SOFTWARE DEVELOPMENT, NET |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
Research and Development [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
SOFTWARE DEVELOPMENT, NET | NOTE 6. SOFTWARE DEVELOPMENT, NET
During the second quarter of 2024, the Company entered into a Development Services Agreement with PSBC, LLC, a third-party Delaware corporation, for a software platform to use in connection with the operation of Bitcoin ATMs. The Company implemented and began to use the software platform in June 2024.
On May 14, 2025, the Company entered into a Second Amendment to the Development Services Agreement with PSBC, LLC, pursuant to which PSBC, LLC agreed to provide support services through November 14, 2025, and we agreed to pay PSBC, LLC, $50 thousand per month beginning on May 14, 2025, and each month thereafter through November 14, 2025.
The Company’s capitalized software development cost was $0 and $5.5 million for the three months ended June 30, 2025 and 2024, and $5 thousand and $5.5 million for the six months ended June 30, 2025 and 2024, respectively. There was no impairment for the three and six months ended June 30, 2025 and 2024. Amortization expense for the three months ended June 30, 2025 and 2024, was $320 thousand and $43 thousand, respectively. Amortization expense for the six months ended June 30, 2025 and 2024, was $639 thousand and $86 thousand, respectively.
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