0001213900-23-097785 | S-1 | XBRL Viewer

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Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets and Goodwill [Line Items]
Aggregate amortization expense	$ 0.1	$ 0.1	$ 0.3	$ 0.5	$ 0.6	$ 1.0	$ 1.7

Accrued Liabilities

9 Months Ended

Sep. 30, 2023

Accrued Liabilities [Abstract]

Accrued Liabilities

9. Accrued Liabilities

Accrued liabilities consist of the following:

	December 31,
(dollars in thousands)	2022		2021
Accrued taxes (exclusive of income taxes)	$	10,691	$	7,284
Accrued professional and legal fees		827		581
Accrued legal reserve for pending litigation		3,977		3,621
Accrued employee related expenses		377		418
Accrued postage and shipping		1,980		2,950
Other accruals		6,872		7,368
Total accrued liabilities	$	24,724	$	22,222

Accrued Liabilities (Details) - Schedule of Accrued liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023
Schedule of Accrued liabilities [Abstract]
Accrued taxes (exclusive of income taxes)	$ 10,691	$ 7,284
Accrued professional and legal fees	827	581
Accrued legal reserve for pending litigation	3,977	3,621
Accrued employee related expenses	377	418
Accrued postage and shipping	1,980	2,950
Other accruals	6,872	7,368
Total accrued liabilities	$ 24,724	$ 22,222	$ 25,955

Intangible Assets and Goodwill (Details) - Schedule of Goodwill by Reporting segment - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Balance at beginning	$ 22,062	$ 23,952	$ 25,760
Additions
Disposals			(253)
Impairments
Currency Translation Adjustments	(222)	(1,890)	(1,555)
Balance at ending	21,841	22,062	23,952
Bills & Payments [Member]
Goodwill [Line Items]
Balance at beginning	9,689	10,447	11,419
Additions
Disposals			(253)
Impairments
Currency Translation Adjustments	(98)	(758)	(719)
Balance at ending	9,592	9,689	10,447
Technology [Member]
Goodwill [Line Items]
Balance at beginning	12,373	13,505	14,341
Additions
Disposals
Impairments
Currency Translation Adjustments	(124)	(1,132)	(836)
Balance at ending	$ 12,249	$ 12,373	$ 13,505

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Related Parties (Details) - Schedule of Components of Related party expense - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Components Of Related Party Expense Abstract
Related party shared services	$ 984	$ 971	$ 2,760	$ 3,115	$ 4,051	$ 4,280	$ 4,042
Related party royalty	209	153	432	440	631	530	538
Related party management fee	136	1,293	435	3,497	3,627	4,997	6,026
Total related party expense	$ 1,329	$ 2,417	$ 3,627	$ 7,052	$ 8,309	$ 9,807	$ 10,606

Fair Value Measurements on a Recurring Basis (Tables) - CF ACQUISITION CORP. VIII [Member]

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Fair Value Measurements on a Recurring Basis (Tables) [Line Items]

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 and indicate the fair value hierarchy of the inputs that the Company utilized to determine such fair value:

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Liabilities:
Warrant liability	$	—	$	1,596,250	$	—	$	1,596,250
FPS liability		—		—		20,050,252		20,050,252
Total Liabilities	$	—	$	1,596,250	$	20,050,252	$	21,646,502

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Assets held in Trust Account – U.S. government debt securities	$	31,445,874	$	—	$	—	$	31,445,874
Liabilities:
Warrant liability	$	—	$	178,780	$	—	$	178,780
FPS liability		—		—		2,504,214		2,504,214
Total Liabilities	$	—	$	178,780	$	2,504,214	$	2,682,994

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021 and indicate the fair value hierarchy of the inputs that the Company utilized to determine such fair value:

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Assets held in Trust Account – U.S. government debt securities	$	31,445,874	$	—	$	—	$	31,445,874
Liabilities:
Warrant liability	$	—	$	178,780	$	—	$	178,780
FPS liability		—		—		2,504,214		2,504,214
Total Liabilities	$	—	$	178,780	$	2,504,214	$	2,682,994

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Assets held in Trust Account – U.S. government debt securities	$	250,017,673	$	—	$	—	$	250,017,673
Liabilities:
Warrant liability	$	—	$	5,300,188	$	—	$	5,300,188
FPS liability		—		—		2,006,525		2,006,525
Total Liabilities	$	—	$	5,300,188	$	2,006,525	$	7,306,713

Schedule of Fair Value Measurement of the Warrants

The following table provides quantitative information about the inputs utilized by the Company in the fair value measurement of the warrants as of March 16, 2021:

	March 16, 2021 (Initial Measurement)
Risk-free interest rate		1.05	%
Expected term (years)		5
Expected volatility		17.5	%
Exercise price	$	11.50
Stock price	$	10.00
Dividend yield		0.0	%

Schedule of Changes in the Fair Value of Warrant Liability

The following tables present the changes in the fair value of warrant liability for the nine months ended September 30, 2023 and 2022:

	Private Placement Warrants			Public Warrants			Warrant Liability
Fair value as of December 31, 2022	$	3,780		$	175,000		$	178,780
Change in valuation inputs or other assumptions(1)		10,382			480,625			491,007
Fair value as of March 31, 2023	$	14,162		$	655,625		$	669,787
Change in valuation inputs or other assumptions(1)		(7,466	)		(345,625	)		(353,091	)
Fair value as of June 30, 2023	$	6,696		$	310,000		$	316,696
Change in valuation inputs or other assumptions(1)		27,054			1,252,500			1,279,554
Fair value as of September 30, 2023	$	33,750		$	1,562,500		$	1,596,250

	Private Placement Warrants			Public Warrants			Warrant Liability
Fair value as of December 31, 2021	$	112,063		$	5,188,125		$	5,300,188
Change in valuation inputs or other assumptions(1)		(67,513	)		(3,125,625	)		(3,193,138	)
Fair value as of March 31, 2022	$	44,550		$	2,062,500		$	2,107,050
Change in valuation inputs or other assumptions(1)		(9,072	)		(420,000	)		(429,072	)
Fair value as of June 30, 2022	$	35,478		$	1,642,500		$	1,677,978
Change in valuation inputs or other assumptions(1)		(23,328	)		(1,080,000	)		(1,103,328	)
Fair value as of September 30, 2022	$	12,150		$	562,500		$	574,650

	FPS Liability
Fair value as of December 31, 2022	$	2,504,214
Change in valuation inputs or other assumptions(1)		259,658
Fair value as of March 31, 2023	$	2,763,872
Change in valuation inputs or other assumptions(1)		427,499
Fair value as of June 30, 2023	$	3,191,371
Change in valuation inputs or other assumptions(1)		16,858,881
Fair value as of September 30, 2023	$	20,050,252

	FPS Liability
Fair value as of December 31, 2021	$	2,006,525
Change in valuation inputs or other assumptions(1)		(47,329	)
Fair value as of March 31, 2022	$	1,959,196
Change in valuation inputs or other assumptions(1)		(657,626	)
Fair value as of June 30, 2022	$	1,301,570
Change in valuation inputs or other assumptions(1)		456,349
Fair value as of September 30, 2022	$	1,757,919

(1) Changes in valuation inputs or other assumptions are recognized in Changes in fair value of FPS liability in the unaudited condensed consolidated statements of operations.

The following table presents the changes in the fair value of warrant liability:

	Private Placement			Public			Warrant Liability
Fair value as of March 16, 2021	$	175,851		$	8,141,250		$	8,317,101
Change in valuation inputs or other assumptions(1)		(63,788	)		(2,953,125	)		(3,016,913	)
Fair value as of December 31, 2021(2)	$	112,063		$	5,188,125		$	5,300,188
Change in valuation inputs or other assumptions(1)		(108,283	)		(5,013,125	)		(5,121,408	)
Fair value as of December 31, 2022	$	3,780		$	175,000		$	178,780

(1) Changes in valuation inputs or other assumptions are recognized in Change in fair value of warrant liability in the consolidated statements of operations.

(2) Due to the use of quoted prices in an inactive market and the use of observable inputs for similar assets or liabilities (Level 2) for Public Warrants and Private Placement Warrants, respectively, subsequent to initial measurement, the Company had transfers out of Level 3 totaling approximately $7.1 million during the year ended December 31, 2021.

The following table presents a summary of the changes in the fair value of the FPS liability. There were no transfers into or out of Level 3 fair value measurement during year ended December 31, 2022:

	FPS Liability
Fair value as of March 16, 2021	$	1,933,236
Change in valuation inputs or other assumptions(1)		73,289
Fair value as of December 31, 2021	$	2,006,525
Change in valuation inputs or other assumptions(1)		497,689
Fair value as of December 31, 2022	$	2,504,214

(1) Changes in valuation inputs or other assumptions are recognized in Change in fair value of FPS liability in the consolidated statements of operations.

Employee Benefit Plans (Details) - Schedule of Net Periodic Benefit Cost - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Net Periodic Benefit Cost [Abstract]
Service cost	$ 10	$ 14	$ 30	$ 45	$ 53	$ 68	$ 69
Interest cost	779	454	2,298	1,458	1,910	1,686	1,984
Expected return on plan assets	(693)	(678)	(2,045)	(2,172)	(2,856)	(2,410)	(2,530)
Amortization
Amortization of prior service cost	90	50	268	159	273	127	103
Amortization of net loss	403	605	1,186	1,938	1,768	3,103	1,741
Settlement loss							637
Net periodic benefit cost	$ 589	$ 445	$ 1,737	$ 1,428	$ 1,148	$ 2,574	$ 2,004

Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) - CF ACQUISITION CORP VIII [Member] - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class A – Public shares [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) [Line Items]
Diluted weighted average number of shares of common stock outstanding	1,300,165	20,662,249	1,769,140	22,293,390	17,420,341	19,931,507
Diluted net income (loss) per share of common stock	$ (2.35)	$ (0.03)	$ (2.46)	$ 0.12	$ 0.10	$ (0.06)
Class A – Private placement shares [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) [Line Items]
Diluted weighted average number of shares of common stock outstanding	5,540,000	540,000	4,381,912	540,000	540,000	430,521
Diluted net income (loss) per share of common stock	$ (2.35)	$ (0.03)	$ (2.46)	$ 0.12
Class B Common stock [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) [Line Items]
Diluted weighted average number of shares of common stock outstanding					6,250,000
Class B Common stock [Member] \| Common Stock [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) [Line Items]
Diluted weighted average number of shares of common stock outstanding	1,250,000	6,250,000	2,408,088	6,250,000		6,097,945
Diluted net income (loss) per share of common stock	$ (2.35)	$ (0.03)	$ (2.46)	$ 0.12

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

Income Taxes (Details) - Schedule of Federal Statutory Income Tax and the Effective Income Tax on Pretax Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Federal Statutory Income Tax And The Effective Income Tax On Pretax Loss Abstract
Tax expense at statutory rate	$ (1,128)	$ (2,112)	$ (5,041)
Foreign rate difference	428	(107)	(280)
Foreign tax expense			61
Return to provision adjustments	399
Rate change	(561)
Change in valuation allowance	2,296	4,153	11,243
Currency translation adjustment
Permanent differences	1,129	986	(1,220)
Tax credit
Trade tax			2
Other			(263)
Income tax expense	$ 2,562	$ 2,920	$ 4,502

General (Details) $ in Millions	9 Months Ended
General (Details) $ in Millions	Sep. 30, 2023 USD ($)
General [Line Items]
Temporary Equity, Foreign Currency Translation Adjustments	$ 18.9

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Accrued Liabilities [Abstract]

Schedule of Accrued liabilities

Accrued liabilities consist of the following:

	December 31,
(dollars in thousands)	2022		2021
Accrued taxes (exclusive of income taxes)	$	10,691	$	7,284
Accrued professional and legal fees		827		581
Accrued legal reserve for pending litigation		3,977		3,621
Accrued employee related expenses		377		418
Accrued postage and shipping		1,980		2,950
Other accruals		6,872		7,368
Total accrued liabilities	$	24,724	$	22,222

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Transaction Price Allocated to the Remaining Performance Obligations - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2008
Schedule Of Transaction Price Allocated To The Remaining Performance Obligations Abstract
2023	$ 2,563	$ 2,953
2024	3,448	832
2025	283	669
2026 and thereafter	154	1,206
Total	$ 6,448	$ 5,660

Commitments and Contingencies (Restated)	9 Months Ended	12 Months Ended
Commitments and Contingencies (Restated)	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies (Restated) [Line Items]
Commitments and Contingencies (Restated)	11. Commitments and Contingencies Litigation The Company is, from time to time, involved in certain legal proceedings, inquiries, claims and disputes, which arise in the ordinary course of business. Although management cannot predict the outcomes of these matters, management does not believe these actions will have a material, adverse effect on our condensed combined and consolidated balance sheets, condensed combined and consolidated statements of operations and comprehensive loss or condensed combined and consolidated statements of cash flows. Adverse Arbitration Order In April 2020, one of the Company ‘s Nordic subsidiaries commenced an arbitration in Finland against a customer alleging breach of contract and other damages in connection with an outsourcing services agreement and transition services agreement executed in 2017. In September 2020, the customer submitted counterclaims against the Company in an aggregate amount in excess of €10.0 million. Following an expedited arbitration, in late November 2020, the arbitrator awarded the customer approximately $13.0 million in the aggregate for the counterclaimed damages and costs. The Company filed an application to annul the award in late January 2021 with the relevant court asserting, among other bases, that the arbitrator violated due process and procedural rules by disallowing the Company’s witness and expert testimony and maintaining the expedited format following the assertion of significant counterclaims which would ordinarily have required the application of normal rather than expedited rules. On May 28, 2021, the parties entered into a settlement agreement resolving this dispute for a total of $8.9 million including the reimbursement of certain third party charges. As of September 30, 2023 and December 31, 2022, there was a net outstanding balance of $0.9 million and $1.6 million, respectively, for this matter included in accrued liabilities on the condensed combined and consolidated balance sheets. Company Subsidiary Litigation A group of 71 former employees brought a claim against a subsidiary of XBP Europe related to their dismissal resulting from the closure of two production sites in France in 2020. The employees filed complaints with the Labor Court on June 9, 2022. Conciliation hearings at the Labor Court were held on September 27, 2022, December 13, 2022, March 7, 2023, September 5, 2023 and November 14, 2023. The Company accrued $2.2 million and $2.2 million, respectively in accrued liabilities on the condensed combined and consolidated balance sheets as of September 30, 2023 and December 31, 2022 based on the estimate at such time of the range of possible losses, however, the settlement discussions have included amounts up to $4.3 million. The Company is in settlement discussions with plaintiff ’s counsel. As of November 16, 2023, the Company has reached an in principle settlement with 5 claimants with a settlement amount of approximately $0.2 million and the Company is engaged in a settlement discussion with additional 20 claimants and expects to arrive at an in principle settlement with these claimants shortly based on current stage of negotiations. The Company made a settlement offer of $1.5 million to the remaining 46 claimants where in principle settlement is yet to be reached. The settlement negotiations for the remaining claimants are ongoing simultaneously with the court proceedings. In March 2023, 67 claimants (after the in principle settlement was agreed with the first 4 claimants) filed an application for summary proceedings in respect of part of the claim for a total claim of $1.1 million. The summary proceedings hearing was held on April 11, 2023 and the court issued its decision on May 9, 2023 upholding all of the plaintiffs’ claims for a total amount of $1.1 million, however the court’s decision does not increase the Company’s anticipated exposure for the overall claim. The Company has appealed against the decision (and paid the amount of $1.1 million on November 10, 2023 pending the appeal), the appeal hearing is scheduled for March 7, 2024. A procedural hearing for the overall claim is scheduled for December 5, 2023 and the substantive hearing is scheduled for February 16, 2024. Contract-Related Contingencies The Company has certain contingent obligations that arise in the ordinary course of providing services to its customers. These contingencies are generally the result of contracts that require the Company to comply with certain performance measurements or the delivery of certain services to customers by a specified deadline. The Company believes the adjustments to the transaction price, if any, under these contract provisions will not result in a significant revenue reversal or have a material adverse effect on the Company’s condensed combined and consolidated balance sheets, condensed combined and consolidated statements of operations and comprehensive loss or combined and consolidated statements of cash flows.		13. Commitments and Contingencies (Restated) Litigation The Business is, from time to time, involved in certain legal proceedings, inquiries, claims and disputes, which arise in the ordinary course of business. Although management cannot predict the outcomes of these matters, management does not believe these actions will have a material, adverse effect on our combined and consolidated balance sheets, combined and consolidated statements of operations and comprehensive loss or combined and consolidated statements of cash flows. Adverse Arbitration Order In April 2020, one of the Business’ Nordic subsidiaries commenced an arbitration in Finland against a customer alleging breach of contract and other damages in connection with an outsourcing services agreement and transition services agreement executed in 2017. In September 2020, the customer submitted counterclaims against the Business in an aggregate amount in excess of €10.0 million. Following an expedited arbitration, in late November 2020, the arbitrator awarded the customer approximately $13.0 million in the aggregate for the counterclaimed damages and costs. The Business filed an application to annul the award in late January 2021 with the relevant court asserting, among other bases, that the arbitrator violated due process and procedural rules by disallowing the Business’ witness and expert testimony and maintaining the expedited format following the assertion of significant counterclaims which would ordinarily have required the application of normal rather than expedited rules. On May 28, 2021, the parties entered into a settlement agreement resolving this dispute for a total of $8.9 million including the reimbursement of certain third party charges. The Business had accrued a liability balance of $8.9 million for this matter, which was included in Other (income) expense, net in the combined and consolidated statements of operations and comprehensive loss for the year ended December 31, 2020. The Company determined that the amount accrued as liability for this matter should have been included in Selling, general and administrative expenses (exclusive of depreciation and amortization) in the combined and consolidated statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020. Accordingly, we restated it to reclassify the amount accrued as liability from Other (income) expense, net to Selling, general and administrative expenses (exclusive of depreciation and amortization) in the restated combined and consolidated statements of operations and comprehensive loss for the year ended December 31, 2020. As of December 31, 2022 and 2021 there was a net outstanding balance of $1.6 million and $3.3 million, respectively for this matter included in Accrued liabilities on the combined and consolidated balance sheets. Company Subsidiary Litigation A group of 71 former employees brought a claim against a subsidiary of XBP Europe related to their dismissal resulting from the closure of two production sites in France in 2020. The employees filed complaints with the Labor Court on June 9, 2022. Conciliation hearings at the Labor Court were held on September 27, 2022, December 13, 2022 and March 7, 2023. The Business accrued $2.2 million in Accrued Liabilities on the combined and consolidated balance sheet as of December 31, 2022 (see Note 15, Restructuring) based on the estimate at such time of the range of possible losses, however, the settlement discussions have included amounts up to €3.99 million. The Business has been in settlement discussions with plaintiff ’s counsel, and settlement has been agreed in principle with 4 claimants for a total of €0.1 million. The remaining 67 claimants have also filed an application for summary proceedings in respect of part of the claim for a total claim of €1.0 million. The summary proceedings hearing was held on April 11, 2023 and the court issued its decision on May 9, 2023 upholding all of the plaintiffs’ claims for a total amount of €1 million. The Company has lodged an appeal against the decision, however the decision does not increase the anticipated exposure for the claim with the substantive hearing scheduled for September 29, 2023. Following the summary proceedings decision, a settlement in principle has been reached with 21 additional claimants for €0.6 million. Contract-Related Contingencies The Company has certain contingent obligations that arise in the ordinary course of providing services to its customers. These contingencies are generally the result of contracts that require the Company to comply with certain performance measurements or the delivery of certain services to customers by a specified deadline. The Company believes the adjustments to the transaction price, if any, under these contract provisions will not result in a significant revenue reversal or have a material adverse effect on the Company’s combined and consolidated balance sheets, combined and consolidated statements of operations and comprehensive loss or combined and consolidated statements of cash flows.
CF ACQUISITION CORP. VIII [Member]
Commitments and Contingencies (Restated) [Line Items]
Commitments and Contingencies (Restated)	Note 5 — Commitments and Contingencies Registration Rights Pursuant to a registration rights agreement entered into on March 11, 2021, the holders of Founder Shares and Private Placement Units (and component securities) are entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A common stock). These holders are entitled to certain demand and “piggyback” registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements. On August 14, 2023, the Company filed with the SEC a registration statement on Form S-1, as amended on September 29, 2023 and October 10, 2023, to register for resale certain of these shares of common stock of the Company currently held by the Sponsor and an independent director of the Company and certain shares to be issued to the Sponsor in the XBP Europe Business Combination. Underwriting Agreement The Company granted CF&Co. a 45-day option to purchase up to 3,300,000 additional Units to cover over-allotments at the Initial Public Offering price less the underwriting discounts and commissions. On March 16, 2021, simultaneously with the closing of the Initial Public Offering, CF&Co. partially exercised the over-allotment option for 3,000,000 additional Units and advised the Company that it would not exercise the remaining portion of the over-allotment option. CF&Co. was paid a cash underwriting discount of $4,400,000 in connection with the Initial Public Offering. The Company also engaged a qualified independent underwriter to participate in the preparation of the registration statement and exercise the usual standards of “due diligence” in respect thereto. The Company paid the independent underwriter a fee of $100,000 upon the completion of the Initial Public Offering in consideration for its services and expenses as the qualified independent underwriter. The qualified independent underwriter received no other compensation. Business Combination Marketing Agreement The Company has engaged CF&Co. as an advisor in connection with the Company’s Business Combination (see Note 4). Risks and Uncertainties Management continues to evaluate the impact of the military conflict in Ukraine on the financial markets and on the industry, and has concluded that while it is reasonably possible that the conflict could have an effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of the unaudited condensed consolidated financial statements. The unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.	Note 5 — Commitments and Contingencies Registration Rights Pursuant to a registration rights agreement entered into on March 11, 2021, the holders of Founder Shares and Private Placement Units (and component securities) are entitled to registration rights (in the case of the Founder Shares, only after conversion of such shares to shares of Class A common stock). These holders are entitled to certain demand and “piggyback” registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted CF&Co. a 45-day option to purchase up to 3,300,000 additional Units to cover over-allotments at the Initial Public Offering price less the underwriting discounts and commissions. On March 16, 2021, simultaneously with the closing of the Initial Public Offering, CF&Co. partially exercised the over-allotment option for 3,000,000 additional Units and advised the Company that it would not exercise the remaining portion of the over-allotment option. CF&Co. was paid a cash underwriting discount of $4,400,000 in connection with the Initial Public Offering. The Company also engaged a qualified independent underwriter to participate in the preparation of the registration statement and exercise the usual standards of “due diligence” in respect thereto. The Company paid the independent underwriter a fee of $100,000 upon the completion of the Initial Public Offering in consideration for its services and expenses as the qualified independent underwriter. The qualified independent underwriter received no other compensation. Business Combination Marketing Agreement The Company has engaged CF&Co. as an advisor in connection with the Company’s Business Combination (see Note 4). Risks and Uncertainties Management continues to evaluate the impacts of the COVID-19 pandemic and the military conflict in Ukraine on the financial markets and on the industry, and has concluded that while it is reasonably possible that the pandemic and the conflict could have an effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impacts are not readily determinable as of the date of the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Debt (Details) - Schedule of Maturities of Long-Term Debt - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Maturities Of Long Term Debt Abstract
2023		$ 4,970
2024		11,747
2025		169
2026		169
2027		931
Total debt	$ 17,358	19,416	$ 21,823
Less: Unamortized discount and debt issuance costs		23
Total maturities of long-term debt		$ 19,393

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Net of allowance for doubtful accounts & credit losses (in Dollars)		$ 2,366	$ 1,447
Net of accumulated depreciation (in Dollars)	$ 46,328	44,629	$ 44,448
Net of allowance for doubtful accounts & credit losses (in Dollars)	$ 1,200	$ 929
Preferred stock par value (in Dollars per share)		$ 0.0001
Preferred stock, shares authorized		1,000,000
Class A Common Stock
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	160,000,000	160,000,000
Common stock, shares issued		540,000
Common stock, shares outstanding	5,540,000	540,000
Class B Common Stock
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	1,250,000	6,250,000	6,250,000
Common stock, shares outstanding	1,250,000	6,250,000	6,250,000
CFAC Holdings VIII, LLC
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
CFAC Holdings VIII, LLC \| Class A Common Stock
Shares subject to possible redemption, shares issued	706,319	2,960,098	25,000,000
Shares subject to possible redemption, shares outstanding	706,319	2,960,098	25,000,000
Shares subject to possible redemption, per share (in Dollars per share)	$ 10.8	$ 10.53	$ 10
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	160,000,000	160,000,000	160,000,000
Common stock, shares issued	5,540,000	540,000	540,000
Common stock, shares outstanding	5,540,000	540,000	540,000
CFAC Holdings VIII, LLC \| Class B Common Stock
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	40,000,000	40,000,000	40,000,000
Common stock, shares issued	1,250,000	6,250,000	6,250,000
Common stock, shares outstanding	1,250,000	6,250,000	6,250,000

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Revenue, net

$ 40,178

$ 39,053

$ 125,250

$ 136,722

$ 180,349

$ 205,772

$ 217,272

Cost of revenue (exclusive of depreciation and amortization)

31,368

31,478

95,326

103,172

136,276

164,256

175,117

Selling, general and administrative expenses (exclusive of depreciation and amortization)

7,741

7,396

24,336

22,721

32,956

29,764

44,199

Depreciation and amortization

1,095

1,136

2,951

3,357

4,390

5,166

6,312

Operating income

(1,300)

(3,471)

(902)

146

(1,950)

(3,809)

(19,070)

Other expense (income), net

Interest expense, net

1,265

569

3,705

2,094

3,062

2,836

2,844

(1)

146

(25)

(141)

(217)

Foreign exchange losses, net

(529)

684

411

2,863

1,184

1,162

2,195

Other (income) expense, net

(200)

(41)

(589)

(94)

(804)

2,142

(17)

Net loss before income taxes

(1,841)

(4,763)

(4,428)

(4,863)

(5,367)

(9,808)

(23,875)

Income tax expense

(1,046)

(539)

(1,523)

(1,933)

2,562

2,920

4,502

Net income (loss)

(2,887)

(5,302)

(5,951)

(6,796)

(7,929)

(12,728)

(28,377)

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments

853

1,863

154

3,569

444

(744)

3,622

Unrealized pension actuarial gains (losses)

147

1,103

(56)

1,934

7,083

6,188

(8,508)

Total other comprehensive income (loss), net of tax

(1,887)

(2,336)

(5,853)

(1,293)

(402)

(7,284)

(33,263)

General and administrative costs

1,000

2,800

3,100

4,100

4,300

4,000

CF Acquisition Corp VIII

Other expense (income), net

Income tax expense

(111,023)

Net income (loss)

(19,044,975)

(811,420)

(21,024,584)

3,566,429

2,393,519

(1,707,845)

Other comprehensive income (loss), net of tax

General and administrative costs

770,927

1,108,906

1,708,519

1,913,161

2,601,894

2,440,245

Administrative expenses – related party

30,000

90,000

120,000

95,161

Franchise tax expense

22,483

50,000

160,000

112,534

162,534

200,500

Loss from operations

(823,410)

(1,188,906)

(1,958,519)

(2,115,695)

(2,884,428)

(2,735,906)

Interest income on cash and investments held in the Trust Account

168,755

518,498

753,119

956,908

1,240,443

17,673

Interest expense on sponsor loans and mandatorily redeemable Class A common stock

(210,484)

(689,606)

(788,591)

(689,606)

(1,054,486)

Other income

579,294

Changes in fair value of warrant liability

(1,279,554)

1,103,328

(1,417,470)

4,725,538

5,121,408

3,016,913

Changes in fair value of FPS liability

(16,858,881)

(456,349)

(17,546,038)

248,606

(497,689)

(2,006,525)

Net income (loss) before provision for income taxes

(19,003,574)

(713,035)

(20,957,499)

3,705,045

2,504,542

$ (1,707,845)

Provision for income taxes

$ 41,401

$ 98,385

$ 67,085

$ 138,616

$ 111,023

CF Acquisition Corp VIII | Class A – Public shares

Other expense (income), net

Weighted average number of shares of common stock outstanding (in Shares)

1,300,165

20,662,249

1,769,140

22,293,390

17,420,341

19,931,507

Basic net income (loss) per share of common stock (in Dollars per share)

$ (2.35)

$ (0.03)

$ (2.46)

$ 0.12

$ 0.1

$ (0.06)

CF Acquisition Corp VIII | Class A – Private placement

Other expense (income), net

Weighted average number of shares of common stock outstanding (in Shares)

5,540,000

540,000

4,381,912

^[1]

540,000

430,521

Basic net income (loss) per share of common stock (in Dollars per share)

$ (2.35)

$ (0.03)

$ (2.46)

$ 0.12

$ 0.1

$ (0.06)

CF Acquisition Corp VIII | Class B – Common stock

Other expense (income), net

Weighted average number of shares of common stock outstanding (in Shares)

1,250,000

6,250,000

2,408,088

^[1]

6,250,000

6,097,945

^[2]

Basic net income (loss) per share of common stock (in Dollars per share)

$ (2.35)

$ (0.03)

$ (2.46)

$ 0.12

$ 0.1

$ (0.06)

Related Party

Revenue, net

$ 67

$ 33

$ 163

$ 134

$ 143

$ 178

272

Cost of revenue (exclusive of depreciation and amortization)

130

408

511

766

380

Selling, general and administrative expenses (exclusive of depreciation and amortization)

$ 1,329

$ 2,417

$ 3,627

$ 7,052

$ 8,309

$ 9,807

$ 10,606

[1]	On March 6, 2023, the Company issued 5,000,000 shares of nonredeemable Class A common stock to the Sponsor upon the conversion of 5,000,000 shares of Class B common stock held by the Sponsor (see Note 6).
[2]	On March 16, 2021, 75,000 shares of Class B common stock were forfeited by the Sponsor (see Note 6).

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment					$ 3,700	$ 4,200	$ 4,600
Depreciation expense	$ 1,000	$ 1,000	$ 2,662	$ 2,865	$ 3,779	$ 4,159	$ 4,624

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

6. Leases

The Business leases numerous facilities in Europe. Our facilities house general offices, sales offices, service locations, and production facilities. Substantially all of our operations facilities are leased under long-term leases with varying expiration dates, except for the few owned locations. The Business regularly obtains various machinery, equipment, vehicles and furniture on leases. The machinery and equipment leases mainly include leasing of computers, servers, other IT equipment, mailing system, production equipment, generators, office equipment, printers, copiers and miscellaneous warehouse equipment.

Our ROU assets and lease liabilities as of December 31, 2022 and 2021 recorded on the combined and consolidated balance sheets are as follows:

	December 31,
Combined and consolidated balance sheet location (dollars in thousands)	2022		2021
Operating Lease
Operating lease right-of-use assets, net	$	5,848	$	10,383
Current portion of operating lease liabilities		1,796		4,120
Operating lease liabilities, net of current position		3,963		6,255
Finance Lease
Finance lease right-of-use assets, net (included in property, plant and equipment, net)		1,345		2,138
Current portion of finance lease liabilities		757		1,073
Finance lease liabilities		658		1,426

Supplemental combined and consolidated balance sheet information related to leases is as follows:

	December 31,
	2022		2021
Weighted-average remaining lease term
Operating Leases	4.16		3.98
Finance leases	1.38		2.17

Weighted-average discount rate
Operating Leases	8.5	%	8.0	%
Finance leases	8.0	%	8.8	%

The interest on financing lease liabilities was $0.1 million, $0.3 million, and $0.1 million for the years ended December 31, 2022, 2021, and 2020, respectively. The amortization expense on finance lease right-of-use assets was $0.2 million, $0.2 million, and $0.1 million for the years ended December 31, 2022, 2021, and 2020 respectively.

Maturities of finance and operating lease liabilities based on lease term for the next five years are as follows:

(dollars in thousands)	Finance Leases			Operating Leases
2023	$	852		$	2,184
2024		646			1,437
2025		15			1,211
2026		—			794
2027		—			741
2028 and thereafter		—			363
Total lease payments		1,513			6,730
Less: Imputed interest		(98	)		(971	)
Present value of lease liabilities	$	1,415		$	5,759

Combined rental expense for all operating leases was $5.4 million, $6.6 million, and $7.3 million for the years ended December 31, 2022, 2021, and 2020, respectively.

The following table summarizes the cash paid and related right-of-use operating finance or operating lease recognized for the years ended December 31, 2022 and 2021.

(dollars in thousands)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,347	$	5,336
Financing cash flows from finance leases		1,021		1,600
Right-of-use lease assets obtained in the exchange for lease liabilities:
Operating leases	$	34	$	1,796
Finance leases		104		286

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Current assets

Cash and cash equivalents

$ 2,819

$ 7,473

$ 2,910

Accounts receivable, net of allowance for doubtful accounts & credit losses

32,454

35,977

35,109

Inventories, net

4,157

4,526

4,093

Prepaid expenses and other current assets

8,793

8,773

10,033

Total current assets

61,333

70,015

Property, plant and equipment, net of accumulated depreciation

14,111

14,620

13,014

Operating lease right-of-use assets, net

8,123

5,848

10,383

Goodwill

21,841

22,062

23,952

Intangible assets, net

1,196

1,529

2,288

Deferred income tax assets

7,456

7,055

9,554

Other noncurrent assets

699

1,712

1,596

Total Assets

114,759

122,841

126,996

Current liabilities

Accounts payable

14,171

16,863

14,099

Accrued liabilities

25,955

24,724

22,222

Accrued compensation and benefits

15,577

13,401

17,786

Customer deposits

635

1,061

2,147

Deferred revenue

6,448

5,660

5,760

Current portion of finance lease liabilities

546

757

1,073

Current portion of operating lease liabilities

2,162

1,796

4,120

Current portion of long-term debts

3,456

4,970

18,603

Total Current Liabilities

98,868

101,890

Long-term debt, net of current maturities

13,902

14,446

3,220

Finance lease liabilities, net of current portion

211

658

1,426

Pension liabilities

15,969

16,076

27,357

Operating lease liabilities, net of current portion

5,912

3,963

6,255

Other long-term liabilities

1,517

1,576

1,687

Total Liabilities

147,543

149,773

Commitments and Contingencies

STOCKHOLDER’S DEFICIT

Net parent investment

(30,782)

(5,845)

2,084

Accumulated other comprehensive loss:

Foreign currency translation adjustment

1,352

(17,789)

(18,233)

Unrealized pension actuarial losses, net of tax

(3,354)

(3,298)

(10,381)

Total accumulated other comprehensive loss

(2,002)

(21,087)

(28,614)

Total stockholder’s deficit

(32,784)

(26,932)

(26,530)

Total liabilities and stockholder’s deficit

114,759

122,841

126,996

Class A Common Stock

Stockholders’ Deficit:

Common stock

CFAC Holdings VIII, LLC

Current assets

Cash

65,000

41,154

25,000

Prepaid expenses

17,500

210,241

195,463

Total current assets

82,500

251,395

220,463

Cash held in the Trust Account

7,835,221

Cash equivalents held in the Trust Account

31,445,874

250,017,673

Other noncurrent assets

570,844

Total Assets

7,917,721

31,697,269

250,808,980

Current liabilities

Accrued liabilities

1,702,927

1,189,676

1,349,132

Payables to related party

570,844

Sponsor loan – promissory notes

9,906,062

8,200,162

734,425

Franchise tax payable

40,000

70,065

200,000

Total Current Liabilities

11,648,989

9,459,903

2,854,401

Total Liabilities

33,295,491

12,142,897

10,161,114

Warrant liability

1,596,250

178,780

5,300,188

FPS liability

20,050,252

2,504,214

2,006,525

Commitments and Contingencies

Class A common stock subject to possible redemption

7,628,136

31,169,832

250,000,000

Stockholders’ Deficit:

Preferred stock, value

Additional paid-in capital

328,730

694,592

146,555

Accumulated deficit

(33,335,315)

(12,310,731)

(9,499,368)

Accumulated other comprehensive loss:

Total stockholder’s deficit

(33,005,906)

(11,615,460)

(9,352,134)

Total liabilities and stockholder’s deficit

7,917,721

31,697,269

250,808,980

CFAC Holdings VIII, LLC | Class A Common Stock

Stockholders’ Deficit:

Common stock

554

^[1]

CFAC Holdings VIII, LLC | Class B Common Stock

Stockholders’ Deficit:

Common stock

125

^[1]

625

^[2]

Previously Reported

Current assets

Total current assets

70,014

66,209

Current liabilities

Total Current Liabilities

101,891

102,417

Total Liabilities

149,775

153,526

Related party

Current assets

Related party note receivable

13,110

13,266

14,064

Current liabilities

Related party payables

29,918

32,658

16,607

Related party notes payable

$ 11,164

[1]	On March 6, 2023, the Company issued 5,000,000 shares of nonredeemable Class A common stock to the Sponsor upon the conversion of 5,000,000 shares of Class B common stock held by the Sponsor (see Note 6).
[2]	On March 16, 2021, 75,000 shares of Class B common stock were forfeited by the Sponsor (see Note 6).

General

9 Months Ended

Sep. 30, 2023

General [Abstract]

General

1. General

XBP Europe, Inc. (the “Company”, “XBP”, “the Business” or “our”) is a pan-European integrator of bills, payments and related solutions and services seeking to enable digital transformation of businesses. The Company’s name — “XBP” — stands for “exchange for bills and payments” and reflects the Company’s strategy to facilitate connections between buyers and suppliers to optimize clients’ bills and payments and related digitization processes. XBP believes its business ultimately advances digital transformation, improves market-wide liquidity, and encourages sustainable business practices.

The Company provides business process management solutions with proprietary software suites and deep domain expertise, serving as a technology and operations partner for its clients’ strategic journeys and streamlining their complex, disconnected payment processes. The Company serves over 2,000 clients across Europe, the Middle East and Africa (“EMEA”). The Company’s client relationships span multiple industries, including banking, healthcare, insurance, and the public sector. The Company is able to deploy its solutions to clients in any EMEA market due to its cloud-based structure. Its physical footprint spans 15 countries with 34 locations.

Basis of Presentation

Throughout the period covered by the combined and consolidated financial statements, the Company operated as part of Exela Technologies, Inc. (“Exela” or “Parent”). Consequently, stand-alone financial statements have not historically been prepared for the Company. The accompanying combined and consolidated financial statements have been prepared from Exela’s historical accounting records and are presented on a stand-alone basis as if the Company’s operations had been conducted independently from Exela. The operations of the Company are in various legal entities with a direct ownership relationship. Accordingly, Exela and its subsidiaries’ net parent investment in these operations is shown in lieu of a statement of stockholder’s equity in the combined and consolidated financial statements. The combined and consolidated financial statements and related notes to the combined and consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

The combined and consolidated statements of operations and comprehensive loss include all revenues and costs directly attributable to XBP, including costs for facilities, functions and services used by XBP. Costs for certain functions and services such as accounting, finance and IT delivered by Exela are directly charged to XBP based on specific identification when possible or based on a reasonable allocation driver such as net sales, headcount, usage or other allocation methods. Current and deferred income taxes have been determined based on the stand-alone results of XBP. However, because the Company filed as part of Exela’s tax group in certain jurisdictions, the Company’s actual tax balances may differ from those reported. The Company’s portion of its domestic and certain income taxes for jurisdictions outside the United States are deemed to have been settled in the period the related tax expense was recorded.

All intercompany transactions and balances within the Company have been eliminated. The combined and consolidated financial statements of the Company include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable to the Company. Transactions with affiliated companies owned by Exela or its subsidiaries which are not a part of the Company are reflected as related party transactions.

All of the allocations and estimates in the combined and consolidated financial statements are based on assumptions that management of Exela believes are reasonable. However, the combined and consolidated financial statements included herein may not be indicative of the financial position, results of operations, and cash flows of the Company in the future or if the Company had been a separate, stand-alone entity during the periods presented.

1. General (cont.)

Actual costs that would have been incurred if XBP had been a stand-alone Company would depend on multiple factors, including organizational structure and strategic decisions.

The accompanying condensed combined and consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) as they apply to interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These accounting principles require the Company to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates.

These condensed combined and consolidated financial statements should be read in conjunction with the audited combined and consolidated financial statements and the related notes to the combined and consolidated financial statements of the Company as of and for the year ended December 31, 2022 included as an index to financial statements in the CF Acquisition Corp. VIII Form S-1 Registration Statement under the Securities Act of 1933 (as amended, the “Form S-1”) filed with the Securities and Exchange Commission (“SEC”) on August 14, 2023, September 29, 2023 and October 10, 2023 and available at the SEC’s website at http://www.sec.gov.

The condensed combined and consolidated financial statements are unaudited, but in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim period. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year.

Classification Adjustment

In preparing the condensed combined and consolidated financial statements for the three and six months ended June 30, 2023, the Company determined that net parent investment should be reduced by $18.9 million with an offsetting increase to foreign currency translation adjustment in the same amount, in order to conform carve-out financial statements of XBP Europe, Inc. to the transaction parameter of the Merger Agreement. Accordingly, the condensed combined and consolidated balance sheet as of September 30, 2023 and statement of changes in net parent investment for the nine months ended September 30, 2023 were adjusted for this reclass.

Merger/Business Combination with CF Acquisition Corp. VIII

On October 9, 2022, XBP entered into an Agreement and Plan of Merger (“Merger Agreement”) with CF Acquisition Corp. VIII, a special purpose acquisition company (“CF VIII”), whereby the business combination will be accounted for as a reverse capitalization in accordance with Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). Under this method of accounting, CF VIII will be treated as the “acquired” company for financial reporting purposes with XBP surviving as a direct wholly-owned subsidiary of CF VIII.

The Merger Agreement contains customary representations, warranties, closing conditions and other terms relating to the business combination. The transaction is expected to close in the second half of 2023.

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Disaggregate Revenue from Contracts by Geographic Region - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	$ 40,178	$ 39,053	$ 125,250	$ 136,722	$ 180,349	$ 205,772	$ 217,272
France [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	12,659	15,006	44,564	50,471	66,054	74,305	74,637
Germany [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	13,639	10,880	32,319	41,462	55,668	56,906	62,401
United Kingdom [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	7,482	7,686	26,903	24,291	32,061	39,226	40,839
Sweden [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	3,409	3,645	13,392	13,644	17,640	23,680	24,598
Other [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	$ 2,989	$ 1,836	$ 8,072	$ 6,854	$ 8,926	$ 11,655	$ 14,797

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss)	$ (5,951)	$ (6,796)	$ (7,929)	$ (12,728)	$ (28,377)
Depreciation	2,662	2,865	3,779	4,159	4,624
Amortization of developed technology			237	294	489
Amortization of intangible assets	289	474	379	451	1,220
Interest expense on sponsor loans and mandatorily redeemable Class A common stock			300	300	100
Credit loss expense	271	100
Provision for doubtful accounts			181	216	259
Unrealized foreign currency losses	215	4,016	1,550	2,513	1,950
Loss on sale of property, plant and equipment		97
Loss on disposal of assets			82	1,565	47
Gain on sales of assets				(2,226)
Change in deferred income taxes	(357)	1,045	1,668	3,003	2,160
Change in operating assets and liabilities
Accounts receivable	2,874	(1,832)	(3,369)	3,707	3,945
Inventories	326	(1,371)	(688)	939	237
Prepaid expense and other assets	1,125	1,760	4,253	6,414	1,205
Accounts payable	(2,599)	1,073	3,834	1,573	(620)
Related parties payable	(2,246)	2,786	14,073	9,849	1,384
Accrued expenses and other liabilities	4,758	(5,950)	(7,727)	(23,964)	17,581
Deferred revenue	790	1,730	510	(524)	(1,028)
Customer deposits	(414)	(991)	(943)	1,722	325
Net cash provided by (used in) operating activities	1,743	(994)	9,890	(3,037)	5,401
Cash flows from investing activities
Purchase of property, plant and equipment	(2,254)	(4,161)	(6,366)	(1,915)	(2,189)
Proceeds from sale of property, plant and equipment				3,068
Net cash provided by (used in) investing activities	(2,254)	(4,161)	(6,366)	1,153	(2,189)
Cash flows from financing activities
Revolver borrowings			123,079	144,216	90,213
Revolver paydowns			(124,291)	(146,968)	(82,223)
Borrowings under secured borrowing facility	87,769	94,742
Principal repayment on borrowings under secured borrowing facility	(90,357)	(93,601)
Principal payments on long-term obligations	(690)		(829)	(271)	(618)
Proceeds from Credit Facility			1,732
Principal payments on finance leases	(660)	(847)	(1,021)	(1,600)	(1,144)
Proceeds from related party – Sponsor loan	3,627	7,052	8,309	9,807	10,606
Net cash provided by (used in) financing activities	(3,938)	294	(1,329)	(4,623)	6,228
Effect of exchange rates on cash	(205)	3,457	2,369	166	(3,574)
Net increase (decrease) in cash and equivalents	(4,654)	(1,404)	4,562	(6,341)	5,866
Cash and equivalents, beginning of period	7,473	2,910	2,910	9,251	3,385
Cash and equivalents, end of period	2,819	1,506	7,473	2,910	9,251
Supplemental disclosure of non-cash financing activities:
Income tax payments, net of refunds received	1,112	1,323	1,288	(130)	710
Interest paid	1,309	2,155	3,028	2,909	2,906
CF ACQUISITION CORP. VIII
Cash flows from operating activities
Net income (loss)	(21,024,584)	3,566,429	2,393,519	(1,707,845)
Stock-based compensation		49,411	49,411	146,555
General and administrative expenses paid by related party	834,504	1,487,194	2,040,571	178,877
Interest income on cash and investments held in the Trust Account	(753,119)	(956,908)	(1,240,443)	(17,673)
Interest expense on sponsor loans and mandatorily redeemable Class A common stock	788,591	689,606	1,054,486
Changes in fair value of warrant liability	1,417,470	(4,725,538)	(5,121,408)	(3,016,913)
Changes in fair value of FPS liability	17,546,038	(248,606)	497,689	2,006,526
Change in operating assets and liabilities
Prepaid expense and other assets			615,566	291,918
Related parties payable				570,844
Prepaid expenses	707,914	810,931
Accrued expenses and other liabilities	513,251	(525,068)	(159,456)	1,347,711
Franchise tax payable	(30,065)	(147,451)	(129,935)	200,000
Net cash provided by (used in) operating activities
Cash flows from investing activities
Cash deposited in the Trust Account	(344,781)	(5,400,847)	(5,400,847)	(250,000,000)
Proceeds from the Trust Account to pay franchise taxes	230,115	264,301	292,469
Proceeds from the Trust Account to pay income taxes	112,000
Proceeds from the Trust Account to repay bank overdraft facility	62,406
Proceeds from the Trust Account to redeem Public Shares	24,304,031	224,920,621	224,920,621
Sale of cash equivalents held in the Trust Account		224,056,750	224,056,750
Purchase of cash equivalents held in the Trust Account		(225,000,000)	(225,000,000)
Purchase of available-for-sale debt securities held in the Trust Account		(224,056,750)	(224,056,750)
Maturity of available-for-sale debt securities held in the Trust Account		225,000,000	225,000,000
Net cash provided by (used in) investing activities	24,363,771	219,784,075	219,812,243	(250,000,000)
Cash flows from financing activities
Proceeds from related party – Sponsor loan	1,376,189	7,416,422	7,795,448	734,425
Proceeds received from initial public offering				250,000,000
Redemption payment for Public Shares	(24,366,437)	(224,920,621)	(224,920,621)
Proceeds received from private placement				5,400,000
Offering costs paid				(4,897,322)
Payment of related party payable	(1,349,677)	(2,039,688)	(2,670,916)	(1,237,103)
Utilization of bank overdraft facility	62,406
Repayment of bank overdraft facility	(62,406)
Net cash provided by (used in) financing activities	(24,339,925)	(219,543,887)	(219,796,089)	250,000,000
Net change in cash	23,846	240,188	16,154
Cash and equivalents, beginning of period	41,154	25,000	25,000	25,000
Cash and equivalents, end of period	65,000	265,188	41,154	25,000	$ 25,000
Supplemental disclosure of non-cash financing activities:
Prepaid expenses paid with payables to related party	515,173		$ 59,500	$ 1,058,225
Cash paid for income taxes	$ 112,000

New Accounting Pronouncements

9 Months Ended

Sep. 30, 2023

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements

2. New Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Effective January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) no. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses

2. New Accounting Pronouncements (cont.)

and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company is required to use a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. This ASU along with related additional clarificatory guidance in the ASU No. 2019-05, “Financial Instruments — Credit Losses (Topic 326)” and ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments — Credit Losses”, was also adopted. Adoption of the standard was applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date. The Company has performed its analysis of the impact on its financial instruments that are within the scope of this guidance, primarily cash and cash equivalents, restricted cash and accounts receivable, based on class of financing receivables which share the same or similar risk characteristics such as customer type and geographic location, among others. For accounts receivable, the Company applied this methodology using aging schedules reflecting how long the receivables have been outstanding, historical collection experience, current and future economic and market conditions. There was no impact to the Company’s opening retained earnings or its condensed consolidated balance sheet upon adoption and as a result, the balances presented for December 31, 2022, which were derived under the incurred loss model, are comparable to September 30, 2023.

The following table describes the changes in the allowance for expected credit losses for the nine months ended September 30, 2023 (all related to accounts receivables):

(dollars in thousands)
Balance at January 1, 2023 of the allowance for expected credit losses	$	929
Change in the provision for expected credit losses for the period		271
Balance at September 30, 2023 of the allowance for expected credit losses	$	1,200

In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose the key terms of supplier finance programs, the amount of obligations outstanding at the end of the reporting period that the entity has confirmed as valid to the finance provider, where these obligations are recorded in the balance sheet, and a roll forward of the obligations. The new standard is effective for fiscal years beginning after December 15, 2022, on a retrospective basis, including interim periods within those fiscal years. Effective January 1, 2023, the Company adopted this standard. The adoption of this standard did not have a material impact on the condensed combined and consolidated financial statements.

Recently Issued Accounting Pronouncements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements. The FASB-issued guidance clarifies the accounting for leasehold improvements associated with common control leases by requiring that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term), as long as the lessee controls the use of the underlying asset through a lease. Additionally, leasehold improvements associated with common control leases should be accounted for as a transfer between entities under common control through an adjustment to equity, if, and when, the lessee no longer controls the use of the underlying asset. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2023. The Company is currently evaluating the impact that adopting this standard will have on its consolidated financial statements.

Effective January 1, 2023, the Company adopted ASU no. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets

and contract liabilities acquired in a business combination in accordance with Topic 606. While primarily related to contract assets and contract liabilities that were accounted for by the acquiree in accordance with ASC 606, the amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities from the sale of nonfinancial assets within the scope of Subtopic 610-20. The ASU was applied prospectively. The adoption had no material impact on the Company’s consolidated results of operations, cash flows, financial position or disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
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-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(4)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 5
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+ Details

Initial Public Offering	9 Months Ended	12 Months Ended
Initial Public Offering	Sep. 30, 2023	Dec. 31, 2022
CF ACQUISITION CORP VIII [Member]
Initial Public Offering [Line Items]
Initial Public Offering	Note 3 — Initial Public Offering Pursuant to the Initial Public Offering, the Company sold 25,000,000 Units at a price of $10.00 per Unit, including 3,000,000 Units sold upon the partial exercise of the underwriters’ over-allotment option. Each Unit consists of one share of Class A common stock and one-fourth of one redeemable warrant (each whole warrant, a “Public Warrant”). Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7). No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. On March 16, 2021, the Sponsor forfeited 75,000 shares of Class B common stock due to the underwriters not exercising the remaining portion of the over-allotment option, such that the initial stockholders would collectively own 20% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering (not including the Private Placement Shares).	Note 3 — Initial Public Offering Pursuant to the Initial Public Offering, the Company sold 25,000,000 Units at a price of $10.00 per Unit, including 3,000,000 Units sold upon the partial exercise of the underwriters’ over-allotment option. Each Unit consists of one share of Class A common stock and one-fourth of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7). No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. On March 16, 2021, the Sponsor forfeited 75,000 shares of Class B common stock due to the underwriter not exercising the remaining portion of the over-allotment option, such that the initial stockholders would collectively own 20% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering (not including the Private Placement Shares).

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis - Fair Value Measurement [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Assets held in Trust Account – U.S. government debt securities		$ 31,445,874	$ 250,017,673
Liabilities:
Warrant liability		178,780	5,300,188
FPS liability	$ 20,050,252	2,504,214	2,006,525
Total Liabilities		2,682,994	7,306,713
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Assets held in Trust Account – U.S. government debt securities		31,445,874	250,017,673
Liabilities:
Warrant liability
FPS liability
Total Liabilities
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Assets held in Trust Account – U.S. government debt securities
Liabilities:
Warrant liability		178,780	5,300,188
FPS liability
Total Liabilities		178,780	5,300,188
Significant Other Unobservable Inputs (Level 3) [Member]
Assets:
Assets held in Trust Account – U.S. government debt securities
Liabilities:
Warrant liability
FPS liability	$ 20,050,252	2,504,214	2,006,525
Total Liabilities		$ 2,504,214	$ 2,006,525

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Basis of Presentation and Summary of Significant Accounting Policies [Line Items]

Basis of Presentation and Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying condensed combined and consolidated financial statements.

Significant Accounting Policies

The information presented below supplements the Significant Accounting Policies information presented in the notes to XBP Europe, Inc. combined and consolidated financial statements as of and for the year ended December 31, 2022.

Revenue Recognition

The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. Revenue is measured as the amount of consideration that is expected to receive in exchange for transferring goods or providing services. The contract transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. All of the Company’s material sources of revenue are derived from contracts with customers, primarily relating to the provision of business and transaction processing services within each of the Company segments. The Company does not have any significant extended payment terms, as payment is received shortly after goods are delivered or services are provided.

Nature of Services

The primary performance obligations are to stand ready to provide various forms of business processing services, consisting of a series of distinct services that are substantially the same and have the same pattern of transfer over time, and accordingly are combined into a single performance obligation. The Company’s promise to our customers is typically to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of transactions processed, requests fulfilled, etc.); as such, the total transaction price is variable. The variable fees are allocated to the single performance obligation charged to the distinct service period in which the Company has the contractual right to bill under the contract.

Revenue from the sale of recurring software licenses is recognized ratably over the contractual term, unless perpetual licenses are granted or a noncancelable license is granted for a nonrefundable fee, which are recognized at a point in time. Professional services revenue consists of implementation services for new customers, or implementations of new products for existing customers. Professional services are typically sold on a time-and-materials basis and billed monthly based on actual hours incurred.

Revenue from the sale of hardware solutions is recognized on a point in time basis and related maintenance are recognized ratably over the contractual term.

Disaggregation of Revenues

The following tables disaggregate revenue from contracts by geographic region for the three and nine months ended September 30, 2023 and 2022:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
France	$	12,659	$	15,006	$	44,564	$	50,471
Germany		13,639		10,880		32,319		41,462
United Kingdom		7,482		7,686		26,903		24,291
Sweden		3,409		3,645		13,392		13,644
Other		2,989		1,836		8,072		6,854
Total Combined Revenue	$	40,178	$	39,053	$	125,250	$	136,722

Contract Balances

The following table presents contract assets, contract liabilities and contract costs recognized at September 30, 2023 and December 31, 2022:

(dollars in thousands)	September 30, 2023		December 31, 2022
Accounts receivable, net	$	32,454	$	35,977
Deferred revenues		6,448		5,660
Customer deposits		635		1,061
Costs to obtain and fulfill a contract		7		44

Accounts receivable, net includes $10.4 million and $9.6 million as of September 30, 2023 and December 31, 2022, respectively, representing amounts not billed to customers. Unbilled receivables are accrued and represent work performed in accordance with the terms of contracts with customers.

Deferred revenues relate to payments received in advance of performance under a contract. A significant portion of this balance relates to maintenance contracts or other service contracts where the Company received payments for upfront conversions or implementation activities which do not transfer a service to the customer but rather are used in fulfilling the related performance obligations that transfer over time. The advance consideration received from customers is deferred over the contract term. The Company recognized revenue of $0.5 million and $5.7 million during the three and nine months ended September 30, 2023, respectively, that had been deferred as of December 31, 2022.

Costs incurred to obtain and fulfill contracts are deferred and presented as part of intangible assets, net and expensed on a straight-line basis over the estimated benefit period. These costs represent incremental external costs or certain specific internal costs that are directly related to the contract acquisition or fulfillment and can be separated into two principal categories: contract commissions and fulfillment costs. Applying the practical expedient in ASC 340-40-25-4, the incremental costs of obtaining contracts are recognized as an expense when incurred if the amortization period would have been one year or less. These costs are included in Selling, general and administrative expenses. The effect of applying this practical expedient was not material.

Customer deposits consist primarily of amounts received from customers in advance for postage. These advanced postage deposits are used to cover the costs associated with postage, with the corresponding postage revenue being recognized as services are performed.

Performance Obligations

At the inception of each contract, the Company assesses the goods and services promised in the Company’s contracts and identifies each distinct performance obligation. The majority of our contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts. For the majority of our business and transaction processing service contracts, revenues are recognized as services are provided based on an appropriate input or output method, typically based on the related labor or transactional volumes.

Certain of our contracts have multiple performance obligations, including contracts that combine software implementation services with post-implementation customer support. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the Company estimates the expected costs of satisfying a performance obligation and add an appropriate margin for that distinct good or service. The adjusted market approach is also used whereby the Company estimates the price that customers in the market would be willing to pay. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Certain of our software implementation performance obligations are satisfied at a point in time, typically when customer acceptance is obtained.

When evaluating the transaction price, the Company analyzes, on a contract-by-contract basis, all applicable variable consideration. The nature of our contracts gives rise to variable consideration, including volume discounts, contract penalties, and other similar items that generally decrease the transaction price. These amounts are estimated based on the expected amount to be provided to customers and reduce revenues recognized. The Company does not anticipate significant changes to our estimates of variable consideration.

Reimbursements from customers, such as postage costs, are included in revenue, while the related costs are included in cost of revenue.

Transaction Price Allocated to the Remaining Performance Obligations

In accordance with optional exemptions available under ASC 606, the Company did not disclose the value of unsatisfied performance obligations for (a) contracts with an original expected length of one year or less, and (b) contracts for which variable consideration relates entirely to an unsatisfied performance obligation, which comprise the majority of the Company’s contracts. The Company has certain non-cancellable contracts where a fixed monthly fee is received in exchange for a series of distinct services that are substantially the same and have the same pattern of transfer over time, with the corresponding remaining performance obligations as of September 30, 2023 in each of the future periods below:

(dollars in thousands)
Remainder of 2023	$	2,563
2024		3,448
2025		283
2026 and thereafter		154
Total	$	6,448

2. Basis of Presentation and Summary of Significant Accounting Policies

The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying combined and consolidated financial statements.

Basis of Presentation

Throughout the period covered by the combined and consolidated financial statements, the Business operated as part of Exela Technologies, Inc. (“Exela” or “Parent”). Consequently, stand-alone financial statements have not historically been prepared for the Business. The accompanying combined and consolidated financial statements have been prepared from Exela’s historical accounting records and are presented on a stand-alone basis as if the Business’ operations had been conducted independently from Exela. The operations of the Business are in various legal entities with a direct ownership relationship. Accordingly, Exela and its subsidiaries’ net parent investment in these operations is shown in lieu of a statement of stockholder’s equity in the combined and consolidated financial statements. The combined and consolidated financial statements and related notes to the combined and consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

The combined and consolidated statements of operations and comprehensive loss include all revenues and costs directly attributable to XBP, including costs for facilities, functions and services used by XBP. Costs for certain functions and services such as accounting, finance and IT delivered by Exela are directly charged to XBP based on specific identification when possible or based on a reasonable allocation driver such as net sales, headcount, usage or other allocation methods. Current and deferred income taxes have been determined based on the stand-alone results of XBP. However, because the Business filed as part of Exela’s tax group in certain jurisdictions, the Business’ actual tax balances may differ from those reported. The Business’ portion of its domestic and certain income taxes for jurisdictions outside the United States are deemed to have been settled in the period the related tax expense was recorded.

All intercompany transactions and balances within the Business have been eliminated. The combined and consolidated financial statements of the Business include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable to the Business. Transactions with affiliated companies owned by Exela or its subsidiaries which are not a part of the Business are reflected as related party transactions.

All of the allocations and estimates in the combined and consolidated financial statements are based on assumptions that management of Exela believes are reasonable. However, the combined and consolidated financial statements included herein may not be indicative of the financial position, results of operations, and cash flows of the Business in the future or if the Business had been a separate, stand-alone entity during the periods presented.

Actual costs that would have been incurred if XBP had been a stand-alone business would depend on multiple factors, including organizational structure and strategic decisions.

Use of Estimates in Preparation of the Combined and Consolidated Financial Statements

Estimates and judgments relied upon in preparing these combined and consolidated financial statements include revenue recognition for multiple element arrangements, allowance for doubtful accounts, inventory obsolescence costs, income taxes, depreciation, amortization, employee benefits, contingencies, goodwill, intangible assets, right of use assets and obligation, pension obligations, pension assets, and asset and liability valuations. The Business regularly assesses these estimates and records changes in estimates in the period in which they become known. The Business bases its estimates on historical experience and various other assumptions that the Business believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Segment Reporting

The Business consists of two segments:

1. The Bills & Payments business unit primarily focuses on simplifying how bills and payments are processed by businesses of all sizes and industries. It offers automation of AP and AR processes and through its platform, XBP, seeks to integrate buyers and suppliers across Europe.

2. The Technology business unit primarily focuses on sales of recurring software licenses and related maintenance, hardware solutions and related maintenance and professional services.

Cash and Cash Equivalents

Cash and cash equivalents include cash deposited with financial institutions and liquid investments with original maturity dates equal to or less than three months. All bank deposits and money market accounts are considered cash and cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are carried at the original invoice amount less an estimate made for doubtful accounts. Revenue that has been earned but remains unbilled at the end of the period is recorded as a component of accounts receivable, net. The Business specifically analyzes accounts receivable and historical bad debts, customer credit-worthiness, current economic trends, and changes in customer payment terms and collection trends when evaluating the adequacy of its allowance for doubtful accounts. The Business writes off accounts receivable balances against the allowance for doubtful accounts, net of any amounts recorded in deferred revenue, when it becomes probable that the receivable will not be collected.

Inventories

Inventories primarily include heavy-duty scanners and related parts, toner, paper stock, envelopes and postage supplies. Inventories are stated at the lower of cost or net realizable values and include the cost of raw materials, labor, and purchased subassemblies. Cost is determined using the weighted average method.

Property, Plant and Equipment

Property, plant, and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method (which approximates the use of the assets) over the estimated useful lives of the assets. When these assets are sold or otherwise disposed of, the asset and related depreciation is relieved, and any gain or loss is included in the combined and consolidated statements of operations and comprehensive loss for the period of sale or disposal. Leasehold improvements are amortized over the lease term or the useful life of the asset, whichever is shorter. Repair and maintenance costs are expensed as incurred.

Intangible Assets

Customer Relationships

Customer relationship intangible assets represent customer contracts and relationships obtained as part of acquired businesses. Customer relationship values are estimated by evaluating various factors including historical attrition rates, contractual provisions and customer growth rates, among others. The estimated average useful lives of customer relationships range from 4 to 16 years depending on facts and circumstances. These intangible assets are primarily amortized straight-line over the estimated useful life. The Business evaluates the remaining useful life of intangible assets on an annual basis to determine whether events and circumstances warrant a revision to the remaining useful life.

Developed Technology

The Business has acquired various developed technologies embedded in its technology platform. Developed technology is an integral asset to the Business in providing solutions to customers and is recorded as an intangible asset. The Business amortizes developed technology on a straight-line basis over the estimated useful life, which is typically 5 to 8.5 years.

Capitalized Software Costs

The Business capitalizes certain costs incurred to develop software products to be sold, leased or otherwise marketed after establishing technological feasibility in accordance with ASC section 985-20, Software — Costs of Software to Be Sold, Leased, or Marketed, and the Business capitalizes costs to develop or purchase internal-use software in accordance with ASC section 350-40, Intangibles — Goodwill and Other — Internal-Use Software. Significant estimates and assumptions include determining the appropriate period over which to amortize the capitalized costs based on estimated useful lives and estimating the marketability of the commercial software products and related future revenues. The Business amortizes capitalized software costs on a straight-line basis over the estimated useful life, which is typically 5 years.

Outsourced Contract Costs

Costs of outsourcing contracts, including costs incurred for bid and proposal activities, are generally expensed as incurred. However, certain costs incurred upon initiation of an outsourcing contract are deferred and expensed on a straight-line basis over the estimated contract term, which is typically 3 to 5 years. These costs represent incremental external costs or certain specific internal costs that are directly related to the contract acquisition or fulfillment activities and can be separated into two principal categories: contract commissions

and set-up/fulfillment costs. Contract fulfillment costs are capitalized only if they are directly attributable to a specifically anticipated future contract; represent the enhancement of resources that will be used in satisfying a future performance obligation (the services under the anticipated contract); and are expected to be recovered.

Impairment of Long-Lived Assets

The Business reviews the recoverability of its long-lived assets, including finite-lived trade names, trademarks, customer relationships, developed technology, capitalized software costs, outsourced contract costs, acquired software, workforce, and property, plant and equipment, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The primary measure of fair value is based on discounted cash flows based in part on the financial results and the expectation of future performance.

The Business did not record any impairment related to its property, plant, and equipment, customer relationships, developed technology, capitalized software cost or outsourced contract costs for the years ended December 31, 2022, 2021, and 2020.

Goodwill

Goodwill represents the excess purchase price over tangible and intangible assets acquired less liabilities assumed arising from business combinations. Goodwill is generally allocated to reporting units based upon relative fair value (taking into consideration other factors such as synergies) when an acquired business is integrated into multiple reporting units. The Business’ reporting units are at the operating segment level, for which discrete financial information is prepared and regularly reviewed by management. When a business within a reporting unit is disposed of, goodwill is allocated to the disposed business using the relative fair value method.

The Business conducts its annual goodwill impairment tests on October 1st of each year, or more frequently if indicators of impairment exist. When performing the annual impairment test, the Business has the option of performing a qualitative or quantitative assessment to determine if an impairment has occurred. If a qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Business would be required to perform a quantitative impairment analysis for goodwill. The quantitative analysis requires a comparison of fair value of the reporting unit to its carrying value, including goodwill. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Business uses a combination of the Guideline Public Company Method of the Market Approach and the Discounted Cash Flow Method of the Income Approach to determine the reporting unit fair value. Refer to Note 8- Intangible Assets and Goodwill for additional discussion of goodwill.

Benefit Plan Accruals

The Business has defined benefit plans in the UK, Germany, Norway and France under which participants earn a retirement benefit based upon a formula set forth in the respective plans. The Business records annual amounts relating to its pension plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return, and compensation increases. The Business reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so.

Leases

The Business determines if a contract is, or contains, a lease at contract inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities and operating lease liabilities, net of current portion in the combined and consolidated balance sheet. Finance leases are included in property, plant and equipment, current portion of finance lease liabilities and finance lease liabilities, net of current portion in the combined and consolidated balance sheet.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. In addition, ROU assets include initial direct costs incurred by the lessee as well as any lease payments made at or before the commencement date and exclude lease incentives. As most of the Business’ leases do not provide an implicit rate, the Business uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The implicit rate in the lease is used when readily determinable. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Business will exercise that option. Leases with a term of one year or less are not recorded on the balance sheet.

Finance lease ROU assets are amortized over the lease term or the useful life of the asset, whichever is shorter. The amortization of finance lease ROU assets is recorded in depreciation expense in the combined and consolidated statements of operations and comprehensive loss. For operating leases, expense is recognized for lease payments on a straight-line basis over the lease term.

Revenue Recognition

The Business accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. Revenue is measured as the amount of consideration that is expected to receive in exchange for transferring goods or providing services. The contract transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. All of the Business’ material sources of revenue are derived from contracts with customers, primarily relating to the provision of business and transaction processing services within each of the Business’ segments. The Business does not have any significant extended payment terms, as payment is received shortly after goods are delivered or services are provided.

Nature of Services

The primary performance obligations are to stand ready to provide various forms of business processing services, consisting of a series of distinct services that are substantially the same and have the same pattern of transfer over time, and accordingly are combined into a single performance obligation. The Business’ promise to our customers is typically to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of transactions processed, requests fulfilled, etc.); as such, the total transaction price is variable. The variable fees are allocated to the single performance obligation charged to the distinct service period in which the Business has the contractual right to bill under the contract.

Revenue from the sale of recurring software licenses is recognized ratably over the contractual term, unless perpetual licenses are granted, which are recognized at a point in time. Professional services revenue consists of implementation services for new customers, or implementations of new products for existing customers. Professional services are typically sold on a time-and-materials basis and billed monthly based on actual hours incurred.

Revenue from the sale of hardware solutions is recognized on a point in time basis and related maintenance are recognized ratably over the contractual term.

Disaggregation of Revenues

The following tables disaggregate revenue from contracts by geographic region for the years ended December 31, 2022, 2021, and 2020:

	Year ended December 31,
(dollars in thousands)	2022		2021		2020
France	$	66,054	$	74,305	$	74,637
Germany		55,668		56,906		62,401
United Kingdom		32,061		39,226		40,839
Sweden		17,640		23,680		24,598
Other		8,926		11,655		14,797
Total Combined Revenue	$	180,349	$	205,772	$	217,272

Contract Balances

The following table presents contract assets, contract liabilities and contract costs recognized at December 31, 2022 and 2021:

(dollars in thousands)	Balance at Beginning of Period		Change			December 31, 2021		Change			December 31, 2022
Accounts receivable, net	$	41,752	$	(6,643	)	$	35,109	$	868		$	35,977
Deferred revenues		6,398		(638	)		5,760		(100	)		5,660
Customer deposits		531		1,616			2,147		(1,086	)		1,061
Costs to obtain and fulfill a contract		107		(47	)		60		(16	)		44

Accounts receivable, net includes $9.5 million and $8.3 million as of December 31, 2022 and 2021, respectively, representing amounts not billed to customers. Unbilled receivables are accrued and represent work performed in accordance with the terms of contracts with customers.

Deferred revenues relate to payments received in advance of performance under a contract. A significant portion of this balance relates to maintenance contracts or other service contracts where the Business received payments for upfront conversions or implementation activities which do not transfer a service to the customer but rather are used in fulfilling the related performance obligations that transfer over time. The advance consideration received from customers is deferred over the contract term. The Business recognized revenue of $5.0 million during the year ended December 31, 2022 that had been deferred as of December 31, 2021. The Business recognized revenue of $4.4 million during the year ended December 31, 2021 that had been deferred as of December 31, 2020.

Performance Obligations

At the inception of each contract, the Business assesses the goods and services promised in the Business’ contracts and identifies each distinct performance obligation. The majority of our contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts. For the majority of our business and transaction processing service contracts, revenues are recognized as services are provided based on an appropriate input or output method, typically based on the related labor or transactional volumes.

Certain of our contracts have multiple performance obligations, including contracts that combine software implementation services with post-implementation customer support. For contracts with multiple performance obligations, the Business allocates the contract’s transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the Business estimates the expected costs of satisfying a performance obligation and add an appropriate margin for that distinct good or service. The adjusted market approach is also used whereby the Business estimates the price that customers in the market would be willing to pay. In assessing whether to allocate variable consideration to a specific part of the contract, the Business considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Certain of our software implementation performance obligations are satisfied at a point in time, typically when customer acceptance is obtained.

When evaluating the transaction price, the Business analyzes, on a contract-by-contract basis, all applicable variable consideration. The nature of our contracts gives rise to variable consideration, including volume discounts, contract penalties, and other similar items that generally decrease the transaction price. These amounts are estimated based on the expected amount to be provided to customers and reduce revenues recognized. The Business does not anticipate significant changes to our estimates of variable consideration.

Reimbursements from customers, such as postage costs, are included in revenue, while the related costs are included in cost of revenue.

Transaction Price Allocated to the Remaining Performance Obligations

In accordance with optional exemptions available under ASC 606, the Business did not disclose the value of unsatisfied performance obligations for (a) contracts with an original expected length of one year or less, and (b) contracts for which variable consideration relates entirely to an unsatisfied performance obligation, which comprise the majority of the Business’ contracts. The business has certain non-cancellable contracts where a fixed monthly fee is received in exchange for a series of distinct services that are substantially the same and have the same pattern of transfer over time, with the corresponding remaining performance obligations as of December 31, 2022 in each of the future periods below:

(dollars in thousands)
2023	$	2,953
2024		832
2025		669
2026 and thereafter		1,206
Total	$	5,660

Advertising

Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2022, 2021, and 2020, were $0.3 million, $0.2 million, and $0.1 million, respectively.

Research and Development

Research and development costs are expensed as incurred. Research and development expenses for the years ended December 31, 2022, 2021, and 2020, were $1.1 million, $1.1 million, and $1.0 million, respectively.

Restructuring Charges

Restructuring charges for exit and disposal activities are recognized when the liability is incurred. The liability for the restructuring charge associated with an exit or disposal activity is measured initially at its fair value. Restructuring charges for the years ended December 31, 2022, 2021, and 2020, were $0.3 million, $6.4 million, and $0.1 million, respectively.

Income Taxes

The Business accounts for income taxes by using the asset and liability method. The Business accounts for income taxes regarding uncertain tax positions and recognized interest and penalties related to uncertain tax positions in income tax expense in the consolidated statements of operations and comprehensive loss.

Deferred income taxes are recognized on the tax consequences of temporary differences by applying enacted statutory tax rates applicable in future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as determined under tax laws and rates. A valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax assets will not be realized. The Business did not consider future book income as a source of taxable income when assessing if a portion of the deferred tax assets are more likely than not to be realized. However, scheduling the reversal of existing deferred tax liabilities indicated that a portion of the deferred tax assets are likely to be realized. Therefore, partial valuation allowances were established against a portion of the Business’ deferred tax assets. In the event the Business determines that it would be able to realize deferred tax assets that have valuation allowances established, an adjustment to the net deferred tax assets would be recognized as a component of income tax expense through continuing operations.

The Business engages in transactions (i.e. acquisitions) in which the tax consequences may be subject to uncertainty and examination by the varying taxing authorities. Therefore, judgment is required by the Business in assessing and estimating the tax consequences of these transactions. While the Business’ tax returns are prepared and based on the Business’ interpretation of tax laws and regulations, in the normal course of business the tax returns are subject to examination by the various taxing authorities. Such examinations may result in future assessments of additional tax, interest and penalties. For purposes of the Business’ income tax provision, a tax benefit is not recognized if the tax position is not more likely than not to be sustained based solely on its technical merits. Considerable judgment is involved in determining which tax positions are more likely than not to be sustained. Refer to Note 11 — Income Taxes for further information.

Loss Contingencies

The Business reviews the status of each significant matter, if any, and assesses its potential financial exposure considering all available information including, but not limited to, the impact of negotiations, settlements, rulings, advice of legal counsel and other updated information and events pertaining to a particular matter. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Business accrues a liability for the estimated loss. Judgment is required in both the determination of probability and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to loss contingencies, accruals are based on the best information available at the time. As additional information becomes available, the Business reassesses the potential liability related to its pending claims and litigation and may revise its estimates. These revisions in the estimates of the potential liabilities could have a material impact on the results of operations and financial position of the Business. Our liabilities exclude any estimates for legal costs not yet incurred associated with handling these matters.

Foreign Currency Translation

The Business has determined all international subsidiaries’ functional currency is the local currency. These assets and liabilities are translated at exchange rates in effect at the balance sheet date while income and expense amounts are translated at average exchange rates during the period. The resulting foreign currency translation adjustments are disclosed as a separate component of other comprehensive loss.

Included as foreign exchange losses, net in the combined and consolidated statements of operations and comprehensive loss are net exchange loss of $1.2 million, $1.2 million and $2.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Fair Value Measurements

The Business records the fair value of assets and liabilities in accordance with ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. 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. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value.

Refer to Note 12 — Employee Benefit Plans and Note 14 — Fair Value Measurement for further discussion.

Concentration of Credit Risk

Financial instruments that potentially subject the Business to concentration of credit risk consist primarily of cash and cash equivalents and trade receivables. The Business maintains its cash and cash equivalents and certain other financial instruments with highly rated financial institutions and limits the amount of credit exposure with any one financial institution. From time to time, the Business assesses the credit worthiness of its customers. Credit risk on trade receivables is minimized because of the large number of entities comprising our client base and their dispersion across many industries and geographic areas. The Business generally has not experienced any material losses related to receivables from any individual customer or groups of customers. The Business does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in our accounts receivable, net. The Business does not have any significant customers that account for 10% or more of the total combined revenues.

Recently Adopted Accounting Pronouncements

Effective January 1, 2022, the Business adopted Accounting Standards Update (“ASU”) no. 2021-05, Leases (Topic 842): Lessors — Certain Leases with Variable Lease Payments. The ASU requires a lessor to classify a lease with variable lease payments that do not depend on an index or rate as an operating lease on the commencement date of the lease if specified criteria are met. The adoption had no material impact on the Business’s combined and consolidated results of operations, cash flows, financial position or disclosures.

Effective January 1, 2021, the Business adopted ASU no. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU simplifies the accounting for income taxes by eliminating some exceptions to the general approach in ASC 740, Income Taxes, for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a combined group. It also clarifies certain aspects of the existing guidance to promote more consistent application, among other things. The adoption had no material impact on our combined and consolidated results of operations, cash flows, financial position or disclosures.

Effective March 12, 2020, the Business adopted ASU no. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional expedients and exceptions to the guidance in GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. The guidance is effective upon issuance and generally can be applied through December 31, 2022. The adoption had no impact on the Business’ combined and consolidated results of operations, cash flows, financial position or disclosures.

Effective March 9, 2020, the Business adopted ASU no. 2020-03, Codification Improvements to Financial Instruments. This ASU represents changes to clarify or improve the Codification. The amendments make the Codification easier to understand and apply by eliminating inconsistencies and providing clarifications in relation to financial instruments. This guidance was effective immediately upon issuance. The additional elements of the ASU did not have a material impact on the Business’ combined and consolidated results of operations, cash flows, financial position, or disclosures.

Effective January 1, 2020, the Business adopted ASU no. 2018-13, Fair Value Measurement (Topic 820); which changes the fair value measurement disclosure requirements of Accounting Standards Codification (“ASC 820”). The amendments in this ASU are the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting. The FASB used the guidance in the Concepts Statement to improve the effectiveness of ASC 820’s disclosure requirements. The objective of the disclosure requirements in this subtopic is to provide users of financial statements with information about assets and liabilities measured at fair value in the statement of financial position or disclosed in the notes to financial statements. The ASU includes but is not limited to the valuation techniques and inputs that a reporting entity uses to arrive at its measures of fair value, including judgments and assumptions that the entity makes, the uncertainty in the fair value measurements as of the reporting date, and how changes in fair value measurements affect an entity’s performance and cash flows. The adoption had no material impact on the Business’ combined and consolidated results of operations, cash flows, financial position, or disclosures.

Effective January 1, 2020, the Business adopted ASU no. 2018-14, “Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans”. The standard revises the annual disclosure requirements by removing disclosures no longer considered cost beneficial, clarifying specific requirements of disclosures and

adding certain disclosures identified as relevant. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. The standard should be applied on a retrospective basis to all periods presented. The standard did not have an impact on the Business’ combined and consolidated results of operations, financial condition, or cash flows.

Effective January 1, 2020, the Business adopted ASU no. 2018-15, Intangibles, Goodwill, and Other — Internal Use Software (Subtopic 350-40): Customer’s accounting for implementation costs incurred in a Cloud Computing Arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments also require the entity (customer) to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, which includes reasonably certain renewals. The adoption had no material impact on the Business’ combined and consolidated results of operations, cash flows, financial position, or disclosures.

Recently Issued Accounting Pronouncements

In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose the key terms of supplier finance programs, the amount of obligations outstanding at the end of the reporting period that the entity has confirmed as valid to the finance provider, where these obligations are recorded in the balance sheet, and a roll forward of the obligations. The new standard is effective for fiscal years beginning after December 15, 2022, on a retrospective basis, including interim periods within those fiscal years. The Business is currently evaluating the impact that adopting this standard will have on the combined and consolidated financial statements.

In October 2021, the FASB issued ASU no. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. While primarily related to contract assets and contract liabilities that were accounted for by the acquiree in accordance with ASC 606, the amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities from the sale of nonfinancial assets within the scope of Subtopic 610-20. The ASU should be applied prospectively and is effective for the Business for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Business is currently evaluating the impact that adopting this standard will have on the combined and consolidated financial statements.

In June 2016, the FASB issued ASU no. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Business will be required to use a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. This ASU along with related additional clarificatory guidance in the ASU No. 2019-05, “Financial Instruments — Credit Losses (Topic 326)” and ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments — Credit Losses”, is effective for the Business for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Adoption of the standard will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date. The Business is currently evaluating the impact that adopting this standard will have on the combined and consolidated financial statements.

CF ACQUISITION CORP VIII [Member]

Basis of Presentation and Summary of Significant Accounting Policies [Line Items]

Basis of Presentation and Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these unaudited condensed consolidated financial statements is the determination of the fair value of the warrant liability, FPS liability and sponsor loans liability. Such estimates may be subject to change as more current information becomes available and accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments (if any) with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents in its operating account as of both September 30, 2023 and December 31, 2022, and no cash equivalents in the Trust Account as of September 30, 2023.

The Company’s investments held in the Trust Account as of December 31, 2022 were comprised of cash equivalents. Bank overdrafts (if any) are presented as Other current liability in the Company’s unaudited condensed consolidated balance sheets.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Deposit Insurance Corporation maximum coverage limit of $250,000, and cash equivalents held in the Trust Account. Any loss incurred or lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations and cash flows. For the three and nine months ended September 30, 2023 and 2022, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, Fair Value Measurement, approximates the carrying amounts represented in the unaudited condensed consolidated balance sheets, primarily due to their short-term nature, with the exception of the warrant and FPS liabilities.

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of legal, accounting, and other costs incurred in connection with the preparation for the Initial Public Offering. These costs, together with the underwriting discount, were charged against the carrying value of the shares of Class A common stock upon the completion of the Initial Public Offering.

Warrant and FPS Liability

The Company accounts for the warrants and FPS as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and FPS using applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants and FPS are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 815, including whether the warrants and FPS are indexed to the Company’s own shares of common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of issuance of the warrants and execution of the FPA and as of each subsequent quarterly period end date while the warrants and FPS are outstanding. For issued or modified warrants and for instruments to be issued pursuant to the FPA that meet all of the criteria for equity classification, such warrants and instruments are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants and for the FPA instruments that do not meet all the criteria for equity classification, such warrants and instruments are required to be recorded at their initial fair value on the date of issuance, and on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified warrants and the FPS are recognized on the unaudited condensed consolidated statements of operations in the period of the change.

The Company accounts for the warrants and FPS in accordance with guidance in ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (“ASC 815-40”), pursuant to which the warrants and FPS do not meet the criteria for equity classification and must be recorded as liabilities. See Note 7 for further discussion of the pertinent terms of the warrants and Note 8 for further discussion of the methodology used to determine the fair value of the warrants and FPS.

Sponsor Loans

The Company accounts for the liability related to the sponsor loans in accordance with the guidance in ASC 470-20, Debt — Debt with Conversion and Other Options. The loans are carried at amortized cost on the Company’s unaudited condensed consolidated balance sheets. Interest expense recognized on the Company’s unaudited condensed consolidated statements of operations reflects accretion of discount. The sponsor loans contain a contingent beneficial conversion feature which does not require financial statement recognition until the contingency (the closing of the XBP Europe Business Combination) is resolved.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its shares of Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and measured at fair value. For shares of Class A common stock subject to mandatory redemption (if any) with a fixed redemption amount and a fixed redemption date, the Company recognizes interest expense on the unaudited condensed consolidated statements of operations to reflect accretion to the redemption amount. As a result, to reflect accretion to the redemption amount, the Company recognized interest expense of approximately $210,000 and $459,000 in the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2023, respectively. Shares of conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. All of the Public Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of September 30, 2023 and December 31, 2022, 706,319 and 2,960,098 shares of Class A common stock subject to possible redemption, respectively, are presented as temporary equity outside of the stockholders’ deficit section of the Company’s unaudited condensed consolidated balance sheets. The Company recognizes any subsequent changes in redemption value immediately as they occur and adjusts the carrying value of redeemable shares of Class A common stock to the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value of redeemable shares of Class A common stock. This method would view the end of the reporting period as if it were also the redemption date for the security. The change in the carrying value of redeemable shares of Class A common stock also resulted in charges against Additional paid-in capital and Accumulated deficit.

In connection with stockholder approval of the XBP Europe Business Combination, holders of 669,661 Public Shares have validly tendered their shares for redemption upon consummation of the XBP Europe Business Combination for a pro rata portion of the funds in the Trust Account (excluding Public Shares validly tendered for redemption in connection with the XBP Europe Business Combination but which were redeemed prior to the consummation of the XBP Europe Business Combination in connection with the Fourth Extension).

Net Income (Loss) Per Share of Common Stock

The Company complies with the accounting and disclosure requirements of ASC 260, Earnings Per Share. Net income (loss) per share of common stock is computed by dividing net income (loss) applicable to stockholders by the weighted average number of shares of common stock outstanding for the applicable periods. The Company applies the two-class method in calculating earnings per share and allocates net income (loss) pro-rata to shares of Class A common stock subject to possible redemption, nonredeemable shares of Class A common stock and shares of Class B common stock. Accretion associated with the redeemable shares of Class A common stock is excluded from earnings per share as the redemption value approximates fair value.

The Company has not considered the effect of the warrants to purchase an aggregate of 6,385,000 shares of Class A common stock sold in the Initial Public Offering and the Private Placement in the calculation of diluted earnings per share, because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted earnings per share of common stock is the same as basic earnings per share of common stock for the periods presented.

The following tables reflect the calculation of basic and diluted net income (loss) per share of common stock:

	For the Three Months Ended September 30, 2023									For the Three Months Ended September 30, 2022
	Class A – Public shares			Class A – Private placement shares			Class B – Common stock			Class A – Public shares			Class A – Private placement shares			Class B – Common stock
Basic and diluted net loss per share of common stock
Numerator:
Allocation of net loss	$	(3,060,705	)	$	(13,041,658	)	$	(2,942,612	)	$	(610,725	)	$	(15,961	)	$	(184,734	)
Denominator:
Basic and diluted weighted average number of shares of common stock outstanding		1,300,165			5,540,000			1,250,000			20,662,249			540,000			6,250,000
Basic and diluted net loss per share of common stock	$	(2.35	)	$	(2.35	)	$	(2.35	)	$	(0.03	)	$	(0.03	)	$	(0.03	)

	For the Nine Months Ended September 30, 2023									For the Nine Months Ended September 30, 2022
	Class A – Public shares			Class A – Private placement shares			Class B – Common stock			Class A – Public shares		Class A – Private placement shares		Class B – Common stock
Basic and diluted net income (loss) per share of common stock
Numerator:
Allocation of net income (loss)	$	(4,345,697	)	$	(10,763,684	)	$	(5,915,203	)	$	2,733,787	$	66,219	$	766,423
Denominator:
Basic and diluted weighted average number of shares of common stock outstanding		1,769,140			4,381,912			2,408,088			22,293,390		540,000		6,250,000
Basic and diluted net income (loss) per share of common stock	$	(2.46	)	$	(2.46	)	$	(2.46	)	$	0.12	$	0.12	$	0.12

Income Taxes

The Company complies with the accounting and reporting requirements of ASC 740, Income Taxes (“ASC 740”) which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the unaudited condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. As of both September 30, 2023 and December 31, 2022, the Company had deferred tax assets with a full valuation allowance recorded against them.

ASC 740 prescribes a recognition threshold and a measurement attribute for the unaudited condensed consolidated financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by tax authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

No amounts were accrued for the payment of interest and penalties as of both September 30, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company’s current taxable income primarily consists of interest income on cash and investments held in the Trust Account. The Company’s general and administrative costs are generally considered start-up costs and are not currently deductible. During the three and nine months ended September 30, 2023, the Company recognized approximately $41,000 and approximately $67,000 of income tax expense, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2023 was (0.2)% and (0.3)%, respectively. During the three and nine months ended September 30, 2022, the Company recognized approximately $98,000 and approximately $139,000 of income tax expense, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2022 was (13.8)% and 3.7%, respectively. The Company’s effective tax rate differs from the federal statutory rate mainly due to the increase in state tax liability, change in fair value of warrant and FPS liabilities, which is not taxable and not deductible, and start-up costs, which are currently not deductible as they are deferred for tax purposes.

Recent Accounting Pronouncements

In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The standard is expected to reduce complexity and improve comparability of financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. The ASU also enhances information transparency by making targeted improvements to the related disclosures guidance. Additionally, the amendments affect the diluted earnings per share calculation for instruments that may be settled in cash or shares and for convertible instruments. The new standard will become effective for the Company beginning January 1, 2024, can be applied using either a modified retrospective or a fully retrospective method of transition and early adoption is permitted. Management is currently evaluating the impact of the new standard on the Company’s unaudited condensed consolidated financial statements.

The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited condensed consolidated financial statements.

Note 2 — Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these consolidated financial statements is the determination of the fair value of the warrant liability, FPS liability, and sponsor loans liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents in its operating account as of both December 31, 2022 and 2021. The Company’s investments held in the Trust Account as of both December 31, 2022 and 2021 were comprised of cash equivalents.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Deposit Insurance Corporation maximum coverage limit of $250,000, and cash equivalents held in the Trust Account. For the years ended December 31, 2022 and 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, Fair Value Measurement, approximates the carrying amounts represented in the consolidated balance sheets, primarily due to their short-term nature, with the exception of the warrant and FPS liabilities.

Offering Costs Associated with the Initial Public Offering

Warrant and FPS Liability

The Company accounts for the warrants and FPS as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and FPS using applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants and FPS are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 815, including whether the warrants and FPS are indexed to the Company’s own shares of common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of issuance of the warrants and execution of the FPA and as of each subsequent quarterly period end date while the warrants and FPS are outstanding. For issued or modified warrants and for instruments to be issued pursuant to the FPA that meet all of the criteria for equity classification, such warrants and instruments are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants and for the FPA instruments that do not meet all the criteria for equity classification, such warrants and instruments are required to be recorded at their initial fair value on the date of issuance, and on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified warrants and the FPS are recognized on the consolidated statements of operations in the period of the change.

The Company accounts for the warrants and FPS in accordance with guidance in ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (“ASC 815-40”), pursuant to which the warrants and FPS do not meet the criteria for equity classification and must be recorded as liabilities. See Note 7 for further discussion of the pertinent terms of the warrants and Note 9 for further discussion of the methodology used to determine the fair value of the warrants and FPS.

Sponsor Loans

The Company accounts for the liability related to the sponsor loans in accordance with the guidance in ASC 470-20, Debt — Debt with Conversion and Other Options. The loans are carried at amortized cost on the Company’s consolidated balance sheets. Interest expense recognized on the Company’s consolidated statements of operations reflects accretion of discount. The sponsor loans contain a contingent beneficial conversion feature which does not require financial statement recognition until the contingency (the closing of the XBP Europe Business Combination) is resolved.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance in ASC 480. Shares of Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and measured at fair value. For shares of Class A common stock subject to mandatory redemption (if any) with a fixed redemption amount and a fixed redemption date, the Company recognizes interest expense on the consolidated statements of operations to reflect accretion to the redemption amount. As a result, to reflect accretion to the redemption amount, the Company recognized interest expense of $689,606 in the consolidated statement of operations for the year ended December 31, 2022. Shares of conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, shares of Class A common stock are classified as stockholders’ equity. All of the Public Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of December 31, 2022 and 2021, 2,960,098 and 25,000,000 shares of Class A common stock subject to possible redemption, respectively, are presented as temporary equity outside of the stockholders’ deficit section of the Company’s consolidated balance sheets. The Company recognizes any subsequent changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A common stock to the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption amount value of redeemable Class A common stock. This method would view the end of the reporting period as if it were also the redemption date for the security. The change in the carrying value of redeemable Class A common stock also resulted in charges against Additional paid-in capital and Accumulated deficit.

Net Income (Loss) Per Share of Common Stock

The Company has not considered the effect of the warrants to purchase an aggregate of 6,385,000 shares of Class A common stock sold in the Initial Public Offering and the Private Placement in the calculation of diluted earnings per share because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted earnings per share of common stock is the same as basic earnings per share of common stock for the periods presented.

The following table reflects the calculation of basic and diluted net income (loss) per share of common stock:

	For the Year Ended December 31, 2022						For the Year Ended December 31, 2021
	Class A – Public shares		Class A – Private placement shares		Class B – Common stock		Class A – Public shares			Class A – Private placement shares			Class B – Common stock
Basic and diluted net income (loss) per share of common stock
Numerator:
Allocation of net income (loss)	$	1,722,236	$	53,386	$	617,897	$	(1,286,468	)	$	(27,788	)	$	(393,589	)
Denominator:
Basic and diluted weighted average number of shares of common stock outstanding		17,420,341		540,000		6,250,000		19,931,507			430,521			6,097,945
Basic and diluted net income (loss) per share of common stock	$	0.10	$	0.10	$	0.10	$	(0.06	)	$	(0.06	)	$	(0.06	)

Income Taxes

The Company complies with the accounting and reporting requirements of ASC 740, Income Taxes (“ASC 740”), which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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 is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. As of both December 31, 2022 and 2021, the Company had deferred tax assets with a full valuation allowance recorded against them.

ASC 740 prescribes a recognition threshold and a measurement attribute for the consolidated financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by tax authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.

No amounts were accrued for the payment of interest and penalties as of both December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company has been subject to income tax examinations by major taxing authorities since inception.

The Company’s current taxable income primarily consists of interest income on investments held in the Trust Account. The Company’s general and administrative costs are generally considered start-up costs and are currently not deductible. During the years ended December 31, 2022 and 2021, the Company recorded income tax expense of approximately $111,000 and $0, respectively. The Company’s effective tax rate for the years ended

December 31, 2022 and 2021 was 4.4% and 0%, respectively. The Company’s effective tax rate differs from the federal statutory rate mainly due to the change in fair value of warrant and FPS liabilities, which is not taxable and not deductible, and start-up costs, which are currently not deductible as they are deferred for tax purposes.

Recent Accounting Pronouncements

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories [Line Items]
Finished goods inventory net	$ 2.3	$ 2.1	$ 2.0

Accounting Policies, by Policy (Policies)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Accounting Policies, by Policy (Policies) [Line Items]

Significant Accounting Policies

Basis of Presentation

The combined and consolidated statements of operations and comprehensive loss include all revenues and costs directly attributable to XBP, including costs for facilities, functions and services used by XBP. Costs for certain functions and services such as accounting, finance and IT delivered by Exela are directly charged to XBP based on specific identification when possible or based on a reasonable allocation driver such as net sales, headcount, usage or other allocation methods. Current and deferred income taxes have been determined based on the stand-alone results of XBP. However, because the Business filed as part of Exela’s tax group in certain jurisdictions, the Business’ actual tax balances may differ from those reported. The Business’ portion of its domestic and certain income taxes for jurisdictions outside the United States are deemed to have been settled in the period the related tax expense was recorded.

All of the allocations and estimates in the combined and consolidated financial statements are based on assumptions that management of Exela believes are reasonable. However, the combined and consolidated financial statements included herein may not be indicative of the financial position, results of operations, and cash flows of the Business in the future or if the Business had been a separate, stand-alone entity during the periods presented.

Actual costs that would have been incurred if XBP had been a stand-alone business would depend on multiple factors, including organizational structure and strategic decisions.

Use of Estimates

Use of Estimates in Preparation of the Combined and Consolidated Financial Statements

Segment Reporting

The Business consists of two segments:

2. The Technology business unit primarily focuses on sales of recurring software licenses and related maintenance, hardware solutions and related maintenance and professional services

Cash and Cash Equivalents

Accounts Receivable and Allowance for Doubtful Accounts

Inventories

Property, Plant and Equipment

Intangible Assets

Customer Relationships

Developed Technology

Capitalized Software Costs

Outsourced Contract Costs

Impairment of Long-Lived Assets

Goodwill

Benefit Plan Accruals

Leases

Revenue Recognition

Nature of Services

Revenue from the sale of hardware solutions is recognized on a point in time basis and related maintenance are recognized ratably over the contractual term.

Nature of Services

The primary performance obligations are to stand ready to provide various forms of business processing services, consisting of a series of distinct services that are substantially the same and have the same pattern of transfer over time, and accordingly are combined into a single performance obligation. The Business’ promise to our customers is typically to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of transactions processed, requests fulfilled, etc.); as such, the total transaction price is variable. The variable fees are allocated to the single performance obligation charged to the distinct service period in which the Business has the contractual right to bill under the contract.

Revenue from the sale of hardware solutions is recognized on a point in time basis and related maintenance are recognized ratably over the contractual term.

Disaggregation of Revenues

The following tables disaggregate revenue from contracts by geographic region for the three and nine months ended September 30, 2023 and 2022:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
France	$	12,659	$	15,006	$	44,564	$	50,471
Germany		13,639		10,880		32,319		41,462
United Kingdom		7,482		7,686		26,903		24,291
Sweden		3,409		3,645		13,392		13,644
Other		2,989		1,836		8,072		6,854
Total Combined Revenue	$	40,178	$	39,053	$	125,250	$	136,722

Disaggregation of Revenues

The following tables disaggregate revenue from contracts by geographic region for the years ended December 31, 2022, 2021, and 2020:

	Year ended December 31,
(dollars in thousands)	2022		2021		2020
France	$	66,054	$	74,305	$	74,637
Germany		55,668		56,906		62,401
United Kingdom		32,061		39,226		40,839
Sweden		17,640		23,680		24,598
Other		8,926		11,655		14,797
Total Combined Revenue	$	180,349	$	205,772	$	217,272

Contract Balances

The following table presents contract assets, contract liabilities and contract costs recognized at September 30, 2023 and December 31, 2022:

(dollars in thousands)	September 30, 2023		December 31, 2022
Accounts receivable, net	$	32,454	$	35,977
Deferred revenues		6,448		5,660
Customer deposits		635		1,061
Costs to obtain and fulfill a contract		7		44

Contract Balances

The following table presents contract assets, contract liabilities and contract costs recognized at December 31, 2022 and 2021:

(dollars in thousands)	Balance at Beginning of Period		Change			December 31, 2021		Change			December 31, 2022
Accounts receivable, net	$	41,752	$	(6,643	)	$	35,109	$	868		$	35,977
Deferred revenues		6,398		(638	)		5,760		(100	)		5,660
Customer deposits		531		1,616			2,147		(1,086	)		1,061
Costs to obtain and fulfill a contract		107		(47	)		60		(16	)		44

Deferred revenues relate to payments received in advance of performance under a contract. A significant portion of this balance relates to maintenance contracts or other service contracts where the Business received payments for upfront conversions or implementation activities which do not transfer a service to the customer but rather are used in fulfilling the related performance obligations that transfer over time. The advance consideration received from customers is deferred over the contract term. The Business recognized revenue of $5.0 million during the year ended December 31, 2022 that had been deferred as of December 31, 2021. The Business recognized revenue of $4.4 million during the year ended December 31, 2021 that had been deferred as of December 31, 2020.

Performance Obligations

Reimbursements from customers, such as postage costs, are included in revenue, while the related costs are included in cost of revenue.

Performance Obligations

Certain of our contracts have multiple performance obligations, including contracts that combine software implementation services with post-implementation customer support. For contracts with multiple performance obligations, the Business allocates the contract’s transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the Business estimates the expected costs of satisfying a performance obligation and add an appropriate margin for that distinct good or service. The adjusted market approach is also used whereby the Business estimates the price that customers in the market would be willing to pay. In assessing whether to allocate variable consideration to a specific part of the contract, the Business considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Certain of our software implementation performance obligations are satisfied at a point in time, typically when customer acceptance is obtained.

Reimbursements from customers, such as postage costs, are included in revenue, while the related costs are included in cost of revenue.

Transaction Price Allocated to the Remaining Performance Obligations

(dollars in thousands)
Remainder of 2023	$	2,563
2024		3,448
2025		283
2026 and thereafter		154
Total	$	6,448

Transaction Price Allocated to the Remaining Performance Obligations

(dollars in thousands)
2023	$	2,953
2024		832
2025		669
2026 and thereafter		1,206
Total	$	5,660

Advertising

Advertising costs are expensed as incurred. Advertising expense for the years ended December 31, 2022, 2021, and 2020, were $0.3 million, $0.2 million, and $0.1 million, respectively.

Research and Development

Restructuring Charges

Income Taxes

Loss Contingencies

Foreign Currency Translation

Fair Value Measurements

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value.

Refer to Note 12 — Employee Benefit Plans and Note 14 — Fair Value Measurement for further discussion.

Concentration of Credit Risk

Concentration of Credit RiskFinancial instruments that potentially subject the Business to concentration of credit risk consist primarily of cash and cash equivalents and trade receivables. The Business maintains its cash and cash equivalents and certain other financial instruments with highly rated financial institutions and limits the amount of credit exposure with any one financial institution. From time to time, the Business assesses the credit worthiness of its customers. Credit risk on trade receivables is minimized because of the large number of entities comprising our client base and their dispersion across many industries and geographic areas. The Business generally has not experienced any material losses related to receivables from any individual customer or groups of customers. The Business does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in our accounts receivable, net. The Business does not have any significant customers that account for 10% or more of the total combined revenues.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose the key terms of supplier finance programs, the amount of obligations outstanding at the end of the reporting period that the entity has confirmed as valid to the finance provider, where these obligations are recorded in the balance sheet, and a roll forward of the obligations. The new standard is effective for fiscal years beginning after December 15, 2022, on a retrospective basis, including interim periods within those fiscal years. The Business is currently evaluating the impact that adopting this standard will have on the combined and consolidated financial statements.

CF ACQUISITION CORP VIII [Member]

Accounting Policies, by Policy (Policies) [Line Items]

Use of Estimates

Cash and Cash Equivalents

Income Taxes

The Company has been subject to income tax examinations by major taxing authorities since inception.

Recent Accounting Pronouncements

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Deposit Insurance Corporation maximum coverage limit of $250,000, and cash equivalents held in the Trust Account. For the years ended December 31, 2022 and 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, Fair Value Measurement, approximates the carrying amounts represented in the consolidated balance sheets, primarily due to their short-term nature, with the exception of the warrant and FPS liabilities.

Offering Costs Associated with the Initial Public Offering

Warrant and FPS Liability

The Company accounts for the warrants and FPS as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and FPS using applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants and FPS are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 815, including whether the warrants and FPS are indexed to the Company’s own shares of common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of issuance of the warrants and execution of the FPA and as of each subsequent quarterly period end date while the warrants and FPS are outstanding. For issued or modified warrants and for instruments to be issued pursuant to the FPA that meet all of the criteria for equity classification, such warrants and instruments are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants and for the FPA instruments that do not meet all the criteria for equity classification, such warrants and instruments are required to be recorded at their initial fair value on the date of issuance, and on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified warrants and the FPS are recognized on the consolidated statements of operations in the period of the change.

The Company accounts for the warrants and FPS in accordance with guidance in ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (“ASC 815-40”), pursuant to which the warrants and FPS do not meet the criteria for equity classification and must be recorded as liabilities. See Note 7 for further discussion of the pertinent terms of the warrants and Note 9 for further discussion of the methodology used to determine the fair value of the warrants and FPS.

Sponsor Loans

The Company accounts for the liability related to the sponsor loans in accordance with the guidance in ASC 470-20, Debt — Debt with Conversion and Other Options. The loans are carried at amortized cost on the Company’s consolidated balance sheets. Interest expense recognized on the Company’s consolidated statements of operations reflects accretion of discount. The sponsor loans contain a contingent beneficial conversion feature which does not require financial statement recognition until the contingency (the closing of the XBP Europe Business Combination) is resolved.

Class A Common Stock Subject to Possible Redemption

Net Income (Loss) Per Share of Common Stock

The following tables reflect the calculation of basic and diluted net income (loss) per share of common stock:

	For the Three Months Ended September 30, 2023									For the Three Months Ended September 30, 2022
	Class A – Public shares			Class A – Private placement shares			Class B – Common stock			Class A – Public shares			Class A – Private placement shares			Class B – Common stock
Basic and diluted net loss per share of common stock
Numerator:
Allocation of net loss	$	(3,060,705	)	$	(13,041,658	)	$	(2,942,612	)	$	(610,725	)	$	(15,961	)	$	(184,734	)
Denominator:
Basic and diluted weighted average number of shares of common stock outstanding		1,300,165			5,540,000			1,250,000			20,662,249			540,000			6,250,000
Basic and diluted net loss per share of common stock	$	(2.35	)	$	(2.35	)	$	(2.35	)	$	(0.03	)	$	(0.03	)	$	(0.03	)

	For the Nine Months Ended September 30, 2023									For the Nine Months Ended September 30, 2022
	Class A – Public shares			Class A – Private placement shares			Class B – Common stock			Class A – Public shares		Class A – Private placement shares		Class B – Common stock
Basic and diluted net income (loss) per share of common stock
Numerator:
Allocation of net income (loss)	$	(4,345,697	)	$	(10,763,684	)	$	(5,915,203	)	$	2,733,787	$	66,219	$	766,423
Denominator:
Basic and diluted weighted average number of shares of common stock outstanding		1,769,140			4,381,912			2,408,088			22,293,390		540,000		6,250,000
Basic and diluted net income (loss) per share of common stock	$	(2.46	)	$	(2.46	)	$	(2.46	)	$	0.12	$	0.12	$	0.12

Net Income (Loss) Per Share of Common Stock

The Company has not considered the effect of the warrants to purchase an aggregate of 6,385,000 shares of Class A common stock sold in the Initial Public Offering and the Private Placement in the calculation of diluted earnings per share because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted earnings per share of common stock is the same as basic earnings per share of common stock for the periods presented.

The following table reflects the calculation of basic and diluted net income (loss) per share of common stock:

	For the Year Ended December 31, 2022						For the Year Ended December 31, 2021
	Class A – Public shares		Class A – Private placement shares		Class B – Common stock		Class A – Public shares			Class A – Private placement shares			Class B – Common stock
Basic and diluted net income (loss) per share of common stock
Numerator:
Allocation of net income (loss)	$	1,722,236	$	53,386	$	617,897	$	(1,286,468	)	$	(27,788	)	$	(393,589	)
Denominator:
Basic and diluted weighted average number of shares of common stock outstanding		17,420,341		540,000		6,250,000		19,931,507			430,521			6,097,945
Basic and diluted net income (loss) per share of common stock	$	0.10	$	0.10	$	0.10	$	(0.06	)	$	(0.06	)	$	(0.06	)

Other (Income) Expense, Net (Restated)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Other (Income) Expense, Net (Restated) [Abstract]

Other (Income) Expense, Net (Restated)

14. Other Income, Net

The components of “Other income, net” in the condensed combined and consolidated statements of operations and comprehensive loss are summarized as follows:

	Three months ended September 30,						Nine months ended September 30,
(dollars in thousands)	2023			2022			2023			2022
Pension income, net	$	(200	)	$	(41	)	$	(589	)	$	(94	)
Total other income, net	$	(200	)	$	(41	)	$	(589	)	$	(94	)

16. Other (Income) Expense, Net (Restated)

The components of “Other (income) expense, net” in the combined and consolidated statements of operations and comprehensive loss are summarized as follows:

	Years ended December 31,
(dollars in thousands)	2022			2021 (Restated)		2020 (Restated)
Pension (income) expense, net	$	(804	)	$	834	$	(17	)
Other expense, net		—			1,308		—
Total other (income) expense, net	$	(804	)	$	2,142	$	(17	)

Fair Value Measurement (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended	12 Months Ended
Fair Value Measurement (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement [Line Items]
Aggregate commitment	$ 10,000	$ 10,000	$ 10,000
Fixed commitment amount	$ 10,000	$ 10,000	$ 10,000
Business combination percentage			80.00%
Sponsor loans			$ 7,534,106
Business combination, percentage	80.00%	100.00%
Minimum [Member]
Fair Value Measurement [Line Items]
Sponsor percentage	8.00%		8.00%
Maximum [Member]
Fair Value Measurement [Line Items]
Sponsor percentage	80.00%		80.00%
Level 3 [Member]
Fair Value Measurement [Line Items]
Fair value transfers out of level 3				$ 7,100

Debt (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt Instruments were Outstanding

As of December 31, 2022, and 2021, the following debt instruments were outstanding:

	December 31,
(dollars in thousands)	2022		2021
Term loan	$	4,489	$	4,031
Revolvers		10,852		12,127
Secured borrowings under Securitization Facility		4,075		5,665
Total debt		19,416		21,823
Less: Current portion of long-term debt		4,970		18,603
Long-term debt, net of current maturities	$	14,446	$	3,220

Schedule of Maturities of Long-Term Debt

As of September 30, 2023 and December 31, 2022, the following debt instruments were outstanding:

(dollars in thousands)	September 30, 2023		December 31, 2022
Term loan	$	3,854	$	4,489
Revolvers		12,018		10,852
Secured borrowings under Securitization Facility		1,487		4,075
Total debt		17,358		19,416
Less: Current portion of long-term debt		3,456		4,970
Long-term debt, net of current maturities	$	13,902	$	14,446

As of December 31, 2022, maturities of long-term debt are as follows:

(dollars in thousands)	Maturity
2023	$	4,970
2024		11,747
2025		169
2026		169
2027		931
Total debt		19,416
Less: Unamortized discount and debt issuance costs		23
Total maturities of long-term debt		19,393

- Definition

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.

+ References

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+ Details

Initial Public Offering (Details) - CF ACQUISITION CORP VIII [Member] - $ / shares		9 Months Ended	12 Months Ended
	Mar. 16, 2021	Sep. 30, 2023	Dec. 31, 2022
Initial Public Offering (Details) [Line Items]
Issued and outstanding shares percentage	20.00%
Initial Public Offering [Member]
Initial Public Offering (Details) [Line Items]
Sale of units		25,000,000	25,000,000
Price per share (in Dollars per share)		$ 10	$ 10
Over-Allotment Option [Member]
Initial Public Offering (Details) [Line Items]
Sale of units		3,000,000	3,000,000
Class A Common Stock [Member] \| Initial Public Offering [Member]
Initial Public Offering (Details) [Line Items]
Warrants exercise price (in Dollars per share)		$ 11.5	$ 11.5
Class B Common Stock [Member]
Initial Public Offering (Details) [Line Items]
Sponsor forfeited shares	75,000

Leases (Details) - Schedule of Maturities of Finance and Operating Lease Liabilities $ in Thousands	Dec. 31, 2022 USD ($)
Schedule of Maturities of Finance And Operating Lease Liabilities [Abstract]
2023	$ 2,184
Finance Leases, 2023	852
2024	1,437
Finance Leases, 2024	646
2025	1,211
Finance Leases, 2025	15
2026	794
Finance Leases, 2026
2027	741
Finance Leases, 2027
2028 and thereafter	363
Finance Leases, 2028 and thereafter
Total lease payments	6,730
Finance Leases, Total lease payments	1,513
Less: Imputed interest	(971)
Finance Leases, Less: Imputed interest	(98)
Present value of lease liabilities	5,759
Finance Leases, Present value of lease liabilities	$ 1,415

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Restructuring (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring [Line Items]
Restructuring liability			$ 2,200		$ 2,000	$ 4,200
					6,400
Cost of revenue	$ 31,380	$ 31,608	95,401	$ 103,580	136,787	165,022	$ 175,497
Selling general and administrative expenses	7,741	7,396	24,336	22,721	32,956	29,764	44,199
Restructuring sold amount						3,000
Recording a gain selling general and administrative expenses	$ 7,741	$ 7,396	$ 24,336	$ 22,721	$ 32,956	29,764	$ 44,199
Other Restructuring [Member]
Restructuring [Line Items]
Cost of revenue						5,600
Selling, General and Administrative Expenses [Member]
Restructuring [Line Items]
Selling general and administrative expenses						800
Recording a gain selling general and administrative expenses						$ 1,900

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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+ Details

Property, Plant and Equipment, Net (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant, and equipment, which include assets recorded under finance leases, are stated at cost less accumulated depreciation, and amortization, and consist of the following:

	Expected Useful Lives (in Years)	September 30, 2023			December 31, 2022
Buildings and improvements	7 – 40	$	8,768		$	8,788
Leasehold improvements	Shorter of life of improvement or lease term		960			967
Machinery and equipment	5 – 15		8,374			6,986
Computer equipment and software	3 – 8		30,274			29,870
Furniture and fixtures	5 – 15		7,866			7,805
Finance lease right-of-use assets	Shorter of life of the asset or lease term		4,196			4,833
			60,439			59,249
Less: Accumulated depreciation and amortization			(46,328	)		(44,629	)
Total property, plant and equipment, net		$	14,111		$	14,620

Property, plant, and equipment, which include assets recorded under finance leases, are stated at cost less accumulated depreciation, and amortization, and consist of the following:

(dollars in thousands)	Expected Useful Lives (in Years)	December 31,
(dollars in thousands)	Expected Useful Lives (in Years)	2022			2021
Buildings and improvements	7 – 40	$	8,788		$	5,074
Leasehold improvements	Shorter of life of improvement or lease term		967			1,039
Vehicles	5 – 7		—			3
Machinery and equipment	5 – 15		6,986			7,133
Computer equipment and software	3 – 8		29,870			30,958
Furniture and Fixtures	5 – 15		7,805			8,129
Finance lease right-of use assets	Shorter of life of the asset or lease term		4,833			5,126
			59,249			57,462
Less: Accumulated depression and amortization			(44,629	)		(44,448	)
Total property, plant and equipment, net		$	14,620		$	13,014

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets Current [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

	December 31,
(dollars in thousands)	2022		2021
Prepaid postage	$	2,048	$	2,406
Prepaid insurance		765		701
Prepaid maintenance		390		793
Government receivables		3,496		3,942
Deferred stock issuance costs		478		—
Other prepaids		1,596		2,191
Total prepaid expenses and other current assets	$	8,773	$	10,033

Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 60,439	$ 59,249	$ 57,462
Less: Accumulated depression and amortization		(44,629)	(44,448)
Total property, plant and equipment, net	14,111	14,620	13,014
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 8,768	$ 8,788	5,074
Buildings and improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	7 years	7 years
Buildings and improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	40 years	40 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Useful Lives	Shorter of life of improvement or lease term	Shorter of life of improvement or lease term
Expected Useful Lives, Gross	$ 960	$ 967	1,039
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross			3
Vehicles [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)		5 years
Vehicles [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)		7 years
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 8,374	$ 6,986	7,133
Machinery and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	5 years	5 years
Machinery and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	15 years	15 years
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 30,274	$ 29,870	30,958
Computer equipment and software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	3 years	3 years
Computer equipment and software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	8 years	8 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 7,866	$ 7,805	8,129
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	5 years	5 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	15 years	15 years
Finance lease right-of use assets [Member]
Property, Plant and Equipment [Line Items]
Useful Lives	Shorter of life of the asset or lease term	Shorter of life of the asset or lease term
Expected Useful Lives, Gross	$ 4,196	$ 4,833	$ 5,126

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes (Tables) [Line Items]

Schedule of Income Tax Provision

The income tax provision consists of the following:

	Years ended December 31,
(In thousands)	2022		2021		2020
Current income taxes
Federal	$	—	$	—	$	—
State		—		—		—
Foreign		1,653		886		776
Total Current	$	1,653	$	886	$	776

Deferred income taxes
Federal	$	—	$	—	$	—
State		—		—		—
Foreign		909		2,034		3,726
Total Deferred	$	909	$	2,034	$	3,726
Total income tax provision	$	2,562	$	2,920	$	4,502

Schedule of Domestic and Foreign Components

The following represents the domestic and foreign components of loss before income tax provision:

	Years ended December 31,
(In thousands)	2022			2021			2020
U.S.	$	—		$	—		$	—
Foreign		(5,367	)		(9,808	)		(23,875	)
Total	$	(5,367	)	$	(9,808	)	$	(23,875	)

Schedule of Deferred Taxes Assets (Liabilities)

Significant components of our deferred taxes assets (liabilities) are as follows:

	Years ended December 31,
(In thousands)	2022			2021
Deferred income tax assets:
Property, plant, and equipment	$	228		$	481
Defined benefit liability		4,214			5,684
Bad debt reserve		163			237
Inventories		160			136
Accrued liabilities		2,125			4,820
Accrued pension liabilities		699			845
Operating lease liabilities		258			992
Net operating loss		19,711			18,897
Total deferred income tax assets	$	27,558		$	32,092

Deferred income tax liabilities:
Stock-based compensation	$	—		$	(41	)
Operating lease right of use assets		(280	)		(986	)
Intangible assets		(777	)		(890	)
Total deferred income tax liabilities	$	(1,057	)	$	(1,917	)

Valuation allowance		(19,446	)		(20,621	)
Total net deferred income tax assets	$	7,055		$	9,554

Schedule of Federal Statutory Income Tax and the Effective Income Tax on Pretax Loss

A reconciliation of the significant differences between the federal statutory income tax and the effective income tax on pretax loss is as follows:

	Years ended December 31,
(In thousands)	2022			2021			2020
Tax expense at statutory rate	$	(1,128	)	$	(2,112	)	$	(5,041	)
Foreign rate difference		428			(107	)		(280	)
Foreign tax expense		—			—			61
Return to provision adjustments		399			—			—
Rate change		(561	)		—			—
Change in valuation allowance		2,296			4,153			11,243
Currency translation adjustment		—			—			—
Permanent differences		1,129			986			(1,220	)
Tax credit		—			—			—
Trade tax		—			—			2
Other		—			—			(263	)
Income tax expense	$	2,562		$	2,920		$	4,502

CF ACQUISITION CORP VIII [Member]

Income Taxes (Tables) [Line Items]

Schedule of Deferred Taxes Assets (Liabilities)

The Company’s net deferred tax assets as of December 31, 2022 and 2021 are as follows:

	As of December 31,
	2022			2021
Deferred tax assets
Start-up/organizational costs	$	935,979		$	501,658
Deferred compensation		41,153			30,777
Accrued bonus		5,250			—
Net operating loss carryforwards		—			38,703
Total deferred tax assets		982,382			571,138
Valuation allowance		(982,382	)		(571,138	)
Deferred tax assets, net of allowance	$	—		$	—

Schedule of Federal Statutory Income Tax and the Effective Income Tax on Pretax Loss

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows for the years ended December 31, 2022 and 2021:

	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021
Statutory federal income tax rate	21.0	%	21.0	%
Change in fair value of warrant liability	(42.9	)%	37.1	%
Change in fair value of FPS liability	4.2	%	(24.7	)%
Change in valuation allowance	16.3	%	(33.4	)%
Nondeductible interest expense	5.8	%	—	%
Effective Tax Rate	4.4	%	—	%

Schedule of Income Tax Provision

The income tax provision for the years ended December 31, 2022 and 2021 consists of the following:

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Current
Federal	$	111,023		$	—
State		—			—
Deferred
Federal		(411,243	)		(571,138	)
State		—			—
Change in valuation allowance		411,243			571,138
Income tax provision	$	111,023		$	—

Inventories (Details) - Schedule of Inventories Net - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Inventories Net [Abstract]
Finished goods		$ 6,607	$ 6,135
Allowance for obsolescence		(2,081)	(2,042)
Total inventories, net	$ 4,157	$ 4,526	$ 4,093

Related Parties (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Related Parties [Abstract]

Schedule of Components of Related party expense

The components of “Related party expense” in the condensed combined and consolidated statements of operations and comprehensive loss are summarized as follows:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Related party shared services	$	984	$	971	$	2,760	$	3,115
Related party royalty		209		153		432		440
Related party management fee		136		1,293		435		3,497
Total related party expense	$	1,329	$	2,417	$	3,627	$	7,052

The components of “Related party expense” in the combined and consolidated statements of operations and comprehensive loss are summarized as follows:

	Years ended December 31,
(dollars in thousands)	2022		2021		2020
Related party shared services	$	4,051	$	4,280	$	4,042
Related party royalty		631		530		538
Related party management fee		3,627		4,997		6,026
Total related party expense	$	8,309	$	9,807	$	10,606

Description of the Business	9 Months Ended	12 Months Ended
Description of the Business	Sep. 30, 2023	Dec. 31, 2022
Description of the Business [Line Items]
Description of the Business	1. Description of the Business XBP Europe, Inc. (“XBP”, “the Business” or “our”) is a pan-European integrator of bills, payments and related solutions and services seeking to enable digital transformation of businesses. The Business’ name — “XBP” — stands for “exchange for bills and payments” and reflects the Business’ strategy to facilitate connections between buyers and suppliers to optimize clients’ bills and payments and related digitization processes. XBP believes its business ultimately advances digital transformation, improves market-wide liquidity, and encourages sustainable business practices. The Business provides business process management solutions with proprietary software suites and deep domain expertise, serving as a technology and operations partner for its clients’ strategic journeys and streamlining their complex, disconnected payment processes. The Business serves over 2,000 clients across Europe, the Middle East and Africa (“EMEA”). The Business client relationships span multiple industries, including banking, healthcare, insurance, and the public sector. The Business is able to deploy its solutions to clients in any EMEA market due to its cloud-based structure. Its physical footprint spans 15 countries with 34 locations. Merger/Business Combination with CF Acquisition Corp. VIII On October 9, 2022, XBP entered into an Agreement and Plan of Merger (“Merger Agreement”) with CF Acquisition Corp. VIII, a special purpose acquisition company (“CF VIII”), whereby the business combination will be accounted for as a reverse capitalization in accordance with Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). Under this method of accounting, CF VIII will be treated as the “acquired” company for financial reporting purposes with XBP surviving as a direct wholly-owned subsidiary of CF VIII. The Merger Agreement contains customary representations, warranties, closing conditions and other terms relating to the business combination. The transaction is expected to close in the second half of 2023, subject to approval from CF VIII shareholders.
CF ACQUISITION CORP VIII [Member]
Description of the Business [Line Items]
Description of the Business	Note 1 — Description of Organization, Business Operations and Basis of Presentation CF Acquisition Corp. VIII (the “Company”) was incorporated in Delaware on July 8, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Although the Company is not limited in its search for target businesses to a particular industry or sector for the purpose of consummating the Business Combination, the Company intends to focus its search on companies operating in the financial services, healthcare, real estate services, technology and software industries. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of September 30, 2023, the Company had not commenced operations. All activity through September 30, 2023 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”) described below, and the Company’s efforts toward locating and completing a suitable Business Combination. The Company will not generate any operating revenues until after the completion of the Business Combination, at the earliest. During the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022, the Company generated non-operating income in the form of interest income on investments in money market funds that invested in U.S. government debt securities and classified as cash equivalents from the proceeds derived from the Initial Public Offering. In addition, during the three and nine months ended September 30, 2023, the Company generated non-operating income in the form of interest income from cash deposited in a demand account held at a U.S. bank. During the three and nine months ended September 30, 2022, the Company also generated non-operating income in the form of interest income from direct investments in U.S. government debt securities. During the three and nine months ended September 30, 2023 and 2022, the Company recognized changes in the fair value of the warrant liability and FPS (as defined below) liability as other income (loss). The Company’s sponsor is CFAC Holdings VIII, LLC (the “Sponsor”). The registration statements for the Initial Public Offering became effective on March 11, 2021. On March 16, 2021, the Company consummated the Initial Public Offering of 25,000,000 units (each, a “Unit” and with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), including 3,000,000 Units sold upon the partial exercise of the underwriters’ over-allotment option, at a purchase price of $10.00 per Unit, generating gross proceeds of $250,000,000, which is described in Note 3. Each Unit consists of one share of Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50. Each warrant will become exercisable 30 days after the completion of the Business Combination and will expire 5 years after the completion of the Business Combination, or earlier upon redemption or liquidation. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 540,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit to the Sponsor in a private placement, generating gross proceeds of $5,400,000, which is described in Note 4. The proceeds of the Private Placement Units were deposited into the Trust Account (as defined below) and will be used to fund the redemption of the Public Shares subject to the requirements of applicable law (see Note 4). Offering costs amounted to approximately $4,900,000, consisting of $4,500,000 of underwriting fees and approximately $400,000 of other costs. Following the closing of the Initial Public Offering and sale of the Private Placement Units on March 16, 2021, an amount of $250,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units (see Note 4) was placed in a trust account (the “Trust Account”) located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company (“Continental”) acting as trustee, which were initially invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company. To mitigate the risk of the Company being deemed to be an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act) and thus be subject to regulation under the Investment Company Act, on March 16, 2023, the 24-month anniversary of the effective date of the registration statement for the Initial Public Offering, the Company instructed Continental, the trustee with respect to the Trust Account, to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest-bearing demand deposit account at Citibank, N.A., with Continental continuing to act as trustee, until the earlier of the consummation of the Business Combination or the distribution of the Trust Account. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from the Initial Public Offering and Private Placement are no longer invested in U.S. government debt securities or money market funds that invest in U.S. government debt securities. Merger Agreement with XBP Europe, Inc. — On October 9, 2022, the Company entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”) by and among the Company, Sierra Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company (“Merger Sub”), BTC International Holdings, Inc., a Delaware corporation (“Parent”), and XBP Europe, Inc., a Delaware corporation and a direct wholly owned subsidiary of Parent (“XBP Europe”). Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, Merger Sub will merge with and into XBP Europe (the “Merger” and together with the other transactions contemplated by the Merger Agreement, the “XBP Europe Business Combination”) whereby the separate existence of Merger Sub will cease and XBP Europe will be the surviving corporation of the Merger and become a wholly owned subsidiary of the Company. The board of directors and stockholders of the Company have approved the Merger and the XBP Europe Business Combination. The closing of the XBP Europe Business Combination is subject to customary closing conditions, including the receipt of certain regulatory approvals. Certain existing agreements of the Company, including, but not limited to, the business combination marketing agreement, have been or will be amended or amended and restated in connection with the XBP Europe Business Combination, all as further described in the definitive proxy statement filed by the Company with the SEC on August 4, 2023 (the “XBP Europe Proxy Statement”). For more information related to the XBP Europe Business Combination, reference should be made to the Form 8-K that was filed by the Company with the SEC on October 11, 2022, the XBP Europe Proxy Statement and the other filings that the Company has made with the SEC. Initial Business Combination — The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating the Business Combination, including the XBP Europe Business Combination. There is no assurance that the Company will be able to complete the Business Combination successfully. The Company must complete one or more Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete the Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of the Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of the Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account. The per share amount to be distributed to public stockholders who redeem the Public Shares will not be reduced by the Marketing Fee (as defined in Note 4). There will be no redemption rights upon the completion of the Business Combination with respect to the Company’s warrants. The Company will proceed with the Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of the Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its amended and restated certificate of incorporation (as may be amended, the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”) and file tender offer documents with the SEC prior to completing the Business Combination. If, however, stockholder approval of the Business Combination is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed Business Combination. If the Company seeks stockholder approval in connection with the Business Combination, the initial stockholders (as defined below) have agreed to vote their Founder Shares (as defined in Note 4), their Private Placement Shares (as defined in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of the Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and any Public Shares held by the initial stockholders in connection with the completion of the Business Combination. Notwithstanding the foregoing, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A common stock sold in the Initial Public Offering, without the prior consent of the Company. On August 24, 2023, the Company held a special meeting of stockholders (the “Special Meeting”) in connection with the XBP Europe Business Combination, at which the stockholders approved the XBP Europe Business Combination. The closing of the XBP Europe Business Combination is subject to customary closing conditions, including the receipt of certain regulatory approvals. The Sponsor and the Company’s officers and directors (the “initial stockholders”) have agreed not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) that would affect the substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination or to redeem 100% of the Public Shares if the Company does not complete the Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. Forward Purchase Contract — In connection with the Initial Public Offering, the Sponsor committed, pursuant to a forward purchase contract with the Company (the “FPA”), to purchase, in a private placement for gross proceeds of $10,000,000 to occur concurrently with the consummation of the initial Business Combination, 1,000,000 of the Company’s Units on substantially the same terms as the sale of Units in the Initial Public Offering at $10.00 per Unit, and 250,000 shares of Class A common stock (for no additional consideration) (the securities issuable pursuant to the FPA, the “FPS”). The funds from the sale of the FPS will be used as part of the consideration to the sellers in the initial Business Combination; any excess funds from this private placement will be used for working capital in the post-transaction company. This commitment is independent of the percentage of stockholders electing to redeem their Public Shares and provides the Company with a minimum funding level for the initial Business Combination. Failure to Consummate a Business Combination — The Company has until March 16, 2024 (which was originally March 16, 2022 and has been extended by the Extensions (as defined below)), or a later date approved by the Company’s stockholders in accordance with the Amended and Restated Certificate of Incorporation, to consummate the Business Combination (the “Combination Period”). If the Company is unable to complete the Business Combination by the end of the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, other than excise tax (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii), to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete the Business Combination within the Combination Period. On March 8, 2022, at a special meeting of the Company’s stockholders, the Company’s stockholders approved an extension of the expiration of the period in which the Company has to consummate the Business Combination from March 16, 2022 to September 30, 2022 (the “First Extension”). In connection with the First Extension, on March 9, 2022, the Sponsor loaned the Company an aggregate amount of $4,424,015 ($0.20 for each Public Share that was not redeemed in connection with the First Extension) (the “First Extension Loan”). The proceeds of the First Extension Loan were deposited into the Trust Account on March 9, 2022. On September 27, 2022, at a special meeting of the Company’s stockholders, the Company’s stockholders approved an additional extension of the expiration of the period in which the Company has to consummate the Business Combination from September 30, 2022 to March 16, 2023 (the “Second Extension”). In connection with the Second Extension, on September 30, 2022, the Sponsor loaned the Company an aggregate amount of $976,832 ($0.33 for each Public Share that was not redeemed in connection with the Second Extension) (the “Second Extension Loan”). The proceeds of the Second Extension Loan were deposited into the Trust Account on September 30, 2022. On March 14, 2023, at a special meeting of the Company’s stockholders, the Company’s stockholders approved an additional extension of the expiration of the period in which the Company has to consummate the Business Combination from March 16, 2023 to September 16, 2023 or an earlier date determined by the board of directors of the Company (the “Third Extension”). In connection with the Third Extension, the Sponsor loaned the Company an aggregate amount of $344,781 (the “Third Extension Loan”). In connection with the stockholder vote to approve the Third Extension, 1,523,509 Public Shares were redeemed at approximately $10.69 a share, resulting in a reduction of $16,290,945 in the amount held in the Trust Account. On September 14, 2023, at a special meeting of the Company’s stockholders, the Company’s stockholders approved an additional extension of the expiration of the period in which the Company has to consummate the Business Combination from September 16, 2023 to March 16, 2024 or an earlier date determined by the board of directors of the Company (the “Fourth Extension,” and together with the First Extension, the Second Extension and the Third Extension, the “Extensions”). In connection with the stockholder vote to approve the Fourth Extension, 730,270 Public Shares were redeemed at approximately $11.06 a share, resulting in a reduction of $8,075,492 in the amount held in the Trust Account. Each of the First Extension Loan, the Second Extension Loan and the Third Extension Loan bears no interest and is due and payable on the date on which the Company consummates the initial Business Combination. The principal balance of each loan may be prepaid at any time with funds outside of the Trust Account. Pursuant to the terms and conditions of the XBP Europe Business Combination, in connection with the consummation of the XBP Europe Business Combination, all amounts outstanding under each of the First Extension Loan, the Second Extension Loan and the Third Extension Loan will be converted into shares of Class A common stock at $10.00 per share in accordance with, and subject to the exceptions set forth in, the Merger Agreement. The XBP Europe Business Combination is anticipated to close during the Combination Period. If the XBP Europe Business Combination does not close during the Combination Period, the Company may seek approval from its stockholders to further extend the Combination Period. The initial stockholders have agreed to waive their liquidation rights from the Trust Account with respect to the Founder Shares and the Private Placement Shares if the Company fails to complete the Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete the Business Combination within the Combination Period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account below $10.00 per share. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account, except for the Company’s underwriters and independent registered public accounting firm. Liquidity and Capital Resources As of September 30, 2023 and December 31, 2022, the Company had $65,000 and approximately $41,200, respectively, of cash in its operating account. As of September 30, 2023 and December 31, 2022, the Company had a working capital deficit of approximately $11,566,000 and $9,209,000, respectively. As of September 30, 2023 and December 31, 2022, approximately $228,000 and $276,000, respectively, of interest income earned on funds held in the Trust Account was available to pay taxes. The Company’s liquidity needs through September 30, 2023 have been satisfied through a contribution of $25,000 from the Sponsor in exchange for the issuance of the Founder Shares, a loan of approximately $79,000 from the Sponsor pursuant to a promissory note (the “Pre-IPO Note”) (see Note 4), the proceeds from the sale of the Private Placement Units not held in the Trust Account, the Sponsor Loan (as defined below), the First Working Capital Loan (as defined below), the Second Working Capital Loan (as defined below), the Third Working Capital Loan (as defined below) and the Fourth Working Capital Loan (as defined below). The Company fully repaid the Pre-IPO Note upon completion of the Initial Public Offering. In addition, in order to finance transaction costs in connection with the Business Combination, the Sponsor loaned the Company $1,750,000 to fund the Company’s expenses relating to investigating and selecting a target business and other working capital requirements after the Initial Public Offering and prior to the Business Combination (the “Sponsor Loan”). If the Sponsor Loan is insufficient, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company with Working Capital Loans (as defined in Note 4). On March 9, 2022, the Company borrowed $4,424,015 ($0.20 for each Public Share that was not redeemed in connection with the First Extension) from the Sponsor pursuant to the First Extension Loan, which was deposited into the Trust Account. On June 30, 2022, the Company entered into a Working Capital Loan (the “First Working Capital Loan”) with the Sponsor in the amount of up to $1,000,000 in connection with advances the Sponsor has made to the Company for working capital expenses, which First Working Capital Loan has been fully drawn by the Company. On September 30, 2022, the Company borrowed $976,832 ($0.33 for each Public Share that was not redeemed in connection with the Second Extension) from the Sponsor pursuant to the Second Extension Loan, which was deposited into the Trust Account. On October 14, 2022, the Company entered into a second Working Capital Loan with the Sponsor in the amount of up to $750,000 (the “Second Working Capital Loan”) in connection with advances the Sponsor has made to the Company for working capital expenses, which Second Working Capital Loan has been fully drawn by the Company. On March 15, 2023, the Company entered into the Third Extension Loan with the Sponsor, pursuant to which the Sponsor loaned the Company $344,781 in the aggregate. On March 31, 2023, the Company entered into a third Working Capital Loan with the Sponsor in the amount of up to $500,000 (the “Third Working Capital Loan”) in connection with advances the Sponsor has made to the Company for working capital expenses, which Third Working Capital Loan has been fully drawn by the Company. On August 31, 2023, the Company entered into a fourth Working Capital Loan with the Sponsor in the amount of up to $300,000 (the “Fourth Working Capital Loan”) in connection with advances the Sponsor has made and will make to the Company for working capital expenses. Each of the First Extension Loan, the First Working Capital Loan, the Second Extension Loan, the Second Working Capital Loan, the Third Extension Loan, the Third Working Capital Loan and the Fourth Working Capital Loan bears no interest and is due and payable on the date on which the Company consummates the initial Business Combination. The principal balance of each loan may be prepaid at any time with funds outside of the Trust Account. Pursuant to the terms and conditions of the XBP Europe Business Combination, in connection with the consummation of the XBP Europe Business Combination, all amounts outstanding under each of the Sponsor Loan, the First Working Capital Loan, the Second Working Capital Loan, the Third Working Capital Loan, the Fourth Working Capital Loan, the First Extension Loan, the Second Extension Loan and the Third Extension Loan will be converted into shares of Class A common stock at $10.00 per share in accordance with, and subject to the exceptions set forth in, the Merger Agreement. As of September 30, 2023 and December 31, 2022, the carrying amounts of the loans payable by the Company to the Sponsor were approximately $9,906,000 and $8,200,000, respectively. As of September 30, 2023 and December 31, 2022, the face amounts of these loans were approximately $9,906,000 and $8,500,000, respectively. See “Related Party Loans” below for additional information. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, to meet its needs through the earlier of the consummation of the Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective target businesses, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. Basis of Presentation The unaudited condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of September 30, 2023 and the results of operations and cash flows for the periods presented. Certain information and disclosures normally included in unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year or any future period. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Form 10-K and the final prospectus filed by the Company with the SEC on March 29, 2023 and March 15, 2021, respectively and our Form 10-K/A for the year ended December 31, 2022, as filed with the SEC on April 25, 2023. Principles of Consolidation The unaudited condensed consolidated financial statements of the Company include its wholly-owned subsidiary. All intercompany accounts and transactions are eliminated in consolidation. Going Concern In connection with the Company’s going concern considerations in accordance with guidance in the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements — Going Concern, the Company has until March 16, 2024 to consummate the Business Combination. The Company’s mandatory liquidation date, if the Business Combination is not consummated, raises substantial doubt about the Company’s ability to continue as a going concern. These unaudited condensed consolidated financial statements do not include any adjustments related to the recovery of the recorded assets or the classification of the liabilities should the Company be unable to continue as a going concern. As discussed in Note 1, in the event of a mandatory liquidation, within ten business days, the Company will redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, other than excise tax (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares. Emerging Growth Company The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Inflation Reduction Act of 2022 On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded U.S. corporations and certain U.S. subsidiaries of publicly traded foreign corporations that occur after December 31, 2022. The excise tax is imposed on the repurchasing corporation itself and not its stockholders from which the shares are repurchased. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury Department”) has authority to promulgate regulations and provide other guidance regarding the excise tax. In December 2022, the Treasury Department issued Notice 2023-2, Initial Guidance Regarding the Application of the Excise Tax on Repurchases of Corporate Stock under Section 4501 of the Internal Revenue Code, indicating its intention to propose such regulations and issuing certain interim rules on which taxpayers may rely. Under the interim rules, liquidating distributions made by special purpose acquisition companies are exempt from the excise tax. In addition, any redemptions that occur in the same taxable year as a liquidation is completed will also be exempt from such tax. Any redemption or other repurchase that occurs after December 31, 2022, in connection with the Business Combination, extension vote or otherwise (such as in connection with the Third Extension), may be subject to the excise tax depending on a number of factors. Because the excise tax would be payable by the Company and not by the redeeming stockholders, the mechanics of any required payment of the excise tax have not yet been determined. Based on the IR Act and the guidance currently available, the Company does not expect the excise tax to apply to redemptions occurring in the same taxable year as the consummation of the XBP Europe Business Combination, because the fair market value of the common stock to be issued in connection with the consummation of the XBP Europe Business Combination is expected to be larger than the aggregate fair market value of the redeemed shares of the Company’s common stock occurring during 2023. However, if the excise tax is due, it would be payable by the Company and not by the redeeming holder. The obligation of the Company to pay any excise tax could cause a reduction in the cash available on hand to complete the Business Combination, in the Company’s ability to complete the Business Combination, or a reduction in cash available to the Company after consummation of the XBP Europe Business Combination. At this time, it has been determined that none of the IR Act tax provisions have an impact to the Company’s fiscal 2023 tax provision. Management will continue to monitor any updates to the Company’s business along with guidance issued with respect to the IR Act to determine any impact on the Company’s unaudited condensed consolidated financial statements.	Note 1 — Description of Organization, Business Operations and Basis of Presentation CF Acquisition Corp. VIII (the “Company”) was incorporated in Delaware on July 8, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Although the Company is not limited in its search for target businesses to a particular industry or sector for the purpose of consummating a Business Combination, the Company intends to focus its search on companies operating in the financial services, healthcare, real estate services, technology and software industries. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2022, the Company had not commenced operations. All activity through December 31, 2022 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”) described below, and the Company’s efforts toward locating and completing a suitable Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. During the years ended December 31, 2022 and 2021, the Company generated non-operating income in the form of interest income on investments in money market funds that invest in U.S. government debt securities and classified as cash equivalents from the proceeds derived from the Initial Public Offering, and recognized changes in the fair value of the warrant liability and FPS (as defined below) liability as other income (loss). In addition, during the year ended December 31, 2022, the Company generated non-operating income in the form of interest income from direct investments in U.S. government debt securities. The Company’s sponsor is CFAC Holdings VIII, LLC (the “Sponsor”). The registration statements for the Initial Public Offering became effective on March 11, 2021. On March 16, 2021, the Company consummated the Initial Public Offering of 25,000,000 units (each, a “Unit” and with respect to the shares of Class A common stock included in the Units sold, the “Public Shares”), including 3,000,000 Units sold upon the partial exercise of the underwriters’ over-allotment option, at a purchase price of $10.00 per Unit, generating gross proceeds of $250,000,000, which is described in Note 3. Each Unit consists of one share of Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50. Each warrant will become exercisable 30 days after the completion of the Business Combination and will expire 5 years after the completion of the Business Combination, or earlier upon redemption or liquidation. Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 540,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit to the Sponsor in a private placement, generating gross proceeds of $5,400,000, which is described in Note 4. The proceeds of the Private Placement Units were deposited into the Trust Account (as defined below) and will be used to fund the redemption of the Public Shares subject to the requirements of applicable law (see Note 4). Offering costs amounted to approximately $4,900,000, consisting of $4,500,000 of underwriting fees and approximately $400,000 of other costs. Following the closing of the Initial Public Offering and sale of the Private Placement Units on March 16, 2021, an amount of $250,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units (see Note 4) was placed in a trust account (the “Trust Account”) located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, which may be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below. On March 16, 2023, the Company instructed Continental Stock Transfer & Trust Company to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest-bearing demand deposit account at Citibank, N.A., with Continental Stock Transfer & Trust Company continuing to act as trustee, until the earlier of the consummation of the initial business combination or liquidation. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from the Initial Public Offering and Private Placement are no longer invested in U.S. government debt securities or money market funds that invest in U.S. government debt securities. Merger Agreement with XBP Europe, Inc. — On October 9, 2022, the Company entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”) by and among the Company, Sierra Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of the Company (“Merger Sub”), BTC International Holdings, Inc., a Delaware corporation (“Parent”), and XBP Europe, Inc., a Delaware corporation and a direct wholly owned subsidiary of Parent (“XBP Europe”). Pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, Merger Sub will merge with and into XBP Europe (the “Merger” and together with the other transactions contemplated by the Merger Agreement, the “XBP Europe Business Combination”) whereby the separate existence of Merger Sub will cease and XBP Europe will be the surviving corporation of the Merger and become a wholly owned subsidiary of the Company. The board of directors of the Company has unanimously approved the Merger and the XBP Europe Business Combination. The closing of the XBP Europe Business Combination will require the approval of the stockholders of the Company and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. Certain existing agreements of the Company, including, but not limited to, the business combination marketing agreement, have been or will be amended or amended and restated in connection with the XBP Europe Business Combination, all as further described in the proxy statement initially filed by the Company with the SEC on February 13, 2023 (as amended from time to time, the “XBP Europe Proxy Statement”). For more information related to the XBP Europe Business Combination, reference should be made to the Form 8-K that was filed by the Company with the SEC on October 11, 2022 and the XBP Europe Proxy Statement. Initial Business Combination — The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination, including the XBP Europe Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide the holders of the Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per Public Share). The per share amount to be distributed to public stockholders who redeem the Public Shares will not be reduced by the Marketing Fee (as defined in Note 4). There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. The Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its amended and restated certificate of incorporation (as may be amended, the “Amended and Restated Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the Business Combination is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed Business Combination. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) have agreed to vote their Founder Shares (as defined in Note 4), their Private Placement Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and any Public Shares held by the initial stockholders in connection with the completion of a Business Combination. Notwithstanding the foregoing, the Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Class A common stock sold in the Initial Public Offering, without the prior consent of the Company. The Sponsor and the Company’s officers and directors (the “initial stockholders”) have agreed not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) that would affect the substance or timing of the Company’s obligation to allow redemption in connection with its initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. Forward Purchase Contract — In connection with the Initial Public Offering, the Sponsor committed, pursuant to a forward purchase contract with the Company (the “FPA”), to purchase, in a private placement for gross proceeds of $10,000,000 to occur concurrently with the consummation of an initial Business Combination, 1,000,000 of the Company’s Units on substantially the same terms as the sale of Units in the Initial Public Offering at $10.00 per Unit, and 250,000 shares of Class A common stock (for no additional consideration) (the securities issuable pursuant to the FPA, the “FPS”). The funds from the sale of the FPS will be used as part of the consideration to the sellers in the initial Business Combination; any excess funds from this private placement will be used for working capital in the post-transaction company. This commitment is independent of the percentage of stockholders electing to redeem their Public Shares and provides the Company with a minimum funding level for the initial Business Combination. Failure to Consummate a Business Combination — The Company has until September 16, 2023 (which was originally March 16, 2022 and was extended to September 16, 2023 in the Extensions (as defined below) and the Third Extension (as defined in Note 10)), or a later date approved by the Company’s stockholders in accordance with the Amended and Restated Certificate of Incorporation, to consummate a Business Combination (the “Combination Period”). If the Company is unable to complete a Business Combination by the end of the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii), to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period. On March 8, 2022, at a special meeting of the Company’s stockholders, the Company’s stockholders approved an extension of the expiration of the period in which the Company has to consummate a Business Combination from March 16, 2022 to September 30, 2022 (the “First Extension”). In connection with the approval of the First Extension, on March 9, 2022, the Sponsor loaned the Company an aggregate amount of $4,424,015 ($0.20 for each Public Share that was not redeemed in connection with the First Extension) (the “First Extension Loan”). The proceeds of the First Extension Loan were deposited in the Trust Account on March 9, 2022. The First Extension Loan does not bear interest and is repayable by the Company to the Sponsor or its designees upon consummation of an initial Business Combination. On September 27, 2022, at a special meeting of the Company’s stockholders, the Company’s stockholders approved an extension of the expiration of the period in which the Company has to consummate a Business Combination from September 30, 2022 to March 16, 2023 (the “Second Extension” and, together with the First Extension, the “Extensions”). In connection with the approval of the Second Extension, on September 30, 2022, the Sponsor loaned the Company an aggregate amount of $976,832 ($0.33 for each Public Share that was not redeemed in connection with the Second Extension) (the “Second Extension Loan”). The proceeds of the Second Extension Loan were deposited in the Trust Account on September 30, 2022. The Second Extension Loan does not bear interest and is repayable by the Company to the Sponsor or its designees upon consummation of an initial Business Combination. Pursuant to the terms and conditions of the XBP Europe Business Combination, in connection with the consummation of the XBP Europe Business Combination, all amounts outstanding under each of the First Extension Loan and the Second Extension Loan will be converted into shares of Class A common stock at $10.00 per share in accordance with, and subject to the exceptions set forth in, the Merger Agreement. If consummated, the XBP Europe Business Combination would be a Business Combination that is anticipated to close in 2023. If the Merger is not closed during the Combination Period, the Company may seek approval from its stockholders to further extend the Combination Period. The initial stockholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account below $10.00 per share. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account, except for the Company’s independent registered public accounting firm. Liquidity and Capital Resources As of December 31, 2022 and 2021, the Company had approximately $41,200 and $25,000, respectively, of cash in its operating account. As of December 31, 2022 and 2021, the Company had a working capital deficit of approximately $9,209,000 and $2,634,000, respectively. As of December 31, 2022 and 2021, approximately $276,000 and $18,000, respectively, of interest income earned on funds held in the Trust Account was available to pay taxes. The Company’s liquidity needs through December 31, 2022 have been satisfied through a contribution of $25,000 from the Sponsor in exchange for the issuance of the Founder Shares, a loan of approximately $79,000 from the Sponsor pursuant to a promissory note (the “Pre-IPO Note”) (see Note 4), the proceeds from the sale of the Private Placement Units not held in the Trust Account, the Sponsor Loan (as defined below), the First Working Capital Loan (as defined below) and the Second Working Capital Loan (as defined below). The Company fully repaid the Pre-IPO Note upon completion of the Initial Public Offering. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor committed up to $1,750,000 to be provided to the Company to fund the Company’s expenses relating to investigating and selecting a target business and other working capital requirements after the Initial Public Offering and prior to the Company’s initial Business Combination (the “Sponsor Loan”), which Sponsor Loan has been fully drawn by the Company. If the Sponsor Loan is insufficient, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company with Working Capital Loans (as defined in Note 4). On March 9, 2022, the Company borrowed $4,424,015 ($0.20 for each Public Share that was not redeemed in connection with the First Extension) from the Sponsor pursuant to the First Extension Loan, which was deposited in the Trust Account. On June 30, 2022, the Company entered into a Working Capital Loan (the “First Working Capital Loan”) with the Sponsor in the amount of up to $1,000,000 in connection with advances the Sponsor will make to the Company for working capital expenses, which First Working Capital Loan has been fully drawn by the Company. On September 30, 2022, the Company borrowed $976,832 ($0.33 for each Public Share that was not redeemed in connection with the Second Extension) from the Sponsor pursuant to the Second Extension Loan, which was deposited in the Trust Account. On October 14, 2022, the Company entered into a second Working Capital Loan with the Sponsor in the amount of up to $750,000 (the “Second Working Capital Loan”) in connection with advances the Sponsor will make to the Company for working capital expenses. Each of the First Extension Loan, the First Working Capital Loan, the Second Extension Loan and the Second Working Capital Loan bears no interest and is due and payable on the date on which the Company consummates its initial Business Combination. The principal balance of each loan may be prepaid at any time with funds outside of the Trust Account. Pursuant to the terms and conditions of the XBP Europe Business Combination, in connection with the consummation of the XBP Europe Business Combination, all amounts outstanding under each of the First Working Capital Loan, the Second Working Capital Loan, the First Extension Loan and the Second Extension Loan will be converted into shares of Class A common stock at $10.00 per share in accordance with, and subject to the exceptions set forth in, the Merger Agreement. As of December 31, 2022 and 2021, the carrying amounts of the loans payable by the Company to the Sponsor were approximately $8,200,000 and $734,000, respectively. As of December 31, 2022 and 2021, the face amounts of these loans were approximately $8,500,000 and $734,000, respectively. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors, to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective target businesses, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Principles of Consolidation The consolidated financial statements of the Company include its wholly-owned subsidiary. All intercompany accounts and transactions are eliminated in consolidation. Going Concern In connection with the Company’s going concern considerations in accordance with guidance in the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements — Going Concern, the Company has until September 16, 2023 to consummate a Business Combination. The Company’s mandatory liquidation date, if a Business Combination is not consummated, raises substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments related to the recovery of the recorded assets or the classification of the liabilities should the Company be unable to continue as a going concern. As discussed in Note 1, in the event of a mandatory liquidation, within ten business days, the Company will redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares. Emerging Growth Company The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Inflation Reduction Act of 2022 On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded U.S. corporations and certain U.S. subsidiaries of publicly traded foreign corporations that occur after December 31, 2022. The excise tax is imposed on the repurchasing corporation itself and not its stockholders from which the shares are repurchased. In addition, certain exceptions apply to the excise tax. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax depending on a number of factors. The U.S. Department of the Treasury (the “Treasury Department”) has authority to promulgate regulations and provide other guidance regarding the excise tax. In December 2022, the Treasury Department issued Notice 2023-2, Initial Guidance Regarding the Application of the Excise Tax on Repurchases of Corporate Stock under Section 4501 of the Internal Revenue Code, indicating its intention to propose such regulations and issuing certain interim rules on which taxpayers may rely. Under the interim rules, liquidating distributions made by SPACs are exempt from the excise tax. In addition, any redemptions that occur in the same taxable year as a liquidation is completed will also be exempt from such tax. Because the excise tax would be payable by the Company and not by the redeeming stockholders, the mechanics of any required payment of the excise tax have not yet been determined. The obligation of the Company to pay any excise tax could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination. At this time, it has been determined that none of the IR Act tax provisions have an impact to the Company’s fiscal 2022 tax provision. Management will continue to monitor any updates to the Company’s business along with guidance issued with respect to the IR Act to determine any impact on the Company’s consolidated financial statements.

Restructuring (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Restructuring [Abstract]

Schedule of Restructuring Liability

The Company’s restructuring activity and balance of the restructuring liability is as follows:

(dollars in thousands)	September 30, 2023
Balance at January 1	$	2,036
Restructuring charges		145
Payment of benefits		(0	)
Balance at September 30		2,181

The Business’ restructuring activity and balance of the restructuring liability is as follows:

	December 31,
(dollars in thousands)	2022			2021
Balance at January 1	$	4,237		$	108
Restructuring charges		267			6,379
Payment of benefits		(2,468	)		(2,250	)
Balance at December 31		2,036			4,237

Debt (Details) - Schedule of Debt Instruments were Outstanding - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Debt Instruments Were Outstanding Abstract
Term loan	$ 3,854	$ 4,489	$ 4,031
Revolvers	12,018	10,852	12,127
Secured borrowings under Securitization Facility	1,487	4,075	5,665
Total debt	17,358	19,416	21,823
Less: Current portion of long-term debt	3,456	4,970	18,603
Long-term debt, net of current maturities	$ 13,902	$ 14,446	$ 3,220

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Accounts Receivable (Details) - Schedule of Accounts Receivable - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Accounts Receivable [Abstract]
Billed receivables	$ 23,298	$ 28,704	$ 28,285
Unbilled receivables	10,357	9,639	8,271
Less: Allowance for credit losses	(1,200)	(2,366)	(1,447)
Total accounts receivable, net	$ 32,454	$ 35,977	$ 35,109

Intangible Assets and Goodwill (Details) - Schedule of Estimated Intangibles Amortization Expense - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule Of Estimated Intangibles Amortization Expense Abstract
2023		$ 414
2024		375
2025		372
2026		368
Total	$ 1,196	$ 1,529

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Accounts receivable, net	$ 10,400		$ 10,400	$ 10,400		$ 9,600
Recognized revenue			$ 500	5,700		5,000	$ 4,400
Advertising costs						300	200	$ 100
Research and development costs						1,100	1,100	1,000
Restructuring Charges				145		267	6,379	100
Foreign currency translation						1,200	1,200	2,200
Interest expense	$ 1,265	$ 569		$ 3,705	$ 2,094	3,062	2,836	2,844
Income tax expense								263
Income tax expense						$ 1,653	886	$ 776
Customer Relationships [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Average useful lives of customer relationships	3 years 3 months 18 days		3 years 3 months 18 days	3 years 3 months 18 days		5 years
Accounts receivable, net						$ 9,500
Other Customer [Member] \| Revenue Benchmark [Member] \| Geographic Concentration Risk [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Percentage of concentration of Credit Risk						10.00%
Customer Contracts [Member] \| Customer Relationships [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Accounts receivable, net							8,300
Minimum [Member] \| Customer Relationships [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Average useful lives of customer relationships						4 years
Minimum [Member] \| Developed Technology Rights [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Average useful lives of customer relationships						5 years
Maximum [Member] \| Customer Relationships [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Average useful lives of customer relationships						16 years
Maximum [Member] \| Developed Technology Rights [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Average useful lives of customer relationships						8 years 6 months
CF ACQUISITION CORP. VIII [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Federal depository insurance coverage	$ 250,000		$ 250,000	$ 250,000		$ 250,000
Interest expense				$ (100,000)
Public shares (in Shares)	669,661		669,661	669,661
Income tax expense	$ 41,000			$ 67,000
Effective tax rate	(0.20%)	(13.80%)		(0.30%)	3.70%
Income tax expense		$ 98,000			$ 139,000
Interest expense						689,606
Income tax expense						$ 111,000	$ 0
CF ACQUISITION CORP. VIII [Member] \| Federal Statutory Rate [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Effective tax rate						4.40%	0.00%
CF ACQUISITION CORP. VIII [Member] \| Class A Common Stock [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Interest expense	$ 210,000			$ 459,000
Common stock subject to possible redemption (in Shares)	706,319		706,319	706,319		2,960,098	25,000,000
CF ACQUISITION CORP. VIII [Member] \| Class A Common Stock [Member] \| Private Placement [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Warrant purchase (in Shares)	6,385,000		6,385,000	6,385,000		6,385,000
Outsourced Contract Costs [Member] \| Minimum [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Average useful lives of customer relationships						3 years
Outsourced Contract Costs [Member] \| Maximum [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Average useful lives of customer relationships						5 years
Software and Software Development Costs [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Average useful lives of customer relationships						5 years

Debt (Details) € in Millions, £ in Millions, $ in Millions		1 Months Ended		3 Months Ended		9 Months Ended			12 Months Ended
Debt (Details) € in Millions, £ in Millions, $ in Millions	Aug. 25, 2020 USD ($)	Sep. 15, 2023 GBP (£)	Oct. 31, 2022	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 GBP (£)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2023 GBP (£)	Dec. 31, 2022 GBP (£)	Aug. 25, 2020 EUR (€)	Jun. 04, 2015 USD ($)
Debt [Line Items]
Borrowing facility				$ 1.5		$ 1.5			$ 4.1						€ 31.0
Borrowing facility receivables rate	0.08%								3.00%	3.00%	3.00%
Interest expense									$ 0.3		$ 0.3	$ 0.1
Borrowing facility													£ 9.0	£ 9.0	€ 0.1
Aggregate principal amount									$ 6.2		$ 6.7			5.0
Interest rate Percentage			3.00%			3.50%	3.50%		3.50%	3.50%	3.50%
Working capital loan facility									$ 4.8		$ 5.4
Subsidiary borrowings									$ 10.9		$ 0.1
Ratio of debt service									1.93	1.93
Committed facility agreement						$ 1.5	£ 1.4		$ 1.6	£ 1.4
Borrowing facility interest rate						0.55%	0.55%
Incurred interest expense				0.1	$ 0.1	$ 0.4		$ 0.2
Purchased accounts receivables		£ 15.0		2.1		2.1
Accounts receivable				0.1		0.1
Maximum [Member]
Debt [Line Items]
Outstanding balances						11.0
Ratio of debt service									1.93	1.93	1.5
Minimum [Member]
Debt [Line Items]
Outstanding balances						$ 0.1
Ratio of debt service									1.1	1.1	0.61
Secured Borrowing Facility [Member]
Debt [Line Items]
Borrowing facility	$ 31.0															$ 2.6
Borrowing facility receivables rate									0.16%	0.16%		0.80%
Interest expense									$ 0.0		$ 0.0	$ 0.2
Outstanding balances									$ 4.2		$ 5.7
Term Loan A Facility [Member]
Debt [Line Items]
Borrowing facility receivables rate						2.00%	2.00%		2.00%	2.00%	2.00%
Interest rate Percentage						2.00%	2.00%
Outstanding balance				1.8		$ 1.8			$ 1.9
Term Loan B Facility [Member]
Debt [Line Items]
Borrowing facility receivables rate						2.50%	2.50%		2.50%	2.50%	2.50%
Interest rate Percentage						2.50%	2.50%
Outstanding balance				0.5		$ 0.5			$ 1.0
Revolving Credit Facility [Member]
Debt [Line Items]
Borrowing facility receivables rate						3.00%	3.00%
Outstanding balance				$ 6.1		$ 6.1			6.0
Revolving Working Capital [Member]
Debt [Line Items]
Outstanding balances						$ 5.9			$ 4.8
Interest rate Percentage									3.00%	3.00%
Term Loan A Facility [Member]
Debt [Line Items]
Aggregate principal amount									$ 1.9		$ 2.4		2.0	2.0
Term Loan B Facility [Member]
Debt [Line Items]
Aggregate principal amount									$ 1.0		$ 1.7		2.0	2.0
Revolving Working Capital [Member]
Debt [Line Items]
Aggregate principal amount \| £													4.0	£ 4.0
Revolving Credit Facility [Member]
Debt [Line Items]
Aggregate principal amount \| £													£ 5.0

Segment Information (Details) - Schedule of Operating Decision Maker Reviews Segment (Parentheticals) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Operating Decision Maker Reviews Segment Abstract
Related party revenue	$ 70.00	$ 30.00	$ 200	$ 100	$ 100	$ 100	$ 100
Related party cost of revenue	$ 10.00	$ 130	$ 80.00	$ 400	$ 500	$ 500	$ 500

Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock - CF ACQUISITION CORP VIII [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class A – Public shares [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock [Line Items]
Allocation of net income (loss)	$ (3,060,705)	$ (610,725)	$ (4,345,697)	$ 2,733,787
Basic weighted average number of shares of common stock outstanding	1,300,165	20,662,249	1,769,140	22,293,390	17,420,341	19,931,507
Basic and diluted net loss per share of common stock	$ (2.35)	$ (0.03)	$ (2.46)	$ 0.12	$ 0.1	$ (0.06)
Class A – Private placement shares [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock [Line Items]
Allocation of net income (loss)	$ (13,041,658)	$ (15,961)	$ (10,763,684)	$ 66,219
Basic weighted average number of shares of common stock outstanding	5,540,000	540,000	4,381,912	540,000	540,000	430,521
Basic and diluted net loss per share of common stock	$ (2.35)	$ (0.03)	$ (2.46)	$ 0.12
Class B Common stock [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock [Line Items]
Basic weighted average number of shares of common stock outstanding					6,250,000
Class B Common stock [Member] \| Common Stock [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock [Line Items]
Allocation of net income (loss)	$ (2,942,612)	$ (184,734)	$ (5,915,203)	$ 766,423
Basic weighted average number of shares of common stock outstanding	1,250,000	6,250,000	2,408,088	6,250,000		6,097,945
Basic and diluted net loss per share of common stock	$ (2.35)	$ (0.03)	$ (2.46)	$ 0.12

- Definition

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

+ References

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-Topic 250
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) - CF ACQUISITION CORP VIII [Member] - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class A – Public shares [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) [Line Items]
Diluted weighted average number of shares of common stock outstanding	1,300,165	20,662,249	1,769,140	22,293,390	17,420,341	19,931,507
Diluted net income (loss) per share of common stock					$ 0.10	$ (0.06)
Class A – Private placement shares [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) [Line Items]
Diluted weighted average number of shares of common stock outstanding	5,540,000	540,000	4,381,912	540,000	540,000	430,521
Diluted net income (loss) per share of common stock					$ 0.10	$ (0.06)
Class B Common Stock [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) [Line Items]
Diluted weighted average number of shares of common stock outstanding					6,250,000
Diluted net income (loss) per share of common stock					$ 0.10
Class B Common Stock [Member] \| Common Stock [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock (Parentheticals) [Line Items]
Diluted weighted average number of shares of common stock outstanding	1,250,000	6,250,000	2,408,088	6,250,000		6,097,945
Diluted net income (loss) per share of common stock						$ (0.06)

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
-Paragraph 3
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-1

+ Details

Income Taxes (Details) - Schedule of Deferred Taxes Assets (Liabilities) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Property, plant, and equipment	$ 228	$ 481
Defined benefit liability	4,214	5,684
Bad debt reserve	163	237
Inventories	160	136
Accrued liabilities	2,125	4,820
Accrued pension liabilities	699	845
Operating lease liabilities	258	992
Net operating loss	19,711	18,897
Total deferred income tax assets	27,558	32,092
Deferred income tax liabilities:
Stock-based compensation		(41)
Operating lease right of use assets	(280)	(986)
Intangible assets	(777)	(890)
Total deferred income tax liabilities	(1,057)	(1,917)
Valuation allowance	(19,446)	(20,621)
Total net deferred income tax assets	$ 7,055	$ 9,554

Intangible Assets and Goodwill (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization and consists of the following:

	Weighted Average Remaining Useful Life (in Years)	September 30, 2023
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount (a)		Accumulated Amortization			Intangible Asset, net
Customer relationships	3.3	$	3,014	$	(1,822	)	$	1,192
Outsource contract costs	0.8		404		(400	)		4
Total intangibles, net		$	3,418	$	(2,222	)	$	1,196

	Weighted Average Remaining Useful Life (in Years)	December 31, 2022
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount (a)		Accumulated Amortization			Intangible Asset, net
Customer relationships	5.0	$	3,049	$	(1,564	)	$	1,485
Outsource contract costs	1.5		449		(405	)		44
Total intangibles, net		$	3,498	$	(1,969	)	$	1,529

Intangible assets are stated at cost or acquisition-date fair value less amortization and impairment and consist of the following:

(dollars in thousands)	Weighted Average Remaining Useful Life (in Years)	December 31, 2022
(dollars in thousands)	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount(a)		Accumulated Amortization			Intangible Asset, net
Customer relationships	5	$	3,049	$	(1,564	)	$	1,485
Outsource contract costs	1.5		449		(405	)		44
Internally developed software	0.9		2,485		(2,485	)		—
Developed technology	—		4,759		(4,759	)		—
Total intangibles, net		$	10,742	$	(9,213	)	$	1,529

(dollars in thousands)	Weighted Average Remaining Useful Life (in Years)	December 31, 2021
(dollars in thousands)	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount(a)		Accumulated Amortization			Intangible Asset, net
Customer relationships	5	$	3,232	$	(1,263	)	$	1,969
Outsource contract costs	2.1		489		(429	)		60
Internally developed software	0.9		2,777		(2,518	)		259
Developed technology	—		4,759		(4,759	)		—
Total intangibles, net		$	11,257	$	(8,969	)	$	2,288

Schedule of Estimated Intangibles Amortization Expense

Estimated intangibles amortization expense for the four years consists of the following:

(dollars in thousands)	Estimated Amortization Expenses
2023	$	414
2024		375
2025		372
2026		368
	$	1,529

Schedule of Goodwill by Reporting segment

Goodwill by reporting segment consists of the following:

(dollars in thousands)	Balances as at January 1, 2023		Additions		Disposals		Impairments		Currency Translation Adjustments		Balances as at September 30, 2023
Bills and Payments	$	9,689	$	—	$	—	$	—	$	(98)	$	9,592
Technology		12,373		—		—		—		(124)		12,249
Total	$	22,062	$	—	$	—	$	—	$	(222)	$	21,841

(dollars in thousands)	Balances as at January 1, 2022		Additions		Disposals		Impairments		Currency Translation Adjustments			Balances as at December 31, 2022
Bills and Payments	$	10,447	$	—	$	—	$	—	$	(758	)	$	9,689
Technology		13,505		—		—		—		(1,132	)		12,373
Total	$	23,952	$	—	$	—	$	—	$	(1,890	)	$	22,062

Goodwill by reporting segment consists of the following:

(dollars in thousands)	Balances as of January 1, 2022		Additions		Disposals		Impairments		Currency Translation Adjustments			Balances as at December 31, 2022
Bills and Payments	$	10,447	$	—	$	—	$	—	$	(758	)	$	9,689
Technology		13,505		—		—		—		(1,132	)		12,373
Total	$	23,952	$	—	$	—	$	—		(1,890	)	$	22,062

(dollars in thousands)	Balances as of January 1, 2021		Additions		Disposals			Impairments		Currency Translation Adjustments			Balances as at December 31, 2021
Bills and Payments	$	11,419	$	—	$	(253	)	$	—	$	(719	)	$	10,447
Technology		14,341		—		—			—		(836	)		13,505
Total	$	25,760	$	—	$	(253	)	$	—		(1,555	)	$	23,952

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Income Taxes [Line Items]

Income Taxes

9. Income Taxes

The Company applies an estimated annual effective tax rate (“ETR”) approach for calculating tax provision for interim periods, as required under GAAP. The Company recorded an income tax expense of $1.0 million and $0.5 million for the three months ended September 30, 2023 and 2022, respectively, and $1.5 million and $1.9 million for the nine months ended September 30, 2023 and 2022, respectively from continuing operations.

The Company’s ETR of (35.46%) for nine months ended September 30, 2023 differed from the expected U.S. statutory tax rate of 21.0% and was primarily impacted by permanent tax adjustments, foreign tax rates that differ from the U.S. federal statutory rate, and valuation allowances on a portion of the Company’s foreign deferred tax assets that are not more likely than not to be realized.

For the nine months ended September 30, 2022, the Company’s ETR of (39.2%) differed from the expected U.S. statutory tax rate of 21.0%, and was primarily impacted by permanent tax adjustments, foreign tax rates that differ from the U.S. federal statutory rate, and valuation allowances on a portion of the Company’s foreign deferred tax assets that are not more likely than not to be realized.

On August 16, 2022, the Inflation Reduction Act (the IRA) was signed into law in the U.S. Among other changes, the IRA introduced a corporate minimum tax on certain corporations with average adjusted financial statement income over a three-tax year period in excess of $1.0 billion and an excise tax on certain stock repurchases by certain covered corporations for taxable years beginning after December 31, 2022 and several tax incentives to promote clean energy. Based on our current analysis and pending future guidance to be issued by Treasury, we do not believe these provisions will have a material impact on our condensed combined and consolidated financial statements.

As of September 30, 2023, there were no material changes to either the nature or the amounts of the uncertain tax positions previously determined for the year ended December 31, 2022.

11. Income Taxes

The income tax provision consists of the following:

	Years ended December 31,
(In thousands)	2022		2021		2020
Current income taxes
Federal	$	—	$	—	$	—
State		—		—		—
Foreign		1,653		886		776
Total Current	$	1,653	$	886	$	776

Deferred income taxes
Federal	$	—	$	—	$	—
State		—		—		—
Foreign		909		2,034		3,726
Total Deferred	$	909	$	2,034	$	3,726
Total income tax provision	$	2,562	$	2,920	$	4,502

The following represents the domestic and foreign components of loss before income tax provision:

	Years ended December 31,
(In thousands)	2022			2021			2020
U.S.	$	—		$	—		$	—
Foreign		(5,367	)		(9,808	)		(23,875	)
Total	$	(5,367	)	$	(9,808	)	$	(23,875	)

At December 31, 2022, gross deferred tax assets totaled approximately $27.6 million while gross deferred tax liabilities totaled approximately $1.1 million. Deferred income taxes reflect the net of temporary differences between the carrying amount of assets and liabilities for financial reporting and income tax purposes. The company has gross foreign NOLs of $75.5 million. Applying jurisdictional tax rates, the total tax-effected foreign NOLs are $19.7 million. The amount of NOLs expiring beginning in 2023 is $9.0 million gross or $1.2 million tax-effected. The remaining foreign NOLs do not expire.

Significant components of our deferred taxes assets (liabilities) are as follows:

	Years ended December 31,
(In thousands)	2022			2021
Deferred income tax assets:
Property, plant, and equipment	$	228		$	481
Defined benefit liability		4,214			5,684
Bad debt reserve		163			237
Inventories		160			136
Accrued liabilities		2,125			4,820
Accrued pension liabilities		699			845
Operating lease liabilities		258			992
Net operating loss		19,711			18,897
Total deferred income tax assets	$	27,558		$	32,092

Deferred income tax liabilities:
Stock-based compensation	$	—		$	(41	)
Operating lease right of use assets		(280	)		(986	)
Intangible assets		(777	)		(890	)
Total deferred income tax liabilities	$	(1,057	)	$	(1,917	)

Valuation allowance		(19,446	)		(20,621	)
Total net deferred income tax assets	$	7,055		$	9,554

A reconciliation of the significant differences between the federal statutory income tax and the effective income tax on pretax loss is as follows:

	Years ended December 31,
(In thousands)	2022			2021			2020
Tax expense at statutory rate	$	(1,128	)	$	(2,112	)	$	(5,041	)
Foreign rate difference		428			(107	)		(280	)
Foreign tax expense		—			—			61
Return to provision adjustments		399			—			—
Rate change		(561	)		—			—
Change in valuation allowance		2,296			4,153			11,243
Currency translation adjustment		—			—			—
Permanent differences		1,129			986			(1,220	)
Tax credit		—			—			—
Trade tax		—			—			2
Other		—			—			(263	)
Income tax expense	$	2,562		$	2,920		$	4,502

The Company believes that based upon the range of data reviewed, no uncertain tax positions have been identified for the years ended December 31, 2022, 2021 and 2020.

CF ACQUISITION CORP VIII [Member]

Income Taxes [Line Items]

Income Taxes

Note 8 — Income Taxes

The Company’s taxable income primarily consists of interest income from investments held in the Trust Account. The Company’s general and administrative expenses are generally considered start-up costs and are currently not deductible. There was approximately $111,000 of federal income tax expense for the year ended December 31, 2022 and no income tax expense for the year ended December 31, 2021.

The income tax provision for the years ended December 31, 2022 and 2021 consists of the following:

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Current
Federal	$	111,023		$	—
State		—			—
Deferred
Federal		(411,243	)		(571,138	)
State		—			—
Change in valuation allowance		411,243			571,138
Income tax provision	$	111,023		$	—

The Company’s net deferred tax assets as of December 31, 2022 and 2021 are as follows:

	As of December 31,
	2022			2021
Deferred tax assets
Start-up/organizational costs	$	935,979		$	501,658
Deferred compensation		41,153			30,777
Accrued bonus		5,250			—
Net operating loss carryforwards		—			38,703
Total deferred tax assets		982,382			571,138
Valuation allowance		(982,382	)		(571,138	)
Deferred tax assets, net of allowance	$	—		$	—

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income and tax planning strategies in making this assessment. After consideration of all information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance.

There were no unrecognized tax benefits as of both December 31, 2022 and 2021. No amounts were accrued for the payment of interest and penalties as of both December 31, 2022 and 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows for the years ended December 31, 2022 and 2021:

	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021
Statutory federal income tax rate	21.0	%	21.0	%
Change in fair value of warrant liability	(42.9	)%	37.1	%
Change in fair value of FPS liability	4.2	%	(24.7	)%
Change in valuation allowance	16.3	%	(33.4	)%
Nondeductible interest expense	5.8	%	—	%
Effective Tax Rate	4.4	%	—	%

The Company’s effective tax rate differs from the federal statutory rate mainly due to the changes in fair value of warrant and FPS liabilities, which are not taxable and not deductible, and start-up costs, which are currently not deductible as they are deferred for tax purposes.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 21
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Debt

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

8. Debt

Secured Borrowing Facility

On August 25, 2020, certain entities entered into an agreement wherein amounts due from customers were pledged to a third party, in exchange for a borrowing facility in amounts up to a total of €31.0 million (the “Secured Borrowing Facility”). The proceeds from the Secured Borrowing Facility are determined by the amounts invoiced to our customers. The amounts due from customers are recorded in accounts receivable and the amount due to the third party as a liability, presented under “Current portion of long-term debt” on the condensed combined and consolidated balance sheets. The cost of this Secured Borrowing Facility is 0.08% of newly assigned receivables with minimum of €0.1 million in annual fees and the Secured Borrowing Facility bears interest Euribor rate plus 0.55% on the unpaid principal amount. The Company incurred interest expense of $0.1 million for each of the three months ended September 30, 2023 and 2022, and $0.4 million and $0.2 million, respectively, for the nine months ended September 30, 2023 and 2022, related to the Secured Borrowing Facility. As of September 30, 2023 and December 31, 2022, the outstanding balances payable under the Secured Borrowing Facility were $1.5 million and $4.1 million, respectively.

On September 15, 2023, the relevant entities entered into an amendment to the Secured Borrowing Facility (the “Amended Factoring Agreement”) intended to convert the existing arrangement into a non-recourse factoring program wherein an unrelated third party (the “Factor”) shall provide financing to certain subsidiaries of the Company by purchase of certain approved and partially approved accounts receivables (as defined in the Amended Factoring Agreement) up to a maximum amount of €15.0 million while assuming the risk of non-payment on the purchased accounts receivables up to the level of approval. The relevant entities shall have no continuing involvement in the transferred accounts receivable, other than collection and administrative responsibilities and, once sold, the accounts receivable shall no longer be available to satisfy creditors of the relevant entities.

The Company accounted for the transactions under the Amended Factoring Agreement as a sale under ASC 860, Transfers and Servicing, and treats it as an off-balance sheet arrangement. Net funds received from the transfers reflect the face value of the account less a fee, which is recorded as an increase to cash and a reduction to accounts receivable outstanding in the condensed combined and consolidated balance sheets. The Company reports the cash flows attributable to the sale of account receivables to the Factor and the cash receipts from collections made on behalf of and paid to the Factor under the Amended Factoring Agreement, on a net basis as trade accounts receivables in cash flows from operating activities in the Company’s condensed combined and consolidated statement of cash flows.

During the three and nine months ended September 30, 2023, the Company factored accounts receivable invoices totaling approximately $2.1 million pursuant to the Amended Factoring Agreement, representing the face value of the invoices. The Company recognizes factoring costs upon disbursement of funds. The Company incurred a loss on sale of accounts receivables including expenses pursuant to the Amended Factoring Agreement totaling approximately $0.1 million for the three and nine months ended September 30, 2023, which is presented in selling, general and administrative expenses (exclusive of depreciation and amortization) on the condensed combined and consolidated statements of operations and comprehensive loss.

2019 Credit Agreement

In October 2019, a wholly-owned UK Subsidiary of XBP Europe entered into a secured credit agreement (the “2019 Credit Agreement”) for a £9.0 million Secured Credit Facility (the “Secured Credit Facility”) consisting of (i) a secured Term Loan A facility in an aggregate principal amount of £2.0 million (the “Term Loan A Facility”), (ii) a

secured Term Loan B facility in an aggregate principal amount of £2.0 million (the “Term Loan B Facility”), and (iii) a secured revolving credit facility in an aggregate principal amount of £5.0 million (the “Revolving Credit Facility”). On December 21, 2022 the UK Subsidiary amended its 2019 Credit Agreement, allowing the UK subsidiary to affirm to extend the maturity of Term Loan A Facility and Term Loan B Facility to October 31, 2024 subject to compliance with financial covenants. On February 9, 2023, the UK Subsidiary amended its 2019 Credit Agreement, allowing the UK Subsidiary to extend the maturity of the Revolving Credit Facility to October 31, 2024 subject to compliance with financial covenants. On October 29, 2023, the maturity of the Revolving Credit Facility was further extended to January 31, 2025. As of September 30, 2023, the outstanding balance of the Term Loan A Facility, the Term Loan B Facility, and the Revolving Credit Facility was approximately $1.8 million, $0.5 million, and $6.1 million, respectively. As of December 31, 2022, the outstanding balance of the Term Loan A Facility, the Term Loan B Facility, and the Revolving Credit Facility was approximately $1.9 million, $1.0 million, and $6.0 million, respectively.

The 2019 Credit Agreement contains financial covenants including, but not limited to (a) a Combined Cashflow Coverage Ratio, which measures the ratio of (i) Combined Cashflow and (ii) Debt Service defined as finance charges in addition to mandatory repayments in respect to the 2019 Credit Agreement, (b) Combined Interest Coverage Ratio, which measures the ratio of (i) Combined EBITDA to (ii) Combined Finance Charges, (c) a Combined Total Net Leverage Ratio, which measures the ratio of (i) Combined Net Indebtedness in respect to the last day of the most recent period to (ii) EBITDA, (d) Guaranteed Intragroup Balances, (e) the Loan to Market Value defined as the Facility A Loan outstanding to the market value of the property in each case, as defined in the 2019 Credit Agreement. The term “Combined” refers to the UK Subsidiary and its wholly-owned subsidiaries.

The 2019 Credit Agreement and indenture governing the Secured Credit Facility contains limitations on the ability of the UK subsidiary to effect mergers and change of control events as well as certain other limitations, including limitations on: (i) the declaration and payment of dividends or other restricted payments (ii) substantial changes of the general nature of the business, (iii) acquisition of a company, (iv) enter a joint venture, (v) or effect a dormant subsidiary to commence trading or cease to satisfy the criteria of a dormant subsidiary.

The UK Subsidiary’s obligations under the 2019 Credit Agreement are jointly and severally guaranteed by certain of its existing and future direct and indirectly wholly owned subsidiaries. The 2019 Credit Agreement and the 2022 Committed Facility Agreement (defined below) contain cross default provisions which relate to the UK Subsidiary and its subsidiaries, but not any other entities within the consolidated group.

At inception, borrowings under the Secured Credit Facility bore interest at a rate per annum equal to the LIBOR plus the applicable margin of 2%, 2.5%, and 3% per annum for the Term Loan A Facility, the Term Loan B Facility, and the Revolving Credit Facility respectively. Effective October 29, 2021, borrowings under the revolving Credit Facility bore interest at a rate per annum equal to the SONIA plus the applicable margin of 3%. Effective December 31, 2021, borrowings under the Term Loan A Facility and the Term Loan B Facility bore interest at a rate per annum equal to the SONIA plus the applicable margin of 2% and 2.5%, respectively.

In June 2020, the UK Subsidiary entered into an amendment to the 2019 Credit Agreement, to provide an additional aggregate principal amount of £4.0 million GBP under a credit agreement (the “Revolving Working Capital Loan Facility” or “2020 Credit Agreement”). At the inception of the Revolving Working Capital Loan Facility, the borrowing bore an interest rate per annum equal to the LIBOR plus the applicable margin of 3.5% per annum. Effective December 31, 2022, borrowings under the Revolving Working Capital Loan Facility bore interest at a rate per annum equal to the SONIA plus the applicable margin of 3%.

The Revolving Working Capital Loan Facility matures on January 31, 2025 subject to compliance with financial covenants (the term was extended on October 29, 2023). As of September 30, 2023 and December 31, 2022, the Revolving Working Capital Loan Facility had an outstanding principal balance of $5.9 million, and $4.8 million, respectively.

As of September 30, 2023, the Company had $11.0 million in outstanding principal balance and less than $0.1 million available for additional borrowings under the Revolving Credit Facilities to the extent the Company’s compliance with financial covenants permits such borrowings.

As of September 30, 2023 and December 31, 2022, the UK Subsidiary was in compliance with all affirmative and negative covenants under the 2019 Credit Agreement, including any financial covenants, pertaining to its financing arrangements.

2022 Committed Facility Agreement

In May 2022, the UK Subsidiary entered into a committed facility agreement (the “2022 Committed Facility Agreement”), which includes a term loan for £1.4 million to be used in refinancing a property owned by XBP Europe in Dublin, Ireland (the “Property”). At inception of the 2022 Committed Facility Agreement, the borrowing bore an interest rate equal to 3.5% per annum in addition to the Bank of England Base Rate. The maturity of the 2022 Committed Facility Agreement is May 2027. As of September 30, 2023 and December 31 2022, the 2022 Committed Facility Agreement had an outstanding balance of $1.5 million, and $1.6 million, respectively.

The 2022 Committed Facility Agreement contains financial covenants including, but not limited to (a) a Combined Debt Service Coverage Ratio, which measures the cashflow less dividends, net capital expenditure, and taxation relative to the debt service for that relevant period, (b) interest cover, which measures EBITDA relative to the aggregate of (i) interest charges and (ii) interest element of finance leases in any relevant period, (c) Total Net Debt to EBITDA, which measures the total net debt relative to EBITDA for any relevant period, and (d) loan to market value, which measures the loan as a percentage of the aggregate market value of The Property. The term “Combined” refers to the UK subsidiary and its wholly-owned subsidiaries.

As of September 30, 2023 and December 31, 2022, the UK Subsidiary was in compliance with all affirmative and negative covenants under the 2022 Committed Facility Agreement, including any financial covenants pertaining to its financing arrangements. The Company continually monitors its compliance with such covenants. The Company believes it will remain in compliance with all such covenants for the next twelve months; however, due to the inherent uncertainty, management’s estimates of the achievement of its financial covenants may change in the future.

Debt Outstanding

As of September 30, 2023 and December 31, 2022, the following debt instruments were outstanding:

(dollars in thousands)	September 30, 2023		December 31, 2022
Term loan	$	3,854	$	4,489
Revolvers		12,018		10,852
Secured borrowings under Securitization Facility		1,487		4,075
Total debt		17,358		19,416
Less: Current portion of long-term debt		3,456		4,970
Long-term debt, net of current maturities	$	13,902	$	14,446

10. Debt

Secured Borrowing Facility

On June 4, 2015, and prior to being acquired by Exela, certain entities entered into an agreement wherein amounts due from customers were pledged to a third party, in exchange for a borrowing facility in amounts up to a total of €2.6 million. The agreement was amended on December 10, 2019 and was terminated on August 25, 2020. The proceeds from the facility are determined by the amounts invoiced to our customers. The amounts are recorded as short-term borrowing secured by customer accounts receivable, presented under “Current portion of long-term debt” on the combined and consolidated balance sheets. The cost of this secured borrowing facility is 0.16% of receivables transferred. During the years ended December 31, 2022, 2021 and 2020, the Business included $0.0 million, $0.0 million and $0.2 million, respectively, in interest expense, related to this secured borrowing facility.

On August 25, 2020, certain entities entered into an agreement wherein amounts due from customers were pledged to a third party, in exchange for a borrowing facility in amounts up to a total of €31 million. The proceeds from the facility are determined by the amounts invoiced to our customers. The amounts due from customers are recorded in accounts receivable and the amount due to the third party as a liability, presented under “Current portion of long-term debt” on the combined and consolidated balance sheets. The cost of this secured borrowing facility is 0.8% of newly assigned receivables. During the years ended December 31, 2022, 2021 and 2020, the Business included $0.3 million, $0.3 million and $0.1 million, respectively, in interest expense, related to this secured borrowing facility. As of December 31, 2022 and 2021 the outstanding balances were $4.2 million and $5.7 million, respectively.

2019 Credit Agreement

In October 2019, a wholly-owned UK subsidiary of XBP Europe entered into a secured credit agreement (the “2019 Credit Agreement”) for a £9 million Secured Credit Facility (the “Secured Credit Facility”) consisting of (i) a secured Term Loan A facility in an aggregate principal amount of £2.0 million (the “Term Loan A Facility”), (ii) a secured Term Loan B facility in an aggregate principal amount of £2.0 million (the “Term Loan B Facility”), and (iii) a secured revolving credit facility in an aggregate principal amount of £5.0 million (the “Revolving Credit Facility”). On December 21, 2022 the UK subsidiary amended its 2019 Credit Agreement, allowing the UK subsidiary to affirm to extend the maturity of Term Loan A Facility and Term Loan B Facility to October 31, 2024 subject to compliance with financial covenants. On February 9, 2023, the Business amended its 2019 Credit Agreement, allowing the UK subsidiary to extend the maturity of the Revolving Credit Facility to October 31, 2024 subject to compliance with financial covenants. As of December 31, 2022, the outstanding balance of the Term Loan A Facility, the Term Loan B Facility, and the Revolving Credit Facility was approximately $1.9 million, $1.0 million, and $6.2 million, respectively. As of December 31, 2021, the outstanding balance of the Term Loan A Facility, the Term Loan B Facility, and the Revolving Credit Facility was approximately $2.4 million, $1.7 million, and $6.7 million, respectively.

The UK subsidiary’s obligations under the 2019 Credit Agreement are jointly and severally guaranteed by certain of its existing and future direct and indirectly wholly owned subsidiaries. The 2019 Credit Agreement and the 2022 Committed Facility Agreement (defined below) contain cross default provisions which relate to the wholly owned UK subsidiary and its subsidiaries, but not any other entities within the consolidated group.

At inception, borrowings under the Secured Credit Facility bore interest at a rate per annum equal to the LIBOR plus the applicable margin of 2%, 2.5%, and 3% per annum for the Term Loan A Facility, the Term Loan B Facility, and the Revolving Credit Facility respectively. Effective October 29, 2021, borrowings under the Revolving Credit Facility bore interest at a rate per annum equal to the SONIA plus the applicable margin of 3%. Effective December 31, 2021, borrowings under the Term Loan A Facility and the Term Loan B Facility bore interest at a rate per annum equal to the SONIA plus the applicable margin of 2% and 2.5%, respectively.

In June 2020, the UK subsidiary entered into an amendment to the 2019 Credit Agreement, to provide an additional aggregate principal amount of £4.0 million GBP under a credit agreement (the “Revolving Working Capital Loan Facility” or “2020 Credit Agreement”). At the inception of the Revolving Working Capital Loan Facility, the borrowing bore an interest rate per annum equal to the LIBOR plus the applicable margin of 3.5% per annum. Effective December 31, 2021, borrowings under the Revolving Working Capital Loan Facility bore interest at a rate per annum equal to the SONIA plus the applicable margin of 3%. The maturity of the Revolving Working Capital Loan Facility was October 2022. On February 9, 2023, the UK subsidiary further amended its 2019 Credit Agreement, allowing the UK subsidiary to extend the maturity of the Revolving Working Capital Loan Facility to October 31, 2024 subject to compliance with financial covenants. As of December 31, 2022 and 2021, the Revolving Working Capital Loan Facility had an outstanding balance of $4.8 million, and $5.4 million, respectively.

As of December 31, 2022, the UK subsidiary had $10.9 million in outstanding and less than $0.1 million available for additional borrowings under the Revolving Credit Facilities to the extent the Company’s compliance with financial covenants permits such borrowings.

As of December 31, 2021, the UK subsidiary was not in compliance with the Cashflow Coverage Ratio financial covenant and received a waiver from the lenders. Cashflow Coverage Ratio is computed as a ratio of (a) UK Subsidiary’s EBITDA for the relevant period adjusted for changes in working capital, taxes, capital expenditures paid, cash receipts and payments resulting from intracompany debt, pension cash costs and exceptional items including non-cash items, and (b) Debt service for the relevant period, comprised of finance charges, repayments of the Term Loan Facilities, the Revolving Multitranche Facility, the Revolving Working Capital Facility and the 2022 Committed Facility falling due and any voluntary prepayments made during that relevant period but excluding any amounts falling due under any overdraft or revolving facility and which were available for simultaneous redrawing according to the terms of that facility and any prepayment of borrowings of any member of the group existing on the date of the credit agreement which is required to be repaid under the terms of the agreement, so that no amount shall be included more than once.

At December 31, 2021 measurement date, the subject covenant required a minimum ratio of 1.5x of Cashflow to Debt Service whereas the actual ratio was -0.61x.

As of December 31 2022, the UK Subsidiary was in compliance with the Combined Cashflow Coverage ratio as actual ratio of 1.93x exceeded the minimum covenant ratio of 1.1x. The actual ratio of 1.93x was computed as a ratio of UK Subsidiary’s cash flow to debt service costs applying Generally Accepted Accounting Practice in the UK (UK GAAP).

As of December 31, 2022, the UK subsidiary was in compliance with all affirmative and negative covenants under the 2019 Credit Agreement, including any financial covenants, pertaining to its financing arrangements.

Debt Outstanding

As of December 31, 2022, and 2021, the following debt instruments were outstanding:

	December 31,
(dollars in thousands)	2022		2021
Term loan	$	4,489	$	4,031
Revolvers		10,852		12,127
Secured borrowings under Securitization Facility		4,075		5,665
Total debt		19,416		21,823
Less: Current portion of long-term debt		4,970		18,603
Long-term debt, net of current maturities	$	14,446	$	3,220

As of December 31, 2022, maturities of long-term debt are as follows:

(dollars in thousands)	Maturity
2023	$	4,970
2024		11,747
2025		169
2026		169
2027		931
Total debt		19,416
Less: Unamortized discount and debt issuance costs		23
Total maturities of long-term debt		19,393

2022 Committed Facility Agreement

In May 2022, a wholly-owned UK subsidiary of XBP Europe entered into a committed facility agreement (the “2022 Committed Facility Agreement”), which includes a term loan for £1.4 million to be used in refinancing a property owned by XBP Europe in Dublin, Ireland (the “Property”). At inception of the 2022 Committed Facility Agreement, the borrowing bore an interest rate equal to 3.5% per annum in addition to the Bank of England Base Rate. The maturity of the 2022 Committed Facility Agreement is May 2027. As of December 31, 2022, the 2022 Committed Facility Agreement had an outstanding balance of $1.6 million.

As of December 31, 2022, the UK subsidiary was in compliance with all affirmative and negative covenants under the 2022 Committed Facility Agreement, including any financial covenants pertaining to its financing arrangements. The Business continually monitors its compliance with such covenants. The Business believes it will remain in compliance with all such covenants for the next 12 months; however, due to the inherent uncertainty, management’s estimates of the achievement of its financial covenants may change in the future.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Disaggregate Revenue from Contracts by Geographic Region - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	$ 40,178	$ 39,053	$ 125,250	$ 136,722	$ 180,349	$ 205,772	$ 217,272
France [Member]
Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	12,659	15,006	44,564	50,471	66,054	74,305	74,637
Germany [Member]
Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	13,639	10,880	32,319	41,462	55,668	56,906	62,401
United Kingdom [Member]
Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	7,482	7,686	26,903	24,291	32,061	39,226	40,839
Sweden [Member]
Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	3,409	3,645	13,392	13,644	17,640	23,680	24,598
Other [Member]
Schedule of Disaggregate Revenue from Contracts by Geographic Region [Line Items]
Total Combined Revenue	$ 2,989	$ 1,836	$ 8,072	$ 6,854	$ 8,926	$ 11,655	$ 14,797

- Definition

+ References

+ Details

Income Taxes (Details) - Schedule of Statutory Federal Income Tax Rate - CF ACQUISITION CORP VIII [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes (Details) - Schedule of Statutory Federal Income Tax Rate [Line Items]
Statutory federal income tax rate	21.00%	21.00%
Change in fair value of warrant liability	(42.90%)	37.10%
Change in fair value of FPS liability	4.20%	(24.70%)
Change in valuation allowance	16.30%	(33.40%)
Nondeductible interest expense	5.80%
Effective Tax Rate	4.40%

Restatement of Previously Issued Financial Statements (Details) - Schedule of Combined and Consolidated Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
As Previously Reported [Member]
Condensed Statement of Income Captions [Line Items]
Revenue, net	$ 205,772	$ 217,272
Cost of revenue (exclusive of depreciation and amortization)	164,256	175,117
Selling, general and administrative expenses (exclusive of depreciation and amortization)	31,895	35,500
Related party expense	9,807	10,606
Depreciation and amortization	5,166	6,312
Operating loss	(5,940)	(10,371)
Other expense (income), net
Interest expense, net	2,836	2,844
Related party interest income, net	(141)	(217)
Foreign exchange losses, net	1,162	2,195
Other (income) expense, net	11	8,682
Net loss before income taxes	(9,808)	(23,875)
Income tax expense	2,920	(4,502)
Net loss	(12,728)	(28,377)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(744)	3,622
Unrealized pension actuarial gains (losses)	6,188	(8,508)
Total other comprehensive loss, net of tax	(7,284)	(33,263)
As Restated [Member]
Condensed Statement of Income Captions [Line Items]
Revenue, net	205,772	217,272
Cost of revenue (exclusive of depreciation and amortization)	164,256	175,117
Selling, general and administrative expenses (exclusive of depreciation and amortization)	29,764	44,199
Related party expense	9,807	10,606
Depreciation and amortization	5,166	6,312
Operating loss	(3,809)	(19,070)
Other expense (income), net
Interest expense, net	2,836	2,844
Related party interest income, net	(141)	(217)
Foreign exchange losses, net	1,162	2,195
Other (income) expense, net	2,142	(17)
Net loss before income taxes	(9,808)	(23,875)
Income tax expense	2,920	(4,502)
Net loss	(12,728)	(28,377)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(744)	3,622
Unrealized pension actuarial gains (losses)	6,188	(8,508)
Total other comprehensive loss, net of tax	(7,284)	(33,263)
Restatement Adjustment [Member]
Condensed Statement of Income Captions [Line Items]
Selling, general and administrative expenses (exclusive of depreciation and amortization)	(2,131)	8,699
Operating loss	2,131	(8,699)
Other expense (income), net
Other (income) expense, net	2,131	(8,699)
Net loss before income taxes
Net loss
Other comprehensive income (loss), net of tax
Total other comprehensive loss, net of tax
Related Party \| As Previously Reported [Member]
Condensed Statement of Income Captions [Line Items]
Revenue, net	178	272
Cost of revenue (exclusive of depreciation and amortization)	766	380
Related Party \| As Restated [Member]
Condensed Statement of Income Captions [Line Items]
Revenue, net	178	272
Cost of revenue (exclusive of depreciation and amortization)	$ 766	$ 380

Subsequent Events	9 Months Ended	12 Months Ended
Subsequent Events	Sep. 30, 2023	Dec. 31, 2022
Subsequent Events [Line Items]
Subsequent Events	17. Subsequent Events The Company evaluated subsequent events through November 17, 2023, the date the financial statements were issued. All events that had a material impact on the Company’ financial statements are disclosed in the notes to the condensed combined and consolidated financial statements.	20. Subsequent Events The Business evaluated subsequent events through July 14, 2023, the date the financial statements were issued. All events that had a material impact on the Business’ financial statements are disclosed in the notes to the combined and consolidated financial statements.
CF ACQUISITION CORP VIII [Member]
Subsequent Events [Line Items]
Subsequent Events	Note 9 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the consolidated balance sheet date up to the date that the unaudited condensed consolidated financial statements were issued and determined that there have been no events, that have occurred that would require adjustments to the disclosures in the unaudited condensed consolidated financial statements other than as described below. On October 10, 2023, the Company filed with the SEC an amendment to the registration statement on Form S-1/A to register for resale certain shares of common stock of the Company currently held by the Sponsor and an independent director of the Company and certain shares to be issued to the Sponsor in the XBP Europe Business Combination.	Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the consolidated balance sheet date up to the date that the consolidated financial statements were issued and determined that there have been no events that have occurred that would require adjustments to the disclosures in the consolidated financial statements, other than as described below. On February 13, 2023, the Company filed the XBP Europe Proxy Statement with the SEC. On February 14, 2023, the Company filed a definitive proxy statement with the SEC regarding an extension of its time to consummate a Business Combination from March 16, 2023 to September 16, 2023. On March 6, 2023, the Company issued 5,000,000 shares of Class A common stock to the Sponsor upon the conversion of 5,000,000 shares of Class B common stock held by the Sponsor (the “Conversion”). As a result of the Conversion, as of March 6, 2023, the Sponsor held 5,537,500 shares of Class A common stock and 1,228,000 shares of Class B common stock. The 5,000,000 shares of Class A common stock issued in connection with the Conversion are subject to the same restrictions as applied to the Class B common stock prior to the Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of an initial Business Combination as described in the prospectus for the Company’s initial public offering. Following the Conversion, there were 8,500,098 shares of Class A common stock issued and outstanding and 1,250,000 shares of Class B common stock issued and outstanding. On March 14, 2023, at a special meeting of the Company’s stockholders, the Company’s stockholders approved an extension of the expiration of the period in which the Company has to consummate a Business Combination from March 16, 2023 to September 16, 2023 (the “Third Extension”). In connection with the approval of the Third Extension, on March 15, 2023, the Sponsor agreed to loan the Company an aggregate amount of up to $344,781 ($0.04 per share per month, or up to $0.24 per share if all six months of the Third Extension are utilized, for each Public Share that was not redeemed in connection with the Third Extension) (the “Third Extension Loan”). The Third Extension Loan does not bear interest and is repayable by the Company to the Sponsor or its designees upon consummation of an initial Business Combination. The proceeds of the Third Extension Loan will be deposited in the Trust Account in six equal installments for each month (or portion thereof) that is needed by the Company to complete an initial Business Combination. The first installment was deposited in the Trust Account on March 16, 2023. In connection with the stockholder vote to approve the Third Extension, 1,523,509 Public Shares were redeemed at approximately $10.69 a share, resulting in a reduction of $16,290,945 in the amount held in the Trust Account. Pursuant to the terms and conditions of the XBP Europe Business Combination, in connection with the consummation of the XBP Europe Business Combination, all amounts outstanding under the Third Extension Loan will be converted into shares of Class A common stock at $10.00 per share in accordance with, and subject to the exceptions set forth in, the Merger Agreement. On March 16, 2023, the Company instructed Continental Stock Transfer & Trust Company to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest-bearing demand deposit account at Citibank, N.A., with Continental Stock Transfer & Trust Company continuing to act as trustee, until the earlier of the consummation of the initial business combination or liquidation. As a result, following the liquidation of investments in the Trust Account, the remaining proceeds from the Initial Public Offering and Private Placement are no longer invested in U.S. government debt securities or money market funds that invest in U.S. government debt securities.

Warrants (Details) - $ / shares	9 Months Ended	12 Months Ended
Warrants (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Warrants [Line Items]
Public warrants term	5 years	5 years
Warrant price per share	$ 0.01
Price per share	$ 18
Public Warrants [Member]
Warrants [Line Items]
Warrants and rights outstanding description	• in whole and not in part;• at a price of $0.01 per warrant;• at any time during the exercise period;• upon a minimum of 30 days’ prior written notice of redemption;• if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and• if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.	• in whole and not in part;• at a price of $0.01 per warrant;• at any time during the exercise period;• upon a minimum of 30 days’ prior written notice of redemption;• if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and• if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants.

Warrants	9 Months Ended	12 Months Ended
Warrants	Sep. 30, 2023	Dec. 31, 2022
CF ACQUISITION CORP. VIII [Member]
Warrants [Line Items]
Warrants	Note 7 — Warrants Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable 30 days after the completion of the Business Combination; provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the Business Combination, the Company will use its commercially reasonable best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its commercially reasonable best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of the Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or salable until 30 days after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may redeem the Public Warrants: • in whole and not in part; • at a price of $0.01 per warrant; • at any time during the exercise period; • upon a minimum of 30 days’ prior written notice of redemption; • if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and • if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for any issuance of shares of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete the Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of the warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.	Note 7 — Warrants Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable 30 days after the completion of a Business Combination; provided that the Company has an effective registration statement under the Securities Act covering the shares of common stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its commercially reasonable best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon exercise of the Public Warrants. The Company will use its commercially reasonable best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company may redeem the Public Warrants: • in whole and not in part; • at a price of $0.01 per warrant; • at any time during the exercise period; • upon a minimum of 30 days’ prior written notice of redemption; • if, and only if, the last reported sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20-trading days within a 30-trading day period ending on the third business day prior to the date on which the Company sends the notice of redemption to the warrant holders; and • if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of the warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability - USD ($)
$ in Thousands

3 Months Ended

10 Months Ended

12 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Mar. 30, 2023

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

Private Placement [Member]

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability [Line Items]

Fair value beginning balance

$ 6,696

$ 3,780

$ 35,478

$ 44,550

$ 112,063

^[1]

$ 175,851

$ 112,063

^[1]

Fair value ending balance

33,750

$ 6,696

14,162

12,150

35,478

44,550

112,063

^[1]

3,780

Change in valuation inputs or other assumptions

27,054

^[2]

(7,466)

^[2]

10,382

^[2]

(23,328)

^[2]

(9,072)

^[2]

(67,513)

^[2]

(63,788)

^[3]

(108,283)

^[3]

Public [Member]

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability [Line Items]

Fair value beginning balance

310,000

175,000

1,642,500

2,062,500

5,188,125

^[1]

8,141,250

5,188,125

^[1]

Fair value ending balance

1,562,500

310,000

655,625

562,500

1,642,500

2,062,500

5,188,125

^[1]

175,000

Change in valuation inputs or other assumptions

1,252,500

^[2]

(345,625)

^[2]

480,625

^[2]

(1,080,000)

^[2]

(420,000)

^[2]

(3,125,625)

^[2]

(2,953,125)

^[3]

(5,013,125)

^[3]

Warrant Liability [Member]

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability [Line Items]

Fair value beginning balance

316,696

178,780

1,677,978

2,107,050

5,300,188

^[1]

8,317,101

5,300,188

^[1]

Fair value ending balance

1,596,250

316,696

669,787

574,650

1,677,978

2,107,050

5,300,188

^[1]

178,780

Change in valuation inputs or other assumptions

1,279,554

^[2]

(353,091)

^[2]

491,007

^[2]

(1,103,328)

^[2]

(429,072)

^[2]

(3,193,138)

^[2]

(3,016,913)

^[3]

(5,121,408)

^[3]

FPS Liability [Member]

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability [Line Items]

Fair value beginning balance

3,191,371

2,504,214

1,301,570

1,959,196

2,006,525

1,933,236

2,006,525

Fair value ending balance

20,050,252

3,191,371

2,763,872

1,757,919

1,301,570

1,959,196

2,006,525

2,504,214

Change in valuation inputs or other assumptions

$ 16,858,881

^[2]

$ 427,499

^[2]

$ 259,658

^[2]

$ 456,349

^[2]

$ (657,626)

^[2]

$ (47,329)

^[2]

$ 73,289

^[4]

$ 497,689

^[4]

[1]	Due to the use of quoted prices in an inactive market and the use of observable inputs for similar assets or liabilities (Level 2) for Public Warrants and Private Placement Warrants, respectively, subsequent to initial measurement, the Company had transfers out of Level 3 totaling approximately $7.1 million during the year ended December 31, 2021.
[2]	Changes in valuation inputs or other assumptions are recognized in Changes in fair value of FPS liability in the unaudited condensed consolidated statements of operations.
[3]	Changes in valuation inputs or other assumptions are recognized in Change in fair value of warrant liability in the consolidated statements of operations.
[4]	Changes in valuation inputs or other assumptions are recognized in Change in fair value of FPS liability in the consolidated statements of operations.

Leases (Details) - Schedule of Cash Paid and Related Right-of-Use Operating Finance or Operating Lease - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$ 4,347	$ 5,336
Financing cash flows from finance leases	$ 660	$ 847	1,021	1,600	$ 1,144
Right-of-use lease assets obtained in the exchange for lease liabilities:
Operating leases			34	1,796
Finance leases			$ 104	$ 286

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items]

Schedule of Disaggregate Revenue from Contracts by Geographic Region

The following tables disaggregate revenue from contracts by geographic region for the years ended December 31, 2022, 2021, and 2020:

	Year ended December 31,
(dollars in thousands)	2022		2021		2020
France	$	66,054	$	74,305	$	74,637
Germany		55,668		56,906		62,401
United Kingdom		32,061		39,226		40,839
Sweden		17,640		23,680		24,598
Other		8,926		11,655		14,797
Total Combined Revenue	$	180,349	$	205,772	$	217,272

Schedule of Contract Assets, Contract Liabilities and Contract Costs Recognized

The following table presents contract assets, contract liabilities and contract costs recognized at September 30, 2023 and December 31, 2022:

(dollars in thousands)	September 30, 2023		December 31, 2022
Accounts receivable, net	$	32,454	$	35,977
Deferred revenues		6,448		5,660
Customer deposits		635		1,061
Costs to obtain and fulfill a contract		7		44

The following table presents contract assets, contract liabilities and contract costs recognized at December 31, 2022 and 2021:

(dollars in thousands)	Balance at Beginning of Period		Change			December 31, 2021		Change			December 31, 2022
Accounts receivable, net	$	41,752	$	(6,643	)	$	35,109	$	868		$	35,977
Deferred revenues		6,398		(638	)		5,760		(100	)		5,660
Customer deposits		531		1,616			2,147		(1,086	)		1,061
Costs to obtain and fulfill a contract		107		(47	)		60		(16	)		44

Schedule of Transaction Price Allocated to the Remaining Performance Obligations

The Company has certain non-cancellable contracts where a fixed monthly fee is received in exchange for a series of distinct services that are substantially the same and have the same pattern of transfer over time, with the corresponding remaining performance obligations as of September 30, 2023 in each of the future periods below:

(dollars in thousands)
Remainder of 2023	$	2,563
2024		3,448
2025		283
2026 and thereafter		154
Total	$	6,448

The business has certain non-cancellable contracts where a fixed monthly fee is received in exchange for a series of distinct services that are substantially the same and have the same pattern of transfer over time, with the corresponding remaining performance obligations as of December 31, 2022 in each of the future periods below:

(dollars in thousands)
2023	$	2,953
2024		832
2025		669
2026 and thereafter		1,206
Total	$	5,660

Schedule of Disaggregate Revenue from Contracts by Geographic Region

The following tables disaggregate revenue from contracts by geographic region for the three and nine months ended September 30, 2023 and 2022:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
France	$	12,659	$	15,006	$	44,564	$	50,471
Germany		13,639		10,880		32,319		41,462
United Kingdom		7,482		7,686		26,903		24,291
Sweden		3,409		3,645		13,392		13,644
Other		2,989		1,836		8,072		6,854
Total Combined Revenue	$	40,178	$	39,053	$	125,250	$	136,722

CF ACQUISITION CORP VIII [Member]

Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items]

Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock

The following tables reflect the calculation of basic and diluted net income (loss) per share of common stock:

	For the Three Months Ended September 30, 2023									For the Three Months Ended September 30, 2022
	Class A – Public shares			Class A – Private placement shares			Class B – Common stock			Class A – Public shares			Class A – Private placement shares			Class B – Common stock
Basic and diluted net loss per share of common stock
Numerator:
Allocation of net loss	$	(3,060,705	)	$	(13,041,658	)	$	(2,942,612	)	$	(610,725	)	$	(15,961	)	$	(184,734	)
Denominator:
Basic and diluted weighted average number of shares of common stock outstanding		1,300,165			5,540,000			1,250,000			20,662,249			540,000			6,250,000
Basic and diluted net loss per share of common stock	$	(2.35	)	$	(2.35	)	$	(2.35	)	$	(0.03	)	$	(0.03	)	$	(0.03	)

	For the Nine Months Ended September 30, 2023									For the Nine Months Ended September 30, 2022
	Class A – Public shares			Class A – Private placement shares			Class B – Common stock			Class A – Public shares		Class A – Private placement shares		Class B – Common stock
Basic and diluted net income (loss) per share of common stock
Numerator:
Allocation of net income (loss)	$	(4,345,697	)	$	(10,763,684	)	$	(5,915,203	)	$	2,733,787	$	66,219	$	766,423
Denominator:
Basic and diluted weighted average number of shares of common stock outstanding		1,769,140			4,381,912			2,408,088			22,293,390		540,000		6,250,000
Basic and diluted net income (loss) per share of common stock	$	(2.46	)	$	(2.46	)	$	(2.46	)	$	0.12	$	0.12	$	0.12

The following table reflects the calculation of basic and diluted net income (loss) per share of common stock:

	For the Year Ended December 31, 2022						For the Year Ended December 31, 2021
	Class A – Public shares		Class A – Private placement shares		Class B – Common stock		Class A – Public shares			Class A – Private placement shares			Class B – Common stock
Basic and diluted net income (loss) per share of common stock
Numerator:
Allocation of net income (loss)	$	1,722,236	$	53,386	$	617,897	$	(1,286,468	)	$	(27,788	)	$	(393,589	)
Denominator:
Basic and diluted weighted average number of shares of common stock outstanding		17,420,341		540,000		6,250,000		19,931,507			430,521			6,097,945
Basic and diluted net income (loss) per share of common stock	$	0.10	$	0.10	$	0.10	$	(0.06	)	$	(0.06	)	$	(0.06	)

Other Income, Net (Details) - Schedule of Other Income, Net - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Other Income Net Abstract
Pension (income) expense, net	$ (200)	$ (41)	$ (589)	$ (94)
Total other (income) expense, net	$ (200)	$ (41)	$ (589)	$ (94)	$ 804	$ (2,142)	$ 17

Leases (Details) - Schedule of Supplemental Combined and Consolidated Balance Sheet Information Related to Leases	Dec. 31, 2022	Dec. 31, 2021
Weighted-average remaining lease term
Operating Leases	4 years 1 month 28 days	3 years 11 months 23 days
Finance leases	1 year 4 months 17 days	2 years 2 months 1 day
Weighted-average discount rate
Operating Leases	8.50%	8.00%
Finance leases	8.00%	8.80%

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Fair Value Measurement of the Warrants - Initial Measurement [Member]	Mar. 16, 2021 $ / shares
Fair Value Measurements on a Recurring Basis (Details) - Schedule of Fair Value Measurement of the Warrants [Line Items]
Risk-free interest rate	1.05%
Expected term (years)	5 years
Expected volatility	17.50%
Exercise price (in Dollars per share)	$ 11.5
Stock price (in Dollars per share)	$ 10
Dividend yield	0.00%

Accounts Receivable (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Credit Loss, Additional Improvements [Abstract]

Schedule of Accounts Receivable

Accounts receivable, net consists of the following:

(dollars in thousands)	September 30, 2023			December 31, 2022
Billed receivables	$	23,298		$	28,704
Unbilled receivables		10,357			9,639
Less: Allowance for credit losses		(1,200	)		(2,366	)
Total accounts receivable, net	$	32,454		$	35,977

Accounts receivable, net consist of the following:

	December 31,
(dollars in thousands)	2022			2021
Billed receivables	$	28,704		$	28,285
Unbilled receivables		9,639			8,271
Less: Allowance for doubtful accounts		(2,366	)		(1,447	)
Total accounts receivable, net	$	35,977		$	35,109

Stockholders’ Deficit (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended	12 Months Ended
	Mar. 16, 2021	Mar. 11, 2021	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 08, 2021
Stockholders’ Equity (Deficit) [Line Items]
Common stock, shares issued				540,000
Redemption				25,000,000	2,960,098
Issued and outstanding ordinary shares percentage				20.00%
Reverse stock split		the Company effected a 1.1-for-1 stock split	On March 11, 2021, the Company effected a 1.1-for-1 stock split.
Preferred stock, shares authorized				1,000,000
Preferred stock, par value (in Dollars per share)				$ 0.0001
Common Stocks, Including Additional Paid in Capital, Net of Discount (in Dollars)			$ 730,270
Aggregate converted basis percentage			20.00%
Preferred Stock [Member]
Stockholders’ Equity (Deficit) [Line Items]
Preferred stock, shares authorized			1,000,000
Preferred stock, par value (in Dollars per share)			$ 0.0001
Preferred stock shares outstanding
Preferred stock shares issued
Class A Common Stock [Member]
Stockholders’ Equity (Deficit) [Line Items]
Common stock, shares authorized			160,000,000	160,000,000
Common stock, par value (in Dollars per share)			$ 0.0001	$ 0.0001
Common stock, shares issued			5,000,000
Common stock, shares outstanding			5,540,000	540,000
Redemption				19,159,975	2,879,927
Common stock shares issued				540,000
Common stock excluding shares			706,319	2,960,098
Outstanding shares			5,000,000	540,000
Private placement shares			540,000
Class A Common Stock [Member] \| Private Placement [Member]
Stockholders’ Equity (Deficit) [Line Items]
Shares issued				540,000
Class A Common Stock [Member] \| First Extension [Member]
Stockholders’ Equity (Deficit) [Line Items]
Redemption			2,879,927
Class A Common Stock [Member] \| Second Extension [Member]
Stockholders’ Equity (Deficit) [Line Items]
Redemption			19,159,975
Class A Common Stock [Member] \| Third Extension [Member]
Stockholders’ Equity (Deficit) [Line Items]
Redemption			1,523,509
Class B Common Stock [Member]
Stockholders’ Equity (Deficit) [Line Items]
Common stock, shares authorized			40,000,000	40,000,000
Common stock, par value (in Dollars per share)			$ 0.0001	$ 0.0001
Common stock, shares outstanding			1,250,000	6,250,000	6,250,000
Common stock shares issued			1,250,000	6,250,000	6,250,000
Shares forfeited	75,000		75,000	75,000
Issued and outstanding ordinary shares percentage			20.00%	20.00%
Shares outstanding	6,250,000
Sponsor [Member] \| Class B Common Stock [Member]
Stockholders’ Equity (Deficit) [Line Items]
Aggregate of founder shares to independent directors						20,000

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Contract Assets, Contract Liabilities and Contract Costs Recognized - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023
Schedule Of Contract Assets Contract Liabilities And Contract Costs Recognized Abstract
Accounts receivable, net, Balance at Beginning of Period		$ 41,752
Accounts receivable, net, Change	$ 868	(6,643)
Accounts receivable, net, December 31	35,977	35,109	$ 32,454
Deferred revenues, Balance at Beginning of Period		6,398
Deferred revenues, Change	(100)	(638)
Deferred revenues, December 31	5,660	5,760	6,448
Customer deposits, Balance at Beginning of Period		531
Customer deposits, Change	(1,086)	1,616
Customer deposits, December 31	1,061	2,147	635
Costs to obtain and fulfill a contract, Balance at Beginning of Period	44	107	$ 7
Costs to obtain and fulfill a contract, Change	(16)	(47)
Costs to obtain and fulfill a contract, December 31	$ 44	$ 60

Summary of Significant Accounting Policies (Details) - Schedule of Transaction Price Allocated to the Remaining Performance Obligations - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2008
Schedule of Transaction Price Allocated to the Remaining Performance Obligations [Line Items]
Remainder of 2023	$ 2,563	$ 2,953
2024	3,448	832
2025	283	669
2026 and thereafter	154	1,206
Total	$ 6,448	$ 5,660

Fair Value Measurement

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Fair Value Measurement [Line Items]

Fair Value Measurement

12. Fair Value Measurement

Fair Value of Financial Instruments

The carrying amount of assets and liabilities including cash and cash equivalents, accounts receivable, accounts payable and current portion of long-term debt approximated their fair value as of September 30, 2023 and December 31, 2022, due to the relative short maturity of these instruments. The fair values of the Company’s loans and receivables under the factoring arrangement entered into by subsidiaries of the Company are equal to the carrying values. Property and equipment, intangible assets, capital lease obligations, and goodwill are not required to be re-measured to fair value on a recurring basis. These assets are evaluated for impairment if certain triggering events occur. If such evaluation indicates that impairment exists, the respective asset is written down to its fair value.

14. Fair Value Measurement

Assets and Liabilities Measured at Fair Value

The carrying amount of assets and liabilities including cash and cash equivalents, accounts receivable, accounts payable and current portion of long-term debt approximated their fair value as of December 31, 2022 and 2021, due to the relative short maturity of these instruments. The fair values of the Business’ loans and receivables under the factoring arrangement entered into by subsidiaries of the Business are equal to the carrying values. Property and equipment, intangible assets, capital lease obligations, and goodwill are not required to be re-measured to fair value on a recurring basis. These assets are evaluated for impairment if certain triggering events occur. If such evaluation indicates that impairment exists, the respective asset is written down to its fair value.

CF ACQUISITION CORP. VIII [Member]

Fair Value Measurement [Line Items]

Fair Value Measurement

Note 8 — Fair Value Measurements on a Recurring Basis

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These three levels of the fair value hierarchy are:

• Level 1 measurements — unadjusted observable inputs such as quoted prices for identical instruments in active markets;

• Level 2 measurements — inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

• Level 3 measurements — unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

September 30, 2023

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Liabilities:
Warrant liability	$	—	$	1,596,250	$	—	$	1,596,250
FPS liability		—		—		20,050,252		20,050,252
Total Liabilities	$	—	$	1,596,250	$	20,050,252	$	21,646,502

December 31, 2022

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Assets held in Trust Account – U.S. government debt securities	$	31,445,874	$	—	$	—	$	31,445,874
Liabilities:
Warrant liability	$	—	$	178,780	$	—	$	178,780
FPS liability		—		—		2,504,214		2,504,214
Total Liabilities	$	—	$	178,780	$	2,504,214	$	2,682,994

Level 1 assets as of December 31, 2022 included investments in a money market fund classified as cash equivalents; the fund holds U.S. government debt securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

Warrant Liability

The warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liability on the Company’s unaudited condensed consolidated balance sheets. The warrant liability is measured at fair value at inception and on a recurring basis, with any subsequent changes in fair value presented within Changes in fair value of warrant liability in the Company’s unaudited condensed consolidated statements of operations.

As of both September 30, 2023 and December 31, 2022, the fair value measurements of the Public Warrants fall within Level 2 fair value measurement inputs due to the use of an observable quoted price in an inactive market. As the transfer of Private Placement Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of the Private Placement Warrants is equivalent to that of the Public Warrants. As such, the fair value of the Private Placement Warrants is classified as Level 2 fair value measurements as of both September 30, 2023 and December 31, 2022. There were no transfers into or out of Level 3 fair value measurements during the three and nine months ended September 30, 2023 or 2022.

The following tables present the changes in the fair value of warrant liability for the nine months ended September 30, 2023 and 2022:

	Private Placement Warrants			Public Warrants			Warrant Liability
Fair value as of December 31, 2022	$	3,780		$	175,000		$	178,780
Change in valuation inputs or other assumptions(1)		10,382			480,625			491,007
Fair value as of March 31, 2023	$	14,162		$	655,625		$	669,787
Change in valuation inputs or other assumptions(1)		(7,466	)		(345,625	)		(353,091	)
Fair value as of June 30, 2023	$	6,696		$	310,000		$	316,696
Change in valuation inputs or other assumptions(1)		27,054			1,252,500			1,279,554
Fair value as of September 30, 2023	$	33,750		$	1,562,500		$	1,596,250

	Private Placement Warrants			Public Warrants			Warrant Liability
Fair value as of December 31, 2021	$	112,063		$	5,188,125		$	5,300,188
Change in valuation inputs or other assumptions(1)		(67,513	)		(3,125,625	)		(3,193,138	)
Fair value as of March 31, 2022	$	44,550		$	2,062,500		$	2,107,050
Change in valuation inputs or other assumptions(1)		(9,072	)		(420,000	)		(429,072	)
Fair value as of June 30, 2022	$	35,478		$	1,642,500		$	1,677,978
Change in valuation inputs or other assumptions(1)		(23,328	)		(1,080,000	)		(1,103,328	)
Fair value as of September 30, 2022	$	12,150		$	562,500		$	574,650

(1) Changes in valuation inputs or other assumptions are recognized in Changes in fair value of warrant liability in the unaudited condensed consolidated statements of operations.

FPS Liability

The liability for the FPS was valued using an adjusted net assets method, which is considered to be a Level 3 fair value measurement. Under the adjusted net assets method utilized, the aggregate commitment of $10.0 million pursuant to the FPA is discounted to present value and compared to the fair value of the shares of common stock and warrants to be issued pursuant to the FPA. The fair value of the shares of common stock and warrants to be issued under the FPA are based on the public trading price of the Units issued in the Initial Public Offering. The excess (liability) or deficit (asset) of the fair value of the shares of common stock and warrants to be issued compared to the $10.0 million fixed commitment is then reduced to account for the probability of consummation of the Business Combination. The primary unobservable input utilized in determining the fair value of the FPS is the probability of consummation of the Business Combination. As of September 30, 2023 and December 31, 2022, the probability assigned to the consummation of the Business Combination was 100% and 80%, respectively. The probability was determined based on observed success rates of business combinations for special purpose acquisition companies.

The following tables present the changes in the fair value of the FPS liability for the three and nine months ended September 30, 2023 and 2022.

	FPS Liability
Fair value as of December 31, 2022	$	2,504,214
Change in valuation inputs or other assumptions(1)		259,658
Fair value as of March 31, 2023	$	2,763,872
Change in valuation inputs or other assumptions(1)		427,499
Fair value as of June 30, 2023	$	3,191,371
Change in valuation inputs or other assumptions(1)		16,858,881
Fair value as of September 30, 2023	$	20,050,252

	FPS Liability
Fair value as of December 31, 2021	$	2,006,525
Change in valuation inputs or other assumptions(1)		(47,329	)
Fair value as of March 31, 2022	$	1,959,196
Change in valuation inputs or other assumptions(1)		(657,626	)
Fair value as of June 30, 2022	$	1,301,570
Change in valuation inputs or other assumptions(1)		456,349
Fair value as of September 30, 2022	$	1,757,919

(1) Changes in valuation inputs or other assumptions are recognized in Changes in fair value of FPS liability in the unaudited condensed consolidated statements of operations.

Note 9 — Fair Value Measurements

• Level 1 measurements — unadjusted observable inputs such as quoted prices for identical instruments in active markets;

Fair Value Measurements on Recurring Basis

December 31, 2022

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Assets held in Trust Account – U.S. government debt securities	$	31,445,874	$	—	$	—	$	31,445,874
Liabilities:
Warrant liability	$	—	$	178,780	$	—	$	178,780
FPS liability		—		—		2,504,214		2,504,214
Total Liabilities	$	—	$	178,780	$	2,504,214	$	2,682,994

December 31, 2021

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
Assets:
Assets held in Trust Account – U.S. government debt securities	$	250,017,673	$	—	$	—	$	250,017,673
Liabilities:
Warrant liability	$	—	$	5,300,188	$	—	$	5,300,188
FPS liability		—		—		2,006,525		2,006,525
Total Liabilities	$	—	$	5,300,188	$	2,006,525	$	7,306,713

Level 1 assets as of both December 31, 2022 and 2021 include investments in a money market fund classified as cash equivalents; the fund holds U.S. government debt securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.

Warrant Liability

The warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liability on the Company’s consolidated balance sheets. The warrant liability is measured at fair value at inception and on a recurring basis, with any subsequent changes in fair value presented within change in fair value of warrant liability in the Company’s consolidated statements of operations.

Initial Measurement

The Company established the initial fair value for the warrants on March 16, 2021, the date of the closing of the Initial Public Offering. The Public Warrants and Private Placement Warrants were measured at fair value on a recurring basis, using an Options Pricing Model (the “OPM”). The Company allocated the proceeds received from (i) the sale of Units in the Initial Public Offering (which is inclusive of one share of Class A common stock and one-fourth of one Public Warrant), (ii) the sale of the Private Placement Units (which is inclusive of one share of Class A common stock and one-fourth of one Private Placement Warrant), and (iii) the issuance of Class B common stock, first to the warrants based on their fair values as determined at initial measurement, with the remaining proceeds allocated to the shares of Class A common stock subject to possible redemption. The warrants were classified as Level 3 at the initial measurement date due to the use of unobservable inputs.

The Company utilized the OPM to value the warrants as of March 16, 2021, with any subsequent changes in fair value recognized in the consolidated statement of operations. The estimated fair value of the warrant liability as of March 16, 2021, was determined using Level 3 inputs. Inherent in the OPM are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimated the volatility of its shares of common stock based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate was based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants was assumed to be equivalent to their remaining contractual term. The dividend rate was based on the historical rate, which the Company anticipated to remain at zero. The aforementioned warrant liability is not subject to qualified hedge accounting.

The following table provides quantitative information about the inputs utilized by the Company in the fair value measurement of the warrants as of March 16, 2021:

	March 16, 2021 (Initial Measurement)
Risk-free interest rate		1.05	%
Expected term (years)		5
Expected volatility		17.5	%
Exercise price	$	11.50
Stock price	$	10.00
Dividend yield		0.0	%

Subsequent Measurement

During the year ended December 31, 2021, the fair value measurement of the Public Warrants was reclassified from Level 3 to Level 2 due to the use of an observable quoted price in an inactive market. As the transfer of Private Placement Warrants to anyone who is not a permitted transferee would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of the Private Placement Warrants is equivalent to that of the Public Warrants. As such, the Private Placement Warrants were reclassified from Level 3 to Level 2 during the year ended December 31, 2021. There were no transfers into or out of Level 3 fair value measurement during the year ended December 31, 2022.

The following table presents the changes in the fair value of warrant liability:

	Private Placement			Public			Warrant Liability
Fair value as of March 16, 2021	$	175,851		$	8,141,250		$	8,317,101
Change in valuation inputs or other assumptions(1)		(63,788	)		(2,953,125	)		(3,016,913	)
Fair value as of December 31, 2021(2)	$	112,063		$	5,188,125		$	5,300,188
Change in valuation inputs or other assumptions(1)		(108,283	)		(5,013,125	)		(5,121,408	)
Fair value as of December 31, 2022	$	3,780		$	175,000		$	178,780

(1) Changes in valuation inputs or other assumptions are recognized in Change in fair value of warrant liability in the consolidated statements of operations.

FPS Liability

The liability for the FPS was valued using an adjusted net assets method, which is considered to be a Level 3 fair value measurement. Under the adjusted net assets method utilized, the aggregate commitment of $10.0 million pursuant to the FPA is discounted to present value and compared to the fair value of the shares of common stock and warrants to be issued pursuant to the FPA. The fair value of the shares of common stock and warrants to be issued under the FPA are based on the public trading price of the Units issued in the Initial Public Offering. The excess (liability) or deficit (asset) of the fair value of the shares of common stock and warrants to be issued compared to the $10.0 million fixed commitment is then reduced to account for the probability of consummation of the Business Combination. The primary unobservable input utilized in determining the fair value of the FPS is the probability of consummation of the Business Combination. As of both December 31, 2022 and 2021, the probability assigned to the consummation of the Business Combination was 80%. The probability was determined based on observed success rates of business combinations for special purpose acquisition companies.

	FPS Liability
Fair value as of March 16, 2021	$	1,933,236
Change in valuation inputs or other assumptions(1)		73,289
Fair value as of December 31, 2021	$	2,006,525
Change in valuation inputs or other assumptions(1)		497,689
Fair value as of December 31, 2022	$	2,504,214

(1) Changes in valuation inputs or other assumptions are recognized in Change in fair value of FPS liability in the consolidated statements of operations.

Fair Value Measurements on Non-Recurring Basis

Sponsor Loans Liability

During the year ended December 31, 2022, sponsor loans liability was measured at fair value on a non-recurring basis at the time of modification that was accounted for as an extinguishment.

At the time of the extinguishment, the fair value of the sponsor loans was $7,534,106. The estimated fair value of these obligations was determined by reference to the Company’s quoted stock price and discounted cash flow calculations based on market-observable risk-free rate and reduced to account for the probability of consummation

of the Business Combination, the probability of repayment in cash or the probability of forgiveness. The primary unobservable inputs utilized in estimating the fair value of the sponsor loans were the probabilities of consummation of the Business Combination, repayment in cash or forgiveness. As a result, the estimated fair value of these loans falls within Level 3 in the fair value hierarchy. The range of probabilities used in deriving the estimated fair value of the sponsor loans was 8%-80%.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - CF Acquisition Corp VIII - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class A – Public shares
Diluted net income (loss) per share of common stock	$ (2.35)	$ (0.03)	$ (2.46)	$ 0.12	$ 0.10	$ (0.06)
Class A – Private placement
Diluted net income (loss) per share of common stock	(2.35)	(0.03)	(2.46)	0.12	0.10	(0.06)
Class B – Common stock
Diluted net income (loss) per share of common stock	$ (2.35)	$ (0.03)	$ (2.46)	$ 0.12	$ 0.10	$ (0.06)

- Definition

+ References

+ Details

Restructuring (Details) - Schedule of Restructuring Liability - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Restructuring Liability Abstract
Balance	$ 2,036	$ 4,237	$ 108
Restructuring charges	145	267	6,379	$ 100
Payment of benefits	0	(2,468)	(2,250)
Balance	$ 2,181	$ 2,036	$ 4,237	$ 108

Leases (Details) - Schedule of ROU assets and lease liabilities - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Lease
Operating lease right-of-use assets, net	$ 8,123	$ 5,848	$ 10,383
Current portion of operating lease liabilities	2,162	1,796	4,120
Operating lease liabilities, net of current position	5,912	3,963	6,255
Finance Lease
Finance lease right-of-use assets, net (included in property, plant and equipment, net)		1,345	2,138
Current portion of finance lease liabilities	546	757	1,073
Finance lease liabilities	$ 211	$ 658	$ 1,426

Stockholders’ Deficit	9 Months Ended	12 Months Ended
Stockholders’ Deficit	Sep. 30, 2023	Dec. 31, 2022
CF ACQUISITION CORP. VIII [Member]
Stockholders’ Deficit [Line Items]
Stockholders’ Deficit	Note 6 — Stockholders’ Deficit Class A Common Stock — The Company is authorized to issue 160,000,000 shares of Class A common stock, par value $0.0001 per share. As of September 30, 2023 and December 31, 2022, there were 5,540,000 and 540,000 shares of Class A common stock issued and outstanding, excluding 706,319 and 2,960,098 shares (following the redemptions of 2,879,927 shares of Class A common stock in connection with the First Extension, 19,159,975 shares of Class A common stock in connection with the Second Extension, 1,523,509 shares of Class A common stock in connection with the Third Extension and 730,270 shares of Class A common stock in connection with the Fourth Extension) subject to possible redemption, respectively. On March 6, 2023, pursuant to the Conversion, the Company issued 5,000,000 shares of Class A common stock to the Sponsor. As a result, as of September 30, 2023 the outstanding shares of Class A common stock comprised of 5,000,000 Founder Shares and 540,000 Private Placement Shares. As of December 31, 2022, the outstanding shares of Class A common stock comprised of 540,000 Private Placement Shares. The Founder Shares and the Private Placement Shares do not contain the same redemption features contained in the Public Shares. Class B Common Stock — The Company is authorized to issue 40,000,000 shares of Class B common stock, par value $0.0001 per share. Holders of Class B common stock are entitled to one vote for each share. As a result of the Conversion, as of September 30, 2023 there were 1,250,000 shares of Class B common stock issued and outstanding. As of December 31, 2022, there were 6,250,000 shares of Class B common stock issued and outstanding. In connection with the underwriter advising the Company that it would not exercise the remaining portion of the over-allotment option, the Sponsor forfeited 75,000 shares of Class B common stock, such that the initial stockholders would collectively own 20% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering (not including the Private Placement Shares). Prior to the consummation of the Business Combination, only holders of shares of Class B common stock have the right to vote on the election of directors, and holders of shares of Class A common stock are not entitled to vote on the election of directors during such time. Holders of shares of Class A common stock and Class B common stock vote together as a single class on all other matters submitted to a vote of stockholders except as required by law. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Business Combination on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of the Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the Business Combination). Pursuant to the Sponsor Support Agreement entered into in connection with the XBP Europe Business Combination, the Sponsor agreed, among other items, to waive the anti-dilution rights of the Company’s shares of Class B common stock under the Amended and Restated Certificate of Incorporation. On March 8, 2021, the Sponsor transferred an aggregate of 20,000 shares of Class B common stock to two of the independent directors of the Company. On March 11, 2021, the Company effected a 1.1-for-1 stock split. Information contained in the unaudited condensed consolidated financial statements has been retroactively adjusted for this split. On March 16, 2021, the Sponsor forfeited 75,000 shares of Class B common stock, resulting in an aggregate of 6,250,000 shares of Class B common stock outstanding and held by the Sponsor and two of the independent directors of the Company as of such date. Preferred Stock — The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of both September 30, 2023 and December 31, 2022, there were no shares of preferred stock issued or outstanding.	Note 6 — Stockholders’ Equity (Deficit) Class A Common Stock — The Company is authorized to issue 160,000,000 shares of Class A common stock, par value $0.0001 per share. As of December 31, 2022 and 2021, there were 540,000 shares of Class A common stock issued and outstanding, excluding 2,960,098 shares (following the redemptions of 2,879,927 shares of Class A common stock in connection with the First Extension and 19,159,975 shares of Class A common stock in connection with the Second Extension) and 25,000,000 shares subject to possible redemption, respectively. The outstanding shares of Class A common stock comprise of 540,000 shares included in the Private Placement Units. The shares of Class A common stock included in the Private Placement Units do not contain the same redemption features contained in the Public Shares. Class B Common Stock — The Company is authorized to issue 40,000,000 shares of Class B common stock, par value $0.0001 per share. Holders of Class B common stock are entitled to one vote for each share. As of both December 31, 2022 and 2021, there were 6,250,000 shares of Class B common stock issued and outstanding. In connection with the underwriter advising the Company that it would not exercise the remaining portion of the over-allotment option, the Sponsor forfeited 75,000 shares of Class B common stock, such that the initial stockholders would collectively own 20% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering (not including the Private Placement Shares). Prior to the consummation of the Business Combination, only holders of Class B common stock have the right to vote on the election of directors. Holders of Class A common stock are not entitled to vote on the election of directors during such time. Holders of Class A common stock and Class B common stock vote together as a single class on all other matters submitted to a vote of stockholders except as required by law. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Business Combination on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Initial Public Offering and related to the closing of the Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the Business Combination). Pursuant to the Sponsor Support Agreement entered into in connection with the XBP Europe Business Combination, the Sponsor agreed, among other items, to waive the anti-dilution rights of the Company’s shares of Class B common stock under the Amended and Restated Certificate of Incorporation. On March 8, 2021, the Sponsor transferred an aggregate of 20,000 shares of Class B common stock to two of the independent directors of the Company. On March 11, 2021, the Company effected a 1.1-for-1 stock split. Information contained in the consolidated financial statements has been retroactively adjusted for this split. On March 16, 2021, the Sponsor forfeited 75,000 shares of Class B common stock, resulting in an aggregate of 6,250,000 shares of Class B common stock outstanding and held by the Sponsor and two of the independent directors of the Company. Preferred Stock — The Company is authorized to issue 1,000,000 shares of preferred stock, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of both December 31, 2022 and 2021, there were no shares of preferred stock issued or outstanding.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2023
Document Information Line Items
Entity Registrant Name	XBP Europe Holdings, Inc.
Document Type	S-1
Amendment Flag	false
Entity Central Index Key	0001839530
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	DE

Income Taxes (Details) - Schedule of Net Deferred Tax Assets - CF ACQUISITION CORP VIII [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Start-up/organizational costs	$ 935,979	$ 501,658
Deferred compensation	41,153	30,777
Accrued bonus	5,250
Net operating loss carryforwards		38,703
Total deferred tax assets	982,382	571,138
Valuation allowance	(982,382)	(571,138)
Deferred tax assets, net of allowance

New Accounting Pronouncements (Details) - Schedule of Allowance for Expected Credit Losses $ in Thousands	Sep. 30, 2023 USD ($)
Schedule Of Allowance For Expected Credit Losses Abstract
Change in the provision for expected credit losses for the period	$ 271

Intangible Assets and Goodwill (Details) - Schedule of Intangible Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	5 years	5 years
Gross Carrying Amount(a)	$ 3,049	$ 3,232
Accumulated Amortization	(1,564)	(1,263)	$ (1,822)
Intangible Asset, net	$ 1,485	$ 1,969	$ 1,192
Outsource contract costs [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	1 year 6 months
Gross Carrying Amount(a)	$ 449
Accumulated Amortization	(405)
Intangible Asset, net	$ 44
Internally developed software [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	10 months 24 days	10 months 24 days
Gross Carrying Amount(a)	$ 2,485	$ 2,777
Accumulated Amortization	(2,485)	(2,518)
Intangible Asset, net		$ 259
Developed technology [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)
Gross Carrying Amount(a)	$ 4,759	$ 4,759
Accumulated Amortization	(4,759)	(4,759)
Intangible Asset, net
Total intangibles net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount(a)	10,742	11,257
Accumulated Amortization	(9,213)	(8,969)
Intangible Asset, net	$ 1,529	$ 2,288
Outsource contract costs [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)		2 years 1 month 6 days
Gross Carrying Amount(a)		$ 489
Accumulated Amortization		(429)
Intangible Asset, net		$ 60

Segment Information (Details) - Schedule of Operating Decision Maker Reviews Segment - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue, net	$ 40,245	$ 39,086	$ 125,413	$ 136,856	$ 180,492	$ 205,950	$ 217,544
Cost of revenue	31,380	31,608	95,401	103,580	136,787	165,022	175,497
Segment profit	8,865	7,478	30,012	33,276	43,705	40,928	42,047
Selling, general and administrative expenses (exclusive of depreciation and amortization)	7,741	7,396	24,336	22,721	32,956	29,764	44,199
Related party expense	1,329	2,417	3,627	7,052
Depreciation and amortization	1,095	1,136	2,951	3,357	4,390	5,166	6,312
Related party interest expense, net		80		146
Related party interest income, net	5		(1)
Interest expense, net	1,265	569	3,705	2,094	3,062	2,836	2,844
Foreign exchange losses, net	(529)	684	411	2,863	1,184	1,162	2,195
Other income, net	(200)	(41)	(589)	(94)	804	(2,142)	17
Net loss before income taxes	(1,841)	(4,763)	(4,428)	(4,863)	(5,367)	(9,808)	(23,875)
Bills & Payments [Member]
Segment Reporting Information [Line Items]
Revenue, net	28,093	29,654	91,859	106,412	136,858	166,356	177,634
Cost of revenue	25,743	26,413	80,933	88,094	114,297	144,077	153,121
Segment profit	2,350	3,241	10,926	18,318	22,561	22,279	24,513
Technology [Member]
Segment Reporting Information [Line Items]
Revenue, net	12,152	9,432	33,554	30,444	43,634	39,594	39,910
Cost of revenue	5,637	5,195	14,468	15,486	22,490	20,945	22,376
Segment profit	$ 6,515	$ 4,237	$ 19,086	$ 14,958	$ 21,144	$ 18,649	$ 17,534

Related Parties (Details) $ / shares in Units, $ in Thousands, € in Millions, $ in Millions								1 Months Ended			3 Months Ended		9 Months Ended				10 Months Ended	12 Months Ended
	Sep. 14, 2023 $ / shares	Mar. 15, 2023 USD ($)	Mar. 14, 2023 $ / shares	Mar. 09, 2022 USD ($) $ / shares	Mar. 16, 2021 $ / shares shares	Mar. 11, 2021	Jul. 08, 2020 USD ($) $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 EUR (€) shares	Sep. 30, 2023 SGD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2013	Dec. 31, 2012	Aug. 31, 2023 USD ($)	Mar. 06, 2023 shares	Oct. 14, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 25, 2022 shares	Mar. 08, 2021 shares	Dec. 31, 2014
Related Parties [Line Items]
Related party sales											$ 100	$ 0	$ 200			$ 100		$ 100	$ 200	$ 300
General corporate expenses											1,000	1,000	2,800			3,100		4,100	4,300	4,000
Royalty expense											209	153	432			440		631	530	538
Total management fees											$ 136	1,293	$ 435			3,497		3,627	4,997	6,026
Affiliate cost														€ 20				$ 20,000
Bears annual interest													9.50%	9.50%	9.50%			9.50%
Affiliate cost															$ 9.3			$ 9,300
Fixed interest rate									4.00%		4.00%		4.00%					4.00%			12.00%								13.50%
LIBOR percentage																					13.50%	12.00%
Interest expense											$ 1,265	569	$ 3,705			2,094		$ 3,062	2,836	2,844
Sponsor amount																		7,534,106
Loans payable									$ 4,489		3,854		3,854				$ 4,031	$ 4,489	4,031
Common stock, shares issued (in Shares) \| shares									540,000									540,000
Related party purchases											$ 0	600	$ 1,000			3,200
Class B Common Stock [Member]
Related Parties [Line Items]
Common stock, par value (in Dollars per share) \| $ / shares									$ 0.0001		$ 0.0001		$ 0.0001					$ 0.0001
Founder shares outstanding (in Shares) \| shares					75,000								75,000	75,000	75,000			75,000
Founder shares outstanding (in Shares) \| shares					6,250,000
Class A Common Stock [Member]
Related Parties [Line Items]
Common stock, par value (in Dollars per share) \| $ / shares									$ 0.0001		$ 0.0001		$ 0.0001					$ 0.0001
Common stock, shares issued (in Shares) \| shares											5,000,000		5,000,000
Class A Common Stock [Member] \| Private Placement [Member]
Related Parties [Line Items]
Shares issued (in Shares) \| shares									540,000									540,000
CF ACQUISITION CORP VIII [Member]
Related Parties [Line Items]
General corporate expenses											$ 770,927	1,108,906	$ 1,708,519			1,913,161		$ 2,601,894	2,440,245
Interest expense													(100,000)
Compensation expense												29,000				29,000		29,000	147,000
Stock split, description						the Company effected a 1.1-for-1 stock split.
Initial stockholders ownership percentage					20.00%												20.00%
Working capital									$ 9,209,000		11,566,000		11,566,000				$ 2,634,000	9,209,000	2,634,000
Other working capital expenses													10,000					10,000
Office space and administrative fees											30,000	30,000	90,000			90,000		120,000	95,000
Working capital loan								$ 500,000															$ 300,000		$ 750,000	$ 1,000,000
Sponsor amount								$ 500,000					79,000
Public share per share (in Dollars per share) \| $ / shares	$ 11.06		$ 10.69							$ 0.33
Second extension loan										$ 976,832		976,832				976,832
Face amounts of loans									8,500,000				9,906,000					$ 8,500,000	734,000
Third extension loan		$ 344,781
CF ACQUISITION CORP VIII [Member] \| Sponsor [Member]
Related Parties [Line Items]
Founder shares outstanding (in Shares) \| shares																		733,400
Sponsor purchased an aggregate shares (in Shares) \| shares					3,000,000												3,000,000
Pre IPO Note													300,000					$ 300,000
Working capital									1,750,000		1,750,000		1,750,000					1,750,000
First working capital																										$ 1,000,000
Public share per share (in Dollars per share) \| $ / shares				$ 0.2						$ 0.33
Second extension loan									8,200,000		9,906,000		9,906,000				$ 734,000	8,200,000	734,000
Loans payable									8,200,000		$ 9,906,000		$ 9,906,000				734,000	8,200,000	734,000
Accounts payable outstanding									$ 0									0
Expenses paid																	$ 571,000		$ 571,000
Founder shares outstanding (in Shares) \| shares											733,400		733,400
Price per share (in Dollars per share) \| $ / shares					$ 10
CF ACQUISITION CORP VIII [Member] \| Private Placement [Member]
Related Parties [Line Items]
Aggregate price													$ 5,400,000					5,400,000
Compensation expense													$ 20,000					$ 20,000
Sponsor purchased an aggregate shares (in Shares) \| shares													540,000	540,000	540,000			540,000
Price per unit (in Dollars per share) \| $ / shares													$ 10					$ 10
Price per share (in Dollars per share) \| $ / shares									$ 10									$ 10
CF ACQUISITION CORP VIII [Member] \| Initial Public Offering [Member]
Related Parties [Line Items]
Sale of stock price per share (in Dollars per share) \| $ / shares					$ 10												$ 10		$ 10
Sponsor purchased an aggregate shares (in Shares) \| shares													25,000,000	25,000,000	25,000,000			25,000,000
Percentage of gross proceeds													3.50%	3.50%	3.50%			3.50%
Pre IPO Note													$ 79,000					$ 79,000
Price per share (in Dollars per share) \| $ / shares									10		$ 10		$ 10					$ 10
CF ACQUISITION CORP VIII [Member] \| Over-Allotment Option [Member]
Related Parties [Line Items]
Sponsor purchased an aggregate shares (in Shares) \| shares													3,000,000	3,000,000	3,000,000			3,000,000
Percentage of gross proceeds													5.50%	5.50%	5.50%			5.50%
CF ACQUISITION CORP VIII [Member] \| Sponsor Loan [Member]
Related Parties [Line Items]
Working capital loan																									$ 750,000
Second extension loan																	$ 734,000		$ 734,000
CF ACQUISITION CORP VIII [Member] \| Public Shares [Member]
Related Parties [Line Items]
Sponsor amount				$ 4,424,015
Public share per share (in Dollars per share) \| $ / shares				$ 0.2
CF ACQUISITION CORP VIII [Member] \| Class B Common Stock [Member]
Related Parties [Line Items]
Common stock, par value (in Dollars per share) \| $ / shares							$ 0.0001
Aggregate price							$ 25,000
Sponsor transferred shares (in Shares) \| shares																												20,000
Number of shares forfeited (in Shares) \| shares					75,000												75,000
Aggregate of founder share outstanding (in Shares) \| shares					6,250,000												6,250,000		6,250,000
Common stock, shares issued (in Shares) \| shares																								5,000,000
CF ACQUISITION CORP VIII [Member] \| Class A Common Stock [Member]
Related Parties [Line Items]
Interest expense											$ 210,000		$ 459,000
Sponsor transferred shares (in Shares) \| shares																											2,500
Sale of stock price per share (in Dollars per share) \| $ / shares									12		$ 12		$ 12					$ 12
Price per unit (in Dollars per share) \| $ / shares													10					10
Common stock, shares issued (in Shares) \| shares																								5,000,000
CF ACQUISITION CORP VIII [Member] \| Class A Common Stock [Member] \| Sponsor [Member]
Related Parties [Line Items]
Common stock, shares issued (in Shares) \| shares																								5,000,000
CF ACQUISITION CORP VIII [Member] \| Class A Common Stock [Member] \| Private Placement Warrants [Member]
Related Parties [Line Items]
Price per share (in Dollars per share) \| $ / shares									$ 11.5									$ 11.5
Price per share (in Dollars per share) \| $ / shares											$ 11.5		$ 11.5
Related Party [Member]
Related Parties [Line Items]
Marketing fee									$ 13,300		$ 13,100		$ 13,100					$ 13,300
Interest income											300	300	1,000			900
Related party notes payabl									11,200		11,200		11,200					11,200
Interest expense											400	$ 400	1,100			$ 1,100
Business Combination [Member] \| CF ACQUISITION CORP VIII [Member]
Related Parties [Line Items]
Marketing fee									9,350,000		$ 9,350,000		$ 9,350,000					9,350,000
Related Party [Member]
Related Parties [Line Items]
Marketing fee									13,300								$ 14,100	13,300	$ 14,100
Interest income																		1,300	1,400	1,300
Related party notes payabl									$ 11,200									11,200
Interest expense																		$ 1,500	$ 1,500	$ 1,500
Founder Shares [Member] \| CF ACQUISITION CORP VIII [Member]
Related Parties [Line Items]
Working capital loan																							$ 300,000
Founder Shares [Member] \| CF ACQUISITION CORP VIII [Member] \| Class B Common Stock [Member]
Related Parties [Line Items]
Shares issued (in Shares) \| shares							5,750,000
Founder Shares [Member] \| CF ACQUISITION CORP VIII [Member] \| Class A Common Stock [Member]
Related Parties [Line Items]
Shares issued (in Shares) \| shares							5,750,000

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventories [Abstract]

Schedule of Inventories Net

Inventories, net consist of the following:

	December 31,
(dollars in thousands)	2022			2021
Finished goods	$	6,607		$	6,135
Allowance for obsolescence		(2,081	)		(2,042	)
Total inventories, net	$	4,526		$	4,093

New Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2023

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of Allowance for Expected Credit Losses

The following table describes the changes in the allowance for expected credit losses for the nine months ended September 30, 2023 (all related to accounts receivables):

(dollars in thousands)
Balance at January 1, 2023 of the allowance for expected credit losses	$	929
Change in the provision for expected credit losses for the period		271
Balance at September 30, 2023 of the allowance for expected credit losses	$	1,200

Employee Benefit Plans (Details) - Schedule of Net Periodic Benefit Cost - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Net Periodic Benefit Cost Abstract
Service cost	$ 10	$ 14	$ 30	$ 45	$ 53	$ 68	$ 69
Interest cost	779	454	2,298	1,458	1,910	1,686	1,984
Expected return on plan assets	(693)	(678)	(2,045)	(2,172)	(2,856)	(2,410)	(2,530)
Amortization:
Amortization of prior service cost	90	50	268	159	273	127	103
Amortization of net loss	403	605	1,186	1,938	1,768	3,103	1,741
Net periodic benefit cost	$ 589	$ 445	$ 1,737	$ 1,428	$ 1,148	$ 2,574	$ 2,004

Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Total fair value	$ 45,694	$ 90,225
Cash [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Asset Category	932	149
Corporate bonds/U.K. Gilts [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Equity funds	11,400	17,423
Fixed income securities	2,529	2,444
Other international [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Equity funds		11,909
Level 1 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Total fair value	932	149
Level 1 [Member] \| Cash [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Asset Category	932	149
Level 1 [Member] \| Corporate bonds/U.K. Gilts [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Equity funds
Fixed income securities
Level 1 [Member] \| Other international [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Equity funds
Level 2 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Total fair value	44,762	90,076
Level 2 [Member] \| Cash [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Asset Category
Level 2 [Member] \| Corporate bonds/U.K. Gilts [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Equity funds	11,400	17,423
Fixed income securities	2,529	2,444
Level 2 [Member] \| Other international [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Equity funds		11,909
Level 3 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Total fair value
Level 3 [Member] \| Cash [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Asset Category
Level 3 [Member] \| Corporate bonds/U.K. Gilts [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Equity funds
Fixed income securities
Level 3 [Member] \| Other international [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Equity funds
Diversified growth fund [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments	8,417	23,122
Diversified growth fund [Member] \| Level 1 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments
Diversified growth fund [Member] \| Level 2 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments	8,417	23,122
Diversified growth fund [Member] \| Level 3 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments
Liability driven investments [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments	20,258	31,259
Liability driven investments [Member] \| Level 1 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments
Liability driven investments [Member] \| Level 2 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments	20,258	31,259
Liability driven investments [Member] \| Level 3 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments
Multi-asset credit fund [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments	2,158	3,919
Multi-asset credit fund [Member] \| Level 1 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments
Multi-asset credit fund [Member] \| Level 2 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments	2,158	3,919
Multi-asset credit fund [Member] \| Level 3 [Member]
Employee Benefit Plans (Details) - Schedule of Fair Value of Our Pension Assets [Line Items]
Other investments

Segment Information (Restated) (Details) - Schedule of Operating Decision Maker Reviews Segment - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenue, net	$ 40,245	$ 39,086	$ 125,413	$ 136,856	$ 180,492	$ 205,950	$ 217,544
Cost of revenue	31,380	31,608	95,401	103,580	136,787	165,022	175,497
Segment profit	8,865	7,478	30,012	33,276	43,705	40,928	42,047
Selling, general and administrative expenses (exclusive of depreciation and amortization)	7,741	7,396	24,336	22,721	32,956	29,764	44,199
Related party expense					8,309	9,807	10,606
Depreciation and amortization	1,095	1,136	2,951	3,357	4,390	5,166	6,312
Related party interest income, net					(25)	(141)	(217)
Interest expense, net	1,265	569	3,705	2,094	3,062	2,836	2,844
Foreign exchange losses, net	(529)	684	411	2,863	1,184	1,162	2,195
Other expense, net						2,142
Other income, net	200	41	589	94	(804)	2,142	(17)
Net loss before income taxes	(1,841)	(4,763)	(4,428)	(4,863)	(5,367)	(9,808)	(23,875)
Bills & Payments [Member]
Segment Reporting Information [Line Items]
Revenue, net	28,093	29,654	91,859	106,412	136,858	166,356	177,634
Cost of revenue	25,743	26,413	80,933	88,094	114,297	144,077	153,121
Segment profit	2,350	3,241	10,926	18,318	22,561	22,279	24,513
Technology [Member]
Segment Reporting Information [Line Items]
Revenue, net	12,152	9,432	33,554	30,444	43,634	39,594	39,910
Cost of revenue	5,637	5,195	14,468	15,486	22,490	20,945	22,376
Segment profit	$ 6,515	$ 4,237	$ 19,086	$ 14,958	$ 21,144	$ 18,649	$ 17,534

Income Taxes (Details) - Schedule of Domestic and Foreign Components - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes (Details) - Schedule of Domestic and Foreign Components [Line Items]
Total income tax provision	$ (5,367)	$ (9,808)	$ (23,875)
U.S [Member]
Income Taxes (Details) - Schedule of Domestic and Foreign Components [Line Items]
Total income tax provision
Foreign [Member]
Income Taxes (Details) - Schedule of Domestic and Foreign Components [Line Items]
Total income tax provision	$ (5,367)	$ (9,808)	$ (23,875)

Property, Plant and Equipment, Net (Details) - Schedule of Property, Plant and Equipment - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 60,439	$ 59,249	$ 57,462
Less: Accumulated depreciation and amortization	(46,328)	(44,629)	(44,448)
Total property, plant and equipment, net	14,111	14,620	13,014
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 8,768	$ 8,788	5,074
Buildings and improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	7 years	7 years
Buildings and improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	40 years	40 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Useful Lives	Shorter of life of improvement or lease term	Shorter of life of improvement or lease term
Expected Useful Lives, Gross	$ 960	$ 967	1,039
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 8,374	$ 6,986	7,133
Machinery and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	5 years	5 years
Machinery and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	15 years	15 years
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 30,274	$ 29,870	30,958
Computer equipment and software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	3 years	3 years
Computer equipment and software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	8 years	8 years
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives, Gross	$ 7,866	$ 7,805	8,129
Furniture and fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	5 years	5 years
Furniture and fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	15 years	15 years
Finance lease right-of use assets [Member]
Property, Plant and Equipment [Line Items]
Useful Lives	Shorter of life of the asset or lease term	Shorter of life of the asset or lease term
Expected Useful Lives, Gross	$ 4,196	$ 4,833	$ 5,126

Employee Benefit Plans (Details) - Schedule of Estimated Future Pension Benefit Payments $ in Thousands	Dec. 31, 2022 USD ($)
Schedule of Estimated Future Pension Benefit Payments [Abstract]
2023	$ 1,872
2024	2,067
2025	2,656
2026	2,674
2027	2,978
2028 – 2032	13,615
Total	$ 25,862

Restructuring (Details) - Schedule of Restructuring Liability - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Restructuring Liability Abstract
Balance	$ 2,036	$ 4,237	$ 108
Restructuring charges	145	267	6,379	$ 100
Payment of benefits	0	2,468	2,250
Balance	$ 2,181	$ 2,036	$ 4,237	$ 108

Segment Information (Restated) (Details) - Schedule of Operating Decision Maker Reviews Segment (Parentheticals) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Operating Decision Maker Reviews Segment Abstract
Related party revenue	$ 70.00	$ 30.00	$ 200	$ 100	$ 100	$ 100	$ 100
Related party cost of revenue	$ 10.00	$ 130	$ 80.00	$ 400	$ 500	$ 500	$ 500

Employee Benefit Plans (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Employee Benefit Plans [Abstract]

Schedule of Combined and Consolidated Financial Statements

The change in benefit obligations, the change in the fair value of the plan assets and the funded status of our pension plans (except for the German pension plan which is unfunded) and the amounts recognized in our combined and consolidated financial statements are as follows:

	Year Ended December 31,
(dollars in thousands)	2022			2021
Change in Benefit Obligation:
Benefit obligation at beginning of period	$	117,582		$	122,069
Service cost		53			68
Interest cost		1,910			1,686
Actuarial gain		(44,748	)		(2,243	)
Plan amendments		—			(28	)
Plan curtailment		149			98
Benefits paid		(1,915	)		(2,497	)
Foreign-exchange rate changes		(11,261	)		(1,571	)
Benefit obligation at end of year	$	61,770		$	117,582

Change in Plan Assets:
Fair value of plan assets at beginning of period	$	90,225		$	87,414
Actual (loss) return on plan assets		(36,818	)		2,950
Employer contributions		2,862			3,249
Participants’ contributions		—			16
Benefits paid		(1,818	)		(2,394	)
Foreign-exchange rate changes		(8,757	)		(1,010	)
Fair value of plan assets at end of year		45,694			90,225
Funded status at end of year	$	(16,076	)	$	(27,357	)

Net amount recognized in the Consolidated Balance Sheets:
Pension liability, net(a)	$	(16,076	)	$	(27,357	)
Amounts recognized in accumulated other comprehensive loss, net of tax consist of:
Net actuarial gain		(6,959	)		(6,061	)
Net prior service costs		(124	)		(127	)
Net amount recognized in accumulated comprehensive loss, net of tax	$	(7,083	)	$	(6,188	)

Plans with underfunded or non-funded accumulated benefit obligation:
Aggregate projected benefit obligation	$	61,770		$	117,582
Aggregate accumulated benefit obligation	$	61,770		$	117,582
Aggregate fair value of plan assets	$	45,694		$	90,225

(a) Combined balance of $16.1 million as of December 31, 2022 includes pension liabilities (assets) of $13.7 million, $1.7 million, $1.2 million and ($0.5) million under UK, Asterion, German and Norway pension plans, respectively. Combined balance of $27.4 million as of December 31, 2021 includes pension liabilities of $23.0 million, $2.5 million, $1.8 million and less than $0.1 million under UK, Asterion, German and Norway pension plans, respectively.

Schedule of Net Periodic Benefit Cost

The components of the net periodic benefit cost are as follows:

	Year ended December 31,
(dollars in thousands)	2022			2021			2020
Service cost	$	53		$	68		$	69
Interest cost		1,910			1,686			1,984
Expected return on plan assets		(2,856	)		(2,410	)		(2,530	)
Amortization
Amortization of prior service cost		273			127			103
Amortization of net loss		1,768			3,103			1,741
Settlement loss		—			—			637
Net periodic benefit cost	$	1,148		$	2,574		$	2,004

Schedule of Net Periodic Benefit CostSchedule of Determine Benefit Obligation and Net Periodic Benefit Costs

The following tables set forth the principal actuarial assumptions used to determine benefit obligation and net periodic benefit costs:

	December 31,
	2022		2021		2022		2021		2022		2021		2022		2021
(dollars in thousands)	UK				Germany				Norway				Asterion
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.00	%	1.80	%	3.80	%	1.00	%	3.00	%	1.90	%	3.80	%	1.13	%
Rate of compensation increase	N/A		N/A		N/A		N/A		3.50	%	2.75	%	N/A		N/A
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	1.80	%	1.40	%	3.80	%	1.00	%	3.00	%	1.90	%	3.80	%	1.13	%
Expected asset return	3.45	%	2.72	%	N/A		N/A		4.15	%	3.10	%	3.80	%	1.13	%
Rate of compensation increase	N/A		N/A		N/A		N/A		3.50	%	2.75	%	N/A		N/A

Schedule of Weighted Average Allocation of Plan Assets

The weighted average allocation of plan assets by asset category is as follows:

	Year Ended December 31,
	2022		2021
U.K. and other international equities	27.1	%	32.7	%
U.K. government and corporate bonds	5.5		2.7
Diversified growth fund	18.4		25.7
Liability driven investments	44.3		34.6
Multi-asset credit fund	4.7		4.3
Total	100.0	%	100.0	%

Schedule of Fair Value of Our Pension Assets

The following tables set forth, by category and within the fair value hierarchy, the fair value of our pension assets at December 31, 2022 and 2021:

	December 31, 2022
(dollars in thousands)	Total		Level 1		Level 2		Level 3
Asset Category:
Cash	$	932	$	932	$	—	$	—
Equity funds:
U.K.		11,400		—		11,400		—
Fixed income securities:
Corporate bonds/U.K. Gilts		2,529		—		2,529		—
Other investments:
Diversified growth fund		8,417		—		8,417		—
Liability driven investments		20,258		—		20,258		—
Multi-asset credit fund		2,158		—		2,158		—
Total fair value	$	45,694	$	932	$	44,762	$	—

	December 31, 2021
(dollars in thousands)	Total		Level 1		Level 2		Level 3
Asset Category:
Cash	$	149	$	149	$	—	$	—
Equity funds:
U.K.		17,423		—		17,423		—
Other international		11,909		—		11,909		—
Fixed income securities:
Corporate bonds/U.K. Gilts		2,444		—		2,444		—
Other investments:
Diversified growth fund		23,122		—		23,122		—
Liability driven investments		31,259		—		31,259		—
Multi-asset credit fund		3,919		—		3,919		—
Total fair value	$	90,225	$	149	$	90,076	$	—

Schedule of Estimated Future Pension Benefit Payments

The estimated future pension benefit payments expected to be paid to plan participants are as follow:

(dollars in thousands)	Estimated Benefit Payments
Year ended December 31,
2023	$	1,872
2024		2,067
2025		2,656
2026		2,674
2027		2,978
2028 – 2032		13,615
Total	$	25,862

Schedule of Net Periodic Benefit Cost

The components of the net periodic benefit cost are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Service cost	$	10		$	14		$	30		$	45
Interest cost		779			454			2,298			1,458
Expected return on plan assets		(693	)		(678	)		(2,045	)		(2,172	)
Amortization:
Amortization of prior service cost		90			50			268			159
Amortization of net loss		403			605			1,186			1,938
Net periodic benefit cost	$	589		$	445		$	1,737		$	1,428

Income Taxes (Details) - Schedule of Income Tax Provision - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current income taxes
Federal
State
Foreign	909	2,034	3,726
Total Deferred	909	2,034	3,726
Foreign	1,653	886	776
Total Current	1,653	886	776
Total income tax provision	$ 2,562	$ 2,920	$ 4,502

Consolidated Statements of Changes in Net Parent Investment and Stockholders’ Deficit (Unaudited) (Parentheticals)	Dec. 31, 2021 $ / shares
Total Net Parent Investment
Forfeiture of common stock by sponsor at par value	$ 0.0001

Debt (Details) - Schedule of Debt Instruments were Outstanding - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Debt Instruments Were Outstanding Abstract
Term loan	$ 3,854	$ 4,489	$ 4,031
Revolvers	12,018	10,852	12,127
Secured borrowings under Securitization Facility	1,487	4,075	5,665
Total debt	17,358	19,416	21,823
Less: Current portion of long-term debt	3,456	4,970	18,603
Long-term debt, net of current maturities	$ 13,902	$ 14,446	$ 3,220

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Other (Income) Expense, Net (Restated) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2022

Other (Income) Expense, Net (Restated) [Abstract]

Schedule of Other (Income) Expense, Net

The components of “Other (income) expense, net” in the combined and consolidated statements of operations and comprehensive loss are summarized as follows:

	Years ended December 31,
(dollars in thousands)	2022			2021 (Restated)		2020 (Restated)
Pension (income) expense, net	$	(804	)	$	834	$	(17	)
Other expense, net		—			1,308		—
Total other (income) expense, net	$	(804	)	$	2,142	$	(17	)

Schedule of Other Income, Net

The components of “Other income, net” in the condensed combined and consolidated statements of operations and comprehensive loss are summarized as follows:

	Three months ended September 30,						Nine months ended September 30,
(dollars in thousands)	2023			2022			2023			2022
Pension income, net	$	(200	)	$	(41	)	$	(589	)	$	(94	)
Total other income, net	$	(200	)	$	(41	)	$	(589	)	$	(94	)

Restructuring

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Restructuring [Abstract]

Restructuring

13. Restructuring

The Company periodically takes action to improve operating efficiencies, typically in connection with rationalizing the cost structure of the Company. The Company’s footprint and headcount reductions and organizational integration actions relate to discrete, unique restructuring events, primarily reflected in approved plans for reductions in force (“RIF”).

The Company’s restructuring activity and balance of the restructuring liability is as follows:

(dollars in thousands)	September 30, 2023
Balance at January 1	$	2,036
Restructuring charges		145
Payment of benefits		(0	)
Balance at September 30		2,181

As of September 30, 2023 and December 31, 2022, the current portion of the restructuring liability was $2.2 million and $2.0 million respectively, and was included in “Accrued compensation and benefits” in the condensed combined and consolidated balance sheets.

15. Restructuring

The Business periodically takes action to improve operating efficiencies, typically in connection with rationalizing the cost structure of the Business. The Business’ footprint and headcount reductions and organizational integration actions relate to discrete, unique restructuring events, primarily reflected in approved plans for reductions in force (“RIF”).

The Business’ restructuring activity and balance of the restructuring liability is as follows:

	December 31,
(dollars in thousands)	2022			2021
Balance at January 1	$	4,237		$	108
Restructuring charges		267			6,379
Payment of benefits		(2,468	)		(2,250	)
Balance at December 31		2,036			4,237

As of December 31, 2022 and 2021, the current portion of the restructuring liability was $2.0 million and $4.2 million, respectively, and was included in “Accrued compensation and benefits” in the combined and consolidated balance sheets.

During the first half of 2021, the Business closed two of its French offices, Caen and Nantes, and incurred total restructuring costs of approximately $6.4 million, of which $5.6 million and $0.8 million is included in “Cost of revenue” and “Selling, general and administrative expenses”, respectively in the combined and consolidated statements of operations and comprehensive loss for the year ended December 31, 2021. As part of this restructuring, the Business sold one office building for $3.0 million, recording a gain of $1.9 million, included in Selling, general and administrative expenses in the combined and consolidated statements of operations and comprehensive loss for the year ended December 31, 2021.

Employee Benefit Plans (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Employee Benefit Plans (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Employee Benefit Plans [Line Items]
Pension liabilities	$ 15,969		$ 15,969		$ 16,076	$ 27,357
Actuarial losses			3,400		3,300	10,400
Net deferred tax benefit	7,456		7,456		$ 7,055	9,554
Percentage of amortization of gains and losses					10.00%
Amortized period					15 years
Long term expected rate of return on cash					10 years
Long term expected rate of return on liabilities					20 years
Inflation rate of CPI					2.30%
Employer contributions	$ 600	$ 1,900	600	$ 1,900	$ 2,862	3,249
Expected contribution			2,500		2,700
Net deferred tax benefit					2,562	2,920	$ 4,502
Other Comprehensive Income (Loss) [Member]
Employee Benefit Plans [Line Items]
Net deferred tax benefit					1,900	1,900
Net deferred tax benefit			$ 2,000		$ 2,000
UK Pension Plan [Member]
Employee Benefit Plans [Line Items]
Number of subsidiaries	2		2		2
Eligibility Period for defined benefit			3 years		3 years
Number of employees eligible for pension
Pension liabilities					$ 13,700	23,000
Percentage of expected long-term rate of return on plan assets					3.45%
German Pension Plan [Member]
Employee Benefit Plans [Line Items]
Number of employees eligible for pension
Minimum qualification period			10 years		10 years
Pension liabilities					$ 1,200	1,800
Norway Pension Plan [Member]
Employee Benefit Plans [Line Items]
Eligibility Period for defined benefit			3 years		3 years
Number of employees eligible for pension
Pension liabilities					$ 500	100
Asterion Pension Plan [Member]
Employee Benefit Plans [Line Items]
Eligibility Period for defined benefit			3 years		3 years
Number of employees eligible for pension
Pension liabilities					$ 1,700	$ 2,500
Minimum [Member]
Employee Benefit Plans [Line Items]
Expected rate of return term					10 years
Expected rate of return term on investment					15 years
Minimum [Member] \| UK Pension Plan [Member]
Employee Benefit Plans [Line Items]
Expected rate of return term			15 years		15 years
Maximum [Member]
Employee Benefit Plans [Line Items]
Expected rate of return term					20 years
Expected rate of return term on investment					20 years
Maximum [Member] \| UK Pension Plan [Member]
Employee Benefit Plans [Line Items]
Expected rate of return term			20 years		20 years

Related Parties (Details) - Schedule of Components of Related Party Expense - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Components Of Related Party Expense Abstract
Related party shared services	$ 984	$ 971	$ 2,760	$ 3,115	$ 4,051	$ 4,280	$ 4,042
Related party royalty	209	153	432	440	631	530	538
Related party management fee	136	1,293	435	3,497	3,627	4,997	6,026
Total related party expense	$ 1,329	$ 2,417	$ 3,627	$ 7,052	$ 8,309	$ 9,807	$ 10,606

Consolidated Statements of Changes in Net Parent Investment and Stockholders’ Deficit (Unaudited) - USD ($)
$ in Thousands

CF ACQUISITION CORP. VIII

Class A

Common Stock

CF ACQUISITION CORP. VIII

Class B

Common Stock

CF ACQUISITION CORP. VIII

Additional Paid-In Capital

CF ACQUISITION CORP. VIII

Accumulated Deficit

CF ACQUISITION CORP. VIII

Accumulated Other Comprehensive Income (Loss)

CF ACQUISITION CORP. VIII

Net Parent Investment

Foreign Currency Translation Adjustment

Unrealized Pension Actuarial Losses, net of tax

Total Net Parent Investment

Total

Balance at Dec. 31, 2019

$ 43,189

$ (21,111)

$ (8,061)

$ 14,017

Net income (loss)

(28,377)

$ (28,377)

Foreign currency translation adjustment

3,622

Net unrealized pension actuarial gains (losses) , net of tax

(8,508)

Balance at Dec. 31, 2020

$ 633

$ 24,367

$ (1,421)

$ 23,579

14,812

(17,489)

(16,569)

(19,246)

Balance (in Shares) at Dec. 31, 2020

^[1]

6,325,000

Sale of Class A common stock to Sponsor in private placement

$ 54

5,224,095

5,224,149

Sale of Class A common stock to Sponsor in private placement (in Shares)

540,000

Forfeiture of Class B common stock by Sponsor at $0.0001 par value

$ (8)

Forfeiture of Class B common stock by Sponsor at $0.0001 par value (in Shares)

^[2]

Accretion of redeemable shares of Class A common stock to redemption value

(5,248,470)

(7,790,102)

(13,038,572)

Stock-based compensation

146,555

Net income (loss)

(1,707,845)

(12,728)

Foreign currency translation adjustment

(744)

Net unrealized pension actuarial gains (losses) , net of tax

6,188

Balance at Dec. 31, 2021

$ 54

$ 625

146,555

(9,499,368)

(9,352,134)

2,084

(18,233)

(10,381)

(26,530)

Balance (in Shares) at Dec. 31, 2021

540,000

6,250,000

Accretion of redeemable shares of Class A common stock to redemption value

(195,966)

(4,228,049)

(4,424,015)

Stock-based compensation

49,411

Net income (loss)

3,412,413

Balance at Mar. 31, 2022

$ 54

$ 625

(10,315,004)

(10,314,325)

Balance (in Shares) at Mar. 31, 2022

540,000

6,250,000

Balance at Dec. 31, 2021

$ 54

$ 625

146,555

(9,499,368)

(9,352,134)

2,084

(18,233)

(10,381)

(26,530)

Balance (in Shares) at Dec. 31, 2021

540,000

6,250,000

Net income (loss)

3,566,429

(6,796)

Foreign currency translation adjustment

3,569

Net unrealized pension actuarial gains (losses) , net of tax

1,934

Balance at Sep. 30, 2022

$ 54

$ 625

(11,137,821)

(11,137,142)

(4,712)

(14,664)

(8,447)

(27,823)

Balance (in Shares) at Sep. 30, 2022

540,000

6,250,000

Balance at Dec. 31, 2021

$ 54

$ 625

146,555

(9,499,368)

(9,352,134)

2,084

(18,233)

(10,381)

(26,530)

Balance (in Shares) at Dec. 31, 2021

540,000

6,250,000

Accretion of redeemable shares of Class A common stock to redemption value

(195,966)

(5,204,882)

(5,400,848)

Stock-based compensation

49,411

Sponsor loans extinguishment

694,592

Net income (loss)

2,393,519

(7,929)

Foreign currency translation adjustment

444

Net unrealized pension actuarial gains (losses) , net of tax

7,083

Balance at Dec. 31, 2022

$ 54

$ 625

694,592

(12,310,731)

(11,615,460)

(5,845)

(17,789)

(3,298)

(26,932)

Balance (in Shares) at Dec. 31, 2022

540,000

6,250,000

Balance at Mar. 31, 2022

$ 54

$ 625

(10,315,004)

(10,314,325)

Balance (in Shares) at Mar. 31, 2022

540,000

6,250,000

Net income (loss)

965,436

Other comprehensive income (loss)

(329,250)

Balance at Jun. 30, 2022

$ 54

$ 625

(9,349,568)

(329,250)

(9,678,139)

Balance (in Shares) at Jun. 30, 2022

540,000

6,250,000

Accretion of redeemable shares of Class A common stock to redemption value

(976,833)

Net income (loss)

(811,420)

(5,302)

Other comprehensive income (loss)

329,250

Foreign currency translation adjustment

1,863

Net unrealized pension actuarial gains (losses) , net of tax

1,103

Balance at Sep. 30, 2022

$ 54

$ 625

(11,137,821)

(11,137,142)

(4,712)

(14,664)

(8,447)

(27,823)

Balance (in Shares) at Sep. 30, 2022

540,000

6,250,000

Balance at Dec. 31, 2022

$ 54

$ 625

694,592

(12,310,731)

(11,615,460)

(5,845)

(17,789)

(3,298)

(26,932)

Balance (in Shares) at Dec. 31, 2022

540,000

6,250,000

Share conversion

$ 500

^[3]

$ (500)

^[3]

Share conversion (in Shares)

^[3]

5,000,000

(5,000,000)

Accretion of redeemable shares of Class A common stock to redemption value

(242,210)

Net income (loss)

(1,593,525)

Balance at Mar. 31, 2023

$ 554

$ 125

452,382

(13,904,256)

(13,451,195)

Balance (in Shares) at Mar. 31, 2023

5,540,000

1,250,000

Balance at Dec. 31, 2022

$ 54

$ 625

694,592

(12,310,731)

(11,615,460)

(5,845)

(17,789)

(3,298)

(26,932)

Balance (in Shares) at Dec. 31, 2022

540,000

6,250,000

Net income (loss)

(21,024,584)

(5,951)

Classification adjustment

(18,987)

18,987

Foreign currency translation adjustment

154

Net unrealized pension actuarial gains (losses) , net of tax

(56)

Balance at Sep. 30, 2023

$ 554

$ 125

328,730

(33,335,315)

(33,005,906)

(30,782)

1,352

(3,354)

(32,784)

Balance (in Shares) at Sep. 30, 2023

5,540,000

1,250,000

Balance at Mar. 31, 2023

$ 554

$ 125

452,382

(13,904,256)

(13,451,195)

Balance (in Shares) at Mar. 31, 2023

5,540,000

1,250,000

Accretion of redeemable shares of Class A common stock to redemption value

(154,338)

Net income (loss)

(386,084)

Balance at Jun. 30, 2023

$ 554

$ 125

298,044

(14,290,340)

(13,991,617)

Balance (in Shares) at Jun. 30, 2023

5,540,000

1,250,000

Accretion of redeemable shares of Class A common stock to redemption value

30,686

Net income (loss)

(19,044,975)

(2,887)

Foreign currency translation adjustment

853

Net unrealized pension actuarial gains (losses) , net of tax

147

Balance at Sep. 30, 2023

$ 554

$ 125

$ 328,730

$ (33,335,315)

$ (33,005,906)

$ (30,782)

$ 1,352

$ (3,354)

$ (32,784)

Balance (in Shares) at Sep. 30, 2023

5,540,000

1,250,000

[1]	This number includes up to 825,000 shares of Class B common stock subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters. This number was retroactively adjusted in 2021 to reflect the recapitalization of the Company in the form of a 1.1-for-1 stock split (see Note 6).
[2]	On March 16, 2021, 75,000 shares of Class B common stock were forfeited by the Sponsor (see Note 6).
[3]	On March 6, 2023, the Company issued 5,000,000 shares of nonredeemable Class A common stock to the Sponsor upon the conversion of 5,000,000 shares of Class B common stock held by the Sponsor (see Note 6).

Employee Benefit Plans (Details) - Schedule of Combined and Consolidated Financial Statements - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Change in Benefit Obligation:

Benefit obligation at beginning of period

$ 61,770

$ 117,582

$ 122,069

Service cost

$ 10

$ 14

$ 69

Interest cost

779

454

2,298

1,458

1,910

1,686

1,984

Actuarial gain

(44,748)

(2,243)

Plan amendments

(28)

Plan curtailment

149

Benefits paid

(1,915)

(2,497)

Foreign-exchange rate changes

(11,261)

(1,571)

Benefit obligation at end of year

61,770

117,582

122,069

Change in Plan Assets:

Fair value of plan assets at beginning of period

45,694

90,225

87,414

Actual (loss) return on plan assets

(36,818)

2,950

Employer contributions

$ 600

$ 1,900

$ 600

$ 1,900

2,862

3,249

Participants’ contributions

Benefits paid

(1,818)

(2,394)

Foreign-exchange rate changes

(8,757)

(1,010)

Fair value of plan assets at end of year

45,694

90,225

87,414

Funded status at end of year

(16,076)

(27,357)

Net amount recognized in the Consolidated Balance Sheets:

Pension liability, net

^[1]

(16,076)

(27,357)

Amounts recognized in accumulated other comprehensive loss, net of tax consist of:

Net actuarial gain

(6,959)

(6,061)

Net prior service costs

(124)

(127)

Net amount recognized in accumulated comprehensive loss, net of tax

(7,083)

(6,188)

Plans with underfunded or non-funded accumulated benefit obligation:

Aggregate projected benefit obligation

61,770

117,582

$ 122,069

Aggregate accumulated benefit obligation

61,770

117,582

Aggregate fair value of plan assets

$ 45,694

$ 90,225

[1]

Combined balance of $16.1 million as of December 31, 2022 includes pension liabilities (assets) of $13.7 million, $1.7 million, $1.2 million and ($0.5) million under UK, Asterion, German and Norway pension plans, respectively. Combined balance of $27.4 million as of December 31, 2021 includes pension liabilities of $23.0 million, $2.5 million, $1.8 million and less than $0.1 million under UK, Asterion, German and Norway pension plans, respectively.

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Supplemental Combined and Consolidated Balance Sheet Information Related to Leases

Our ROU assets and lease liabilities as of December 31, 2022 and 2021 recorded on the combined and consolidated balance sheets are as follows:

	December 31,
Combined and consolidated balance sheet location (dollars in thousands)	2022		2021
Operating Lease
Operating lease right-of-use assets, net	$	5,848	$	10,383
Current portion of operating lease liabilities		1,796		4,120
Operating lease liabilities, net of current position		3,963		6,255
Finance Lease
Finance lease right-of-use assets, net (included in property, plant and equipment, net)		1,345		2,138
Current portion of finance lease liabilities		757		1,073
Finance lease liabilities		658		1,426

Schedule of Supplemental Combined and Consolidated Balance Sheet Information Related to Leases

Supplemental combined and consolidated balance sheet information related to leases is as follows:

	December 31,
	2022		2021
Weighted-average remaining lease term
Operating Leases	4.16		3.98
Finance leases	1.38		2.17

Weighted-average discount rate
Operating Leases	8.5	%	8.0	%
Finance leases	8.0	%	8.8	%

Schedule of Maturities of Finance and Operating Lease Liabilities

Maturities of finance and operating lease liabilities based on lease term for the next five years are as follows:

(dollars in thousands)	Finance Leases			Operating Leases
2023	$	852		$	2,184
2024		646			1,437
2025		15			1,211
2026		—			794
2027		—			741
2028 and thereafter		—			363
Total lease payments		1,513			6,730
Less: Imputed interest		(98	)		(971	)
Present value of lease liabilities	$	1,415		$	5,759

Schedule of Cash Paid and Related Right-of-Use Operating Finance or Operating Lease

The following table summarizes the cash paid and related right-of-use operating finance or operating lease recognized for the years ended December 31, 2022 and 2021.

(dollars in thousands)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,347	$	5,336
Financing cash flows from finance leases		1,021		1,600
Right-of-use lease assets obtained in the exchange for lease liabilities:
Operating leases	$	34	$	1,796
Finance leases		104		286

Summary of Significant Accounting Policies (Details) - Schedule of Contract Assets, Contract Liabilities and Contract Costs Recognized - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Contract Assets, Contract Liabilities and Contract Costs Recognized [Line Items]
Accounts receivable, net	$ 32,454	$ 35,977	$ 35,109
Deferred revenues	6,448	5,660	5,760
Customer deposits	635	1,061	2,147
Costs to obtain and fulfill a contract	$ 7	$ 44	$ 107

Segment Information (Restated) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Segment Information (Restated) [Abstract]

Schedule of Operating Decision Maker Reviews Segment

A reconciliation of segment profit to net loss before income taxes is presented below.

	Three months ended September 30, 2023
	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.07 million)	$	28,093	$	12,152	$	40,245
Cost of revenue (including related party cost of revenue of $0.01 million, exclusive of depreciation and amortization)		25,743		5,637		31,380
Segment profit		2,350		6,515		8,865
Selling, general and administrative expenses (exclusive of depreciation and amortization)						7,741
Related party expense						1,329
Depreciation and amortization						1,095
Related party interest income, net						5
Interest expense, net						1,265
Foreign exchange losses, net						(529	)
Other income, net						(200	)
Net loss before income taxes					$	(1,841	)

	Three months ended September 30, 2022
	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.03 million)	$	29,654	$	9,432	$	39,086
Cost of revenue (including related party cost of revenue of $0.13 million, exclusive of depreciation and amortization)		26,413		5,195		31,608
Segment profit		3,241		4,237		7,478
Selling, general and administrative expenses (exclusive of depreciation and amortization)						7,396
Related party expense						2,417
Depreciation and amortization						1,136
Related party interest expense, net						80
Interest expense, net						569
Foreign exchange losses, net						684
Other income, net						(41	)
Net loss before income taxes					$	(4,763	)

	Nine months ended September 30, 2023
	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.2 million)	$	91,859	$	33,554	$	125,413
Cost of revenue (including related party cost of revenue of $0.08 million, exclusive of depreciation and amortization)		80,933		14,468		95,401
Segment profit		10,926		19,086		30,012
Selling, general and administrative expenses (exclusive of depreciation and amortization)						24,336
Related party expense						3,627
Depreciation and amortization						2,951
Related party interest income, net						(1	)
Interest expense, net						3,705
Foreign exchange losses, net						411
Other income, net						(589	)
Net loss before income taxes					$	(4,428	)

	Nine months ended September 30, 2022
	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.1 million)	$	106,412	$	30,444	$	136,856
Cost of revenue (including related party cost of revenue of $0.4 million, exclusive of depreciation and amortization)		88,094		15,486		103,580
Segment profit		18,318		14,958		33,276
Selling, general and administrative expenses (exclusive of depreciation and amortization)						22,721
Related party expense						7,052
Depreciation and amortization						3,357
Related party interest expense, net						146
Interest expense, net						2,094
Foreign exchange losses, net						2,863
Other income, net						(94	)
Net loss before income taxes					$	(4,863	)

A reconciliation of segment profit to net loss before income taxes is presented below.

	Year ended December 31, 2022
(dollars in thousands)	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.1 million)	$	136,858	$	43,634	$	180,492
Cost of revenue (including related party cost of revenue of $0.5 million, exclusive of depreciation and amortization)		114,297		22,490		136,787
Segment profit		22,561		21,144		43,705
Selling, general and administrative expenses (exclusive of depreciation and amortization)						32,956
Related party expense						8,309
Depreciation and amortization						4,390
Related party interest income, net						(25	)
Interest expense, net						3,062
Foreign exchange losses, net						1,184
Other income, net						(804	)
Net loss before income taxes					$	(5,367	)

	Year ended December 31, 2021 (Restated)
(dollars in thousands)	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.1 million)	$	166,356	$	39,594	$	205,950
Cost of revenue (including related party cost of revenue of $0.5 million, exclusive of depreciation and amortization)		144,077		20,945		165,022
Segment profit		22,279		18,649		40,928
Selling, general and administrative expenses (exclusive of depreciation and amortization)						29,764
Related party expense						9,807
Depreciation and amortization						5,166
Related party interest income, net						(141	)
Interest expense, net						2,836
Foreign exchange losses, net						1,162
Other expense, net						2,142
Net loss before income taxes					$	(9,808	)

(dollars in thousands)	Year ended December 31, 2020 (Restated)
(dollars in thousands)	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.1 million)	$	177,634	$	39,910	$	217,544
Cost of revenue (including related party cost of revenue of $0.5 million, exclusive of depreciation and amortization)		153,121		22,376		175,497
Segment profit		24,513		17,534		42,047
Selling, general and administrative expenses (exclusive of depreciation and amortization)						44,199
Related party expense						10,606
Depreciation and amortization						6,312
Related party interest income, net						(217	)
Interest expense, net						2,844
Foreign exchange losses, net						2,195
Other (income), net						(17	)
Net loss before income taxes					$	(23,875	)

Intangible Assets and Goodwill

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

7. Intangible Assets and Goodwill

Intangible Assets

Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization and consists of the following:

	Weighted Average Remaining Useful Life (in Years)	September 30, 2023
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount (a)		Accumulated Amortization			Intangible Asset, net
Customer relationships	3.3	$	3,014	$	(1,822	)	$	1,192
Outsource contract costs	0.8		404		(400	)		4
Total intangibles, net		$	3,418	$	(2,222	)	$	1,196

	Weighted Average Remaining Useful Life (in Years)	December 31, 2022
	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount (a)		Accumulated Amortization			Intangible Asset, net
Customer relationships	5.0	$	3,049	$	(1,564	)	$	1,485
Outsource contract costs	1.5		449		(405	)		44
Total intangibles, net		$	3,498	$	(1,969	)	$	1,529

____________

(a) Amounts include intangibles acquired in business combinations and asset acquisitions

Aggregate amortization expense related to intangibles was $0.1 million, and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and $0.3 million, and $0.5 million for the nine months ended September 30, 2023 and 2022, respectively.

Goodwill

The Company’s operating segments are significant strategic business units that align its products and services with how it manages its business, approach the markets and interacts with customers. The Company is organized into two segments: Bills and Payments and Technology (See Note 17).

Goodwill by reporting segment consists of the following:

(dollars in thousands)	Balances as at January 1, 2023		Additions		Disposals		Impairments		Currency Translation Adjustments		Balances as at September 30, 2023
Bills and Payments	$	9,689	$	—	$	—	$	—	$	(98)	$	9,592
Technology		12,373		—		—		—		(124)		12,249
Total	$	22,062	$	—	$	—	$	—	$	(222)	$	21,841

(dollars in thousands)	Balances as at January 1, 2022		Additions		Disposals		Impairments		Currency Translation Adjustments			Balances as at December 31, 2022
Bills and Payments	$	10,447	$	—	$	—	$	—	$	(758	)	$	9,689
Technology		13,505		—		—		—		(1,132	)		12,373
Total	$	23,952	$	—	$	—	$	—	$	(1,890	)	$	22,062

The Company tests for goodwill impairment at the reporting unit level on October 1 of each year and between annual tests if a triggering event indicates the possibility of an impairment. XBP monitors changing business conditions as well as industry and economic factors, among others, for events which could trigger the need for an interim impairment analysis.

8. Intangible Assets and Goodwill

Intangibles

Intangible assets are stated at cost or acquisition-date fair value less amortization and impairment and consist of the following:

(dollars in thousands)	Weighted Average Remaining Useful Life (in Years)	December 31, 2022
(dollars in thousands)	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount(a)		Accumulated Amortization			Intangible Asset, net
Customer relationships	5	$	3,049	$	(1,564	)	$	1,485
Outsource contract costs	1.5		449		(405	)		44
Internally developed software	0.9		2,485		(2,485	)		—
Developed technology	—		4,759		(4,759	)		—
Total intangibles, net		$	10,742	$	(9,213	)	$	1,529

(dollars in thousands)	Weighted Average Remaining Useful Life (in Years)	December 31, 2021
(dollars in thousands)	Weighted Average Remaining Useful Life (in Years)	Gross Carrying Amount(a)		Accumulated Amortization			Intangible Asset, net
Customer relationships	5	$	3,232	$	(1,263	)	$	1,969
Outsource contract costs	2.1		489		(429	)		60
Internally developed software	0.9		2,777		(2,518	)		259
Developed technology	—		4,759		(4,759	)		—
Total intangibles, net		$	11,257	$	(8,969	)	$	2,288

____________

(a) Amounts include intangibles acquired in business combinations and asset acquisitions

In connection with the completion of the annual impairment tests as of October 1, 2022 and 2021, the Business recorded no impairment charge to goodwill.

Aggregate amortization expense related to intangibles was $0.6 million, $1.0 million, and $1.7 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Estimated intangibles amortization expense for the four years consists of the following:

(dollars in thousands)	Estimated Amortization Expenses
2023	$	414
2024		375
2025		372
2026		368
	$	1,529

Goodwill

Goodwill by reporting segment consists of the following:

(dollars in thousands)	Balances as of January 1, 2022		Additions		Disposals		Impairments		Currency Translation Adjustments			Balances as at December 31, 2022
Bills and Payments	$	10,447	$	—	$	—	$	—	$	(758	)	$	9,689
Technology		13,505		—		—		—		(1,132	)		12,373
Total	$	23,952	$	—	$	—	$	—		(1,890	)	$	22,062

(dollars in thousands)	Balances as of January 1, 2021		Additions		Disposals			Impairments		Currency Translation Adjustments			Balances as at December 31, 2021
Bills and Payments	$	11,419	$	—	$	(253	)	$	—	$	(719	)	$	10,447
Technology		14,341		—		—			—		(836	)		13,505
Total	$	25,760	$	—	$	(253	)	$	—		(1,555	)	$	23,952

Intangible Assets and Goodwill (Details) - Schedule of Intangible Assets - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,418	$ 3,498
Accumulated Amortization	(2,222)	(1,969)
Intangible Asset, net	$ 1,196	$ 1,529
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	3 years 3 months 18 days	5 years
Gross Carrying Amount	$ 3,014	$ 3,049
Accumulated Amortization	(1,822)	(1,564)	$ (1,263)
Intangible Asset, net	$ 1,192	$ 1,485	$ 1,969
Outsourced Contract Costs [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (in Years)	9 months 18 days	1 year 6 months
Gross Carrying Amount	$ 404	$ 449
Accumulated Amortization	(400)	(405)
Intangible Asset, net	$ 4	$ 44

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Liabilities:
Total Liabilities	$ 147,543	$ 149,773
Fair Value Measurement [Member]
Liabilities:
Warrant liability	1,596,250	178,780
FPS liability	20,050,252	2,504,214	$ 2,006,525
Total Liabilities	21,646,502	2,682,994
Assets:
Assets held in Trust Account – U.S. government debt securities		31,445,874	250,017,673
Quoted Prices in Active Markets (Level 1) [Member] \| Fair Value Measurement [Member]
Liabilities:
Warrant liability
FPS liability
Total Liabilities
Assets:
Assets held in Trust Account – U.S. government debt securities		31,445,874	250,017,673
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value Measurement [Member]
Liabilities:
Warrant liability	1,596,250	178,780
FPS liability
Total Liabilities	1,596,250	178,780
Assets:
Assets held in Trust Account – U.S. government debt securities
Significant Other Unobservable Inputs (Level 3) [Member] \| Fair Value Measurement [Member]
Liabilities:
Warrant liability
FPS liability	20,050,252	2,504,214	2,006,525
Total Liabilities	$ 20,050,252	2,504,214
Assets:
Assets held in Trust Account – U.S. government debt securities

Income Taxes (Details) - Schedule of Income Tax Provision - CF ACQUISITION CORP VIII [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 111,023
State
Deferred
Federal	(411,243)	(571,138)
State
Change in valuation allowance	411,243	571,138
Income tax provision	$ 111,023

- Definition

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

+ References + Details

Restatement of Previously Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule of Combined and Consolidated Statement of Operations and Comprehensive Loss

	Year ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Revenue, net	$	217,272					$	217,272
Related party revenue, net		272						272
Cost of revenue (exclusive of depreciation and amortization)		175,117						175,117
Related party cost of revenue		380						380
Selling, general and administrative expenses (exclusive of depreciation and amortization)		35,500			8,699			44,199
Related party expense		10,606						10,606
Depreciation and amortization		6,312						6,312
Operating loss	$	(10,371	)	$	(8,699	)	$	(19,070	)
Other expense (income), net
Interest expense, net	$	2,844					$	2,844
Related party interest income, net		(217	)					(217	)
Foreign exchange losses, net		2,195						2,195
Other (income) expense, net		8,682			(8,699	)		(17	)
Net loss before income taxes	$	(23,875	)	$	—		$	(23,875	)
Income tax expense		(4,502	)					(4,502	)
Net loss	$	(28,377	)	$	—		$	(28,377	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		3,622						3,622
Unrealized pension actuarial losses		(8,508	)					(8,508	)
Total other comprehensive loss, net of tax	$	(33,263	)	$	—		$	(33,263	)

	Year ended December 31, 2021
	As Previously Reported			Restatement Adjustment			As Restated
Revenue, net	$	205,772					$	205,772
Related party revenue, net		178						178
Cost of revenue (exclusive of depreciation and amortization)		164,256						164,256
Related party cost of revenue		766						766
Selling, general and administrative expenses (exclusive of depreciation and amortization)		31,895			(2,131	)		29,764
Related party expense		9,807						9,807
Depreciation and amortization		5,166						5,166
Operating loss	$	(5,940	)	$	2,131		$	(3,809	)
Other expense (income), net:
Interest expense, net	$	2,836					$	2,836
Related party interest income, net		(141	)					(141	)
Foreign exchange losses, net		1,162						1,162
Other expense, net		11			2,131			2,142
Net loss before income taxes	$	(9,808	)	$	—		$	(9,808	)
Income tax expense		2,920						2,920
Net loss	$	(12,728	)	$	—		$	(12,728	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(744	)					(744	)
Unrealized pension actuarial gains		6,188						6,188
Total other comprehensive loss, net of tax	$	(7,284	)	$	—		$	(7,284	)

Other (Income) Expense, Net (Restated) (Details) - Schedule of Other (Income) Expense, Net - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Other Income Expense Net Abstract
Pension (income) expense, net					$ (804)	$ 834	$ (17)
Other expense, net						1,308
Total other (income) expense, net	$ 200	$ 41	$ 589	$ 94	$ (804)	$ 2,142	$ (17)

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability - USD ($)
$ in Thousands

3 Months Ended

10 Months Ended

12 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Mar. 30, 2023

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2021

Dec. 31, 2022

Private Placement Warrants [Member]

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability [Line Items]

Fair value beginning balance

$ 6,696

$ 3,780

$ 35,478

$ 44,550

$ 112,063

^[1]

$ 175,851

$ 112,063

^[1]

Change in valuation inputs or other assumptions

27,054

^[2]

$ (7,466)

^[2]

10,382

^[2]

(23,328)

^[2]

(9,072)

^[2]

(67,513)

^[2]

(63,788)

^[3]

(108,283)

^[3]

Fair value ending balance

33,750

6,696

14,162

12,150

35,478

44,550

112,063

^[1]

3,780

Public Warrants [Member]

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability [Line Items]

Fair value beginning balance

310,000

175,000

1,642,500

2,062,500

5,188,125

^[1]

8,141,250

5,188,125

^[1]

Change in valuation inputs or other assumptions

1,252,500

^[2]

(345,625)

^[2]

480,625

^[2]

(1,080,000)

^[2]

(420,000)

^[2]

(3,125,625)

^[2]

(2,953,125)

^[3]

(5,013,125)

^[3]

Fair value ending balance

1,562,500

310,000

655,625

562,500

1,642,500

2,062,500

5,188,125

^[1]

175,000

Warrant Liability [Member]

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability [Line Items]

Fair value beginning balance

316,696

178,780

1,677,978

2,107,050

5,300,188

^[1]

8,317,101

5,300,188

^[1]

Change in valuation inputs or other assumptions

1,279,554

^[2]

(353,091)

^[2]

491,007

^[2]

(1,103,328)

^[2]

(429,072)

^[2]

(3,193,138)

^[2]

(3,016,913)

^[3]

(5,121,408)

^[3]

Fair value ending balance

1,596,250

316,696

669,787

574,650

1,677,978

2,107,050

5,300,188

^[1]

178,780

FPS Liability [Member]

Fair Value Measurements on a Recurring Basis (Details) - Schedule of Changes in the Fair Value of Warrant Liability [Line Items]

Fair value beginning balance

3,191,371

2,504,214

1,301,570

1,959,196

2,006,525

1,933,236

2,006,525

Change in valuation inputs or other assumptions

16,858,881

^[2]

427,499

^[2]

259,658

^[2]

456,349

^[2]

(657,626)

^[2]

(47,329)

^[2]

73,289

^[4]

497,689

^[4]

Fair value ending balance

$ 20,050,252

$ 3,191,371

$ 2,763,872

$ 1,757,919

$ 1,301,570

$ 1,959,196

$ 2,006,525

$ 2,504,214

[1]	Due to the use of quoted prices in an inactive market and the use of observable inputs for similar assets or liabilities (Level 2) for Public Warrants and Private Placement Warrants, respectively, subsequent to initial measurement, the Company had transfers out of Level 3 totaling approximately $7.1 million during the year ended December 31, 2021.
[2]	Changes in valuation inputs or other assumptions are recognized in Changes in fair value of FPS liability in the unaudited condensed consolidated statements of operations.
[3]	Changes in valuation inputs or other assumptions are recognized in Change in fair value of warrant liability in the consolidated statements of operations.
[4]	Changes in valuation inputs or other assumptions are recognized in Change in fair value of FPS liability in the consolidated statements of operations.

Commitments and Contingencies (Restated) (Details) € in Thousands, $ in Thousands								1 Months Ended	9 Months Ended	12 Months Ended
	Nov. 16, 2023 USD ($)	Nov. 10, 2023 USD ($)	May 28, 2021 USD ($)	Mar. 16, 2021 shares	Dec. 31, 2020 USD ($)	Nov. 30, 2020 USD ($)	Sep. 30, 2020 EUR (€)	May 28, 2021 USD ($)	Sep. 30, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 EUR (€) shares	May 09, 2023 USD ($)	Apr. 11, 2023 EUR (€)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Commitments and Contingencies (Restated) [Line Items]
Estimate range of possible losses							€ 10,000		$ 4,300
Damages and costs						$ 13,000
Party charges			$ 8,900
Accrued liability balance					$ 8,900
Accrued liabilities										$ 1,600					€ 3,990	$ 3,300
Accrued Liabilities										2,200
Agreed principle amount (in Euro) \| €											€ 100
Claim amount (in Euro) \| €															€ 1,000
Claims settlement (in Euro) \| €													€ 1,000
Settlement principle										600
Aggregate amount in excess (in Euro) \| €							€ 10,000
Aggregate for the counterclaimed damages and costs						$ 13,000
Reimbursement of certain third party charges								$ 8,900
Net outstanding balance									900	1,600
Settlement amount	$ 200
Settlement offer									1,500
Total claim														$ 1,100
Total amount claims												$ 1,100
Paid amount		$ 1,100
Over-Allotment Option [Member]
Commitments and Contingencies (Restated) [Line Items]
Partially exercised additional units (in Shares) \| shares				3,000,000
IPO [Member]
Commitments and Contingencies (Restated) [Line Items]
Underwriter fee									100,000	100,000
Accrued Liabilities [Member]
Commitments and Contingencies (Restated) [Line Items]
Accrued liabilities									$ 2,200	$ 2,200
Underwriting Agreement [Member]
Commitments and Contingencies (Restated) [Line Items]
Shares issued (in Shares) \| shares									3,300,000	3,300,000	3,300,000
Cash underwriting discount									$ 4,400,000	$ 4,400,000

Restatement of Previously Issued Financial Statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Restatement of Previously Issued Financial Statements

19. Restatement of Previously Issued Financial Statements

The Company concluded it should restate its previously issued financial statements by amending its Preliminary Proxy Statement originally filed with the SEC on February 13, 2023 (the “Original Report”) and as amended on May 12, 2023 (“First Amendment”). This restatement resulted in a restatement of Note 13 (Commitments and Contingencies), Note 16 (Other Income (Expense), Net) and Note 18 (Segment Information) to the combined and consolidated financial statements and the restatement of combined and consolidated statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020. There was no impact of the restatement on our combined and consolidated balance sheets as of December 31, 2022, 2021, and 2020, combined and consolidated statements of operations and comprehensive loss for the years ended December 31, 2022, combined and consolidated statements of changes in net parent investment for the years ended December 31, 2022, 2021, and 2020, and combined and consolidated statements of cash flows for the years ended December 31, 2022, 2021, and 2020 or to such statements in any interim reports.

	Year ended December 31, 2020
	As Previously Reported			Restatement Adjustment			As Restated
Revenue, net	$	217,272					$	217,272
Related party revenue, net		272						272
Cost of revenue (exclusive of depreciation and amortization)		175,117						175,117
Related party cost of revenue		380						380
Selling, general and administrative expenses (exclusive of depreciation and amortization)		35,500			8,699			44,199
Related party expense		10,606						10,606
Depreciation and amortization		6,312						6,312
Operating loss	$	(10,371	)	$	(8,699	)	$	(19,070	)
Other expense (income), net
Interest expense, net	$	2,844					$	2,844
Related party interest income, net		(217	)					(217	)
Foreign exchange losses, net		2,195						2,195
Other (income) expense, net		8,682			(8,699	)		(17	)
Net loss before income taxes	$	(23,875	)	$	—		$	(23,875	)
Income tax expense		(4,502	)					(4,502	)
Net loss	$	(28,377	)	$	—		$	(28,377	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		3,622						3,622
Unrealized pension actuarial losses		(8,508	)					(8,508	)
Total other comprehensive loss, net of tax	$	(33,263	)	$	—		$	(33,263	)

	Year ended December 31, 2021
	As Previously Reported			Restatement Adjustment			As Restated
Revenue, net	$	205,772					$	205,772
Related party revenue, net		178						178
Cost of revenue (exclusive of depreciation and amortization)		164,256						164,256
Related party cost of revenue		766						766
Selling, general and administrative expenses (exclusive of depreciation and amortization)		31,895			(2,131	)		29,764
Related party expense		9,807						9,807
Depreciation and amortization		5,166						5,166
Operating loss	$	(5,940	)	$	2,131		$	(3,809	)
Other expense (income), net:
Interest expense, net	$	2,836					$	2,836
Related party interest income, net		(141	)					(141	)
Foreign exchange losses, net		1,162						1,162
Other expense, net		11			2,131			2,142
Net loss before income taxes	$	(9,808	)	$	—		$	(9,808	)
Income tax expense		2,920						2,920
Net loss	$	(12,728	)	$	—		$	(12,728	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(744	)					(744	)
Unrealized pension actuarial gains		6,188						6,188
Total other comprehensive loss, net of tax	$	(7,284	)	$	—		$	(7,284	)

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets Current [Abstract]

Schedule of Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:

	December 31,
(dollars in thousands)	2022		2021
Prepaid postage	$	2,048	$	2,406
Prepaid insurance		765		701
Prepaid maintenance		390		793
Government receivables		3,496		3,942
Deferred stock issuance costs		478		—
Other prepaids		1,596		2,191
Total prepaid expenses and other current assets	$	8,773	$	10,033

Related Parties

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Related Parties [Line Items]

Related Parties

15. Related Parties

The components of “Related party expense” in the condensed combined and consolidated statements of operations and comprehensive loss are summarized as follows:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Related party shared services	$	984	$	971	$	2,760	$	3,115
Related party royalty		209		153		432		440
Related party management fee		136		1,293		435		3,497
Total related party expense	$	1,329	$	2,417	$	3,627	$	7,052

Historically, the Company has been managed and operated in the ordinary course of business with other affiliates of Exela. Accordingly, certain shared costs have been allocated to the Company and reflected as expenses in the condensed combined and consolidated financial statements.

Sales of Products and Services

During the historical periods presented, the Company sold products and services to Exela and its non-XBP subsidiaries. Revenue, net in the condensed combined and consolidated statements of operations and comprehensive loss include sales to affiliates of Exela of $0.1 million $0.0 million for the three months ended September 30, 2023 and 2022, respectively, and $0.2 million and $0.1 million for the nine months ended September 30, 2023 and 2022, respectively.

Purchases

During the historical periods presented, the Company purchased high-speed scanners and related products from Exela and its non-XBP subsidiaries. These purchases totaled $0.0 million and $0.6 million, for the three months ended September 30, 2023 and 2022, respectively, and $1.0 million and $3.2 million for the nine months ended September 30, 2023 and 2022, respectively.

Shared Service Center Costs

The historical costs and expenses reflected in our financial statements include costs for certain shared service functions historically provided by the Company’s parent, Exela, including, but not limited to accounting and finance, IT and business process operations. Where possible, these charges were allocated based on full-time equivalents (FTE’s), formal agreements between XBP and Exela, or other allocation methodologies that Management determined to be a reasonable reflection of the utilization of services provided or the benefit received by XBP and all costs of operating XBP during the periods presented.

The allocated shared service expenses and general corporate expenses of $1.0 million and $1.0 million for the three month ended September 30, 2023 and 2022, respectively, and $2.8 million and $3.1 million for the nine months ended September 30, 2023 and 2022, respectively, and are included in the Related party expenses in the condensed combined and consolidated statements of operations and comprehensive loss.

In the opinion of management of Exela and the Company, the expense and cost allocations have been determined on a basis considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during 2023 and 2022. The amounts that would have been, or will be incurred, on a stand-alone basis could differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees or other factors. Management does not believe, however, that it is practicable to estimate what these expenses would have been had the Company operated as an independent entity, including any expenses associated with obtaining any of these services from unaffiliated entities. In addition, the future results of operations, financial position and cash flows could differ materially from the historical results presented herein.

Royalty Expenses

During the historical periods presented, the Company’s parent, Exela, charged royalty fees for allowing the Company to use tradenames and trademarks owned by Exela. The Company incurred royalty expense of $0.2 million and $0.2 million for the three month ended September 30, 2023 and 2022, respectively, and $0.4 million and $0.4 million for the nine months ended September 30, 2023 and 2022, respectively, included in related party expense within the condensed combined and consolidated statements of operations and comprehensive loss.

Management Fee

During the historical periods presented, Exela provided management services to the Company in exchange for a management fee. These management services included provision of legal, human resources, corporate finance, and marketing support, along with compensation and benefits for certain executives. The management fee was calculated based on a weighted average of total external revenue, headcount and total assets attributable to the Company. On October 9, 2022 the management fee was terminated when the Merger Agreement was entered into and was replaced by the related party service fee which reduced the fees and modified the services provided. The Company incurred total management fees of $0.1 million and $1.3 million for the three month ended September 30, 2023 and 2022, respectively, and $0.4 million and $3.5 million for the nine months ended September 30, 2023 and 2022, respectively.

Note Receivable

The Company entered into an Intercompany Loan Agreement with an affiliate of Exela on January 1, 2016, where the Company agreed to lend up to €20 million to the affiliate. The related party note receivable has a six year term with the option to extend for an additional one year term and bears annual interest of 9.5%, due at the end of the term. On January 1, 2023, the Company amended its Intercompany Loan Agreement, extending the maturity of the Intercompany Loan Agreement to December 31, 2023. The condensed combined and consolidated balance sheets included $13.1 million and $13.3 million for the related party note receivable as of September 30, 2023 and December 31, 2022, respectively. The condensed combined and consolidated statements of operations and comprehensive loss included related party interest income of $0.3 million and $0.3 million for the three months ended September 30, 2023 and 2022, respectively, and $1.0 million and $0.9 million for the nine months ended September 30, 2023 and 2022, respectively.

Notes Payable

The Company entered into three Intercompany Loan Agreements with an affiliate of Exela, in September 2009 and May 2010, whereby the affiliate of Exela agreed to lend up to £9.3 million to the Company (“related party notes payable”). The related party notes payable which were denominated in Great British pounds accrued interest daily at the one-month LIBOR rate for United States dollar deposits in the London interbank market plus four percentage points. These notes had an original maturity date of one year (which was extended by the lender for one additional year on each anniversary of the notes) and were assigned by the lender to another affiliate of Exela and amended with an effective date of December 1, 2012. The amendment amended (a) the interest rate to a fixed rate of 4% plus LIBOR for the remainder of 2012, 12% for 2013 and 13.5% thereafter, (b) extended the term of the agreement to December 31, 2024, and (c) denominated the notes in United States dollars. The condensed combined and consolidated balance sheets included $11.2 million for the related party notes payable as of September 30, 2023 and December 31, 2022. The combined and consolidated statements of operations and comprehensive loss included related party interest expense of $0.4 million for the three months ended September 30, 2023 and 2022, respectively and $1.1 million for the nine months ended September 30, 2023 and 2022, respectively in the related party interest expense, net.

17. Related Parties

The components of “Related party expense” in the combined and consolidated statements of operations and comprehensive loss are summarized as follows:

	Years ended December 31,
(dollars in thousands)	2022		2021		2020
Related party shared services	$	4,051	$	4,280	$	4,042
Related party royalty		631		530		538
Related party management fee		3,627		4,997		6,026
Total related party expense	$	8,309	$	9,807	$	10,606

Historically, the Business has been managed and operated in the ordinary course of business with other affiliates of Exela. Accordingly, certain shared costs have been allocated to the Business and reflected as expenses in the combined and consolidated financial statements.

Related Party Sales

During the historical periods presented, the Business sold products and services to Exela and its non-XBP businesses. Revenue, net in the combined and consolidated statements of operations and comprehensive loss include sales to affiliates of Exela of $0.1 million, $0.2 million and $0.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Shared Service Center Costs

The historical costs and expenses reflected in our financial statements include costs for certain shared service functions historically provided by the Business’ parent, Exela, including, but not limited to accounting and finance, IT and business process operations. Where possible, these charges were allocated based on full-time equivalents (FTE’s), formal agreements between XBP and Exela, or other allocation methodologies that Management determined to be a reasonable reflection of the utilization of services provided or the benefit received by XBP and all costs of operating XBP during the periods presented.

The allocated shared service expenses and general corporate expenses for the years ended December 31, 2022, 2021 and 2020 were $4.1 million. $4.3 million and $4.0 million, respectively, and are included in the Related party expense in the combined and consolidated statement of operations and comprehensive loss.

In the opinion of management of Exela and the Business, the expense and cost allocations have been determined on a basis considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Business during 2022, 2021 and 2020. The amounts that would have been, or will be incurred, on a stand-alone basis could differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees or other factors. Management does not believe, however, that it is practicable to estimate what these expenses would have been had the Business operated as an independent entity, including any expenses associated with obtaining any of these services from unaffiliated entities. In addition, the future results of operations, financial position and cash flows could differ materially from the historical results presented herein.

Related Party Royalty Fees

During the historical periods presented, the Business’ parent, Exela, charged royalty fees for allowing the Business to use tradenames and trademarks owned by Exela. The Business incurred royalty expense of $0.6 million, $0.5 million and $0.5 million for the years ended December 31, 2022, 2021 and 2020, respectively, included in Related party expense within the combined and consolidated statements of operations and comprehensive loss.

Related Party Management Fee

During the historical periods presented, Exela provided management services to the Business in exchange for a management fee. These management services included provision of legal, human resources, corporate finance, and marketing support, along with compensation and benefits for certain executives. The management fee was calculated based on a weighted average of total external revenue, headcount and total assets attributable to the Business. On October 9, 2022 the management fee was terminated when the Merger Agreement was entered into and was replaced by the related party service fee which reduced the fees and modified the services provided. The Business incurred total management fees of $3.6 million, $5.0 million and $6.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Note Receivable

The Business entered into an Intercompany Loan Agreement (“related party note receivable”) with an affiliate of Exela on January 1, 2016, where the Business agreed to lend up to €20 million to the affiliate. The related party note receivable has a six year term with the option to extend for an additional one year term and bears annual interest of 9.5%, due at the end of the term. The combined and consolidated balance sheets included $13.3 million and $14.1 million for the related party note as of December 31, 2022 and 2021, respectively. The combined and consolidated statements of operations and comprehensive loss included $1.3 million, $1.4 million, and $1.3 million of related party interest income for the years ended December 31, 2022, 2021 and 2020, respectively.

Notes Payable

The Business entered into three Intercompany Loan Agreements (“related party notes payable”) with an affiliate of Exela, in September 2009 and May 2010, whereby the affiliate of Exela agreed to lend up to £9.3 million to the Business. The related party notes payable which are denominated in United States dollars accrued interest daily at the one-month LIBOR rate for United States dollar deposits in the London interbank market plus four percentage points. These notes had an original maturity date of March 31, 2013 and were amended with an effective date of December 1, 2012. The amendment (a) amended the interest rate to a fixed rate of 4% plus LIBOR for the remainder of 2012, 12% plus LIBOR for 2013 and 13.5% thereafter and (b) extended the term of the agreement to December 31, 2024. The term is automatically extended without necessity of a separate written amendment for an additional period of one year. The combined and consolidated balance sheets included $11.2 million for the related party notes payable as of December 31, 2022 and December 31, 2021. The combined and consolidated statements of operations and comprehensive loss included $1.5 million of related party interest expense for the years ended December 31, 2022, 2021 and 2020 in the Related party interest expense, net.

CF ACQUISITION CORP VIII [Member]

Related Parties [Line Items]

Related Parties

Note 4 — Related Party Transactions

Founder Shares

On July 8, 2020, the Sponsor purchased 5,750,000 shares (including any shares of Class A common stock issued or issuable upon conversion thereof, the “Founder Shares”) of the Company’s Class B common stock, par value $0.0001 (“Class B common stock”) for an aggregate price of $25,000. On March 8, 2021, the Sponsor transferred an aggregate of 20,000 shares of Class B common stock to two of the independent directors of the Company. As a result, the Company recognized no compensation expense and approximately $29,000 of compensation expense at fair value that was presented in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022, respectively. On March 11, 2021, the Company effected a 1.1-for-1 stock split. All share and per share amounts have been retroactively adjusted. On March 16, 2021, the Sponsor forfeited 75,000 shares of Class B common stock, due to the underwriters not exercising the over-allotment option in full, such that the initial stockholders would collectively own 20% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering (not including the Private Placement Shares), resulting in an aggregate of 6,250,000 shares of Class B common stock outstanding and held by the Sponsor and two of the independent directors of the Company. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the consummation of the Business Combination and are subject to certain transfer restrictions. Further, in connection with the XBP Europe Business Combination, subject to and conditioned upon its closing, the Sponsor agreed to forfeit 733,400 Founder Shares.

On March 6, 2023, the Company issued 5,000,000 shares of Class A common stock to the Sponsor upon the conversion of 5,000,000 shares of Class B common stock held by the Sponsor (the “Conversion”). The 5,000,000 shares of Class A common stock issued in connection with the Conversion are subject to the same restrictions as applied to the Class B common stock prior to the Conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of the Business Combination as described in the prospectus for the Initial Public Offering.

The initial stockholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination or (B) subsequent to the initial Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20-trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property. In connection with the XBP Europe Business Combination, subject to and conditioned upon its closing, the Sponsor agreed to amend the lock-up terms applicable to the Founder Shares described above to remove clause (x) above.

Private Placement Units

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 540,000 Private Placement Units at a price of $10.00 per Private Placement Unit ($5,400,000 in the aggregate). Each Private Placement Unit consists of one share of Class A common stock (the “Private Placement Shares”) and one-fourth of one warrant (each whole warrant, a “Private Placement Warrant”). Each Private Placement Warrant is exercisable for one share of Class A common stock at a price of $11.50 per share. On March 25, 2022, the Sponsor transferred 2,500 shares of Class A common stock to an independent director of the Company. As a result, the Company recognized no compensation expense and approximately $20,000 of compensation expense at fair value that was presented in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022, respectively. The proceeds from the Private Placement Units have been added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete the Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

The Private Placement Warrants will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation.

The Sponsor and the Company’s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units (including the component securities thereof) until 30 days after the completion of the initial Business Combination; provided that, subject to, and conditioned on the consummation of the XBP Europe Business Combination, this lock-up has been waived with respect to the Private Placement Shares.

Underwriter

Cantor Fitzgerald & Co. (“CF&Co.”), the lead underwriter of the Initial Public Offering, is an affiliate of the Sponsor (see Note 5).

Business Combination Marketing Agreement

The Company has engaged CF&Co. as an advisor in connection with any Business Combination to assist the Company in holding meetings with its stockholders to discuss any potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities, and assist the Company with its press releases and public filings in connection with any Business Combination. The Company will pay CF&Co. a cash fee (the “Marketing Fee”) for such services upon the consummation of the Business Combination in an amount equal to $9,350,000, which is equal to 3.5% of the gross proceeds of the base offering in the Initial Public Offering and 5.5% of the gross proceeds from the partial exercise of the underwriter’s over-allotment option; provided, however, in connection with the XBP Europe Business Combination, subject to and conditioned upon its closing, CF&Co. agreed to waive the Marketing Fee.

Engagement Letter

The Company engaged CF&Co. as its exclusive financial advisor for the XBP Europe Business Combination, but CF&Co. has agreed not to receive an advisory fee for such services other than to receive reimbursement of actual expenses incurred and to be indemnified against certain liabilities arising out of its engagement.

Related Party Loans

The Sponsor made available to the Company, under the Pre-IPO Note, up to $300,000 to be used for a portion of the expenses of the Initial Public Offering. Prior to the closing of the Initial Public Offering, the amount outstanding under the Pre-IPO Note was approximately $79,000. The Pre-IPO Note was non-interest bearing and was repaid in full upon the completion of the Initial Public Offering.

In order to finance transaction costs in connection with an intended Business Combination, pursuant to the Sponsor Loan, the Sponsor loaned the Company $1,750,000 to fund the Company’s expenses relating to investigating and selecting a target business and other working capital requirements, including $10,000 per month for office space, administrative and shared personnel support services that will be paid to the Sponsor, for the period commencing upon the consummation of the Initial Public Offering and concluding upon the consummation of the Business Combination. For each of the three months ended September 30, 2023 and 2022, the Company paid $30,000 for office space and administrative fees. For each of the nine months ended September 30, 2023 and 2022, the Company paid $90,000 for office space and administrative fees.

If the Sponsor Loan is insufficient to cover the working capital requirements of the Company, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes the Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that the Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

On June 30, 2022, the Company entered into the First Working Capital Loan with the Sponsor in the amount of up to $1,000,000, which First Working Capital Loan has been fully drawn by the Company.

On October 14, 2022, the Company entered into the Second Working Capital Loan with the Sponsor in the amount of up to $750,000 in connection with advances the Sponsor has made to the Company for working capital expenses, which Second Working Capital Loan has been fully drawn by the Company.

On March 31, 2023, the Company entered into a Third Working Capital Loan with the Sponsor in the amount of up to $500,000 in connection with advances the Sponsor has made to the Company for working capital expenses, which Third Working Capital Loan has been fully drawn by the Company.

On August 31, 2023, the Company entered into a Fourth Working Capital Loan with the Sponsor in the amount of up to $300,000 in connection with advances the Sponsor has made and will make to the Company for working capital expenses.

On March 15, 2023, the Company entered into the Third Extension Loan with the Sponsor pursuant to which the Sponsor loaned the Company $344,781 in the aggregate.

As of September 30, 2023 and December 31, 2022, the carrying amounts of the loans payable by the Company to the Sponsor were approximately $9,906,000 and $8,200,000, respectively. As of September 30, 2023 and December 31, 2022, the face amounts of these loans were approximately $9,906,000 and $8,500,000, respectively.

Each of the First Extension Loan, the First Working Capital Loan, the Second Extension Loan, the Second Working Capital Loan, the Third Extension Loan, Third Working Capital Loan and the Fourth Working Capital Loan bears no interest and is due and payable on the date on which the Company consummates the initial Business Combination. The principal balance of each loan may be prepaid at any time with funds outside of the Trust Account.

Pursuant to the terms and conditions of the XBP Europe Business Combination, in connection with the consummation of the XBP Europe Business Combination, all amounts outstanding under each of the Sponsor Loan, the First Working Capital Loan, the Second Working Capital Loan, the Third Working Capital Loan, the Fourth Working Capital Loan, the First Extension Loan, the Second Extension Loan and the Third Extension Loan will be converted into shares of Class A common stock at $10.00 per share in accordance with, and subject to the exceptions set forth in, the Merger Agreement.

The Sponsor pays expenses on the Company’s behalf. The Company reimburses the Sponsor for such expenses paid on its behalf. The unpaid balance, if any, is included in Payables to related parties on the accompanying unaudited condensed consolidated balance sheets.

Note 4 — Related Party Transactions

Founder Shares

On July 8, 2020, the Sponsor purchased 5,750,000 shares (including any shares of Class A common stock issuable upon conversion thereof, the “Founder Shares”) of the Company’s Class B common stock, par value $0.0001 (“Class B common stock”) for an aggregate price of $25,000. On March 8, 2021, the Sponsor transferred an aggregate of 20,000 shares of Class B common stock to two of the independent directors of the Company. As a result, the Company recognized approximately $29,000 and $147,000 of compensation expense at fair value that was presented in the Company’s statements of operations for the years ended December 31, 2022 and 2021 respectively. On March 11, 2021, the Company effected a 1.1-for-1 stock split. All share and per share amounts have been retroactively adjusted. On March 16, 2021, the Sponsor forfeited 75,000 shares of Class B common stock, due to the underwriter not exercising the over-allotment option in full, such that the initial stockholders would collectively own 20% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering (not including the Private Placement Shares), resulting in an aggregate of 6,250,000 shares of Class B common stock outstanding and held by the Sponsor and two of the independent directors of the Company. The Founder Shares will automatically convert into shares of Class A common stock at the time of the

consummation of the Business Combination and are subject to certain transfer restrictions. Further, in connection with the XBP Europe Business Combination, subject to and conditioned upon its closing, the Sponsor agreed to forfeit 733,400 Founder Shares.

Private Placement Units

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 540,000 Private Placement Units at a price of $10.00 per Private Placement Unit ($5,400,000 in the aggregate). Each Private Placement Unit consists of one share of Class A common stock (the “Private Placement Shares”) and one-fourth of one warrant (each whole warrant, a “Private Placement Warrant”). Each Private Placement Warrant is exercisable for one share of Class A common stock at a price of $11.50 per share. On March 25, 2022, the Sponsor transferred 2,500 shares of Class A common stock to an independent director of the Company. As a result, the Company recognized approximately $20,000 of compensation expense at fair value that was presented in the Company’s consolidated statement of operations for the year ended December 31, 2022. The proceeds from the Private Placement Units have been added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees.

The Private Placement Warrants will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation.

The Sponsor and the Company’s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units until 30 days after the completion of the initial Business Combination.

Underwriter

Cantor Fitzgerald & Co. (“CF&Co.”), the lead underwriter of the Initial Public Offering, is an affiliate of the Sponsor (see Note 5).

Business Combination Marketing Agreement

The Company has engaged CF&Co. as an advisor in connection with the Business Combination to assist the Company in holding meetings with its stockholders to discuss any potential Business Combination and the target business’ attributes, introduce the Company to potential investors that are interested in purchasing the Company’s securities, and assist the Company with its press releases and public filings in connection with any Business Combination. The Company will pay CF&Co. a cash fee (the “Marketing Fee”) for such services upon the consummation of the Business Combination in an amount equal to $9,350,000, which is equal to 3.5% of the gross proceeds of the base offering in the Initial Public Offering, and 5.5% of the gross proceeds from the partial exercise of the underwriter’s over-allotment option; provided, however, in connection with the XBP Europe Business Combination, subject to and conditioned upon its closing, CF&Co. agreed to waive the Marketing Fee.

In addition, the Company engaged CF&Co. as its exclusive financial advisor for the XBP Europe Business Combination, but CF&Co. has agreed not to receive an advisory fee for such services other than to receive reimbursement of actual expenses incurred and to be indemnified against certain liabilities arising out of its engagement.

Related Party Loans

In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor committed, pursuant to the Sponsor Loan, up to $1,750,000 to be provided to the Company to fund the Company’s expenses relating to investigating and selecting a target business and other working capital requirements, including $10,000 per month for office space, administrative and shared personnel support services that will be paid to the Sponsor, for the period commencing upon the consummation of the Initial Public Offering and concluding upon the consummation of the Company’s initial Business Combination, which Sponsor Loan has been fully drawn by the Company. For the years ended December 31, 2022 and 2021, the Company paid $120,000 and approximately $95,000 respectively, for office space and administrative fees.

If the Sponsor Loan is insufficient to cover the working capital requirements of the Company, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

On June 30, 2022, the Company entered into the First Working Capital Loan with the Sponsor in the amount of up to $1,000,000, which First Working Capital Loan has been fully drawn by the Company.

On October 14, 2022, the Company entered into the Second Working Capital Loan with the Sponsor in the amount of up to $750,000 in connection with advances the Sponsor will make to the Company for working capital expenses.

The First Working Capital Loan and the Second Working Capital Loans bear no interest and are due and payable on the date on which the Company consummates its initial Business Combination. The principal balance of the First Working Capital Loan and Second Working Capital Loan may be prepaid at any time.

Except for the foregoing with respect to the First Working Capital Loan and the Second Working Capital, the terms of any other Working Capital Loans have not been determined and no written agreements exist with respect to such loans.

On March 9, 2022, the Company borrowed $4,424,015 ($0.20 for each Public Share that was not redeemed in connection with the First Extension) from the Sponsor pursuant to the First Extension Loan, which was deposited in the Trust Account. The First Extension Loan bears no interest and is due and payable on the date on which the Company consummates its initial Business Combination.

On September 30, 2022, the Company borrowed $976,832 ($0.33 for each Public Share that was not redeemed in connection with the Second Extension) from the Sponsor pursuant to the Second Extension Loan, which was deposited in the Trust Account. The Second Extension Loan bears no interest and is due and payable on the date on which the Company consummates its initial Business Combination.

As of December 31, 2022 and 2021, the carrying amounts of the loans payable by the Company to the Sponsor were approximately $8,200,000 and $734,000, respectively. As of December 31, 2022 and 2021, the face amounts of these loans were approximately $8,500,000 and $734,000, respectively.

Pursuant to the terms and conditions of the XBP Europe Business Combination, in connection with the consummation of the XBP Europe Business Combination, all amounts outstanding under each of the First Working Capital Loan, the Second Working Capital Loan, the First Extension Loan and the Second Extension Loan will be converted into shares of Class A common stock at $10.00 per share in accordance with, and subject to the exceptions set forth in, the Merger Agreement.

In connection with the terms and conditions of the XBP Europe Business Combination, a substantive conversion feature was added to the sponsor loans. Consequently, the amounts outstanding under these loans at the date of the Merger Agreement were accounted for as an extinguishment of the previous loans and establishment of the new loans at fair value. The gain on extinguishment was recognized as a capital transaction with the Sponsor through additional paid-in capital.

The Sponsor pays expenses on the Company’s behalf. The Company reimburses the Sponsor for such expenses paid on its behalf. The unpaid balance is included in Payables to related parties on the accompanying consolidated balance sheets. As of December 31, 2022 and 2021, the Company had accounts payable outstanding to the Sponsor for such expenses paid on the Company’s behalf of $0 and approximately $571,000, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Subsequent Events (Details) - Forecast [Member] - CF ACQUISITION CORP VIII [Member] - USD ($) $ / shares in Units, $ in Thousands	Mar. 14, 2023	Mar. 06, 2023	Mar. 15, 2023	Dec. 31, 2022
Subsequent Events [Line Items]
Extension loan (in Dollars)			$ 344,781
Public price per share (in Dollars per share)	$ 10.69			$ 10
Held in the trust account (in Dollars)	$ 16,290,945
Minimum [Member]
Subsequent Events [Line Items]
Public price per share (in Dollars per share)	$ 0.04
Maximum [Member]
Subsequent Events [Line Items]
Public price per share (in Dollars per share)	$ 0.24
Class A Common Stock [Member]
Subsequent Events [Line Items]
Shares issued		5,000,000
Shares of restrictions		5,000,000
Common stock, shares issued		8,500,098
Common stock, shares outstanding		8,500,098
Redeemable shares of common stock	1,523,509
Class A Common Stock [Member] \| Sponsor [Member]
Subsequent Events [Line Items]
Shares issued		5,537,500
Class B Common Stock [Member]
Subsequent Events [Line Items]
Conversion shares		5,000,000
Common stock, shares issued		1,250,000
Common stock, shares outstanding		1,250,000
Class B Common Stock [Member] \| Sponsor [Member]
Subsequent Events [Line Items]
Shares issued		1,228,000

Accounts Receivable (Details) - Schedule of Accounts Receivable - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Accounts Receivable [Abstract]
Billed receivables	$ 23,298	$ 28,704	$ 28,285
Unbilled receivables	10,357	9,639	8,271
Less: Allowance for doubtful accounts	(1,200)	(2,366)	(1,447)
Total accounts receivable, net	$ 32,454	$ 35,977	$ 35,109

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Deferred tax assets					$ 27,558	$ 32,092
Deferred tax liabilities					$ 1,100
Gross foreign NOLs					75.50%
Tax effected foreign NOLs					$ 19,700
NOLs expiring					9,000
Income tax expense	$ 1,046	$ 539	$ 1,523	$ 1,933	(2,562)	(2,920)	$ (4,502)
Effective tax rate			35.46%	39.20%
Statutory tax rate			21.00%	21.00%
Minimum tax					1,000,000
Other Noncurrent Liabilities [Member]
Income Taxes [Line Items]
Tax effected					1,200
Income Tax Expense [Member]
Income Taxes [Line Items]
Income tax expense	$ 1,000	$ 500	$ 1,500	$ 1,900
CF ACQUISITION CORP VIII [Member]
Income Taxes [Line Items]
Deferred tax assets					982,382	571,138
Federal income tax expense					111,000
Income tax expense					$ 111,023
Effective tax rate					4.40%
Statutory tax rate					21.00%	21.00%

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Line Items]
Interest on financing lease liabilities	$ 0.1	$ 0.3	$ 0.1
Amortization expense on finance lease right-of-use assets	0.2	0.2	0.1
Rental expense for all operating leases	$ 5.4	$ 6.6	$ 7.3

Employee Benefit Plans

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Employee Benefit Plans [Abstract]

Employee Benefit Plans

10. Employee Benefit Plans

U.K. Pension Plan

Two of our subsidiaries in the United Kingdom provide pension benefits to certain retirees and eligible dependents. Employees eligible for participation included all full-time regular employees who were more than three years from retirement prior to October 2001. A retirement pension or a lump-sum payment may be paid dependent upon length of service at the mandatory retirement age. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants at the earlier of two dates, the participants leaving the Company or December 31, 2015. The expected rate of return assumptions for plan assets relate solely to the UK plan and are based mainly on historical performance achieved over a long period of time (15 to 20 years) encompassing many business and economic cycles.

German Pension Plan

XBP’s subsidiary in Germany, Exela Technologies ECM Solutions GmbH, provides pension benefits to certain retirees. Employees eligible for participation include all employees who started working for the Company or its predecessors prior to September 30, 1987 and have finished a qualifying period of at least 10 years. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation.The Company uses a December 31 measurement date for this plan. The German pension plan is an unfunded plan and therefore has no plan assets. No new employees are registered under this plan and the participants who are already eligible to receive benefits under this plan are no longer employees of the Company.

Norway Pension Plan

Our subsidiary in Norway provides pension benefits to eligible retirees and eligible dependents. Employees eligible for participation include all employees who were more than three years from retirement prior to March 2018. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants at the earlier of two dates, the participants leaving the Company or April 30, 2018.

Asterion Pension Plan

In 2018, Exela Technologies Holding GmbH (through the Asterion Business Combination), acquired the obligation to provide pension benefits to eligible retirees and eligible dependents. Employees eligible for participation included all full-time regular employees who were more than three years from retirement prior to July 2003. A retirement pension or a lump-sum payment may be paid dependent upon length of service at the mandatory retirement age. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants at the earlier of two dates, the participants leaving the Company or April 10, 2018.

Tax Effect on Accumulated Other Comprehensive Loss

As of September 30, 2023 and December 31, 2022, the Company had actuarial losses of $3.4 million and $3.3 million in accumulated other comprehensive loss on the condensed combined and consolidated balance sheets, respectively, which is net of a deferred tax benefit of $2.0 million for each period.

Pension Expense

The components of the net periodic benefit cost are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Service cost	$	10		$	14		$	30		$	45
Interest cost		779			454			2,298			1,458
Expected return on plan assets		(693	)		(678	)		(2,045	)		(2,172	)
Amortization:
Amortization of prior service cost		90			50			268			159
Amortization of net loss		403			605			1,186			1,938
Net periodic benefit cost	$	589		$	445		$	1,737		$	1,428

The Company records pension interest cost within Interest expense, net. Expected return on plan assets, amortization of prior service costs, and amortization of net losses are recorded within Other income, net. Service cost is recorded within Cost of revenue.

Employer Contributions

XBP’s funding of employer contributions is based on governmental requirements and differs from those methods used to recognize pension expense. The Company made contributions of $0.6 million and $1.9 million to its pension plans during the three and nine months ended September 30, 2023 and 2022, respectively. The Company expects to contribute $2.5 million to the pension plans during 2023, based on current plan provisions.

12. Employee Benefit Plans

UK Pension Plan

Two of our subsidiaries in the United Kingdom provide pension benefits to certain retirees and eligible dependents. Employees eligible for participation included all full-time regular employees who were more than three years from retirement prior to October 2001. A retirement pension or a lump-sum payment may be paid dependent upon length of service at the mandatory retirement age. The Business accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Business uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants as at the earlier of two dates, the participants leaving the Business or December 31, 2015.

The expected rate of return assumptions for plan assets relate solely to the UK plan and are based mainly on historical performance achieved over a long period of time (15 to 20 years) encompassing many business and economic cycles.

German Pension Plan

XBP’s subsidiary in Germany, Exela Technologies ECM Solutions GmbH, provides pension benefits to certain retirees. Employees eligible for participation include all employees who started working for the Business or its predecessors prior to September 30, 1987 and have finished a qualifying period of at least 10 years. The Business accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Business uses a December 31 measurement date for this plan. The German pension plan is an unfunded plan and therefore has no plan assets. No new employees are registered under this plan and the participants who are already eligible to receive benefits under this plan are no longer employees of the Business.

Norway Pension Plan

Our subsidiary in Norway provides pension benefits to eligible retirees and eligible dependents. Employees eligible for participation include all employees who were more than three years from retirement prior to March 2018. The Business accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Business uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants at the later of two dates, the participants leaving the Business or April 30, 2018.

Asterion Pension Plan

Exela Technologies Holding GmbH acquired in 2018 through the Asterion Business Combination the obligation to provide pension benefits to eligible retirees and eligible dependents. Employees eligible for participation included all full-time regular employees who were more than three years from retirement prior to July 2003. A retirement pension or a lump-sum payment may be paid dependent upon length of service at the mandatory retirement age. The Business accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Business uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants at the earlier of two dates, the participants leaving the Business or April 10, 2018.

Funded Status

	Year Ended December 31,
(dollars in thousands)	2022			2021
Change in Benefit Obligation:
Benefit obligation at beginning of period	$	117,582		$	122,069
Service cost		53			68
Interest cost		1,910			1,686
Actuarial gain		(44,748	)		(2,243	)
Plan amendments		—			(28	)
Plan curtailment		149			98
Benefits paid		(1,915	)		(2,497	)
Foreign-exchange rate changes		(11,261	)		(1,571	)
Benefit obligation at end of year	$	61,770		$	117,582

Change in Plan Assets:
Fair value of plan assets at beginning of period	$	90,225		$	87,414
Actual (loss) return on plan assets		(36,818	)		2,950
Employer contributions		2,862			3,249
Participants’ contributions		—			16
Benefits paid		(1,818	)		(2,394	)
Foreign-exchange rate changes		(8,757	)		(1,010	)
Fair value of plan assets at end of year		45,694			90,225
Funded status at end of year	$	(16,076	)	$	(27,357	)

Net amount recognized in the Consolidated Balance Sheets:
Pension liability, net(a)	$	(16,076	)	$	(27,357	)
Amounts recognized in accumulated other comprehensive loss, net of tax consist of:
Net actuarial gain		(6,959	)		(6,061	)
Net prior service costs		(124	)		(127	)
Net amount recognized in accumulated comprehensive loss, net of tax	$	(7,083	)	$	(6,188	)

Plans with underfunded or non-funded accumulated benefit obligation:
Aggregate projected benefit obligation	$	61,770		$	117,582
Aggregate accumulated benefit obligation	$	61,770		$	117,582
Aggregate fair value of plan assets	$	45,694		$	90,225

____________

Tax Effect on Accumulated Other Comprehensive Loss

As of December 31, 2022, and 2021, the Business had actuarial losses of $3.3 million and $10.4 million, respectively, which is net of a deferred tax benefit of $1.9 million for each period.

Pension and Postretirement Expense

The components of the net periodic benefit cost are as follows:

	Year ended December 31,
(dollars in thousands)	2022			2021			2020
Service cost	$	53		$	68		$	69
Interest cost		1,910			1,686			1,984
Expected return on plan assets		(2,856	)		(2,410	)		(2,530	)
Amortization
Amortization of prior service cost		273			127			103
Amortization of net loss		1,768			3,103			1,741
Settlement loss		—			—			637
Net periodic benefit cost	$	1,148		$	2,574		$	2,004

The Business records pension interest cost within Interest expense, net. Expected return on plan assets, amortization of prior service costs, and amortization of net losses are recorded within Other expense, net. Service cost is recorded within Cost of revenue.

Valuation

The Business uses the corridor approach and projected unit credit method in the valuation of its defined benefit plans for the UK, Germany, and Norway respectively. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and economic estimates or actuarial assumptions. For defined benefit pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over 15 years. Similarly, the Business used the Projected Unit Credit Method for the German Plan, and evaluated the assumptions used to derive the related benefit obligations consisting primarily of financial and demographic assumptions including commencement of employment, biometric decrement tables, retirement age, staff turnover. The projected unit credit method determines the present value of our defined benefit obligations and related service costs by taking into account each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately in building up the final obligation. Benefit is attributed to periods of service using the plan’s benefit formula, unless an employee’s service in later years will lead to a materially higher of benefit than in earlier years, in which case a straight-line basis is used.

The following tables set forth the principal actuarial assumptions used to determine benefit obligation and net periodic benefit costs:

	December 31,
	2022		2021		2022		2021		2022		2021		2022		2021
(dollars in thousands)	UK				Germany				Norway				Asterion
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.00	%	1.80	%	3.80	%	1.00	%	3.00	%	1.90	%	3.80	%	1.13	%
Rate of compensation increase	N/A		N/A		N/A		N/A		3.50	%	2.75	%	N/A		N/A
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	1.80	%	1.40	%	3.80	%	1.00	%	3.00	%	1.90	%	3.80	%	1.13	%
Expected asset return	3.45	%	2.72	%	N/A		N/A		4.15	%	3.10	%	3.80	%	1.13	%
Rate of compensation increase	N/A		N/A		N/A		N/A		3.50	%	2.75	%	N/A		N/A

The Germany plan is an unfunded plan and therefore has no plan assets. The expected rate of return assumptions for plan assets are based mainly on historical performance achieved over a long period of time (10 to 20 years) encompassing many business and economic cycles. Adjustments, upward and downward, may be made to those historical returns to reflect future capital market expectations; these expectations are typically derived from expert advice from the investment community and surveys of peer company assumptions.

The Business assumed a weighted average expected long-term rate of return on plan assets for the UK scheme of 3.45%. Our long-term expected rate of return on cash is determined by reference to UK government 10 year bond yields at the balance sheet dates. The long-term expected return on bonds is determined by reference to corporate bond yields at the balance sheet dates. The long-term expected rate of return on equities and diversified growth funds is based on the rate of return on UK long dated government bonds with an allowance for out-performance. The long-term expected rate of return on the liability driven investments holdings is determined by reference to UK government 20 year bond yields at the balance sheet dates.

The discount rate assumption was developed considering the current yield on an investment grade non-gilt index with an adjustment to the yield to match the average duration of the index with the average duration of the plan’s liabilities. The index utilized reflected the market’s yield requirements for these types of investments.

The inflation rate assumption was developed considering the difference in yields between a long-term government stocks index and a long-term index-linked stocks index. This difference was modified to consider the depression of the yield on index-linked stocks due to the shortage of supply and high demand, the premium for inflation above the expectation built into the yield on fixed-interest stocks and the government’s target rate for inflation (CPI) at 2.3%. The assumptions used are the best estimates chosen from a range of possible actuarial assumptions which, due to the time scale covered, may not necessarily be borne out in practice.

Plan Assets

The investment objective for the UK plan is to earn, over moving fifteen to twenty year periods, the long-term expected rate of return, net of investment fees and transaction costs, to satisfy the benefit obligations of the plan, while at the same time maintaining sufficient liquidity to pay benefit obligations and proper expenses, and meet any other cash needs, in the short-to medium-term.

Our investment policy related to the UK defined benefit plan is to continue to maintain investments in government gilts and highly rated bonds as a means to reduce the overall risk of assets held in the fund. No specific targeted allocation percentages have been set by category, but are set at the direction and discretion of the plan trustees. The weighted average allocation of plan assets by asset category is as follows:

	Year Ended December 31,
	2022		2021
U.K. and other international equities	27.1	%	32.7	%
U.K. government and corporate bonds	5.5		2.7
Diversified growth fund	18.4		25.7
Liability driven investments	44.3		34.6
Multi-asset credit fund	4.7		4.3
Total	100.0	%	100.0	%

The following tables set forth, by category and within the fair value hierarchy, the fair value of our pension assets at December 31, 2022 and 2021:

	December 31, 2022
(dollars in thousands)	Total		Level 1		Level 2		Level 3
Asset Category:
Cash	$	932	$	932	$	—	$	—
Equity funds:
U.K.		11,400		—		11,400		—
Fixed income securities:
Corporate bonds/U.K. Gilts		2,529		—		2,529		—
Other investments:
Diversified growth fund		8,417		—		8,417		—
Liability driven investments		20,258		—		20,258		—
Multi-asset credit fund		2,158		—		2,158		—
Total fair value	$	45,694	$	932	$	44,762	$	—

	December 31, 2021
(dollars in thousands)	Total		Level 1		Level 2		Level 3
Asset Category:
Cash	$	149	$	149	$	—	$	—
Equity funds:
U.K.		17,423		—		17,423		—
Other international		11,909		—		11,909		—
Fixed income securities:
Corporate bonds/U.K. Gilts		2,444		—		2,444		—
Other investments:
Diversified growth fund		23,122		—		23,122		—
Liability driven investments		31,259		—		31,259		—
Multi-asset credit fund		3,919		—		3,919		—
Total fair value	$	90,225	$	149	$	90,076	$	—

The plan assets are categorized as follows, as applicable:

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value.

Employer Contributions

Our funding is based on governmental requirements and differs from those methods used to recognize pension expense. The Business made contributions of $2.9 million and $3.2 million to its pension plans during the years ended December 31, 2022 and 2021, respectively. The Business has fully funded the pension plans for 2022 based on current plan provisions. The Business expects to contribute $2.7 million to the pension plans during 2023, based on current plan provisions.

Estimated Future Benefit Payments

The estimated future pension benefit payments expected to be paid to plan participants are as follow:

(dollars in thousands)	Estimated Benefit Payments
Year ended December 31,
2023	$	1,872
2024		2,067
2025		2,656
2026		2,674
2027		2,978
2028 – 2032		13,615
Total	$	25,862

Segment Information (Restated)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Segment Information (Restated) [Abstract]

Segment Information (Restated)

16. Segment Information

The Company’s operating segments are significant strategic business units that align its products and services with how it manages its business, approaches the markets and interacts with its clients. The Company is organized into two segments: Bills and Payments and Technology.

Bills and Payments

The Bills & Payments business unit primarily focuses on simplifying how bills and payments are processed by businesses of all sizes and industries. It offers automation of Accounts Payable (“AP”) and Accounts Receivables (“AR”) processes and through its platform, XBP, seeks to integrate buyers and suppliers across Europe.

Technology

The Technology business unit primarily focuses on sales of recurring software licenses and related maintenance, hardware solutions and related maintenance and professional services.

The chief operating decision maker reviews segment profit to evaluate operating segment performance and determine how to allocate resources to operating segments. “Segment profit” is defined as revenue less cost of revenue (exclusive of depreciation and amortization). The Company does not allocate Selling, general, and administrative expenses, depreciation and amortization, interest expense and foreign exchange losses, net. The Company manages assets on a total company basis, not by operating segment, and therefore asset information and capital expenditures by operating segments are not presented. A reconciliation of segment profit to net loss before income taxes is presented below.

	Three months ended September 30, 2023
	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.07 million)	$	28,093	$	12,152	$	40,245
Cost of revenue (including related party cost of revenue of $0.01 million, exclusive of depreciation and amortization)		25,743		5,637		31,380
Segment profit		2,350		6,515		8,865
Selling, general and administrative expenses (exclusive of depreciation and amortization)						7,741
Related party expense						1,329
Depreciation and amortization						1,095
Related party interest income, net						5
Interest expense, net						1,265
Foreign exchange losses, net						(529	)
Other income, net						(200	)
Net loss before income taxes					$	(1,841	)

	Three months ended September 30, 2022
	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.03 million)	$	29,654	$	9,432	$	39,086
Cost of revenue (including related party cost of revenue of $0.13 million, exclusive of depreciation and amortization)		26,413		5,195		31,608
Segment profit		3,241		4,237		7,478
Selling, general and administrative expenses (exclusive of depreciation and amortization)						7,396
Related party expense						2,417
Depreciation and amortization						1,136
Related party interest expense, net						80
Interest expense, net						569
Foreign exchange losses, net						684
Other income, net						(41	)
Net loss before income taxes					$	(4,763	)

	Nine months ended September 30, 2023
	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.2 million)	$	91,859	$	33,554	$	125,413
Cost of revenue (including related party cost of revenue of $0.08 million, exclusive of depreciation and amortization)		80,933		14,468		95,401
Segment profit		10,926		19,086		30,012
Selling, general and administrative expenses (exclusive of depreciation and amortization)						24,336
Related party expense						3,627
Depreciation and amortization						2,951
Related party interest income, net						(1	)
Interest expense, net						3,705
Foreign exchange losses, net						411
Other income, net						(589	)
Net loss before income taxes					$	(4,428	)

	Nine months ended September 30, 2022
	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.1 million)	$	106,412	$	30,444	$	136,856
Cost of revenue (including related party cost of revenue of $0.4 million, exclusive of depreciation and amortization)		88,094		15,486		103,580
Segment profit		18,318		14,958		33,276
Selling, general and administrative expenses (exclusive of depreciation and amortization)						22,721
Related party expense						7,052
Depreciation and amortization						3,357
Related party interest expense, net						146
Interest expense, net						2,094
Foreign exchange losses, net						2,863
Other income, net						(94	)
Net loss before income taxes					$	(4,863	)

18. Segment Information (Restated)

The Business’s operating segments are significant strategic business units that align its products and services with how it manages its business, approaches the markets and interacts with its clients. The Business is organized into two segments: Bills and Payments and Technology.

Bills and Payments

The Bills & Payments business unit primarily focuses on simplifying how bills and payments are processed by businesses of all sizes and industries. It offers automation of AP and AR processes and through its platform, XBP, seeks to integrate buyers and suppliers across Europe.

Technology

The Technology business unit primarily focuses on sales of recurring software licenses and related maintenance, hardware solutions and related maintenance and professional services.

The chief operating decision maker reviews segment profit to evaluate operating segment performance and determine how to allocate resources to operating segments. “Segment profit” is defined as revenue less cost of revenue (exclusive of depreciation and amortization). The Business does not allocate Selling, general, and administrative expenses, depreciation and amortization, interest expense and foreign exchange losses, net to reporting segments. The Business manages assets on a total company basis, not by operating segment, and therefore asset information and capital expenditures by operating segments are not presented. A reconciliation of segment profit to net loss before income taxes is presented below.

	Year ended December 31, 2022
(dollars in thousands)	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.1 million)	$	136,858	$	43,634	$	180,492
Cost of revenue (including related party cost of revenue of $0.5 million, exclusive of depreciation and amortization)		114,297		22,490		136,787
Segment profit		22,561		21,144		43,705
Selling, general and administrative expenses (exclusive of depreciation and amortization)						32,956
Related party expense						8,309
Depreciation and amortization						4,390
Related party interest income, net						(25	)
Interest expense, net						3,062
Foreign exchange losses, net						1,184
Other income, net						(804	)
Net loss before income taxes					$	(5,367	)

	Year ended December 31, 2021 (Restated)
(dollars in thousands)	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.1 million)	$	166,356	$	39,594	$	205,950
Cost of revenue (including related party cost of revenue of $0.5 million, exclusive of depreciation and amortization)		144,077		20,945		165,022
Segment profit		22,279		18,649		40,928
Selling, general and administrative expenses (exclusive of depreciation and amortization)						29,764
Related party expense						9,807
Depreciation and amortization						5,166
Related party interest income, net						(141	)
Interest expense, net						2,836
Foreign exchange losses, net						1,162
Other expense, net						2,142
Net loss before income taxes					$	(9,808	)

(dollars in thousands)	Year ended December 31, 2020 (Restated)
(dollars in thousands)	Bills & Payments		Technology		Total
Revenue, net (including related party revenue of $0.1 million)	$	177,634	$	39,910	$	217,544
Cost of revenue (including related party cost of revenue of $0.5 million, exclusive of depreciation and amortization)		153,121		22,376		175,497
Segment profit		24,513		17,534		42,047
Selling, general and administrative expenses (exclusive of depreciation and amortization)						44,199
Related party expense						10,606
Depreciation and amortization						6,312
Related party interest income, net						(217	)
Interest expense, net						2,844
Foreign exchange losses, net						2,195
Other (income), net						(17	)
Net loss before income taxes					$	(23,875	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Employee Benefit Plans (Details) - Schedule of Determine Benefit Obligation and Net Periodic Benefit Costs	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
UK [Member]
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.00%	1.80%
Rate of compensation increase
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	1.80%	1.40%
Expected asset return	3.45%	2.72%
Rate of compensation increase
Germany [Member]
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.80%	1.00%
Rate of compensation increase
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	3.80%	1.00%
Expected asset return
Rate of compensation increase
Norway [Member]
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.00%	1.90%
Rate of compensation increase	3.50%	2.75%
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	3.00%	1.90%
Expected asset return	4.15%	3.10%
Rate of compensation increase	3.50%	2.75%
Asterion [Member]
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.80%	1.13%
Rate of compensation increase
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	3.80%	1.13%
Expected asset return	3.80%	1.13%
Rate of compensation increase

Inventories

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Inventories [Abstract]

Inventories

5. Inventories

Inventories, net consists of the finished goods inventory, net of $2.3 million and $2.1 million of allowance for obsolescence as of September 30, 2023 and December 31, 2022, respectively. Our allowance for obsolescence is based on a policy developed by historical experience and management judgment.

3. Inventories

Inventories, net consist of the following:

	December 31,
(dollars in thousands)	2022			2021
Finished goods	$	6,607		$	6,135
Allowance for obsolescence		(2,081	)		(2,042	)
Total inventories, net	$	4,526		$	4,093

Finished goods inventory includes of $2.1 million and $2.0 million of allowance for obsolescence as of December 31, 2022 and 2021, respectively. Our allowance for obsolescence is based on a policy developed by historical experience and management judgment.

Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Prepaid Expenses And Other Current Assets Abstract
Prepaid postage		$ 2,048	$ 2,406
Prepaid insurance		765	701
Prepaid maintenance		390	793
Government receivables		3,496	3,942
Deferred stock issuance costs		478
Other prepaids		1,596	2,191
Total prepaid expenses and other current assets	$ 8,793	$ 8,773	$ 10,033

Description of the Business (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended		3 Months Ended		9 Months Ended		10 Months Ended	12 Months Ended
	Sep. 14, 2023	Mar. 15, 2023	Mar. 14, 2023	Mar. 09, 2022	Mar. 16, 2021	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2023	Oct. 14, 2022	Jun. 30, 2022
Description of the Business [Line Items]
Interest expenses								$ 1,265	$ 569	$ 3,705	$ 2,094		$ 3,062	$ 2,836	$ 2,844
Cash								$ 2,819		$ 2,819		$ 2,910	7,473	2,910
Interest income earned													25	141	$ 217
Sponsor loan													7,534,106
Dissolution expenses														2,142
Federal excise tax rate										21.00%	21.00%
Common stock price (in Dollars per share)								$ 18		$ 18
Loans payable								$ 3,854		$ 3,854		4,031	$ 4,489	4,031
Initial Public Offering [Member]
Description of the Business [Line Items]
Net proceeds												250,000,000
Class A Common Stock [Member] \| Private Placement Warrants [Member]
Description of the Business [Line Items]
Shares issued (in Shares)													540,000
CF ACQUISITION CORP VIII [Member]
Description of the Business [Line Items]
Offering cost								4,900,000		4,900,000			$ 4,900,000
Underwriting fees													4,500,000
Other costs								400,000		$ 400,000			400,000
Net proceeds														250,000,000
Redeem public share percentage										100.00%			100.00%
Interest expenses										$ (100,000)
Public share (in Dollars per share)	$ 11.06		$ 10.69				$ 0.33
Aggregate amount			$ 344,781				$ 976,832
Extension shares (in Shares)	730,270
Trust account			$ 16,290,945
Trust amount	$ 8,075,492
Cash								65,000		65,000			$ 41,200
Working capital								11,566,000		11,566,000		2,634,000	9,209,000	$ 2,634,000
Sponsor exchange										25,000
Sponsor loan						$ 500,000				79,000
Expenses relating to working capital								1,750,000		1,750,000
Working capital loan						$ 500,000										$ 300,000	$ 750,000	$ 1,000,000
Third extension loan		$ 344,781
Second extension loan							976,832		976,832		$ 976,832
Face amounts loans								9,906,000		9,906,000			8,500,000
Dissolution expenses										100,000			$ 100,000
Federal excise tax rate													21.00%	21.00%
Gross proceeds														$ 5,400,000
Extension loan							$ 976,832		976,832		976,832
Cash												$ 25,000	41,200	25,000
Interest income earned								168,755	518,498	$ 753,119	956,908		$ 1,240,443	17,673
Description of transaction													The Company’s liquidity needs through December 31, 2022 have been satisfied through a contribution of $25,000 from the Sponsor in exchange for the issuance of the Founder Shares, a loan of approximately $79,000 from the Sponsor pursuant to a promissory note (the “Pre-IPO Note”) (see Note 4), the proceeds from the sale of the Private Placement Units not held in the Trust Account, the Sponsor Loan (as defined below), the First Working Capital Loan (as defined below) and the Second Working Capital Loan (as defined below).
Maximum sponsor loan													$ 1,750,000
CF ACQUISITION CORP VIII [Member] \| Forward Purchase Contract [Member]
Description of the Business [Line Items]
Purchase price per share (in Dollars per share)										$ 10
Generating gross proceeds										$ 10,000,000
Initial business combination units (in Shares)										1,000,000			1,000,000
Sale of stock price per share (in Dollars per share)													$ 10
Gross proceeds													$ 10,000,000
CF ACQUISITION CORP VIII [Member] \| Sponsor [Member]
Description of the Business [Line Items]
Sale of Units (in Shares)					3,000,000							3,000,000
Purchase price per share (in Dollars per share)												$ 10
First extension loan				$ 4,424,015
Public share (in Dollars per share)				$ 0.2			$ 0.33
Extension shares (in Shares)			1,523,509
Working capital								1,750,000		$ 1,750,000			1,750,000
Extension loan							$ 976,832		976,832		976,832
Second extension loan								9,906,000		9,906,000		$ 734,000	8,200,000	734,000
Sale of stock price per share (in Dollars per share)					$ 10
Extension loan							$ 976,832		$ 976,832		$ 976,832
Loans payable								$ 9,906,000		$ 9,906,000		$ 734,000	$ 8,200,000	$ 734,000
CF ACQUISITION CORP VIII [Member] \| Private Placement Warrants [Member]
Description of the Business [Line Items]
Sale of Units (in Shares)										540,000			540,000
Purchase price per share (in Dollars per share)										$ 10
Generating gross proceeds										$ 5,400,000
Sale of stock price per share (in Dollars per share)													$ 10
Gross proceeds													$ 5,400,000
CF ACQUISITION CORP VIII [Member] \| Initial Public Offering [Member]
Description of the Business [Line Items]
Sale of Units (in Shares)										25,000,000			25,000,000
Net proceeds					$ 250,000,000
Price per share (in Dollars per share)					$ 10							$ 10		$ 10
Sale of stock price per share (in Dollars per share)								$ 10		$ 10			$ 10
CF ACQUISITION CORP VIII [Member] \| Sponsor Loan [Member]
Description of the Business [Line Items]
Working capital loan																	$ 750,000
Second extension loan per share (in Dollars per share)								10		10
Second extension loan												$ 734,000		$ 734,000
Face value of loans													$ 8,500,000
CF ACQUISITION CORP VIII [Member] \| Trust Account [Member]
Description of the Business [Line Items]
Common stock, par value (in Dollars per share)								10		10
First extension loan				$ 4,424,015
Public share (in Dollars per share)				$ 0.2
Shares held trust account per share (in Dollars per share)													$ 10
CF ACQUISITION CORP VIII [Member] \| Class A Common Stock [Member]
Description of the Business [Line Items]
Price per share (in Dollars per share)								$ 12		$ 12			$ 12
Redeeming shares aggregate percentage										15.00%			15.00%
Interest expenses								$ 210,000		$ 459,000
Shares held trust account per share (in Dollars per share)													$ 10
CF ACQUISITION CORP VIII [Member] \| Class A Common Stock [Member] \| Forward Purchase Contract [Member]
Description of the Business [Line Items]
Shares issued (in Shares)								250,000		250,000			250,000
Initial Business Combination [Member] \| CF ACQUISITION CORP VIII [Member]
Description of the Business [Line Items]
Fair market value percentage								80.00%		80.00%			80.00%
Business Combination [Member] \| CF ACQUISITION CORP VIII [Member]
Description of the Business [Line Items]
Common stock, par value (in Dollars per share)								$ 10		$ 10
Acquires outstanding voting securities								50.00%		50.00%			50.00%
Net tangible assets								$ 5,000,001		$ 5,000,001			$ 5,000,001
Dissolution expenses													$ 100,000
Shares held trust account per share (in Dollars per share)													$ 10
Business Combination [Member] \| CF ACQUISITION CORP VIII [Member] \| Class A Common Stock [Member]
Description of the Business [Line Items]
Shares held trust account per share (in Dollars per share)													$ 10
Business Combination [Member] \| CF ACQUISITION CORP VIII [Member] \| Class A Common Stock [Member]
Description of the Business [Line Items]
Common stock, par value (in Dollars per share)								$ 10		$ 10
InflationReductionActOf2022[Member] \| CF ACQUISITION CORP VIII [Member]
Description of the Business [Line Items]
Federal excise tax rate										1.00%			1.00%
Underwriting [Member] \| CF ACQUISITION CORP VIII [Member]
Description of the Business [Line Items]
Underwriting fees										$ 4,500,000
Liquidity and Capital Resources [Member] \| CF ACQUISITION CORP VIII [Member]
Description of the Business [Line Items]
Interest income earned										$ 228,000			$ 276,000
Interest income earned													$ 276,000	$ 18,000
CFAC Holdings VIII, LLC [Member] \| CF ACQUISITION CORP VIII [Member]
Description of the Business [Line Items]
Sale of Units (in Shares)					25,000,000							25,000,000
Generating gross proceeds												$ 250,000,000
Business combination expire					5 years					5 years
Net proceeds					$ 250,000,000
CFAC Holdings VIII, LLC [Member] \| CF ACQUISITION CORP VIII [Member] \| Class A Common Stock [Member]
Description of the Business [Line Items]
Common stock, par value (in Dollars per share)												$ 11.5		$ 11.5
Common stock price (in Dollars per share)												$ 11.5		$ 11.5

Intangible Assets and Goodwill (Details) - Schedule of Goodwill by Reporting Segment - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Balance at beginning	$ 22,062	$ 23,952	$ 25,760
Additions
Disposals			(253)
Impairments
Currency Translation Adjustments	(222)	(1,890)	(1,555)
Balance at ending	21,841	22,062	23,952
Bills & Payments [Member]
Goodwill [Line Items]
Balance at beginning	9,689	10,447	11,419
Additions
Disposals			(253)
Impairments
Currency Translation Adjustments	(98)	(758)	(719)
Balance at ending	9,592	9,689	10,447
Technology [Member]
Goodwill [Line Items]
Balance at beginning	12,373	13,505	14,341
Additions
Disposals
Impairments
Currency Translation Adjustments	(124)	(1,132)	(836)
Balance at ending	$ 12,249	$ 12,373	$ 13,505

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share of Common Stock - CF ACQUISITION CORP VIII [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class A – Public shares [Member]
Numerator:
Allocation of net income (loss)					$ 1,722,236	$ (1,286,468)
Denominator:
Basic weighted average number of shares of common stock outstanding	1,300,165	20,662,249	1,769,140	22,293,390	17,420,341	19,931,507
Basic net income (loss) per share of common stock					$ 0.1	$ (0.06)
Class A – Private placement shares [Member]
Numerator:
Allocation of net income (loss)					$ 53,386	$ (27,788)
Denominator:
Basic weighted average number of shares of common stock outstanding	5,540,000	540,000	4,381,912	540,000	540,000	430,521
Basic net income (loss) per share of common stock					$ 0.1	$ (0.06)
Class B Common Stock [Member]
Numerator:
Allocation of net income (loss)					$ 617,897
Denominator:
Basic weighted average number of shares of common stock outstanding					6,250,000
Basic net income (loss) per share of common stock					$ 0.1
Class B Common Stock [Member] \| Common Stock [Member]
Numerator:
Allocation of net income (loss)						$ (393,589)
Denominator:
Basic weighted average number of shares of common stock outstanding	1,250,000	6,250,000	2,408,088	6,250,000		6,097,945
Basic net income (loss) per share of common stock						$ (0.06)

Employee Benefit Plans (Details) - Schedule of Weighted Average Allocation of Plan Assets	Dec. 31, 2022	Dec. 31, 2021
Schedule of Weighted Average Allocation of Plan Assets [Abstract]
Total weighted average allocation of plan assets	100.00%	100.00%
U.K. and other international equities [Member]
Schedule of Weighted Average Allocation of Plan Assets [Abstract]
Total weighted average allocation of plan assets	27.10%	32.70%
U.K. government and corporate bonds [Member]
Schedule of Weighted Average Allocation of Plan Assets [Abstract]
Total weighted average allocation of plan assets	5.50%	2.70%
Diversified growth fund [Member]
Schedule of Weighted Average Allocation of Plan Assets [Abstract]
Total weighted average allocation of plan assets	18.40%	25.70%
Liability driven investments [Member]
Schedule of Weighted Average Allocation of Plan Assets [Abstract]
Total weighted average allocation of plan assets	44.30%	34.60%
Multi-asset credit fund [Member]
Schedule of Weighted Average Allocation of Plan Assets [Abstract]
Total weighted average allocation of plan assets	4.70%	4.30%

Property, Plant and Equipment, Net

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

6. Property, Plant and Equipment, Net

Property, plant, and equipment, which include assets recorded under finance leases, are stated at cost less accumulated depreciation, and amortization, and consist of the following:

	Expected Useful Lives (in Years)	September 30, 2023			December 31, 2022
Buildings and improvements	7 – 40	$	8,768		$	8,788
Leasehold improvements	Shorter of life of improvement or lease term		960			967
Machinery and equipment	5 – 15		8,374			6,986
Computer equipment and software	3 – 8		30,274			29,870
Furniture and fixtures	5 – 15		7,866			7,805
Finance lease right-of-use assets	Shorter of life of the asset or lease term		4,196			4,833
			60,439			59,249
Less: Accumulated depreciation and amortization			(46,328	)		(44,629	)
Total property, plant and equipment, net		$	14,111		$	14,620

Depreciation expense related to property, plant and equipment was $1.0 million and $1.0 million for the three months ended September 30, 2023 and 2022, respectively, and $2.7 million and $2.9 million for the nine months ended September 30, 2023 and 2022, respectively.

7. Property, Plant and Equipment, Net

Property, plant, and equipment, which include assets recorded under finance leases, are stated at cost less accumulated depreciation, and amortization, and consist of the following:

(dollars in thousands)	Expected Useful Lives (in Years)	December 31,
(dollars in thousands)	Expected Useful Lives (in Years)	2022			2021
Buildings and improvements	7 – 40	$	8,788		$	5,074
Leasehold improvements	Shorter of life of improvement or lease term		967			1,039
Vehicles	5 – 7		—			3
Machinery and equipment	5 – 15		6,986			7,133
Computer equipment and software	3 – 8		29,870			30,958
Furniture and Fixtures	5 – 15		7,805			8,129
Finance lease right-of use assets	Shorter of life of the asset or lease term		4,833			5,126
			59,249			57,462
Less: Accumulated depression and amortization			(44,629	)		(44,448	)
Total property, plant and equipment, net		$	14,620		$	13,014

Depreciation expense related to property, plant and equipment was $3.7 million, $4.2 million, and $4.6 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Accounts Receivable

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Credit Loss, Additional Improvements [Abstract]

Accounts Receivable

4. Accounts Receivable

Accounts receivable, net consists of the following:

(dollars in thousands)	September 30, 2023			December 31, 2022
Billed receivables	$	23,298		$	28,704
Unbilled receivables		10,357			9,639
Less: Allowance for credit losses		(1,200	)		(2,366	)
Total accounts receivable, net	$	32,454		$	35,977

Unbilled receivables represent balances recognized as revenue that have not been billed to the customer. Our allowance for doubtful accounts is based on a policy developed by historical experience and management judgment. Adjustments to the allowance for credit losses may occur based on market conditions or specific client circumstances.

4. Accounts Receivable

Accounts receivable, net consist of the following:

	December 31,
(dollars in thousands)	2022			2021
Billed receivables	$	28,704		$	28,285
Unbilled receivables		9,639			8,271
Less: Allowance for doubtful accounts		(2,366	)		(1,447	)
Total accounts receivable, net	$	35,977		$	35,109

Unbilled receivables represent balances recognized as revenue that have not been billed to the customer. Our allowance for doubtful accounts is based on a policy developed by historical experience and management judgment. Adjustments to the allowance for doubtful accounts may occur based on market conditions or specific client circumstances.