Red Violet (RDVT) 10-Q 11 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	RDVT
Entity Registrant Name	RED VIOLET, INC.
Entity Central Index Key	0001720116
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		12,775,415
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38407
Entity Tax Identification Number	82-2408531
Entity Address, Address Line One	2650 North Military Trail
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
City Area Code	561
Local Phone Number	757-4000
Entity Information, Former Legal or Registered Name	None
Document Transition Report	false
Document Quarterly Report	true
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 13,915	$ 12,957
Accounts receivable, net of allowance for doubtful accounts of $11 and $38 as of June 30, 2021 and December 31, 2020, respectively	3,386	3,201
Prepaid expenses and other current assets	1,265	581
Total current assets	18,566	16,739
Property and equipment, net	576	558
Intangible assets, net	27,810	27,170
Goodwill	5,227	5,227
Right-of-use assets	1,916	2,161
Other noncurrent assets	137	139
Total assets	54,232	51,994
Current liabilities:
Accounts payable	1,418	2,075
Accrued expenses and other current liabilities	761	1,458
Current portion of operating lease liabilities	584	552
Current portion of long-term loan		449
Deferred revenue	427	504
Total current liabilities	3,190	5,038
Noncurrent operating lease liabilities	1,608	1,908
Long-term loan		1,703
Total liabilities	4,798	8,649
Shareholders' equity:
Preferred stock—$0.001 par value, 10,000,000 shares authorized, and 0 shares issued and outstanding, as of June 30, 2021 and December 31, 2020
Common stock—$0.001 par value, 200,000,000 shares authorized, 12,248,794 and 12,167,327 shares issued and outstanding, as of June 30, 2021 and December 31, 2020	13	13
Additional paid-in capital	70,911	66,005
Accumulated deficit	(21,490)	(22,673)
Total shareholders' equity	49,434	43,345
Total liabilities and shareholders' equity	$ 54,232	$ 51,994

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 11	$ 38
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	12,248,794	12,167,327
Common stock, shares outstanding	12,248,794	12,167,327

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue		$ 10,879	$ 7,056	$ 21,096	$ 16,356
Costs and expenses:
Sales and marketing expenses		2,349	1,746	4,570	3,922
General and administrative expenses		4,890	4,263	9,440	8,697
Depreciation and amortization		1,330	992	2,588	1,902
Total costs and expenses		11,289	9,588	22,079	20,400
Loss from operations		(410)	(2,532)	(983)	(4,044)
Interest (expense) income, net		(4)		(9)	31
Gain on extinguishment of debt		2,175		2,175
Income (loss) before income taxes		1,761	(2,532)	1,183	(4,013)
Net income (loss)		$ 1,761	$ (2,532)	$ 1,183	$ (4,013)
Earnings (loss) per share:
Basic		$ 0.14	$ (0.22)	$ 0.10	$ (0.35)
Diluted		$ 0.13	$ (0.22)	$ 0.09	$ (0.35)
Weighted average number of shares outstanding:
Basic		12,269,412	11,617,342	12,238,475	11,600,278
Diluted	[1]	13,560,714	11,617,342	13,487,806	11,600,278
Service [Member]
Costs and expenses:
Cost of revenue (exclusive of depreciation and amortization)		$ 2,720	$ 2,587	$ 5,481	$ 5,879
[1]	A total of 2,189,910 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the three and six months ended June 30, 2020, as the impact is anti-dilutive

CONDENSED CONSOLIDATED STATEM_2

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

CONDENSED CONSOLIDATED STATEM_3

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

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of significant accounting policies (a) Basis of preparation The accompanying unaudited condensed consolidated financial statements of Red Violet, Inc. (“red violet” or the “Company”), a Delaware corporation, The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for any future interim periods or for the full year ending December 31, 2021. The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“Form 10-K”). The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited financial statements as of that date included in the Form 10-K, but does not include all disclosures required by GAAP. The Company has only one operating segment, as defined by Accounting Standards Codification (“ASC”) 280, “ Segment Reporting Principles of consolidation The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions among the Company and its subsidiaries have been eliminated upon consolidation . (b) Recently issued accounting standards As an emerging growth company, the Company has left open the opportunity to take advantage of the extended transition

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	2. Earnings (loss) per share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and is calculated using the treasury stock method for unvested shares. Common equivalent shares are excluded from the calculation in the loss periods as their effects would be anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share data) 2021 2020 2021 2020 Numerator: Net income (loss) $ 1,761 $ (2,532 ) $ 1,183 $ (4,013 ) Denominator: Weighted average shares outstanding: Basic 12,269,412 11,617,342 12,238,475 11,600,278 Diluted (1) 13,560,714 11,617,342 13,487,806 11,600,278 Earnings (loss) per share: Basic $ 0.14 $ (0.22 ) $ 0.10 $ (0.35 ) Diluted $ 0.13 $ (0.22 ) $ 0.09 $ (0.35 ) (1) A total of 2,189,910 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the three and six months ended June 30, 2020, as the impact is anti-dilutive.

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Jun. 30, 2021
Intangible Assets Net Excluding Goodwill [Abstract]
Intangible Assets, Net	3. Intangible assets, net Intangible assets other than goodwill consist of the following: June 30, 2021 December 31, 2020 (In thousands) Amortization Period Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Software developed for internal use 5-10 years $ 39,916 $ (12,106 ) $ 27,810 $ 36,804 $ (9,634 ) $ 27,170 The gross amount associated with software developed for internal use represents capitalized costs of internally-developed software, including eligible salaries and staff benefits, share-based compensation, travel expenses incurred by relevant employees, and other relevant costs. Amortization expenses of $1,272 and $934 for the three months ended June 30, 2021 and 2020, respectively, and $2,475 and $1,784 for the six months ended June 30, 2021 and 2020, respectively, were included in depreciation and amortization expense. As of June 30, 2021, intangible assets of $2,905, included in the gross amounts of software developed for internal use, have not started amortization, as they are not ready for their intended use. The Company capitalized costs of software developed for internal use of $1,517 and $2,018 during the three months ended June 30, 2021 and 2020, respectively, and $3,115 and $4,144 during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, estimated amortization expense related to the Company’s intangible assets for the remainder of 2021 through 2026 and thereafter are as follows: (In thousands) Year June 30, 2021 Remainder of 2021 $ 2,608 2022 5,772 2023 5,692 2024 5,054 2025 3,861 2026 and thereafter 4,823 Total $ 27,810

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2021
Goodwill Disclosure [Abstract]
Goodwill	4. Goodwill Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. As of June 30, 2021 and December 31, 2020, the balance of goodwill of $5,227 was as a result of the acquisition of Interactive Data, LLC, a wholly-owned subsidiary of red violet, effective on October 2, 2014. In accordance with ASC 350, “Intangibles - Goodwill and Other,” For the periods ended June 30, 2021 and 2020, no goodwill impairment charges were recorded.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	5. Revenue recognition The Company recognized revenue in accordance with ASC 606, “Revenue from Contracts with Customers” Available within Topic 606, the Company has applied the portfolio approach practical expedient in accounting for customer revenue as one collective group, rather than individual contracts. Based on the Company’s historical knowledge of the contracts contained in this portfolio and the similar nature and characteristics of the customers, the Company has concluded the financial statement effects are not materially different than if accounting for revenue on a contract by contract basis. Revenue is recognized over a period of time since the performance obligation is delivered in a series. The Company’s customers simultaneously receive and consume the benefits provided by the Company’s performance as and when provided. Furthermore, the Company has elected the “right to invoice” practical expedient, available within Topic 606, as its measure of progress, since it has a right to payment from a customer in an amount that corresponds directly with the value of its performance completed-to-date. The Company's revenue arrangements do not contain significant financing components. For the three months ended June 30, 2021 and 2020, 81% and 79% of total revenue was attributable to customers with pricing contracts, respectively, versus 19% and 21% attributable to transactional customers, respectively. For the six months ended June 30, 2021 and 2020, 80% and 73% of total revenue was attributable to customers with pricing contracts, respectively, versus 20% and 27% attributable to transactional customers, respectively. Pricing contracts are generally annual contracts or longer, with auto renewal. If a customer pays consideration before the Company transfers services to the customer, those amounts are classified as deferred revenue. As of June 30, 2021 and December 31, 2020, the balance of deferred revenue was $427 and $504, respectively, all of which is expected to be realized in the next 12 months. In relation to the deferred revenue balance as of December 31, 2020, $66 and $318 was recognized into revenue during the three and six months ended June 30, 2021, respectively. As of June 30, 2021, $2,602 of revenue is expected to be recognized in the future for outstanding performance obligations, primarily related to pricing contracts that have a term of more than 12 months. $1,419 of revenue will be recognized in the remainder of 2021, $1,058 in 2022, $116 in 2023, and $9 in 2024. The actual timing of recognition may vary due to factors outside of the Company’s control. The Company excludes variable consideration related entirely to wholly unsatisfied performance obligations and contracts and recognizes such variable consideration based upon the right to invoice the customer. Sales commissions are incurred and recorded on an ongoing basis over the term of the customer relationship. These costs are recorded in sales and marketing expenses. In addition, the Company elected the practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	6. Income taxes The Company is subject to federal and state income taxes in the United States. The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the Company updates its estimate of the annual effective tax rate, and if its estimated annual tax rate changes, the Company makes a cumulative adjustment in that quarter. For the three and six months ended June 30, 2021 and 2020, the Company’s effective income tax rate was 0%, differing from the statutory federal income tax rate of 21%, and the difference is primarily the result of the full valuation allowance applied against the Company’s deferred tax assets. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the Company’s financial statements. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. All of the Company’s income tax filings since 2017 remain open for tax examinations. The Company does no t have any unrecognized tax benefits as of June 30 , 20 2 1 and December 31, 20 20 .

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Common Stock	7. Common stock As of June 30, 2021 and December 31, 2020, the number of issued and outstanding shares of common stock was 12,248,794 and 12,167,327, respectively. The change in the number of issued and outstanding shares of common stock was due to an aggregate of 81,467 shares of common stock issued as a result of the vesting of RSUs.

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation	8. Share-based compensation On March 22, 2018, the board of directors of the Company and Cogint, Inc. (“cogint”) (now known as Fluent, Inc.) , in its capacity as sole stockholder of the Company prior to the Company’s spin-off from cogint on March 26, 2018, approved the Red Violet, Inc. 2018 Stock Incentive Plan (the “2018 Plan”), which became effective immediately prior to the spin-off. A total of 3,000,000 shares of common stock were authorized to be issued under the 2018 Plan. On June 3, 2020, the Company’s stockholders approved an amendment to the 2018 Plan to increase the number of shares of common stock authorized for issuance under the 2018 Plan from 3,000,000 shares to 4,500,000 shares. The primary purpose of the 2018 Plan is to attract, retain, reward and motivate certain individuals by providing them with an opportunity to acquire or increase a proprietary interest in the Company and to incentivize them to expend maximum effort for the growth and success of the Company, so as to strengthen the mutuality of the interests between such individuals and the stockholders of the Company. As of June 30, 2021, there were 1,272,315 shares of common stock available for future issuance under the 2018 Plan, as amended. To date, all stock incentives issued under the 2018 Plan have been in the form of RSUs. RSUs granted under the 2018 Plan vest and settle upon the satisfaction of a time-based condition or with both time- and performance-based conditions. The time-based condition for these awards is generally satisfied over three or four years with annual vesting. Details of unvested RSU activity during the six months ended June 30, 2021 were as follows: Number of units Weighted average grant-date fair value Unvested as of December 31, 2020 1,764,450 $ 11.43 Granted 4,000 $ 20.89 Vested and delivered (1) (81,467 ) $ 9.44 Vested not delivered (4,000 ) $ 6.10 Forfeited (5,901 ) $ 23.15 Unvested as of June 30, 2021 1,677,082 $ 11.52 (1) During the period from August 29, 2019 to September 8, 2020, the Company granted an aggregate of 277,500 RSUs to its employees. Such RSU grants shall not vest unless and until the Company has, for any fiscal quarter in which the RSUs are outstanding, (i) gross revenue determined in accordance with the Company’s reviewed or audited financial statements in excess of $10.0 million for such fiscal quarter, (ii) positive adjusted EBITDA of at least $1.5 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, and (iii) the recipient continues to provide services to the Company either as an employee, director or consultant on the last day of the quarter that the performance criteria are met. Provided the performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three or four years. In the event of a change of control, all RSUs which have not vested on the date of such change of control shall immediately vest even if the performance criteria have not been met. As of the respective grant dates, the Company determined that it was probable that the performance criteria would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the performance criteria were met as of March 31, 2021, and 33,200 shares were included in “Vested and delivered” in the table above. The remaining shares underlying such awards are expected to vest and be issued in accordance with their time-based vesting requirement. As of June 30, 2021, unrecognized share-based compensation expense associated with the granted RSUs amounted to $6,864, which is expected to be recognized over a remaining weighted average period of 2.0 years. Share-based compensation was allocated to the following accounts in the condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Sales and marketing expenses $ 158 $ 155 $ 314 $ 309 General and administrative expenses 2,007 2,187 3,897 4,254 Share-based compensation expense 2,165 2,342 4,211 4,563 Capitalized in intangible assets 344 468 695 1,056 Total $ 2,509 $ 2,810 $ 4,906 $ 5,619

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	9. Related party transactions Services Agreement On August 7, 2018, the Company entered into a services agreement with Mr. Michael Brauser (the “Consultant”), a greater than 10% stockholder, pursuant to which, the Consultant will be providing recommendations on organizational and capital structure, future financing needs and future acquisitions or strategic transactions (“Services Agreement”), for a term of one year, automatically renewing for additional one-year On February 16, 2021, the Company entered into a Separation Agreement (the "Separation Agreement") with the Consultant. Pursuant to the Separation Agreement, the parties have agreed that the Services Agreement expiring on August 6, 2021 (“Expiration Date”), will not be renewed, but will continue in force and effect until the Expiration Date and that the Consultant will not take any actions on behalf of the Company, including pursuant to the Services Agreement, unless specifically requested in writing by the Company. Pursuant to the Separation Agreement, the Consultant also agreed (i) to certain non-solicitation obligations contained therein, (ii) that he and his affiliates will not disparage or assist or cooperate with any person or entity seeking to publicly disparage or economically harm the Company, and (iii) that the Consultant and his affiliates will not initiate any lawsuit, claim, or proceeding with respect to any claims against the Company, except (with designated exceptions) for any legal proceeding initiated solely to remedy a breach of or to enforce the Separation Agreement. With respect to each annual or special meeting of the Company's stockholders until the Expiration Date of the Separation Agreement, the Consultant has agreed to vote the shares of the Company's common stock or any other securities entitled to vote then held by him or his affiliates in accordance with the board of directors' recommendations on director proposals, provided there is a change in no more than 25% of the current directors (not including changes resulting from a director's death or resignation), and the ratification of the appointment of the Company’s independent registered public accounting firm. The Company agreed (i) that the remaining unvested 166,666 RSUs previously granted to Consultant in accordance with the 2018 RSU agreement will continue to vest on July 1, 2021, in accordance with and subject to all other provisions and conditions of such grant, (ii) to amend the 2020 RSU agreement, previously granting Consultant 30,000 RSUs such that the 30,000 RSUs will continue to vest 33-1/3% on November 1, 2021, 66-2/3% on November 1, 2022, and 100% on November 1, 2023, without certain Company performance criteria, subject to all other provisions and conditions of such grant, (iii) to include shares of the Company's common stock held by the Consultant or his affiliates in any registration statement the Company files for the benefit of selling stockholders at any time when the Consultant or his affiliates beneficially own 10% or more of the Company's common stock, and (iv) to not initiate any lawsuit, claim, or proceeding with respect to any claims against the Consultant and his affiliates, except (with designated exceptions) for any legal proceeding initiated solely to remedy a breach of or to enforce the Separation Agreement. As a result of the modification to the 2020 RSU agreement, beginning February 16, 2021, the Company would recognize an aggregate of $723 in share-based compensation expense over the remaining service period which ends on the Expiration Date. The Company recognized consulting service fees relating to the Services Agreement of a total of $90 during the three months ended June 30, 2021 and 2020, and $180 during the six months ended June 30, 2021 and 2020. In addition, amortization of share-based compensation expense of $724 and $338 for the three months ended June 30, 2021 and 2020, respectively, and $1,272 and $679 for the six months ended June 30, 2021 and 2020, respectively, was recognized in relation to the RSUs previously granted to the Consultant.

Long-term loan

Long-term loan	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-term loan	10. Long-term loan On May 5, 2020, the Company received funding under a promissory note dated May 5, 2020 evidencing an unsecured non-recourse loan in the principal amount of $2,152 under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (the “Loan”). The Loan to the Company was made through Legacy Bank of Florida (the “Lender”). As of December 31, 2020, long-term loan consists of the following: (In thousands) December 31, 2020 Principal amount $ 2,152 Included in consolidated balance sheet: Current portion of long-term loan $ 449 Long-term loan (non-current) 1,703 $ 2,152 The Loan had a two-year On June 16, 2021, the Company received a notice from the Lender that the full principal amount of the Loan of $2,152 and the accrued interest of $23 had been fully forgiven, and the U.S. Small Business Administration remitted the forgiveness payment to the Lender, resulting in a gain on extinguishment of debt of $2,175 during the three months ended June 30, 2021.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	11. Leases The Company leases its corporate headquarters of 21,020 rentable square feet in accordance with a non-cancelable 89-month operating lease agreement as amended and effective in January 2017, with an option to extend for an additional 60 months. The Company also leases an additional office space of 6,003 rentable square feet in accordance with a non-cancellable 90-month operating lease agreement entered into in April 2017, with an option to extend for an additional 60 months. The extension option is not included in the determination of the lease term as it is not reasonably certain to be exercised. For the three and six months ended June 30, 2021 and 2020, a summary of the Company’s lease information is shown below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Lease cost: Operating lease costs $ 168 $ 168 $ 336 $ 336 Other information: Cash paid for operating leases $ 180 $ 175 $ 359 $ 350 As of June 30, 2021, the weighted average remaining operating lease term was 3.3 years. As of June 30, 2021, scheduled future maturities and present value of the operating lease liabilities are as follows: (In thousands) Year June 30, 2021 Remainder of 2021 $ 364 2022 743 2023 765 2024 542 2025 77 Total maturities $ 2,491 Present value included in consolidated balance sheet: Current portion of operating lease liabilities $ 584 Noncurrent operating lease liabilities 1,608 Total operating lease liabilities $ 2,192 Difference between the maturities and the present value of operating lease liabilities $ 299

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and contingencies (a) Capital commitment The Company incurred data costs of $2,108 and $2,171 for the three months ended June 30, 2021 and 2020, respectively, and $4,230 and $4,303 for the six months ended June 30, 2021 and 2020, respectively, under certain data licensing agreements. As of June 30, 2021, material capital commitments under certain data licensing agreements were $12,491, shown as follows: (In thousands) Year June 30, 2021 Remainder of 2021 $ 3,847 2022 3,610 2023 1,568 2024 1,392 2025 1,428 2026 and thereafter 646 Total $ 12,491 (b) Contingencies The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and it discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for its financial statements to not be misleading. To estimate whether a loss contingency should be accrued by a charge to income, the Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the loss. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated . The Company may be involved in litigation from time to time in the ordinary course of business. The Company does not believe that the ultimate resolution of any such matters will have a material adverse effect on its business, financial condition, results of operations or cash flows. However, the results of such matters cannot be predicted with certainty and the Company cannot assure you that the ultimate resolution of any legal or administrative proceeding or dispute will not have a material adverse effect on its business, financial condition, results of operations and cash flows. (c ) Covid-19 update In December 2019, a novel strain of coronavirus, known as Covid-19, was reported in Wuhan, China and has since extensively impacted the global health and economic environment. In March 2020, the World Health Organization characterized Covid-19 as a pandemic. The Company has taken numerous steps, and will continue to take further actions as appropriate, to minimize the impact of the Covid-19 pandemic on the Company’s business, results of operations and financial performance. In accordance with best practices and guidance from the Centers for Disease Control and Prevention, the Company has implemented certain protective safeguards to protect the well-being of its employees, customers, and the communities in which it operates. The Company will continue to assess the need and timing of these protective measures. Starting in the second quarter of 2020, the Company implemented cost containment strategies across all areas of the organization, including continued curtailment of Company travel and partnering with suppliers, landlords and vendors for price concessions and payment deferrals during this interim period. As a result of preventative and protective actions taken by federal, state and local governments, including the implementation of stay-at-home orders and social distancing policies that resulted in significantly reduced commercial activity, and certain temporary government-imposed moratoria on collection customers’ activities, the Company experienced reduced transaction volume in the second and third quarters of 2020. Transaction volume returned to pre-Covid levels by the end of the third quarter of 2020, except for collection customer volume. Collection customer transaction volume returned to pre-Covid levels during the second quarter of 2021, with the exception of the Company’s idiVERIFIED service, which is an ancillary collections market offering that is purely transactional and of a lower margin profile. idiVERIFIED service revenue was down $900 for the three months ended June 30, 2021, compared to the three months ended March 31, 2020. The Company expects its idiVERIFIED service volume to return to pre-Covid levels in the first half of 2022. Beginning the second quarter of 2020, the Company took a proactive customer-centric approach working with customers who were impacted by Covid-19. Customers who had minimum contractual commitments and requested concessions because they were temporarily unable to meet their minimum contractual commitments as a result of Covid-19 were granted reductions, or eliminations where applicable, of minimums on a month-to-month basis. The end date of the customer’s agreement was extended by one month for each month of the temporary concession. During the second quarter of 2020, the Company provided concessions to a total of 152 customers, representing a $342 reduction in minimum committed spend. During the second quarter of 2021, the Company provided concessions to a total of 5 customers, representing a $14 reduction in minimum committed spend. The Company continues to work with customers who have been impacted by Covid-19 and considers potential concessions on a case-by-case basis. The Company continues to take precautionary measures intended to minimize the risk of the Covid-19 pandemic to its employees, its customers, and the communities in which it operates. These measures may result in inefficiencies, delays and additional costs to the Company’s business. The Covid-19 pandemic and its impact on the Company and the economy has significantly limited the Company’s ability to forecast its future operating results, including its ability to predict revenue and expense levels, and plan for and model future operating results. The Company will continue to evaluate the nature and extent of the impact of the Covid-19 pandemic to its business. To further support the Company’s liquidity, beginning April 1, 2020, the Company elected, under Section 2302 of the CARES Act, to defer payment of the employer portion of Social Security payroll tax. Under the CARES Act, employers can forgo timely payment of the employer portion of Social Security taxes that would otherwise be due from March 27, 2020 through December 31, 2020, without penalty or interest charges. Employers must pay 50 % of the deferred amount by December 31, 2021, and the remainder by December 31, 2022. On May 5, 2020, the Company received the Loan under the CARES Act , which was fully forgiven in June 2021, as discussed in Note 1 0 above. The Company will continue to assess the CARES Act and other applicable government legislation aimed at assisting businesses during the Covid-19 pandemic. Given the dynamic nature of this health emergency, the full impact of the Covid-19 pandemic on the Company’s ongoing business, results of operations and overall financial performance cannot be reasonably estimated at this time.

Summary of Significant Accoun_2

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

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share	Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and is calculated using the treasury stock method for unvested shares. Common equivalent shares are excluded from the calculation in the loss periods as their effects would be anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share data) 2021 2020 2021 2020 Numerator: Net income (loss) $ 1,761 $ (2,532 ) $ 1,183 $ (4,013 ) Denominator: Weighted average shares outstanding: Basic 12,269,412 11,617,342 12,238,475 11,600,278 Diluted (1) 13,560,714 11,617,342 13,487,806 11,600,278 Earnings (loss) per share: Basic $ 0.14 $ (0.22 ) $ 0.10 $ (0.35 ) Diluted $ 0.13 $ (0.22 ) $ 0.09 $ (0.35 ) (1) A total of 2,189,910 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the three and six months ended June 30, 2020, as the impact is anti-dilutive.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Intangible Assets Net Excluding Goodwill [Abstract]
Intangible Assets Other than Goodwill	Intangible assets other than goodwill consist of the following: June 30, 2021 December 31, 2020 (In thousands) Amortization Period Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Software developed for internal use 5-10 years $ 39,916 $ (12,106 ) $ 27,810 $ 36,804 $ (9,634 ) $ 27,170
Schedule of Estimated Amortization Expense	As of June 30, 2021, estimated amortization expense related to the Company’s intangible assets for the remainder of 2021 through 2026 and thereafter are as follows: (In thousands) Year June 30, 2021 Remainder of 2021 $ 2,608 2022 5,772 2023 5,692 2024 5,054 2025 3,861 2026 and thereafter 4,823 Total $ 27,810

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Unvested Restricted Stock Units	Details of unvested RSU activity during the six months ended June 30, 2021 were as follows: Number of units Weighted average grant-date fair value Unvested as of December 31, 2020 1,764,450 $ 11.43 Granted 4,000 $ 20.89 Vested and delivered (1) (81,467 ) $ 9.44 Vested not delivered (4,000 ) $ 6.10 Forfeited (5,901 ) $ 23.15 Unvested as of June 30, 2021 1,677,082 $ 11.52
Summary of Allocated Share-based Compensation	Share-based compensation was allocated to the following accounts in the condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Sales and marketing expenses $ 158 $ 155 $ 314 $ 309 General and administrative expenses 2,007 2,187 3,897 4,254 Share-based compensation expense 2,165 2,342 4,211 4,563 Capitalized in intangible assets 344 468 695 1,056 Total $ 2,509 $ 2,810 $ 4,906 $ 5,619

Long-term loan (Tables)

Long-term loan (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term loan	As of December 31, 2020, long-term loan consists of the following: (In thousands) December 31, 2020 Principal amount $ 2,152 Included in consolidated balance sheet: Current portion of long-term loan $ 449 Long-term loan (non-current) 1,703 $ 2,152

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Summary of Company's Lease Information	For the three and six months ended June 30, 2021 and 2020, a summary of the Company’s lease information is shown below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Lease cost: Operating lease costs $ 168 $ 168 $ 336 $ 336 Other information: Cash paid for operating leases $ 180 $ 175 $ 359 $ 350
Scheduled Future Maturities and Present Value of Operating Lease Liabilities	As of June 30, 2021, scheduled future maturities and present value of the operating lease liabilities are as follows: (In thousands) Year June 30, 2021 Remainder of 2021 $ 364 2022 743 2023 765 2024 542 2025 77 Total maturities $ 2,491 Present value included in consolidated balance sheet: Current portion of operating lease liabilities $ 584 Noncurrent operating lease liabilities 1,608 Total operating lease liabilities $ 2,192 Difference between the maturities and the present value of operating lease liabilities $ 299

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Future Minimum Capital Payments under Certain Data Licensing Agreements	The Company incurred data costs of $2,108 and $2,171 for the three months ended June 30, 2021 and 2020, respectively, and $4,230 and $4,303 for the six months ended June 30, 2021 and 2020, respectively, under certain data licensing agreements. As of June 30, 2021, material capital commitments under certain data licensing agreements were $12,491, shown as follows: (In thousands) Year June 30, 2021 Remainder of 2021 $ 3,847 2022 3,610 2023 1,568 2024 1,392 2025 1,428 2026 and thereafter 646 Total $ 12,491

Summary of Significant Accoun_3

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

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)		$ 1,761	$ (2,532)	$ 1,183	$ (4,013)
Weighted average number of shares outstanding:
Basic		12,269,412	11,617,342	12,238,475	11,600,278
Diluted	[1]	13,560,714	11,617,342	13,487,806	11,600,278
Earnings (loss) per share:
Basic		$ 0.14	$ (0.22)	$ 0.10	$ (0.35)
Diluted		$ 0.13	$ (0.22)	$ 0.09	$ (0.35)
[1]	A total of 2,189,910 unvested restricted stock units (“RSUs”) have been excluded from the diluted loss per share for the three and six months ended June 30, 2020, as the impact is anti-dilutive

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Restricted Stock Units (RSUs)
Earnings Per Share [Line Items]
Shares excluded from the diluted loss per share calculation	2,189,910	2,189,910

Intangible Assets, Net - Intang

Intangible Assets, Net - Intangible Assets Other than Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Net	$ 27,810	$ 27,170
Software Developed for Internal Use
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Gross Amount	39,916	36,804
Intangible Assets, Accumulated Amortization	(12,106)	(9,634)
Intangible Assets, Net	$ 27,810	$ 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 - Additi

Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite Lived Intangible Assets [Line Items]
Amortization expenses	$ 1,272	$ 934	$ 2,475	$ 1,784
Software Developed for Internal Use
Finite Lived Intangible Assets [Line Items]
Intangible assets that have not started amortization	2,905		2,905
Capitalized costs of internally-developed software	$ 1,517	$ 2,018	$ 3,115	$ 4,144

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible Liability Disclosure [Abstract]
Remainder of 2021	$ 2,608
2022	5,772
2023	5,692
2024	5,054
2025	3,861
2026 and thereafter	4,823
Intangible Assets, Net	$ 27,810	$ 27,170

Goodwill - Additional Informati

Goodwill - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Goodwill Disclosure [Abstract]
Goodwill	$ 5,227,000	$ 5,227,000
Date of annual goodwill impairment test	October 1
Goodwill impairment charges	$ 0	$ 0

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenue Recognition [Line Items]
Deferred revenue	$ 427		$ 427		$ 504
Deferred revenue realization period			12 months
Revenue recognized, previously reported as deferred	66		$ 318
Estimated revenue expected to be recognized in the future	$ 2,602		$ 2,602
Period over which subscription contract terms exceed			12 months
Customers With Pricing Contracts
Revenue Recognition [Line Items]
Percentage of Revenue	81.00%	79.00%	80.00%	73.00%
Transactional Customers
Revenue Recognition [Line Items]
Percentage of Revenue	19.00%	21.00%	20.00%	27.00%

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information (Details 1) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 2,602
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 1,419
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue For Future Outstanding Performance Obligations	$ 2,602
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 1,058
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 116
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Recognition [Line Items]
Estimated revenue expected to be recognized in the future	$ 9
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate, percentage	0.00%	0.00%	0.00%	0.00%
Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%
Percentage of tax benefits likelihood of being realized upon settlement of tax authority			greater than 50%
Unrecognized tax benefits	$ 0		$ 0		$ 0

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Common stock, shares issued	12,248,794	12,167,327
Common stock, shares outstanding	12,248,794	12,167,327
Common Stock
Vesting of restricted stock units, Shares	81,467

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	Jun. 03, 2020	Jun. 30, 2021	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		$ 6,864
Unrecognized share-based compensation remaining weighted average period		2 years
2018 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock authorized			3,000,000
Number of common stock authorized increased under amendment	4,500,000
Common stock available for future issuance		1,272,315

Share-based Compensation - Sche

Share-based Compensation - Schedule of Unvested RSU Activity (Detail) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Number of units Beginning balance | shares	1,764,450
Granted, Number of units | shares	4,000
Vested and delivered, Number of units | shares	(81,467)	[1]
Vested not delivered, Number of units | shares	(4,000)
Forfeited, Number of units | shares	(5,901)
Unvested, Number of units Ending balance | shares	1,677,082
Unvested, Weighted average grant-date fair value, Beginning balance | $ / shares	$ 11.43
Granted, Weighted average grant-date fair value | $ / shares	20.89
Vested and delivered, Weighted average grant-date fair value | $ / shares	9.44	[1]
Vested not delivered, Weighted average grant-date fair value | $ / shares	6.10
Forfeited, Weighted average grant-date fair value | $ / shares	23.15
Unvested, Weighted average grant-date fair value, Ending balance | $ / shares	$ 11.52
[1]	During the period from August 29, 2019 to September 8, 2020, the Company granted an aggregate of 277,500 RSUs to its employees. Such RSU grants shall not vest unless and until the Company has, for any fiscal quarter in which the RSUs are outstanding, (i) gross revenue determined in accordance with the Company’s reviewed or audited financial statements in excess of $10.0 million for such fiscal quarter, (ii) positive adjusted EBITDA of at least $1.5 million, as determined based on amounts derived from the Company’s reviewed or audited financial statements for such fiscal quarter, and (iii) the recipient continues to provide services to the Company either as an employee, director or consultant on the last day of the quarter that the performance criteria are met. Provided the performance criteria are met, the RSUs will vest in accordance with the time-based requirements contained in the award agreement over three or four years. In the event of a change of control, all RSUs which have not vested on the date of such change of control shall immediately vest even if the performance criteria have not been met. As of the respective grant dates, the Company determined that it was probable that the performance criteria would be met and therefore, began to record the related amortization expense on the grant dates. The Company determined that the performance criteria were met as of March 31, 2021, and 33,200 shares were included in “Vested and delivered” in the table above. The remaining shares underlying such awards are expected to vest and be issued in accordance with their time-based vesting requirement

Share-based Compensation - Sc_2

Share-based Compensation - Schedule of Restricted Stock Units Granted (Parenthetical) (Details) - 2018 Stock Incentive Plan - Performance Based Restricted Stock Units - Employees And Directors - USD ($) $ in Millions	Mar. 31, 2021	Sep. 08, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted		277,500
Gross revenue threshold limit for vesting of grants		$ 10
Positive adjusted EBITDA threshold limit for vesting of grants		$ 1.5
Vested not delivered, Number of units	33,200
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years

Share-based Compensation - Summ

Share-based Compensation - Summary of Allocated Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based compensation recognized
Share-based compensation expense	$ 2,165	$ 2,342	$ 4,211	$ 4,563
Capitalized in intangible assets	344	468	695	1,056
Total	2,509	2,810	4,906	5,619
Sales and Marketing Expenses
Share-based compensation recognized
Share-based compensation expense	158	155	314	309
General and Administrative Expenses
Share-based compensation recognized
Share-based compensation expense	$ 2,007	$ 2,187	$ 3,897	$ 4,254

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Nov. 01, 2023	Nov. 01, 2022	Nov. 01, 2021	Feb. 16, 2021	Aug. 07, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Share-based compensation expense						$ 2,165	$ 2,342	$ 4,211	$ 4,563
Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Unvested shares granted in accodance with 2018 RSU agreement								4,000
Services Agreement | Michael Brauser-A Greater Than 10% Stockholder
Related Party Transaction [Line Items]
Related party stockholder, percent					10.00%
Term of agreement, related party					1 year
Renewal term of agreement, related party					1 year
Consulting service fee monthly payment					$ 30
Consulting service fee recognized amount						90	90	$ 180	180
Services Agreement | Michael Brauser-A Greater Than 10% Stockholder | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Share-based compensation expense						$ 724	$ 338	$ 1,272	$ 679
Separation Agreement | Michael Brauser-A Greater Than 10% Stockholder
Related Party Transaction [Line Items]
Service agreement expiration date				Aug. 6, 2021
Separation Agreement | Michael Brauser-A Greater Than 10% Stockholder | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Unvested shares granted in accodance with 2018 RSU agreement								166,666
Shares granted based on 2020 RSU agreement								30,000
Share-based compensation expense				$ 723
Separation Agreement | Michael Brauser-A Greater Than 10% Stockholder | Restricted Stock Units (RSUs) | Forecast
Related Party Transaction [Line Items]
Vesting percentage	100.00%	66.00%	33.00%
Separation Agreement | Michael Brauser-A Greater Than 10% Stockholder | Minimum
Related Party Transaction [Line Items]
Percentage of securities entitled to vote								25.00%
Separation Agreement | Michael Brauser-A Greater Than 10% Stockholder | Minimum | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Percentage of common stock								10.00%

Long-term loan - Additional Inf

Long-term loan - Additional Information (Details) - USD ($) $ in Thousands	Jun. 16, 2021	May 05, 2020	Jun. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Gain on extinguishment of debt			$ 2,175	$ 2,175
Cares Act | Legacy Bank Of Florida | Principal Forgiveness
Debt Instrument [Line Items]
Unsecured non-recourse loan in the principal amount	$ 2,152
Accrued interest	$ 23
Gain on extinguishment of debt			$ 2,175
Promissory Notes | Cares Act | Legacy Bank Of Florida
Debt Instrument [Line Items]
Unsecured non-recourse loan in the principal amount		$ 2,152
Term of loan		2 years
Loan maturity date		May 5, 2022
Loan Interest rate		1.00%

Long-term loan - Schedule of Lo

Long-term loan - Schedule of Long-term loan (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
Principal amount	$ 2,152
Included in consolidated balance sheet:
Current portion of long-term loan	449
Long-term loan (non-current)	1,703
Long-term loan, gross	$ 2,152

Leases - Additional Information

Leases - Additional Information (Details) - ft²	1 Months Ended		6 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	Jun. 30, 2021
Leases [Abstract]
Operating leases rentable square feet	6,003	21,020
Operating lease agreement	90 months	89 months
Operating lease, existence of option to extend	true	true	true
Operating lease, extended term	60 months	60 months
Weighted average remaining operating lease			3 years 3 months 18 days

Leases - Summary of Company's L

Leases - Summary of Company's Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease cost:
Operating lease costs	$ 168	$ 168	$ 336	$ 336
Other information:
Cash paid for operating leases	$ 180	$ 175	$ 359	$ 350

Leases - Scheduled Future Matur

Leases - Scheduled Future Maturities and Present Value of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 364
2022	743
2023	765
2024	542
2025	77
Total maturities	2,491
Present value included in consolidated balance sheet:
Current portion of operating lease liabilities	584	$ 552
Noncurrent operating lease liabilities	1,608	$ 1,908
Total operating lease liabilities	2,192
Difference between the maturities and the present value of operating lease liabilities	$ 299

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)Customer	Jun. 30, 2020USD ($)Customer	Jun. 30, 2021USD ($)Customer	Jun. 30, 2020USD ($)Customer
Commitments And Contingencies Disclosure [Abstract]
Data cost incurred	$ 2,108	$ 2,171	$ 4,230	$ 4,303
Total capital commitment under certain data licensing agreements	12,491		12,491
Decrease for collection customers activities	(900)
Loss contingency, concessions granted	$ 14	$ 342	$ 14	$ 342
Number Of Customers | Customer	5	152	5	152
Deferred amount percentage	50.00%		50.00%

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Capital Payments under Certain Data Licensing Agreements (Details) $ in Thousands	Jun. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2021	$ 3,847
2022	3,610
2023	1,568
2024	1,392
2025	1,428
2026 and thereafter	646
Total	$ 12,491