior to the spin-off. A total of 3,000,000 shares of common stock were authorized to be issued under the 2018 Plan. On June 3, 2020, the Company’s stockholders approved an amendment to the 2018 Plan to increase the number of shares of common stock authorized for issuance under the 2018 Plan from 3,000,000 shares to 4,500,000 shares.

The primary purpose of the 2018 Plan is to attract, retain, reward and motivate certain individuals by providing them with an opportunity to acquire or increase a proprietary interest in the Company and to incentivize them to expend maximum effort for the growth and success of the Company, so as to strengthen the mutuality of the interests between such individuals and the stockholders of the Company.

As of June 30, 2021, there were 1,272,315 shares of common stock available for future issuance under the 2018 Plan, as amended.

To date, all stock incentives issued under the 2018 Plan have been in the form of RSUs. RSUs granted under the 2018 Plan vest and settle upon the satisfaction of a time-based condition or with both time- and performance-based conditions. The time-based condition for these awards is generally satisfied over three or four years with annual vesting. Details of unvested RSU activity during the six months ended June 30, 2021 were as follows:

	Number of units			Weighted average grant-date fair value
Unvested as of December 31, 2020		1,764,450		$	11.43
Granted		4,000		$	20.89
Vested and delivered⁽¹⁾		(81,467	)	$	9.44
Vested not delivered		(4,000	)	$	6.10
Forfeited		(5,901	)	$	23.15
Unvested as of June 30, 2021		1,677,082		$	11.52

(1)

During the period from August 29, 2019 to September 8, 2020, the Company granted an aggregate of 277,500 RSUs to its employees. Such RSU grants shall not vest unless and until the Company has, for any fiscal quarter in which the RSUs are outstanding, (i) gross revenue determined in accordance with the Company’s reviewed or audited financial statements in excess of $10.0 million for such fiscal quarter, (ii) positive adjusted EBITDA of at least $1.5 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, and (iii) the recipient continues to provide services to the Company either as an employee, director or consultant on the last day of the quarter that the performance criteria are met. Provided the performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three or four years. In the event of a change of control, all RSUs which have not vested on the date of such change of control shall immediately vest even if the performance criteria have not been met. As of the respective grant dates, the Company determined that it was probable that the performance criteria would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the performance criteria were met as of March 31, 2021, and 33,200 shares were included in “Vested and delivered” in the table above. The remaining shares underlying such awards are expected to vest and be issued in accordance with their time-based vesting requirement.

As of June 30, 2021, unrecognized share-based compensation expense associated with the granted RSUs amounted to $6,864, which is expected to be recognized over a remaining weighted average period of 2.0 years.

Share-based compensation was allocated to the following accounts in the condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2021		2020		2021		2020
Sales and marketing expenses	$	158	$	155	$	314	$	309
General and administrative expenses		2,007		2,187		3,897		4,254
Share-based compensation expense		2,165		2,342		4,211		4,563
Capitalized in intangible assets		344		468		695		1,056
Total	$	2,509	$	2,810	$	4,906	$	5,619

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions

9. Related party transactions

Services Agreement

On August 7, 2018, the Company entered into a services agreement with Mr. Michael Brauser (the “Consultant”), a greater than 10% stockholder, pursuant to which, the Consultant will be providing recommendations on organizational and capital structure, future financing needs and future acquisitions or strategic transactions (“Services Agreement”), for a term of one year, automatically renewing for additional one-year periods unless either party provides written notice to the other of its intent not to renew not fewer than 30 days prior to the expiration of the then-current term. Under the Services Agreement, the Consultant receives cash compensation of $30 per month and is entitled to participate in the Company’s incentive compensation plan.

On February 16, 2021, the Company entered into a Separation Agreement (the "Separation Agreement") with the Consultant. Pursuant to the Separation Agreement, the parties have agreed that the Services Agreement expiring on August 6, 2021 (“Expiration Date”), will not be renewed, but will continue in force and effect until the Expiration Date and that the Consultant will not take any actions on behalf of the Company, including pursuant to the Services Agreement, unless specifically requested in writing by the Company. Pursuant to the Separation Agreement, the Consultant also agreed (i) to certain non-solicitation obligations contained therein, (ii) that he and his affiliates will not disparage or assist or cooperate with any person or entity seeking to publicly disparage or economically harm the Company, and (iii) that the Consultant and his affiliates will not initiate any lawsuit, claim, or proceeding with respect to any claims against the Company, except (with designated exceptions) for any legal proceeding initiated solely to remedy a breach of or to enforce the Separation Agreement.

With respect to each annual or special meeting of the Company's stockholders until the Expiration Date of the Separation Agreement, the Consultant has agreed to vote the shares of the Company's common stock or any other securities entitled to vote then held by him or his affiliates in accordance with the board of directors' recommendations on director proposals, provided there is a change in no more than 25% of the current directors (not including changes resulting from a director's death or resignation), and the ratification of the appointment of the Company’s independent registered public accounting firm.

The Company agreed (i) that the remaining unvested 166,666 RSUs previously granted to Consultant in accordance with the 2018 RSU agreement will continue to vest on July 1, 2021, in accordance with and subject to all other provisions and conditions of such grant, (ii) to amend the 2020 RSU agreement, previously granting Consultant 30,000 RSUs such that the 30,000 RSUs will continue to vest 33-1/3% on November 1, 2021, 66-2/3% on November 1, 2022, and 100% on November 1, 2023, without certain Company performance criteria, subject to all other provisions and conditions of such grant, (iii) to include shares of the Company's common stock held by the Consultant or his affiliates in any registration statement the Company files for the benefit of selling stockholders at any time when the Consultant or his affiliates beneficially own 10% or more of the Company's common stock, and (iv) to not initiate any lawsuit, claim, or proceeding with respect to any claims against the Consultant and his affiliates, except (with designated exceptions) for any legal proceeding initiated solely to remedy a breach of or to enforce the Separation Agreement. As a result of the modification to the 2020 RSU agreement, beginning February 16, 2021, the Company would recognize an aggregate of $723 in share-based compensation expense over the remaining service period which ends on the Expiration Date.

The Company recognized consulting service fees relating to the Services Agreement of a total of $90 during the three months ended June 30, 2021 and 2020, and $180 during the six months ended June 30, 2021 and 2020. In addition, amortization of share-based compensation expense of $724 and $338 for the three months ended June 30, 2021 and 2020, respectively, and $1,272 and $679 for the six months ended June 30, 2021 and 2020, respectively, was recognized in relation to the RSUs previously granted to the Consultant.

Long-term loan

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long-term loan

10. Long-term loan

On May 5, 2020, the Company received funding under a promissory note dated May 5, 2020 evidencing an unsecured non-recourse loan in the principal amount of $2,152 under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (the “Loan”). The Loan to the Company was made through Legacy Bank of Florida (the “Lender”).

As of December 31, 2020, long-term loan consists of the following:

(In thousands)	December 31, 2020
Principal amount	$	2,152
Included in consolidated balance sheet:
Current portion of long-term loan	$	449
Long-term loan (non-current)		1,703
	$	2,152

The Loan had a two-year term and a contractual maturity of May 5, 2022. The interest rate on the Loan is 1.0% per annum.

On June 16, 2021, the Company received a notice from the Lender that the full principal amount of the Loan of $2,152 and the accrued interest of $23 had been fully forgiven, and the U.S. Small Business Administration remitted the forgiveness payment to the Lender, resulting in a gain on extinguishment of debt of $2,175 during the three months ended June 30, 2021.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Commitments And Contingencies Disclosure [Abstract]

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

11. Leases

The Company leases its corporate headquarters of 21,020 rentable square feet in accordance with a non-cancelable 89-month operating lease agreement as amended and effective in January 2017, with an option to extend for an additional 60 months. The Company also leases an additional office space of 6,003 rentable square feet in accordance with a non-cancellable 90-month operating lease agreement entered into in April 2017, with an option to extend for an additional 60 months. The extension option is not included in the determination of the lease term as it is not reasonably certain to be exercised.

For the three and six months ended June 30, 2021 and 2020, a summary of the Company’s lease information is shown below:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2021		2020		2021		2020
Lease cost:
Operating lease costs	$	168	$	168	$	336	$	336
Other information:
Cash paid for operating leases	$	180	$	175	$	359	$	350

As of June 30, 2021, the weighted average remaining operating lease term was 3.3 years.

As of June 30, 2021, scheduled future maturities and present value of the operating lease liabilities are as follows:

(In thousands)
Year	June 30, 2021
Remainder of 2021	$	364
2022		743
2023		765
2024		542
2025		77
Total maturities	$	2,491
Present value included in consolidated balance sheet:
Current portion of operating lease liabilities	$	584
Noncurrent operating lease liabilities		1,608
Total operating lease liabilities	$	2,192
Difference between the maturities and the present value of operating lease liabilities	$	299

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies

12. Commitments and contingencies

(a) Capital commitment

The Company incurred data costs of $2,108 and $2,171 for the three months ended June 30, 2021 and 2020, respectively, and $4,230 and $4,303 for the six months ended June 30, 2021 and 2020, respectively, under certain data licensing agreements. As of June 30, 2021, material capital commitments under certain data licensing agreements were $12,491, shown as follows:

(In thousands)
Year	June 30, 2021
Remainder of 2021	$	3,847
2022		3,610
2023		1,568
2024		1,392
2025		1,428
2026 and thereafter		646
Total	$	12,491

(b) Contingencies

The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and it discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for its financial statements to not be misleading. To estimate whether a loss contingency should be accrued by a charge to income, the Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the loss. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated.

The Company may be involved in litigation from time to time in the ordinary course of business. The Company does not believe that the ultimate resolution of any such matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. However, the results of such matters cannot be predicted with certainty and the Company cannot assure you that the ultimate resolution of any legal or administrative proceeding or dispute will not have a material adverse effect on its business, financial condition, results of operations and cash flows.

In December 2019, a novel strain of coronavirus, known as Covid-19, was reported in Wuhan, China and has since extensively impacted the global health and economic environment. In March 2020, the World Health Organization characterized Covid-19 as a pandemic. The Company has taken numerous steps, and will continue to take further actions as appropriate, to minimize the impact of the Covid-19 pandemic on the Company’s business, results of operations and financial performance. In accordance with best practices and guidance from the Centers for Disease Control and Prevention, the Company has implemented certain protective safeguards to protect the well-being of its employees, customers, and the communities in which it operates. The Company will continue to assess the need and timing of these protective measures. Starting in the second quarter of 2020, the Company implemented cost containment strategies across all areas of the organization, including continued curtailment of Company travel and partnering with suppliers, landlords and vendors for price concessions and payment deferrals during this interim period. As a result of preventative and protective actions taken by federal, state and local governments, including the implementation of stay-at-home orders and social distancing policies that resulted in significantly reduced commercial activity, and certain temporary government-imposed moratoria on collection customers’ activities, the Company experienced reduced transaction volume in the second and third quarters of 2020. Transaction volume returned to pre-Covid levels by the end of the third quarter of 2020, except for collection customer volume. Collection customer transaction volume returned to pre-Covid levels during the second quarter of 2021, with the exception of the Company’s idiVERIFIED service, which is an ancillary collections market offering that is purely transactional and of a lower margin profile. idiVERIFIED service revenue was down $900 for the three months ended June 30, 2021, compared to the three months ended March 31, 2020. The Company expects its idiVERIFIED service volume to return to pre-Covid levels in the first half of 2022. Beginning the second quarter of 2020, the Company took a proactive customer-centric approach working with customers who were impacted by Covid-19. Customers who had minimum contractual commitments and requested concessions because they were temporarily unable to meet their minimum contractual commitments as a result of Covid-19 were granted reductions, or eliminations where applicable, of minimums on a month-to-month basis. The end date of the customer’s agreement was extended by one month for each month of the temporary concession. During the second quarter of 2020, the Company provided concessions to a total of 152 customers, representing a $342 reduction in minimum committed spend. During the second quarter of 2021, the Company provided concessions to a total of 5 customers, representing a $14 reduction in minimum committed spend. The Company continues to work with customers who have been impacted by Covid-19 and considers potential concessions on a case-by-case basis. The Company continues to take precautionary measures intended to minimize the risk of the Covid-19 pandemic to its employees, its customers, and the communities in which it operates. These measures may result in inefficiencies, delays and additional costs to the Company’s business. The Covid-19 pandemic and its impact on the Company and the economy has significantly limited the Company’s ability to forecast its future operating results, including its ability to predict revenue and expense levels, and plan for and model future operating results. The Company will continue to evaluate the nature and extent of the impact of the Covid-19 pandemic to its business.

To further support the Company’s liquidity, beginning April 1, 2020, the Company elected, under Section 2302 of the CARES Act, to defer payment of the employer portion of Social Security payroll tax. Under the CARES Act, employers can forgo timely payment of the employer portion of Social Security taxes that would otherwise be due from March 27, 2020 through December 31, 2020, without penalty or interest charges. Employers must pay 50% of the deferred amount by December 31, 2021, and the remainder by December 31, 2022. On May 5, 2020, the Company received the Loan under the CARES Act, which was fully forgiven in June 2021, as discussed in Note 10 above. The Company will continue to assess the CARES Act and other applicable government legislation aimed at assisting businesses during the Covid-19 pandemic. Given the dynamic nature of this health emergency, the full impact of the Covid-19 pandemic on the Company’s ongoing business, results of operations and overall financial performance cannot be reasonably estimated at this time.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Preparation	(a) Basis of preparation The accompanying unaudited condensed consolidated financial statements of Red Violet, Inc. (“red violet” or the “Company”), a Delaware corporation, have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for any future interim periods or for the full year ending December 31, 2021. The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“Form 10-K”). The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date included in the Form 10-K, but does not include all disclosures required by GAAP. The Company has only one operating segment, as defined by Accounting Standards Codification (“ASC”) 280, “Segment Reporting.” Principles of consolidation The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions among the Company and its subsidiaries have been eliminated upon consolidation.
Recently Issued Accounting Standards	(b) Recently issued accounting standards As an emerging growth company, the Company has left open the opportunity to take advantage of the extended transition period provided to emerging growth companies in Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), however, it is the Company’s present intention to adopt any applicable new accounting standards timely.

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Share

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands, except share data)	2021		2020			2021		2020
Numerator:
Net income (loss)	$	1,761	$	(2,532	)	$	1,183	$	(4,013	)
Denominator:
Weighted average shares outstanding:
Basic		12,269,412		11,617,342			12,238,475		11,600,278
Diluted⁽¹⁾		13,560,714		11,617,342			13,487,806		11,600,278
Earnings (loss) per share:
Basic	$	0.14	$	(0.22	)	$	0.10	$	(0.35	)
Diluted	$	0.13	$	(0.22	)	$	0.09	$	(0.35	)

(1)	A total of 2,189,910 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the three and six months ended June 30, 2020, as the impact is anti-dilutive.

Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2021

Intangible Assets Net Excluding Goodwill [Abstract]

Intangible Assets Other than Goodwill

Intangible assets other than goodwill consist of the following:

June 30, 2021

December 31, 2020

(In thousands)

Amortization

Period

Gross Amount

Accumulated Amortization

Net

Gross Amount

Accumulated Amortization

Net

Software developed for internal use

5-10 years

39,916

(12,106

)

27,810

36,804

(9,634

)

27,170

Schedule of Estimated Amortization Expense

As of June 30, 2021, estimated amortization expense related to the Company’s intangible assets for the remainder of 2021 through 2026 and thereafter are as follows:

(In thousands)
Year	June 30, 2021
Remainder of 2021	$	2,608
2022		5,772
2023		5,692
2024		5,054
2025		3,861
2026 and thereafter		4,823
Total	$	27,810

Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Unvested Restricted Stock Units

Details of unvested RSU activity during the six months ended June 30, 2021 were as follows:

	Number of units			Weighted average grant-date fair value
Unvested as of December 31, 2020		1,764,450		$	11.43
Granted		4,000		$	20.89
Vested and delivered⁽¹⁾		(81,467	)	$	9.44
Vested not delivered		(4,000	)	$	6.10
Forfeited		(5,901	)	$	23.15
Unvested as of June 30, 2021		1,677,082		$	11.52

Summary of Allocated Share-based Compensation

Share-based compensation was allocated to the following accounts in the condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2021		2020		2021		2020
Sales and marketing expenses	$	158	$	155	$	314	$	309
General and administrative expenses		2,007		2,187		3,897		4,254
Share-based compensation expense		2,165		2,342		4,211		4,563
Capitalized in intangible assets		344		468		695		1,056
Total	$	2,509	$	2,810	$	4,906	$	5,619

Long-term loan (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of long-term loan

As of December 31, 2020, long-term loan consists of the following:

(In thousands)	December 31, 2020
Principal amount	$	2,152
Included in consolidated balance sheet:
Current portion of long-term loan	$	449
Long-term loan (non-current)		1,703
	$	2,152

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Summary of Company's Lease Information

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

For the three and six months ended June 30, 2021 and 2020, a summary of the Company’s lease information is shown below:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2021		2020		2021		2020
Lease cost:
Operating lease costs	$	168	$	168	$	336	$	336
Other information:
Cash paid for operating leases	$	180	$	175	$	359	$	350

Scheduled Future Maturities and Present Value of Operating Lease Liabilities

As of June 30, 2021, scheduled future maturities and present value of the operating lease liabilities are as follows:

(In thousands)
Year	June 30, 2021
Remainder of 2021	$	364
2022		743
2023		765
2024		542
2025		77
Total maturities	$	2,491
Present value included in consolidated balance sheet:
Current portion of operating lease liabilities	$	584
Noncurrent operating lease liabilities		1,608
Total operating lease liabilities	$	2,192
Difference between the maturities and the present value of operating lease liabilities	$	299

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Future Minimum Capital Payments under Certain Data Licensing Agreements

(In thousands)
Year	June 30, 2021
Remainder of 2021	$	3,847
2022		3,610
2023		1,568
2024		1,392
2025		1,428
2026 and thereafter		646
Total	$	12,491

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021 Segment
Accounting Policies [Abstract]
Operating segments	1

Earnings (Loss) Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Earnings Per Share [Abstract]

Net income (loss)

$ 1,761

$ (2,532)

$ 1,183

$ (4,013)

Weighted average number of shares outstanding:

12,269,412

11,617,342

12,238,475

11,600,278

^[1]

13,560,714

11,617,342

13,487,806

11,600,278

Earnings (loss) per share:

$ 0.14

$ (0.22)

$ 0.10

$ (0.35)

$ 0.13

$ (0.22)

$ 0.09

$ (0.35)

[1]	A total of 2,189,910 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the three and six months ended June 30, 2020, as the impact is anti-dilutive

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.