0000950170-22-003240 | 10-K | XBRL Viewer

$ 0.05

$ (0.57)

Weighted average number of shares outstanding:

$ 0.05

$ (0.57)

12,597,316

11,863,413

Cost of revenue (exclusive of depreciation and amortization)

^[1]

13,403,041

11,863,413

Service [Member]

Costs and expenses:

$ 11,195

$ 11,276

[1]	A total of 1,764,450 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the year ended December 31, 2020, as the impact is anti-dilutive.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - 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		$ 1		1
Vesting of restricted stock units, Shares		734,170
Increase in treasury stock resulting from shares withheld to cover statutory taxes	(1,828)		$ (1,828)
Increase in treasury stock resulting from shares withheld to cover statutory taxes, Shares			(121,608)
Retirement of of treasury stock	3,083		$ 3,083	(3,083)
Retirement of of treasury stock, Shares		(224,755)	224,755
Share-based compensation	9,902				9,902
Net income (loss)	(6,813)				(6,813)
Ending balance at Dec. 31, 2020	43,345	$ 13		66,005	(22,673)
Ending balances, shares at Dec. 31, 2020		12,167,327
Vesting of restricted stock units, Shares		911,698
Increase in treasury stock resulting from shares withheld to cover statutory taxes	(3,327)		$ (3,327)
Increase in treasury stock resulting from shares withheld to cover statutory taxes, Shares			(143,400)
Issuance of common stock upon direct offering to certain investors, net of issuance costs of $86	20,924	$ 20,924
Issuance of common stock upon direct offering to certain investors, net of costs, Shares		552,915
Retirement of of treasury stock	3,327		$ 3,327	(3,327)
Retirement of of treasury stock, Shares		(143,400)	143,400
Share-based compensation	7,832			7,832
Net income (loss)	655				655
Ending balance at Dec. 31, 2021	$ 69,429	$ 13		$ 91,434	$ (22,018)
Ending balances, shares at Dec. 31, 2021		13,488,540

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Common Stock
Stock issuance cost	$ 86
Additional Paid- in Capital
Stock issuance cost	$ 86

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 655	$ (6,813)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,399	4,216
Share-based compensation expense	6,615	8,064
Write-off of long-lived assets	32	337
Provision for bad debts	95	406
Noncash lease expenses	500	459
Interest expense	11	12
Gain on extinguishment of debt	(2,175)	0
Deferred income tax expense	198
Changes in assets and liabilities:
Accounts receivable	(630)	(64)
Prepaid expenses and other current assets	(18)	141
Other noncurrent assets	2	63
Accounts payable	(470)	(63)
Accrued expenses and other current liabilities	(1,051)	(125)
Deferred revenue	337	376
Operating lease liabilities	(552)	(490)
Net cash provided by operating activities	8,948	6,519
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(280)	(154)
Capitalized costs included in intangible assets	(4,964)	(5,508)
Net cash used in investing activities	(5,244)	(5,662)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares, net of issuance costs	20,924
Proceeds from long-term loan	0	2,152
Taxes paid related to net share settlement of vesting of restricted stock units	(3,327)	(1,828)
Net cash provided by financing activities	17,597	324
Net increase in cash and cash equivalents	21,301	1,181
Cash and cash equivalents at beginning of period	12,957	11,776
Cash and cash equivalents at end of period	34,258	12,957
SUPPLEMENTAL DISCLOSURE INFORMATION
Cash paid for interest	0	0
Cash paid for income taxes	0	0
Share-based compensation capitalized in intangible assets	1,217	1,838
Retirement of of treasury stock	$ 3,327	$ 3,083

Principal Activities

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principal Activities

1. Principal activities

Red Violet, Inc. (“red violet,” or the “Company”), a Delaware corporation, is a software and services company building proprietary technologies and applying analytical capabilities to deliver identity intelligence. The Company’s technology powers critical solutions, which empower organizations to operate with confidence. The Company’s solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. The Company’s intelligent platform, CORETM, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. The Company drives workflow efficiency and enables organizations to make better data-driven decisions.

Leveraging cloud-native proprietary technology and applying machine learning and advanced analytical capabilities, CORE provides essential solutions to public and private sector organizations through intuitive, easy-to-use analytical interfaces. With massive data assets consisting of public record, proprietary and publicly-available data, the Company’s differentiated information and innovative platform and solutions deliver identity intelligence – entities, relationships, affiliations, interactions, and events. The Company’s solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society.

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

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

(a) Basis of preparation and liquidity

The accompanying consolidated financial statements have been prepared by red violet in accordance with accounting principles generally accepted in the United States (“US GAAP”).

The Company reported net income of $655 and a net loss of $6,813 for the years ended December 31, 2021 and 2020, respectively. Net cash provided by operating activities was $8,948 and $6,519 for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company had an accumulated deficit of $22,018.

As of December 31, 2021, the Company had available cash and cash equivalents of $34,258, an increase of $21,301 from $12,957 as of December 31, 2020. Based on this available cash and cash equivalents, and the projections of growth in revenue and operating results in the coming year, the Company believes that it will have sufficient cash resources to finance its operations and expected capital expenditures for the next twelve months from the date the financials are issued.

Principles of consolidation

The 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) Use of estimates

The preparation of consolidated financial statements in accordance with US GAAP requires red violet’s management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the allowance for doubtful accounts, useful lives of intangible assets, recoverability of the carrying amount of goodwill and intangible assets, share-based compensation and income tax provision. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results could differ from these estimates.

Cash and cash equivalents consist of cash on hand and bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use.

The Company’s cash and bank deposits were held in major financial institutions located in the United States, which management believes have high credit ratings. The cash and bank deposits held in the United States, denominated in USD, amounted to $34,258 and $12,957 as of December 31, 2021 and 2020, respectively.

Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist principally of cash investments. The Company places its temporary cash instruments with well-known financial institutions within the United States, and, at times, may maintain balances in United States banks in excess of the $250 US Federal Deposit Insurance Corporation insurance limit. The Company monitors the credit ratings of the financial institutions to mitigate this risk.

(d) Accounts receivable

Accounts receivable are due from customers and are generally unsecured, which consist of amounts earned but not yet collected. None of the Company’s accounts receivable bear interest.

The allowance for doubtful accounts is management’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Management determines the allowance based on reviews of customer-specific facts and economic conditions. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. The amount of the allowance for doubtful accounts was $28 and $38 as of December 31, 2021 and 2020, respectively.

(e) Property and equipment

Property and equipment are stated at cost, net of accumulated depreciation or amortization. Expenditures for maintenance, repairs, and minor renewals are charged to expense in the period incurred. Betterments and additions are capitalized. Property and equipment are depreciated on the straight-line basis over the estimated useful lives of the assets. Leasehold improvements are depreciated over the shorter of their estimated useful lives or lease terms that are reasonably assured. The estimated useful lives of property and equipment are as follows:



Computer and network equipment			5-7 years
Furniture, fixtures and office equipment			5 years
Leasehold improvements			7 years

When items of property and equipment are retired or otherwise disposed of, loss/income is charged or credited for the difference between the net book value and proceeds received thereon.

(f) Intangible assets other than goodwill

The Company’s intangible assets are initially recorded at the capitalized actual costs incurred, their acquisition cost, or fair value if acquired as part of a business combination, and amortized on a straight-line basis over their respective estimated useful lives, which are the periods over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. The Company’s intangible assets represent software developed for internal use. Intangible assets have estimated useful lives of 5-10 years.

In accordance with ASC 350-40, “Software — Internal use software,” the Company capitalizes eligible costs, including salaries and staff benefits, share-based compensation expense, travel expenses incurred by relevant employees, and other relevant costs of developing internal-use software that are incurred in the application development stage when developing or obtaining software for internal use. Once the software developed for internal use is ready for its intended use, it is amortized on a straight-line basis over its useful life.

(g) Goodwill

Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. As of December 31, 2021 and 2020, the balance of goodwill of $5,227 was as a result of the acquisition of Interactive Data, LLC (“Interactive Data”), 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. A quantitative step one assessment involves determining the fair value of each reporting unit using market participant assumptions. Should an impairment exist, the Company would recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value up to the amount of goodwill allocated to that reporting unit.

The measurement date of the Company’s annual goodwill impairment test is October 1. On October 1, 2021 and 2020, the Company performed qualitative assessments on the reporting unit and, based on this assessment, no events have occurred to indicate that it is more likely than not that the fair value of the reporting unit is less than its carry amount. The Company concluded that goodwill was not impaired as of December 31, 2021 and 2020.

For purposes of reviewing impairment and the recoverability of goodwill, the Company must make various assumptions regarding estimated future cash flows and other factors in determining the fair values, including market multiples, discount rates, etc.

(h) Impairment of long-lived assets

Finite-lived intangible assets are amortized over their respective useful lives and, along with other long-lived assets, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with ASC 360-10-15, “Impairment or Disposal of Long-Lived Assets.” In evaluating long-lived assets for recoverability, including finite-lived intangibles and property and equipment, the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with ASC 360-10-15. To the extent that estimated future undiscounted cash inflows attributable to the asset, less estimated future undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell.

Asset recoverability is an area involving management judgment, requiring assessment as to whether the carrying value of assets can be supported by the undiscounted future cash flows. In calculating the future cash flows, certain assumptions are required to be made in respect of highly uncertain matters such as revenue growth rates, gross margin percentages and terminal growth rates.

The Company concluded there was no impairment as of December 31, 2021 and 2020.

(i) Fair value of financial instruments

ASC 820, “Fair Value Measurements and Disclosures,” establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

These tiers include:

•

Level 1 – defined as observable inputs such as quoted prices in active markets;

•

Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

•

Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The fair value of the Company’s cash and cash equivalents, receivables and payables approximate their carrying amount because of the short-term nature of these instruments. In May 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 fair value of the Loan approximates its carrying amount as of December 31, 2020 as the interest rate approximates market rates for similar loans. On June 16, 2021, the Company received a notice from Legacy Bank of Florida (the “Lender”) that the full principal amount of the Loan of $2,152 and the accrued interest of $23 had been fully forgiven.

(j) 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 information and identity intelligence 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.

Revenue is generally recognized on (a) a transactional basis determined by the customers’ usage, (b) a monthly fee or (c) a combination of both. Revenue pursuant to transactions determined by the customers’ usage is recognized when the transaction is complete, and either party may terminate the transactional agreement at any time. Revenue pursuant to contracts containing a monthly fee is considered to be a single performance obligation consisting of a series of distinct services, and is recognized ratably over the contract period, which is generally 12 months, and the contract shall automatically renew for additional, successive 12-month terms unless written notice of intent not to renew is provided by one party to the other at least 30 days or 60 days prior to the expiration of the then current term. Variable fees are allocated to each distinct month in the series for which they are earned. The Company’s revenue is recorded net of applicable sales taxes billed to customers.

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. 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 years ended December 31, 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 December 31, 2021 and 2020, the balance of deferred revenue was $841 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, $504 was recognized into revenue during the year ended December 31, 2021.

As of December 31, 2021, $7,691 of revenue is expected to be recognized in the future for performance obligations that are unsatisfied or partially unsatisfied, related to pricing contracts that have a term of more than 12 months, of which $4,430 of revenue will be recognized in 2022, $2,589 in 2023, and $672 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.

(k) Cost of revenue (exclusive of depreciation and amortization)

The Company’s cost of revenue primarily includes data acquisition costs and other cost of revenue. Data acquisition costs consist primarily of the costs to acquire data either on a transactional basis or through flat-fee data licensing agreements, including unlimited usage agreements. Data acquisition costs are recognized based on a straight-line amortization method. Other cost of revenue includes expenses related to third-party infrastructure fees.

(l) Advertising and promotion costs

Advertising and promotion costs are charged to operations as incurred. Advertising and promotion costs, included in sales and marketing expenses amounted to $97 and $85 for the years ended December 31, 2021 and 2020, respectively.

(m) Share-based compensation

The Company accounts for share-based compensation to employees in accordance with ASC 718, “Compensation—Stock Compensation.” Under ASC 718, the Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and, for those awards subject only to service conditions, the Company recognizes the costs on a straight-line basis over the requisite service period for the entire award the employee is required to provide service in exchange for the award, which generally is the vesting period. For awards with performance and service conditions, we begin recording share-based compensation when achieving the performance criteria is probable and we recognize the costs using the accelerated attribution method.

The estimated number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, such amount will be recorded as a cumulative adjustment in the period estimates are revised. Changes in the Company’s estimates and assumptions may cause us to realize material changes in share-based compensation expense in the future.

The Company has issued share-based awards with performance-based vesting criteria. Achievement of the milestones must be probable before the Company begins recording share-based compensation expense. When the performance-based vesting criteria is considered probable, the Company begins to recognize compensation expense at that time. In the period that achievement of the performance-based criteria is deemed probable, US GAAP requires the immediate recognition of all previously unrecognized compensation since the original grant date. As a result, compensation expense recorded in the period that achievement is deemed probable could include a substantial amount of previously unrecorded compensation expense related to the prior periods. For any share-based awards where performance-based vesting criteria is no longer considered probable, previously recognized compensation cost would be reversed. As of December 31, 2021, the Company has deemed the achievement of the performance-based criteria to be probable for all share-based awards with performance-based vesting criteria, except for the Criteria Four award, as defined in Note 10.

The Company applies Accounting Standards Update ("ASU") 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting,” which generally expands the scope of ASC 718, "Compensation – Stock Compensation," to include share-based payment transactions for acquiring goods and services from nonemployees and supersedes the guidance in ASC 505-50, "Equity-Based Payments to Non-employees," which previously included the accounting for nonemployee awards.

(n) Income taxes

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes,” which requires the use of the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates or laws is recognized in income in the period that the change in tax rates or laws is enacted. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion or all of the deferred tax assets will not be realized.

ASC 740 clarifies the accounting for uncertain tax positions. This interpretation requires that an entity recognizes in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company’s accounting policy is to accrue interest and penalties related to uncertain tax positions, if and when required, as interest expense and a component of other expenses, respectively, in the consolidated statements of operations.

(o) Earnings (loss) per share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares 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 stock options and unvested shares. Common equivalent shares are excluded from the calculation in the loss periods as their effects would be anti-dilutive.

(p) Contingencies

In the ordinary course of business, the Company is subject to loss contingencies that cover a wide range of matters. An estimated loss from a loss contingency such as a legal proceeding or claim is accrued if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In determining whether a loss should be accrued, the Company evaluates, among other factors, the degree of probability and the ability to make a reasonable estimate of the amount of loss.

(q) Significant concentrations and risks

Concentration of credit risk

Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents, and accounts receivable. As of December 31, 2021 and 2020, all of the Company’s cash and cash equivalents were deposited in financial institutions located in the United States, which management believes are of high credit quality. Accounts receivable are typically unsecured and are derived from revenue earned from customers. The risk with respect to accounts receivable is mitigated by credit evaluations the Company performs on its customers and its ongoing monitoring process of outstanding balances.

Concentration of customers

For the years ended December 31, 2021 and 2020, no individual customer accounted for more than 10% of the total revenue.

As of December 31, 2021 and 2020, there was no individual customer that accounted for more than 10% of the Company’s accounts receivable, net.

Concentration of suppliers

The Company’s products and services depend extensively upon continued access to and receipt of data from external sources, including data received from the major credit bureaus, including the Company’s largest data supplier. The Company’s other data suppliers include strategic partners, as well as various government and public records databases. The Company’s largest data supplier, with whom the Company has expanded its relationship while securing what it believes to be favorable business terms over the years, accounted for 49% of the Company’s total data acquisition costs for the year ended December 31, 2021 compared to 46% for the year ended December 31, 2020. The amended and renewed term of the agreement with this supplier ends June 30, 2026. The Company may elect to extend the term for an additional twelve months upon written notice to this supplier at least 30 days prior to the end of the amended and renewed term. During the term of the agreement, either party has the right to terminate the agreement: (i) in the event of the other party’s failure to cure a material breach, and (ii) in the event of the other party’s insolvency. In addition, this supplier may terminate this agreement by providing not less than 12 months’ advance written notice to the Company and the Company may terminate this agreement by providing not less than 24 months’ advance written notice to this supplier. As of December 31, 2021, the remaining minimum purchase commitments through the end of the amended and renewed term is $23.8 million. If the Company is unable to maintain its relationship with its largest data supplier, its ability to provide products and services could be negatively impacted, as it would need to secure comparable data on similar terms, which would require significant time, expense, and resources, and may in the short-term adversely affect its reputation, business, financial condition and results of operations and, if it is unable to establish a similar relationship with other data suppliers over time, could have a long-term material impact on its business and financial condition.

As of December 31, 2021, among data suppliers, one data supplier accounted for 26% of the Company’s total accounts payable. As of December 31, 2020, among data suppliers, two data suppliers accounted for 40% and 16% of the Company’s total accounts payable, respectively.

(r) 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 Exchange Act, however, it is the Company’s present intention to adopt any applicable new accounting standards timely.

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Loss Per Share

3. Earnings (loss) per share

For the years ended December 31, 2021 and 2020, the basic and diluted earnings (loss) per share was as follows:


	Year Ended December 31,
(In thousands, except share data)	2021		2020
Numerator:
Net income (loss)	$	655	$	(6,813	)
Denominator:
Weighted average shares outstanding:
Basic		12,597,316		11,863,413
Diluted(1)		13,403,041		11,863,413
Earnings (loss) per share:
Basic	$	0.05	$	(0.57	)
Diluted	$	0.05	$	(0.57	)

(1) A total of 1,764,450 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the year ended December 31, 2020, as the impact is anti-dilutive.

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Accounts Receivable, Net

4. Accounts receivable, net

Accounts receivable, net consist of the following:


(In thousands)	December 31, 2021			December 31, 2020
Accounts receivable	$	3,764		$	3,239
Less: Allowance for doubtful accounts		(28	)		(38	)
Total accounts receivable, net	$	3,736		$	3,201

The movement of allowance for doubtful accounts is shown below:


	Year Ended December 31,
(In thousands)	2021			2020
Beginning balance	$	38		$	40
Charges to expenses		95			406
Write-offs		(105	)		(408	)
Ending balance	$	28		$	38

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and equipment, net

Property and equipment, net consist of the following:


(In thousands)	December 31, 2021			December 31, 2020
Computer and network equipment	$	732		$	705
Furniture, fixtures and office equipment		763			673
Leasehold improvements		53			52
Total cost		1,548			1,430
Less: Accumulated depreciation		(971	)		(872	)
Property and equipment, net	$	577		$	558

Depreciation of property and equipment of $229 and $226 was recorded for the years ended December 31, 2021 and 2020, respectively.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets, Net

6. Intangible assets, net

Intangible assets other than goodwill consist of the following:


		December 31, 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	$	42,982	$	(14,801	)	$	28,181	$	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 $5,170 and $3,990 were included in depreciation and amortization expense for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, intangible assets of $3,032, 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 $6,181 and $7,346 during the years ended December 31, 2021 and 2020, respectively.

As of December 31, 2021, estimated amortization expenses related to the Company’s intangible assets for 2022 through 2027 and thereafter are as follows:


(In thousands)
Year	December 31, 2021
2022		6,027
2023		6,249
2024		5,621
2025		4,424
2026		2,968
2027 and thereafter		2,892
Total	$	28,181

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

7. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


(In thousands)	December 31, 2021		December 31, 2020
Accrued payroll and related expenses	$	228	$	1,077
Accrued data acquisition costs		49		58
Sales tax payable		56		104
Miscellaneous expenses payable		62		219
Total	$	395	$	1,458

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. Income taxes

The Company is subject to federal and state income taxes in the United States. The income taxes on income (loss) before income taxes consisted of the following:


	Year Ended December 31,
(In thousands)	2021			2020
Current
Federal and state	$	-		$	-
Deferred
Federal		(1,401	)		(1,903	)
State		(303	)		(554	)
Valuation allowance		1,902			2,457
		198			-
Provision for income tax	$	198		$	-

The Company’s effective income tax expense differed from the U.S. corporate statutory income tax rate for the years ended December 31, 2021 and 2020. A reconciliation is as follows:


	Year Ended December 31,
(In thousands)	2021					2020
Tax on income (loss) before income taxes	$	179		21	%	$	(1,431	)	21	%
Effect of state taxes (net of federal tax benefit)		(303	)	-36	%		(552	)	8	%
Excess tax benefit from share-based compensation		(2,801	)	-328	%		(1,227	)	18	%
Nondeductible executive compensation		1,556		182	%		656		-10	%
Forgiveness of the CARES Act loan		(456	)	-53	%		-		0	%
Other permanent differences		121		14	%		97		-1	%
Valuation allowance		1,902		223	%		2,457		-36	%
Income tax expense	$	198		23	%	$	-		0	%

Components of deferred tax assets and liabilities consist of the following:


(In thousands)	December 31, 2021			December 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$	10,860		$	8,994
Share-based compensation		1,913			1,872
Accounts receivable		7			10
Accrued expenses and other current liabilities		340			330
		13,120			11,206
Valuation allowance		(9,485	)		(7,583	)
		3,635			3,623
Deferred tax liabilities:
Intangible assets		3,771			3,491
Property and equipment		62			132
		3,833			3,623
Net deferred income tax liabilities	$	198		$	-

As of December 31, 2021, the Company had gross federal and state net operating loss carryforwards of $43,501 and $33,665, respectively, which begin to expire in 2036, except that $37,471 of federal net operating loss carryforwards incurred from 2018 to 2021 could be carried forward indefinitely. The Company’s federal net operating losses are not subject to annual Section 382 limitations due to ownership changes that could impact the future realization. The Company uses ASC 740 ordering when determining when excess tax benefits have been realized.

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. On a periodic basis, management evaluates and determines the amount of valuation allowance required and adjusts such valuation allowance accordingly. Primarily due to cumulative pre-tax losses, management determined a valuation allowance of $9,485 and $7,583 was necessary as of December 31, 2021 and 2020, respectively, to reduce the deferred tax assets to the amount that is more likely than not to be realized. The change in the valuation allowance was an increase of $1,902 and $2,457 for the years ended December 31, 2021 and 2020, respectively. The increase in the valuation allowance in the years ended December 31, 2021 and 2020 is primarily due to the increase in net operating loss carryforwards.

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 2018 remain open for tax examinations.

The Company does not have any unrecognized tax benefits as of December 31, 2021 and 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 and Preferred Stock

Common Stock and Preferred Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

9. Common stock and preferred stock

Common stock and treasury stock

As of December 31, 2021 and 2020, the number of authorized shares of common stock was 200,000,000, with a par value of $0.001 per share, of which, 13,488,540 and 12,167,327 shares of common stock were issued, respectively.

As of December 31, 2021 and 2020, there was no treasury stock.

During the year ended December 31, 2020, the changes in the number of issued shares of common stock and treasury stock was due to the following factors:

•

An aggregate of 734,170 shares of common stock issued as a result of the vesting of RSUs, of which, 121,608 shares of common stock were withheld to pay withholding taxes upon such vesting, which were reflected in treasury stock, with a cost of $1,828.

•

In November 2020, 224,755 shares of treasury stock were retired.

During the year ended December 31, 2021, the changes in the number of issued shares of common stock and treasury stock was due to the following factors:

•

An aggregate of 911,698 shares of common stock issued as a result of the vesting of RSUs, of which, an aggregate of 143,400 shares of common stock were withheld to pay withholding taxes upon such vesting, which were reflected in treasury stock, with a cost of $3,327.

•

In September and December 2021, an aggregate of 143,400 shares of treasury stock were retired.

•

An aggregate of 552,915 shares of common stock, with an issuance price of $38.00 per share, were issued in a registered direct offering to certain investors, pursuant to the securities purchase agreements entered into on November 19, 2021. Net proceeds of $20,924 were received in November 2021.

Preferred stock

As of December 31, 2021 and 2020, the Company had 10,000,000 shares of preferred stock with par value of $0.001 per share authorized, and there were no shares of preferred stock issued or outstanding.

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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Share-based Payment Arrangement [Abstract]

Share-based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Compensation

10. 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 (the “Spin-off”), 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 December 31, 2021, there were 805,462 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 RSUs activity during the years ended December 31, 2020 and 2021 were as follows:


	Number of units			Weighted average grant-date fair value
Unvested as of December 31, 2019		2,237,827		$	8.88
Granted		283,459		$	22.30
Vested and delivered		(612,561	)	$	7.78
Withheld as treasury stock		(121,608	)	$	7.72
Vested not delivered		(8,417	)	$	11.25
Forfeited		(14,250	)	$	15.45
Unvested as of December 31, 2020		1,764,450		$	11.43
Granted		506,850		$	27.50
Vested and delivered		(768,298	)	$	9.36
Withheld as treasury stock		(143,400	)	$	9.33
Vested not delivered		(10,750	)	$	13.68
Forfeited		(41,899	)	$	18.97
Unvested as of December 31, 2021		1,306,953		$	18.85

The amount included in "Vested not delivered" above represents RSUs that have been vested but the delivery of the common stock underlying such RSUs were deferred. The increase in treasury stock (included in “Withheld as treasury stock” above) was due to shares withheld to pay statutory taxes upon the vesting of RSUs during the years ended December 31, 2020 and 2021. Refer to Note 9 for details.

There were certain grants of RSUs with both time- and performance-based conditions. Details of such grants of RSUs were as follows:


				Weighted average			Amortization of share-based compensation
RSU grants with		Number		grant-date			Year Ended December 31,
performance criteria	Grant dates	of units		fair value		Vesting period	2021		2020
Criteria One(1)	9/5/2018 - 1/16/2019		1,577,500	$	7.66	3-4 years	$	1,206	$	3,155
Criteria Two(2)	8/28/2019 - 9/8/2020		277,500	$	12.27	3-4 years		781		1,239
Criteria Three(3)	8/28/2019 - 11/20/2020		455,000	$	15.44	3 years		2,239		3,502
Criteria Four(4)	7/30/2021		120,000	$	31.74	5 years		-		-
			2,430,000				$	4,226	$	7,896

(1)

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 $7.0 million for such fiscal quarter, (ii) positive adjusted EBITDA, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, and (iii) the participant 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 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 June 30, 2019, the Company determined that the Criteria One were met. As of December 31, 2021, the remaining 30,000 shares underlying such awards are expected to vest and be issued in accordance with their time-based vesting requirement.

(2)

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 Criteria Two would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the Criteria Two were met as of March 31, 2021. As of December 31, 2021, the remaining 125,399 shares underlying such awards are expected to vest and be issued in accordance with their time-based vesting requirement.

(3)

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 $12.5 million for such fiscal quarter, (ii) positive adjusted EBITDA of at least $2.0 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, and 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 respective performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three 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 Criteria Three would be met and therefore, began to record the related amortization expense on the grant dates.

(4)

On July 30, 2021, the Company granted 120,000 RSUs, subject to performance-based requirements, to one non-executive employee, which was subsequently modified on October 19, 2021, with a fair value of $31.74 per share as of the modification date. Such RSU grants shall not vest unless and until the Company has achieved certain revenue for a portion of its business prior to the achievement date deadline for each performance milestone. No amortization of share-based compensation expense has been recognized in relation to such RSUs with Criteria Four, because, as of December 31, 2021, the Company determined that it is not probable that the Criteria Four will be met.

As of December 31, 2021, unrecognized share-based compensation expense associated with the granted RSUs amounted to $14,098, which is expected to be recognized over a weighted average period of 2.6 years.

Share-based compensation was allocated to the following accounts in the consolidated financial statements for the years ended December 31, 2021 and 2020:


	Year Ended December 31,
(In thousands)	2021		2020
Sales and marketing expenses	$	562	$	609
General and administrative expenses		6,053		7,455
Share-based compensation expense		6,615		8,064
Capitalized in intangible assets		1,217		1,838
Total	$	7,832	$	9,902

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

11. 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 would 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 was 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 agreed that the Services Agreement which expired on August 6, 2021 (“Expiration Date”), would not be renewed, but would continue in force and effect until the Expiration Date and that the Consultant would 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 would 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 would 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 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, which was included in RSUs granted with the Criteria One in Note 10 above, would 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, which was included in RSUs granted with the Criteria Three in Note 10 above, previously granting Consultant 30,000 RSUs such that the 30,000 RSUs would 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 recognized an aggregate of $723 in share-based compensation expense over the remaining service period which ended on the Expiration Date.

The Company recognized consulting service fees relating to the Services Agreement of a total of $216 and $360 during the years ended December 31, 2021 and 2020, respectively. In addition, amortization of share-based compensation expense of $1,432 (inclusive of $723 in relation with the modification of RSUs above) and $1,392 for the years ended December 31, 2021 and 2020, respectively, was recognized in relation to the RSUs previously granted to the Consultant.

Long-term loan

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term loan

12. Long-term loan

On May 5, 2020, the Company received funding under a promissory note dated May 5, 2020 evidencing the Loan, an unsecured non-recourse loan in the principal amount of $2,152 under the CARES Act. The Company’s policy was to account for the Loan as debt.

Long-term loan as of December 31, 2020 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 year ended December 31, 2021.

The fair value of the Loan approximates its carrying amount as of December 31, 2020 as the interest rate approximates market rates for similar loans.

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

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

13. Leases

On January 1, 2019, the Company adopted Leases (Topic 842) using the modified retrospective method applied to all leases existing at the date of initial application. The Company elected the practical expedients to not reassess whether any existing contracts are or contain leases, not reassess the lease classification for any existing leases, and not reassess initial direct costs for any existing leases, upon the adoption of Leases (Topic 842).

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 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 years ended December 31, 2021 and 2020, a summary of the Company’s lease information is shown below:


	Year Ended December 31,
(In thousands)	2021		2020
Lease cost:
Operating lease costs	$	672	$	672
Other information:
Cash paid for operating leases	$	724	$	704

There were no additional right-of-use assets obtained in exchange for operating lease liabilities during the years ended December 31, 2021 and 2020. The Company used 8.0%, its estimated incremental borrowing rate for similar secured assets, as the discount rate for the above-mentioned leases to determine the present value of the lease payments because the implicit rate in each lease is not readily determinable. The discount rate was calculated on the basis of information available as of January 1, 2019, the application date.

As of December 31, 2021, the weighted average remaining operating lease term was 2.8 years.

As of December 31, 2021, scheduled future maturities and present value of the operating lease liabilities are as follows:


(In thousands)
Year	December 31, 2021
2022	$	743
2023		765
2024		542
2025		77
Total maturities	$	2,127
Present value included in consolidated balance sheet:
Current portion of operating lease liabilities	$	617
Noncurrent operating lease liabilities		1,291
Total operating lease liabilities	$	1,908
Difference between the maturities and the present value of operating lease liabilities	$	219

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

14. Commitments and contingencies

(a) Capital commitment

The Company incurred data costs of $8,481 and $8,493 for the years ended December 31, 2021 and 2020, respectively, under certain data licensing agreements. As of December 31, 2021, future material capital commitments under certain data licensing agreements were $33,059, shown as follows:


(In thousands)
Year	December 31, 2021
2022		7,736
2023		7,200
2024		7,106
2025		7,207
2026		3,810
Total	$	33,059

(b) Employment agreements

The Company has employment agreements with certain executives, mainly including its Chief Executive Officer, President, Chief Financial Officer and Chief Information Officer, which provide for compensation and certain other benefits and for severance payments under certain circumstances.

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.

(d) Covid-19 update

During 2020, the Company experienced significantly reduced commercial activity in numerous aspects of its business as a result of the preventative and protective actions taken by federal, state and local governments to combat Covid-19, including the implementation of stay-at-home orders, social distancing policies and certain temporary government-imposed moratoria on collection customers’ activities. During 2021, the Company saw ongoing improvement in its results of operations, 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. The Company expects its idiVERIFIED service volume to return to pre-Covid levels in the second half of 2022. 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. Furthermore, 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. The Company will continue to evaluate the nature and extent of the impact of the Covid-19 pandemic to its business, including the emergence of new variants and the development, availability, distribution and effectiveness of vaccines.

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 could 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. The Company paid 50% of the deferred amount in December 2021. On May 5, 2020, the Company received the Loan under the CARES Act, which was fully forgiven in June 2021, as discussed in Note 12 above. The Company will continue to assess the CARES Act and other applicable government legislation aimed at assisting businesses during the Covid-19 pandemic.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of Preparation and Liquidity

(a) Basis of preparation and liquidity

The accompanying consolidated financial statements have been prepared by red violet in accordance with accounting principles generally accepted in the United States (“US GAAP”).

Principles of consolidation

Use of Estimates

(b) Use of estimates

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and bank deposits with original maturities of three months or less, which are unrestricted as to withdrawal and use.

Accounts Receivable

(d) Accounts receivable

Accounts receivable are due from customers and are generally unsecured, which consist of amounts earned but not yet collected. None of the Company’s accounts receivable bear interest.

Property and Equipment

(e) Property and equipment



Computer and network equipment			5-7 years
Furniture, fixtures and office equipment			5 years
Leasehold improvements			7 years

When items of property and equipment are retired or otherwise disposed of, loss/income is charged or credited for the difference between the net book value and proceeds received thereon.

Intangible Assets Other Than Goodwill

(f) Intangible assets other than goodwill

Goodwill

(g) Goodwill

Impairment of Long-lived Assets

(h) Impairment of long-lived assets

The Company concluded there was no impairment as of December 31, 2021 and 2020.

Fair Value of Financial Instruments

(i) Fair value of financial instruments

These tiers include:

•

Level 1 – defined as observable inputs such as quoted prices in active markets;

•

Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

•

Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Revenue Recognition

(j) Revenue recognition

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.

Cost of Revenue (Exclusive of Depreciation and Amortization)

(k) Cost of revenue (exclusive of depreciation and amortization)

Advertising and Promotion Costs

(l) Advertising and promotion costs

Share-based Compensation

(m) Share-based compensation

Income Taxes

(n) Income taxes

Earnings (loss) Per Share

(o) Earnings (loss) per share

Contingencies

(p) Contingencies

Significant Concentrations and Risks

(q) Significant concentrations and risks

Concentration of credit risk

Concentration of customers

For the years ended December 31, 2021 and 2020, no individual customer accounted for more than 10% of the total revenue.

As of December 31, 2021 and 2020, there was no individual customer that accounted for more than 10% of the Company’s accounts receivable, net.

Concentration of suppliers

Recently Issued Accounting Standards

(r) Recently issued accounting standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Estimated Useful Lives of Property and Equipment

The estimated useful lives of property and equipment are as follows:



Computer and network equipment			5-7 years
Furniture, fixtures and office equipment			5 years
Leasehold improvements			7 years

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Share

For the years ended December 31, 2021 and 2020, the basic and diluted earnings (loss) per share was as follows:


	Year Ended December 31,
(In thousands, except share data)	2021		2020
Numerator:
Net income (loss)	$	655	$	(6,813	)
Denominator:
Weighted average shares outstanding:
Basic		12,597,316		11,863,413
Diluted(1)		13,403,041		11,863,413
Earnings (loss) per share:
Basic	$	0.05	$	(0.57	)
Diluted	$	0.05	$	(0.57	)

(1) A total of 1,764,450 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the year ended December 31, 2020, as the impact is anti-dilutive.

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Summary of Accounts Receivable, Net

Accounts receivable, net consist of the following:


(In thousands)	December 31, 2021			December 31, 2020
Accounts receivable	$	3,764		$	3,239
Less: Allowance for doubtful accounts		(28	)		(38	)
Total accounts receivable, net	$	3,736		$	3,201

Summary of Movement of Allowance for Doubtful Accounts

The movement of allowance for doubtful accounts is shown below:


	Year Ended December 31,
(In thousands)	2021			2020
Beginning balance	$	38		$	40
Charges to expenses		95			406
Write-offs		(105	)		(408	)
Ending balance	$	28		$	38

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consist of the following:


(In thousands)	December 31, 2021			December 31, 2020
Computer and network equipment	$	732		$	705
Furniture, fixtures and office equipment		763			673
Leasehold improvements		53			52
Total cost		1,548			1,430
Less: Accumulated depreciation		(971	)		(872	)
Property and equipment, net	$	577		$	558

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets Other than Goodwill

Intangible assets other than goodwill consist of the following:


		December 31, 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	$	42,982	$	(14,801	)	$	28,181	$	36,804	$	(9,634	)	$	27,170

Schedule of Estimated Amortization Expenses

As of December 31, 2021, estimated amortization expenses related to the Company’s intangible assets for 2022 through 2027 and thereafter are as follows:


(In thousands)
Year	December 31, 2021
2022		6,027
2023		6,249
2024		5,621
2025		4,424
2026		2,968
2027 and thereafter		2,892
Total	$	28,181

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


(In thousands)	December 31, 2021		December 31, 2020
Accrued payroll and related expenses	$	228	$	1,077
Accrued data acquisition costs		49		58
Sales tax payable		56		104
Miscellaneous expenses payable		62		219
Total	$	395	$	1,458

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Benefit for Income Taxes

The Company is subject to federal and state income taxes in the United States. The income taxes on income (loss) before income taxes consisted of the following:


	Year Ended December 31,
(In thousands)	2021			2020
Current
Federal and state	$	-		$	-
Deferred
Federal		(1,401	)		(1,903	)
State		(303	)		(554	)
Valuation allowance		1,902			2,457
		198			-
Provision for income tax	$	198		$	-

Reconciliation of Effective Income Tax Benefit

The Company’s effective income tax expense differed from the U.S. corporate statutory income tax rate for the years ended December 31, 2021 and 2020. A reconciliation is as follows:


	Year Ended December 31,
(In thousands)	2021					2020
Tax on income (loss) before income taxes	$	179		21	%	$	(1,431	)	21	%
Effect of state taxes (net of federal tax benefit)		(303	)	-36	%		(552	)	8	%
Excess tax benefit from share-based compensation		(2,801	)	-328	%		(1,227	)	18	%
Nondeductible executive compensation		1,556		182	%		656		-10	%
Forgiveness of the CARES Act loan		(456	)	-53	%		-		0	%
Other permanent differences		121		14	%		97		-1	%
Valuation allowance		1,902		223	%		2,457		-36	%
Income tax expense	$	198		23	%	$	-		0	%

Schedule of Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities consist of the following:


(In thousands)	December 31, 2021			December 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$	10,860		$	8,994
Share-based compensation		1,913			1,872
Accounts receivable		7			10
Accrued expenses and other current liabilities		340			330
		13,120			11,206
Valuation allowance		(9,485	)		(7,583	)
		3,635			3,623
Deferred tax liabilities:
Intangible assets		3,771			3,491
Property and equipment		62			132
		3,833			3,623
Net deferred income tax liabilities	$	198		$	-

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Unvested Restricted Stock Units

Details of unvested RSUs activity during the years ended December 31, 2020 and 2021 were as follows:


	Number of units			Weighted average grant-date fair value
Unvested as of December 31, 2019		2,237,827		$	8.88
Granted		283,459		$	22.30
Vested and delivered		(612,561	)	$	7.78
Withheld as treasury stock		(121,608	)	$	7.72
Vested not delivered		(8,417	)	$	11.25
Forfeited		(14,250	)	$	15.45
Unvested as of December 31, 2020		1,764,450		$	11.43
Granted		506,850		$	27.50
Vested and delivered		(768,298	)	$	9.36
Withheld as treasury stock		(143,400	)	$	9.33
Vested not delivered		(10,750	)	$	13.68
Forfeited		(41,899	)	$	18.97
Unvested as of December 31, 2021		1,306,953		$	18.85

The amount included in "Vested not delivered" above represents RSUs that have been vested but the delivery of the common stock underlying such RSUs were deferred.

Schedule of Grants of RSUs with both Time- and Performance-based Conditions

Details of such grants of RSUs were as follows:


				Weighted average			Amortization of share-based compensation
RSU grants with		Number		grant-date			Year Ended December 31,
performance criteria	Grant dates	of units		fair value		Vesting period	2021		2020
Criteria One(1)	9/5/2018 - 1/16/2019		1,577,500	$	7.66	3-4 years	$	1,206	$	3,155
Criteria Two(2)	8/28/2019 - 9/8/2020		277,500	$	12.27	3-4 years		781		1,239
Criteria Three(3)	8/28/2019 - 11/20/2020		455,000	$	15.44	3 years		2,239		3,502
Criteria Four(4)	7/30/2021		120,000	$	31.74	5 years		-		-
			2,430,000				$	4,226	$	7,896

(1)

(2)

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 Criteria Two would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the Criteria Two were met as of March 31, 2021. As of December 31, 2021, the remaining 125,399 shares underlying such awards are expected to vest and be issued in accordance with their time-based vesting requirement.

(3)

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 $12.5 million for such fiscal quarter, (ii) positive adjusted EBITDA of at least $2.0 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, and 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 respective performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three 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 Criteria Three would be met and therefore, began to record the related amortization expense on the grant dates.

(4)

Summary of Allocated Share-based Compensation

Share-based compensation was allocated to the following accounts in the consolidated financial statements for the years ended December 31, 2021 and 2020:


	Year Ended December 31,
(In thousands)	2021		2020
Sales and marketing expenses	$	562	$	609
General and administrative expenses		6,053		7,455
Share-based compensation expense		6,615		8,064
Capitalized in intangible assets		1,217		1,838
Total	$	7,832	$	9,902

Long-term loan (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term loan

Long-term loan as of December 31, 2020 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)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

For the years ended December 31, 2021 and 2020, a summary of the Company’s lease information is shown below:


	Year Ended December 31,
(In thousands)	2021		2020
Lease cost:
Operating lease costs	$	672	$	672
Other information:
Cash paid for operating leases	$	724	$	704

Scheduled Future Maturities and Present Value of Operating Lease Liabilities

As of December 31, 2021, scheduled future maturities and present value of the operating lease liabilities are as follows:


(In thousands)
Year	December 31, 2021
2022	$	743
2023		765
2024		542
2025		77
Total maturities	$	2,127
Present value included in consolidated balance sheet:
Current portion of operating lease liabilities	$	617
Noncurrent operating lease liabilities		1,291
Total operating lease liabilities	$	1,908
Difference between the maturities and the present value of operating lease liabilities	$	219

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Capital Payments under Certain Data Licensing Agreements


(In thousands)
Year	December 31, 2021
2022		7,736
2023		7,200
2024		7,106
2025		7,207
2026		3,810
Total	$	33,059

Principal Activities - Additional Information (Details)	12 Months Ended
Principal Activities - Additional Information (Details)	Dec. 31, 2021 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating segments	1

Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jun. 16, 2021 USD ($)	Dec. 31, 2021 USD ($) Customer Supplier	Dec. 31, 2020 USD ($) Customer Supplier	May 05, 2020 USD ($)	Dec. 31, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net income (loss)		$ 655,000	$ (6,813,000)
Net cash provided by operating activities		8,948,000	6,519,000
Accumulated deficit		22,018,000	22,673,000
Cash and cash equivalents		34,258,000	12,957,000
Net increase in cash and cash equivalents		$ 21,301,000
Cash and cash equivalents maturity description		three months or less
FDIC Insurance limit		$ 250,000
Allowance for doubtful accounts		28,000	38,000		$ 40,000
Goodwill		5,227,000	5,227,000
Goodwill impairment		0	0
Impairment of long lived assets		$ 0	0
Deferred revenue recognition period		12 months
Estimated revenue expected to be recognized in the future		$ 7,691,000
Additional automatic renewal period of contract		12 months
Description of written notice of intent for renewal of contract term		Revenue pursuant to contracts containing a monthly fee is considered to be a single performance obligation consisting of a series of distinct services, and is recognized ratably over the contract period, which is generally 12 months, and the contract shall automatically renew for additional, successive 12-month terms unless written notice of intent not to renew is provided by one party to the other at least 30 days or 60 days prior to the expiration of the then current term.
Deferred revenue		$ 841,000	$ 504,000
Deferred revenue realization period			12 months
Revenue recognized, previously reported as deferred		504,000
Advertising and promotion costs		$ 97,000	$ 85,000
Percentage of tax benefits likelihood of being realized upon settlement of tax authority		greater than 50%
Principal amount	$ 2,152,000		$ 2,152,000
Debt Instrument, Increase, Accrued Interest	$ 23,000
Customer Concentration Risk \| Sales Revenue, Net
Summary Of Significant Accounting Policies [Line Items]
Major customers \| Customer		0	0
Customer Concentration Risk \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Major customers \| Customer		0	0
Supplier Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Amended and renewed term of agreement expiration date with supplier		Jun. 30, 2026
Each party's written notice of termination prior to end of amended and renewed term		30 days
The Company's written notice of termination during the initial term		24 months
Supplier's written notice of termination during the initial term		12 months
Remaining minimum purchase commitments through end of amended and renewed term		$ 23,800,000
Supplier Concentration Risk \| Cost of Total Data Acqusition \| Largest Data Supplier
Summary Of Significant Accounting Policies [Line Items]
Concentration risk		49.00%	46.00%
Supplier Concentration Risk \| Total Accounts Payable \| Data Supplier One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk		26.00%	40.00%
Number of major suppliers \| Supplier		1	2
Concentration Risk Percentage 2			16.00%
Customers With Pricing Contracts
Summary Of Significant Accounting Policies [Line Items]
Percentage of Revenue		80.00%	73.00%
Transactional Customers
Summary Of Significant Accounting Policies [Line Items]
Percentage of Revenue		20.00%	27.00%
Promissory Note [Member]
Summary Of Significant Accounting Policies [Line Items]
Non-recourse debt				$ 2,152,000
Interactive Data
Summary Of Significant Accounting Policies [Line Items]
Goodwill		$ 5,227,000	$ 5,227,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets		5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets		10 years
No Customer \| Customer Concentration Risk \| Sales Revenue, Net
Summary Of Significant Accounting Policies [Line Items]
Concentration risk		10.00%	10.00%
No Customer \| Customer Concentration Risk \| Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk		10.00%	10.00%
United States
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents			$ 12,957,000

Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Computer and Network Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated life of property and equipment	5 years
Computer and Network Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated life of property and equipment	7 years
Furniture, Fixtures and Office Equipment
Property, Plant and Equipment [Line Items]
Estimated life of property and equipment	5 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Estimated life of property and equipment	7 years

Summary of Significant Accounting Policies - Additional Information (Details 1) $ in Thousands	Dec. 31, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue expected to be recognized in the future	$ 7,691
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue expected to be recognized in the future	$ 4,430
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue expected to be recognized in the future	$ 2,589
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue expected to be recognized in the future	$ 672
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Earnings Per Share [Abstract]

Net income (loss)

$ 655

$ (6,813)

Weighted average shares outstanding:

12,597,316

11,863,413

^[1]

13,403,041

11,863,413

Earnings (loss) per share:

$ 0.05

$ (0.57)

$ 0.05

$ (0.57)

[1]	A total of 1,764,450 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the year ended December 31, 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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Earnings (Loss) Per Share - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020 shares
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Shares excluded from the diluted loss per share calculation	1,764,450

Accounts Receivable, Net - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Accounts receivable	$ 3,764	$ 3,239
Less: Allowance for doubtful accounts	(28)	(38)	$ (40)
Total accounts receivable, net	$ 3,736	$ 3,201

Accounts Receivable, Net - Summary of Movement of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Beginning balance	$ 38	$ 40
Charges to expenses	95	406
Write-offs	(105)	(408)
Ending balance	$ 28	$ 38

Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 1,548	$ 1,430
Less: Accumulated depreciation	(971)	(872)
Property and equipment, net	577	558
Computer and Network Equipment
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	732	705
Furniture, Fixtures and Office Equipment
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	763	673
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 53	$ 52

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation of property and equipment	$ 229	$ 226

Intangible Assets, Net - Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Net	$ 28,181	$ 27,170
Minimum
Finite Lived Intangible Assets [Line Items]
Amortization Period	5 years
Maximum
Finite Lived Intangible Assets [Line Items]
Amortization Period	10 years
Software Developed for Internal Use
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Gross Amount	$ 42,982	36,804
Intangible Assets, Accumulated Amortization	(14,801)	(9,634)
Intangible Assets, Net	$ 28,181	$ 27,170
Software Developed for Internal Use \| Minimum
Finite Lived Intangible Assets [Line Items]
Amortization Period	5 years
Software Developed for Internal Use \| Maximum
Finite Lived Intangible Assets [Line Items]
Amortization Period	10 years

Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Amortization expenses	$ 5,170	$ 3,990
Software Developed for Internal Use
Finite Lived Intangible Assets [Line Items]
Intangible assets that have not started amortization	3,032
Capitalized costs of internally-developed software	$ 6,181	$ 7,346

Intangible Assets, Net - Schedule of Estimated Amortization Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Liability Disclosure [Abstract]
2022	$ 6,027
2023	6,249
2024	5,621
2025	4,424
2026	2,968
2027 and thereafter	2,892
Intangible Assets, Net	$ 28,181	$ 27,170

Accrued Expenses and Other Current Liabilities - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued payroll and related expenses	$ 228	$ 1,077
Accrued data acquisition costs	49	58
Sales tax payable	56	104
Miscellaneous expenses payable	62	219
Total	$ 395	$ 1,458

Income Taxes - Schedule of Benefit for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred
Federal	$ (1,401)	$ (1,903)
State	(303)	(554)
Valuation allowance	1,902	2,457
Deferred federal, state and local, tax expense (benefit), total	198
Provision for income tax	$ 198	$ 0

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Effective Income Tax Benefit Differed from Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax on loss before income taxes	$ 179	$ (1,431)
Effect of state taxes (net of federal tax benefit)	(303)	(552)
Excess tax benefit from share-based compensation	(2,801)	(1,227)
Nondeductible executive compensation	1,556	656
Forgiveness of the CARES Act loan	(456)
Other permanent differences	121	97
Valuation allowance	1,902	2,457
Income tax benefit	$ 198	$ 0
Tax on loss before income taxes	21.00%	21.00%
Effect of state taxes (net of federal tax benefit)	(36.00%)	8.00%
Excess tax benefit from share-based compensation	(328.00%)	18.00%
Nondeductible executive compensation	182.00%	(10.00%)
Forgiveness of the CARES Act loan	(53.00%)	0.00%
Other permanent differences	14.00%	(1.00%)
Valuation allowance	223.00%	(36.00%)
Income tax expense	23.00%	0.00%

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 10,860	$ 8,994
Share-based compensation	1,913	1,872
Accounts receivable	7	10
Accrued expenses and other current liabilities	340	330
Deferred tax assets, gross, Total	13,120	11,206
Valuation allowance	(9,485)	(7,583)
Deferred tax assets, net of valuation allowance	3,635	3,623
Deferred tax liabilities:
Intangible assets	3,771	3,491
Property and equipment	62	132
Deferred tax liabilities, gross, Total	3,833	$ 3,623
Net deferred income tax liabilities	$ 198

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Net operating loss carryforwards, carried forward indefinitely	$ 37,471,000
Operating loss carryforward, expiration year	2036
Operating loss carryforwards valuation allowance	$ 9,485,000	$ 7,583,000
(Decrease) increase in valuation allowance	$ 1,902,000	2,457,000
Percentage of tax benefits likelihood of being realized upon settlement of tax authority	greater than 50%
Unrecognized tax benefits	$ 0	$ 0
Domestic Tax Authority
Income Taxes [Line Items]
Net operating loss carryforwards	43,501,000
State and Local Jurisdiction
Income Taxes [Line Items]
Net operating loss carryforwards	$ 33,665,000

Common Stock and Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Equity [Line Items]
Common stock, shares authorized			200,000,000	200,000,000
Common stock, par value			$ 0.001	$ 0.001
Common stock, shares issued			13,488,540	12,167,327
Treasury Stock, issued			0	0
Issuance of common stock upon direct offering to certain investors, net of issuance costs			552,915
Common Stock Issuance Price			$ 38.00
Proceeds from issuance of shares, net of issuance costs	$ 20,924		$ 20,924
Preferred stock, shares authorized			10,000,000	10,000,000
Preferred stock, par value			$ 0.001	$ 0.001
Preferred stock, shares issued			0	0
Preferred stock, shares outstanding			0	0
Treasury Stock
Equity [Line Items]
Increase in treasury stock resulting from shares withheld to cover statutory taxes, Shares			143,400	121,608
Retirement of treasury stock, Shares		224,755	143,400
Treasury Stock, Value			$ 3,327	$ 1,828
Common Stock
Equity [Line Items]
Vesting of restricted stock units, Shares			911,698	734,170

Share-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jun. 03, 2020	Mar. 22, 2018
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation costs in respect of granted RSUs	$ 14,098
Unrecognized share-based compensation remaining weighted average period	2 years 7 months 6 days
2018 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock authorized			3,000,000
Common stock available for future issuance	805,462
2018 Stock Incentive Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock authorized		3,000,000
2018 Stock Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock authorized		4,500,000

Share-based Compensation - Schedule of Unvested RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Number of units, Beginning balance	1,764,450	2,237,827
Granted, Number of units	506,850	283,459
Vested and delivered, Number of units	(768,298)	(612,561)
Withheld as treasury stock, Number of units	(143,400)	(121,608)
Vested not delivered, Number of units	(10,750)	(8,417)
Forfeited, Number of units	(41,899)	(14,250)
Unvested, Number of units, Ending balance	1,306,953	1,764,450
Unvested, Weighted average grant-date fair value, Beginning balance	$ 11.43	$ 8.88
Granted, Weighted average grant-date fair value	27.50	22.30
Vested and delivered, Weighted average grant-date fair value	9.36	7.78
Withheld as treasury stock, Weighted average grant-date fair value	9.33	7.72
Vested not delivered, Weighted average grant-date fair value	13.68	11.25
Forfeited, Weighted average grant-date fair value	18.97	15.45
Unvested, Weighted average grant-date fair value, Ending balance	$ 18.85	$ 11.43

Share-based Compensation - Schedule of Grants of RSUs with both Time- and Performance-based Conditions (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Performance Based Restricted Stock Units

$ 6,615

$ 8,064

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Amortization of share-based compensation of RSUs with both time- and performance-based conditions

2,430,000

$ 4,226

7,896

Performance Based Restricted Stock Units | Criteria One

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

^[1]

9/5/2018 - 1/16/2019

^[1]

1,577,500

^[1]

$ 7.66

Performance Based Restricted Stock Units | Criteria One | Minimum

^[1]

$ 1,206

3,155

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Based Restricted Stock Units | Criteria One | Maximum

^[1]

3 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Based Restricted Stock Units | Criteria Two

^[1]

4 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

^[2]

8/28/2019 - 9/8/2020

^[2]

277,500

^[2]

$ 12.27

Performance Based Restricted Stock Units | Criteria Two | Minimum

^[2]

$ 781

1,239

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Based Restricted Stock Units | Criteria Two | Maximum

^[2]

3 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Based Restricted Stock Units | Criteria Three

^[2]

4 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

^[3]

8/28/2019 - 11/20/2020

^[3]

455,000

^[3]

$ 15.44

^[3]

3 years

Performance Based Restricted Stock Units | Criteria Four

^[3]

$ 2,239

3,502

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

^[4]

7/30/2021

^[4]

120,000

^[4]

$ 31.74

^[4]

5 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

^[4]

$ 0

[1]	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 $7.0 million for such fiscal quarter, (ii) positive adjusted EBITDA, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, and (iii) the participant 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 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 June 30, 2019, the Company determined that the Criteria One were met. As of December 31, 2021, the remaining 30,000 shares underlying such awards are expected to vest and be issued in accordance with their time-based vesting requirement.
[2]	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 Criteria Two would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the Criteria Two were met as of March 31, 2021. As of December 31, 2021, the remaining 125,399 shares underlying such awards are expected to vest and be issued in accordance with their time-based vesting requirement.
[3]	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 $12.5 million for such fiscal quarter, (ii) positive adjusted EBITDA of at least $2.0 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, and 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 respective performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three 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 Criteria Three would be met and therefore, began to record the related amortization expense on the grant dates.
[4]	On July 30, 2021, the Company granted 120,000 RSUs, subject to performance-based requirements, to one non-executive employee, which was subsequently modified on October 19, 2021, with a fair value of $31.74 per share as of the modification date. Such RSU grants shall not vest unless and until the Company has achieved certain revenue for a portion of its business prior to the achievement date deadline for each performance milestone. No amortization of share-based compensation expense has been recognized in relation to such RSUs with Criteria Four, because, as of December 31, 2021, the Company determined that it is not probable that the Criteria Four will be met.

Share-based Compensation - Schedule of Grants of RSUs with both Time- and Performance-based Conditions (Parenthetical) (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Jul. 30, 2021

Dec. 31, 2021

Dec. 31, 2020

Performance Based Restricted Stock Units

$ 6,615

$ 8,064

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Based Restricted Stock Units | Criteria One

2,430,000

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

^[1]

1,577,500

^[1]

$ 7.66

Performance Based Restricted Stock Units | Criteria One | Minimum

^[1]

$ 1,206

3,155

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Based Restricted Stock Units | Criteria One | Maximum

^[1]

3 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Based Restricted Stock Units | Criteria Two

^[1]

4 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

^[2]

277,500

^[2]

$ 12.27

Performance Based Restricted Stock Units | Criteria Two | Minimum

^[2]

$ 781

1,239

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Based Restricted Stock Units | Criteria Two | Maximum

^[2]

3 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Performance Based Restricted Stock Units | Criteria Three

^[2]

4 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

^[3]

3 years

^[3]

455,000

^[3]

$ 15.44

Performance Based Restricted Stock Units | Criteria Four

^[3]

$ 2,239

3,502

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

^[4]

5 years

^[4]

120,000

^[4]

$ 31.74

RSU Grant Vested

$ 0

Performance Based Restricted Stock Units | Criteria Four | Non Executive Employee

^[4]

$ 0

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

120,000

2018 Stock Incentive Plan | Performance Based Restricted Stock Units | Criteria One | Employees and Directors

$ 0.74

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Gross revenue threshold limit for vesting of grants

3 years

$ 7,000

Expected to vest and issued, remaining shares

30,000

2018 Stock Incentive Plan | Performance Based Restricted Stock Units | Criteria Two

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Expected to vest and issued, remaining shares

125,399

2018 Stock Incentive Plan | Performance Based Restricted Stock Units | Criteria Two | Employees and Directors

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Gross revenue threshold limit for vesting of grants

$ 10,000

2018 Stock Incentive Plan | Performance Based Restricted Stock Units | Criteria Two | Employees and Directors | Minimum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Positive adjusted EBITDA threshold limit for vesting of grants

$ 1,500

2018 Stock Incentive Plan | Performance Based Restricted Stock Units | Criteria Two | Employees and Directors | Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

2018 Stock Incentive Plan | Performance Based Restricted Stock Units | Criteria Three | Employees and Directors

4 years

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]