2023 Q3 Form 10-Q Financial Statement

#000181428723000007 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $21.12M $11.38M $0.00
YoY Change
Cost Of Revenue $3.365M $973.4K
YoY Change 91.75% 46.13%
Gross Profit $17.76M $10.41M
YoY Change 82.06% 34.56%
Gross Profit Margin 84.07% 91.45%
Selling, General & Admin $11.54M $1.261M
YoY Change 15348.27% 23.06%
% of Gross Profit 65.01% 12.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.695M $1.098K $0.00
YoY Change 158149.58% 0.0%
% of Gross Profit 9.55% 0.01%
Operating Expenses $11.46M $2.035M $2.163M
YoY Change 28.71% 465.1% 489.65%
Operating Profit $6.300M $8.371M
YoY Change -40.93% 56.94%
Interest Expense $2.679M $584.1K -$908.4K
YoY Change 3.03% -177.25% -149.67%
% of Operating Profit 42.53% 6.98%
Other Income/Expense, Net -$3.539M -$462.5K $513.2K
YoY Change -236.08% -38.83%
Pretax Income $2.760M $7.910M -$2.559M
YoY Change -143.81% -808.68% -275.01%
Income Tax $1.710M $1.185M -$12.29K
% Of Pretax Income 61.97% 14.98%
Net Earnings $903.4K $6.750M -$2.546M
YoY Change -114.23% -695.31% -274.17%
Net Earnings / Revenue 4.28% 59.32%
Basic Earnings Per Share $0.01 $0.13
Diluted Earnings Per Share $0.01 $0.13 -$0.14
COMMON SHARES
Basic Shares Outstanding 62.96M shares 50.51M shares
Diluted Shares Outstanding 63.35M shares 50.51M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.60M $20.60M $86.57K
YoY Change 2085.26% 3561.96% -89.85%
Cash & Equivalents $36.65M $20.61M $86.57K
Short-Term Investments
Other Short-Term Assets $1.000M $800.0K $64.91K
YoY Change 224.39% 1104.46% -29.16%
Inventory
Prepaid Expenses $64.91K
Receivables $1.900M $10.70M
Other Receivables $0.00 $100.0K
Total Short-Term Assets $39.52M $32.21M $151.5K
YoY Change 1892.74% 5020.61% -83.97%
LONG-TERM ASSETS
Property, Plant & Equipment $261.9K $177.9K $18.62K
YoY Change
Goodwill $140.3M $140.3M $0.00
YoY Change
Intangibles $31.22M $32.90M $0.00
YoY Change
Long-Term Investments $91.80M $69.20M $99.22M
YoY Change -6.57% -79.94% -71.24%
Other Assets $1.000M $1.802M $890.8K
YoY Change
Total Long-Term Assets $264.8M $245.1M $99.22M
YoY Change 169.47% -28.95% -71.24%
TOTAL ASSETS
Total Short-Term Assets $39.52M $32.21M $151.5K
Total Long-Term Assets $264.8M $245.1M $99.22M
Total Assets $304.3M $277.3M $99.37M
YoY Change 203.56% -19.76% -71.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.000K $401.5K $4.924M
YoY Change -99.96% -73.23% 228.29%
Accrued Expenses $636.8K $524.4K $9.228M
YoY Change -91.98% 247.92% 6296.72%
Deferred Revenue $348.8K $981.2K $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $5.458M $13.89M $18.78M
YoY Change -57.79% 62.67% 9.47%
LONG-TERM LIABILITIES
Long-Term Debt $118.8M $91.20M $0.00
YoY Change
Other Long-Term Liabilities $3.400M $2.500M $0.00
YoY Change -71.84% -79.3% -100.0%
Total Long-Term Liabilities $122.2M $93.70M $0.00
YoY Change 912.01% 675.98% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.458M $13.89M $18.78M
Total Long-Term Liabilities $122.2M $93.70M $0.00
Total Liabilities $138.2M $116.8M $18.78M
YoY Change 365.9% 466.71% -35.75%
SHAREHOLDERS EQUITY
Retained Earnings -$28.50M -$29.38M -$18.41M
YoY Change 3.63% 46.82% -34.84%
Common Stock $24.14K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $165.8M $160.1M -$18.39M
YoY Change
Total Liabilities & Shareholders Equity $304.3M $277.3M $99.37M
YoY Change 203.56% -19.76% -71.28%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income $903.4K $6.750M -$2.546M
YoY Change -114.23% -695.31% -274.17%
Depreciation, Depletion And Amortization $1.695M $1.098K $0.00
YoY Change 158149.58% 0.0%
Cash From Operating Activities -$12.82M -$20.98M -$626.1K
YoY Change 849.73% 5969.2% 83.83%
INVESTING ACTIVITIES
Capital Expenditures $100.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $9.730M -$6.060M -$962.2K
YoY Change -96.06% -2238.92%
Cash From Investing Activities $9.630M -$6.060M -$962.2K
YoY Change -96.1% -2238.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.22M 27.93M 0.000
YoY Change -107.86% 619.85%
NET CHANGE
Cash From Operating Activities -12.82M -20.98M -626.1K
Cash From Investing Activities 9.630M -6.060M -962.2K
Cash From Financing Activities 19.22M 27.93M 0.000
Net Change In Cash 16.03M 890.0K -1.588M
YoY Change 1341.13% -1527.2% 366.33%
FREE CASH FLOW
Cash From Operating Activities -$12.82M -$20.98M -$626.1K
Capital Expenditures $100.0K $0.00
Free Cash Flow -$12.92M -$626.1K
YoY Change

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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5513033 usd
CY2022Q2 us-gaap Dividends
Dividends
310000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2017559 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
5086199 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12306791 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
35662180 usd
CY2023Q2 us-gaap Dividends
Dividends
34451607 usd
CY2023Q2 abl Stockholders Equity Deferred Transaction Costs
StockholdersEquityDeferredTransactionCosts
10841551 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
960900 usd
CY2023Q2 abl Stock Issued During Period Value Reverse Recapitalization
StockIssuedDuringPeriodValueReverseRecapitalization
-2796225 usd
CY2023Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
165361332 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
766893 usd
us-gaap Dividends
Dividends
2400000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2017559 usd
us-gaap Profit Loss
ProfitLoss
11922339 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12306791 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
28149697 usd
us-gaap Dividends
Dividends
34451607 usd
abl Stockholders Equity Deferred Transaction Costs
StockholdersEquityDeferredTransactionCosts
10841551 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
960900 usd
abl Stock Issued During Period Value Reverse Recapitalization
StockIssuedDuringPeriodValueReverseRecapitalization
-2796225 usd
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
165361332 usd
us-gaap Profit Loss
ProfitLoss
14348345 usd
us-gaap Profit Loss
ProfitLoss
11922339 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2141 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2141 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
798156 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-1054975 usd
us-gaap Life Settlement Contracts Fair Value Method Unrealized Gain Loss
LifeSettlementContractsFairValueMethodUnrealizedGainLoss
3319588 usd
us-gaap Life Settlement Contracts Fair Value Method Unrealized Gain Loss
LifeSettlementContractsFairValueMethodUnrealizedGainLoss
3305505 usd
us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
-2398662 usd
us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
-375513 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
252659 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
999927 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
384 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
0 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
193462 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1379579 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
105655 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
0 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
361486 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
0 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-725685 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
0 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
402363 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
72938 usd
abl Life Settlement Contract Purchased Fair Value Method
LifeSettlementContractPurchasedFairValueMethod
39556677 usd
abl Life Settlement Contract Purchased Fair Value Method
LifeSettlementContractPurchasedFairValueMethod
7211509 usd
abl Life Settlement Contract Purchased Investment Method
LifeSettlementContractPurchasedInvestmentMethod
11374605 usd
abl Life Settlement Contract Purchased Investment Method
LifeSettlementContractPurchasedInvestmentMethod
7204753 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-38364171 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4751170 usd
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
300000 usd
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
250000 usd
abl Proceeds Due From Payments Due To Affiliates
ProceedsDueFromPaymentsDueToAffiliates
-6760627 usd
abl Proceeds Due From Payments Due To Affiliates
ProceedsDueFromPaymentsDueToAffiliates
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7060627 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-250000 usd
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
35206351 usd
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
9463779 usd
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
10841551 usd
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
0 usd
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
23533072 usd
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
2400000 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
25000000 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 usd
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
10151369 usd
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
680375 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
35983097 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7744154 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9441701 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2742984 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30052823 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102421 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20611122 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2845405 usd
us-gaap Nature Of Operations
NatureOfOperations
DESCRIPTION OF BUSINESS<div style="margin-top:10pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Organization and Merger</span></div><div style="margin-top:10pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Abacus Life, Inc. (“the Company”) was formerly known as East Resources Acquisition Company ("ERES”), a blank check company incorporated in Delaware on May 22, 2020. Abacus Life, Inc. conducts its business through its wholly-owned, consolidated subsidiaries, primarily Abacus Settlements LLC (“Abacus”) and Longevity Market Assets, LLC (“LMA”), which are incorporated in the state of Delaware (collectively, the “Companies”). On June 30, 2023, (the “Closing Date”), ERES, Longevity Market Assets, LLC and Abacus Settlements, LLC consummated the combining of the Companies as contemplated by the Merger Agreement dated as of August 30, 2022 (as amended on October 14, 2022 and April 20, 2023) with LMA Merger Sub, LLC, a wholly owned subsidiary of ERES (“LMA Merger Sub”), Abacus Merger Sub, LLC, a wholly owned subsidiary of ERES (“Abacus Merger Sub”), Longevity Market Assets, LLC (“LMA”) and Abacus Settlements, LLC (“Legacy Abacus” and, together with LMA, the “Legacy Companies”). Pursuant to the Merger Agreement, on June 30, 2023, (i) LMA Merger Sub merged with and into LMA, with LMA surviving such merger (the “LMA Merger”) and (ii) Abacus Merger Sub merged with and into Legacy Abacus, with Legacy Abacus surviving such merger (the “Abacus Merger” and, together with the LMA Merger, the “Mergers” and, along with the other transactions contemplated by the Merger Agreement, the “Business Combination”) and the Legacy Companies became direct wholly owned subsidiaries of Abacus and ERES changed its name to Abacus Life, Inc. </span></div><div style="margin-top:10pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The condensed consolidated assets, liabilities and statements of operations and comprehensive income prior to the Business Combination are those of legacy LMA. The stocks and corresponding capital amounts and income per stock, prior to the Business Combination, have been retroactively restated based on stocks reflecting the exchange ratio established in the Business Combination. </span></div><div style="margin-top:10pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The equity structure has been recast in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to legacy LMA’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to legacy LMA common stock prior to the Business Combination have been retroactively recast as shares reflecting the exchange ratio of 0.8 established in the Business Combination.</span></div><div style="margin-top:10pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Business Activity</span></div><div style="margin-top:10pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Company, through its LMA subsidiary, is a provider of services pertaining to life insurance settlements and offers policy servicing to owners and purchasers of life settlement assets, as well as consulting, valuation, and actuarial services. The Company is also engaged in buying and selling of life settlement policies in which it uses its own capital, and purchases life settlement contracts with the intent to either hold to maturity to receive the associated death claim payout or to sell to another purchaser of life settlement contracts for a gain on the sale.</span></div><div style="margin-top:10pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Company, through its Abacus subsidiary, also is an originator of outstanding life insurance policies as a licensed life settlement provider on behalf of investors (“Financing Entities”). Abacus locates and screens policies for eligibility as a commercially desirable life settlement, including verifying that the policy is in force, obtaining consents and disclosures, and submitting cases for life expectancy estimates, also known, collectively, as origination services. When the sale of a policy is completed, this is deemed “settled” and the policy is then referred to as either a “life settlement” in which the insured’s life expectancy is greater than two years or “viatical settlement,” in which the insured’s life expectancy is less </span></div>than two years. The Company is not an insurance company, and therefore the Company does not underwrite insurable risks for its own account.
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 abl Number Of Providers Involved In Option Agreement
NumberOfProvidersInvolvedInOptionAgreement
2 provider
CY2021Q4 abl Number Of Unaffiliated Investors Involved In Variable Interest Entity Ownership
NumberOfUnaffiliatedInvestorsInvolvedInVariableInterestEntityOwnership
3 investor
CY2021Q4 abl Number Of Unaffiliated Investors Involved In Variable Interest Entity Ownership
NumberOfUnaffiliatedInvestorsInvolvedInVariableInterestEntityOwnership
3 investor
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Number Of Contracts
LifeSettlementContractsFairValueMethodNumberOfContracts
122 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Number Of Contracts
LifeSettlementContractsInvestmentMethodNumberOfContracts
45 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Face Value
LifeSettlementContractsFairValueMethodFaceValue
195205585 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Carrying Amount
LifeSettlementContractsFairValueMethodCarryingAmount
56685617 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Face Value
LifeSettlementContractsInvestmentMethodFaceValue
39520877 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Carrying Amount
LifeSettlementContractsInvestmentMethodCarryingAmount
9889610 usd
CY2022Q4 abl Life Settlement Contracts Number Of Contracts
LifeSettlementContractsNumberOfContracts
53 insurance_contract
us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">—The preparation of U.S. GAAP financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, disclosure of contingent assets and liabilities at the date of financial statements, and the reports amounts of revenue and expenses during the reporting periods. Company’s estimates, judgments, and </span>assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from the estimates. Estimates are used when accounting for revenue recognition and related costs, purchase price allocation, the selection of useful lives of property and equipment, valuation of other receivables, valuation of life settlement policies, valuation of other investments and available-for-sale securities, valuation of long-term debt, impairment testing, income taxes, and legal reserves.
CY2022Q4 us-gaap Life Settlement Contracts Fair Value Method Number Of Contracts
LifeSettlementContractsFairValueMethodNumberOfContracts
35 insurance_contract
CY2022Q4 us-gaap Life Settlement Contracts Investment Method Number Of Contracts
LifeSettlementContractsInvestmentMethodNumberOfContracts
18 insurance_contract
CY2022Q4 us-gaap Life Settlement Contracts Fair Value Method Face Value
LifeSettlementContractsFairValueMethodFaceValue
40092154 usd
CY2022Q4 us-gaap Life Settlement Contracts Fair Value Method Carrying Amount
LifeSettlementContractsFairValueMethodCarryingAmount
13809352 usd
CY2022Q4 us-gaap Life Settlement Contracts Investment Method Face Value
LifeSettlementContractsInvestmentMethodFaceValue
42330000 usd
CY2022Q4 us-gaap Life Settlement Contracts Investment Method Carrying Amount
LifeSettlementContractsInvestmentMethodCarryingAmount
8716111 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Concentrations</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, and available-for-sale securities. The Company maintains its cash in bank deposit accounts with high-quality financial institutions, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash and cash equivalents. For accounts receivable, the Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded on the accompanying condensed consolidated balance sheets. The Company extends different levels of credit to its customers and maintains allowance for doubtful accounts based upon the expected collectability of accounts receivable. The Company’s procedures for determining this allowance includes evaluating individual customer receivables, considering a customer’s financial condition, monitoring credit history and current economic conditions, and using historical experience applied to an aging of accounts.</span>
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2023Q2 abl Life Settlement Contracts Number Of Contracts
LifeSettlementContractsNumberOfContracts
167 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Remainder Of Fiscal Year
LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInRemainderOfFiscalYear
0 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Face Value Maturing In Remainder Of Fiscal Year
LifeSettlementContractsFairValueMethodFaceValueMaturingInRemainderOfFiscalYear
0 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Maturing In Remainder Of Fiscal Year
LifeSettlementContractsFairValueMaturingInRemainderOfFiscalYear
0 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Next Twelve Months
LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInNextTwelveMonths
10 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Face Value Maturing In Next Twelve Months
LifeSettlementContractsFairValueMethodFaceValueMaturingInNextTwelveMonths
12314000 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Maturing In Next Twelve Months
LifeSettlementContractsFairValueMaturingInNextTwelveMonths
6855769 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Two
LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearTwo
11 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Face Value Maturing In Year Two
LifeSettlementContractsFairValueMethodFaceValueMaturingInYearTwo
16886778 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Maturing In Year Two
LifeSettlementContractsFairValueMaturingInYearTwo
10530949 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Three
LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearThree
10 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Face Value Maturing In Year Three
LifeSettlementContractsFairValueMethodFaceValueMaturingInYearThree
33631467 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Maturing In Year Three
LifeSettlementContractsFairValueMaturingInYearThree
9174200 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Number Of Contracts Maturing In Year Four
LifeSettlementContractsFairValueMethodNumberOfContractsMaturingInYearFour
13 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Face Value Maturing In Year Four
LifeSettlementContractsFairValueMethodFaceValueMaturingInYearFour
18755193 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Maturing In Year Four
LifeSettlementContractsFairValueMaturingInYearFour
7564469 usd
CY2023Q2 abl Life Settlement Contract Fair Value Method Number Of Contracts Maturity After Year Four
LifeSettlementContractFairValueMethodNumberOfContractsMaturityAfterYearFour
78 insurance_contract
CY2023Q2 abl Life Settlement Contract Fair Value Method Face Value Maturity After Year Four
LifeSettlementContractFairValueMethodFaceValueMaturityAfterYearFour
113618147 usd
CY2023Q2 abl Life Settlement Contract Fair Value Maturity After Year Four
LifeSettlementContractFairValueMaturityAfterYearFour
22560230 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Number Of Contracts
LifeSettlementContractsFairValueMethodNumberOfContracts
122 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Face Value
LifeSettlementContractsFairValueMethodFaceValue
195205585 usd
CY2023Q2 us-gaap Life Settlement Contracts Fair Value Method Carrying Amount
LifeSettlementContractsFairValueMethodCarryingAmount
56685617 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Number Of Contracts Maturing In Remainder Of Fiscal Year
LifeSettlementContractsInvestmentMethodNumberOfContractsMaturingInRemainderOfFiscalYear
0 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Face Value Maturing In Remainder Of Fiscal Year
LifeSettlementContractsInvestmentMethodFaceValueMaturingInRemainderOfFiscalYear
0 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Carrying Amount Maturing In Remainder Of Fiscal Year
LifeSettlementContractsInvestmentMethodCarryingAmountMaturingInRemainderOfFiscalYear
0 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Number Of Contracts Maturing In Next Twelve Months
LifeSettlementContractsInvestmentMethodNumberOfContractsMaturingInNextTwelveMonths
0 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Face Value Maturing In Next Twelve Months
LifeSettlementContractsInvestmentMethodFaceValueMaturingInNextTwelveMonths
0 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Carrying Amount Maturing In Next Twelve Months
LifeSettlementContractsInvestmentMethodCarryingAmountMaturingInNextTwelveMonths
0 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Number Of Contracts Maturing In Year Two
LifeSettlementContractsInvestmentMethodNumberOfContractsMaturingInYearTwo
2 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Face Value Maturing In Year Two
LifeSettlementContractsInvestmentMethodFaceValueMaturingInYearTwo
4400000 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Carrying Amount Maturing In Year Two
LifeSettlementContractsInvestmentMethodCarryingAmountMaturingInYearTwo
2131679 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Number Of Contracts Maturing In Year Three
LifeSettlementContractsInvestmentMethodNumberOfContractsMaturingInYearThree
4 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Face Value Maturing In Year Three
LifeSettlementContractsInvestmentMethodFaceValueMaturingInYearThree
4100000 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Carrying Amount Maturing In Year Three
LifeSettlementContractsInvestmentMethodCarryingAmountMaturingInYearThree
1281524 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Number Of Contracts Maturing In Year Four
LifeSettlementContractsInvestmentMethodNumberOfContractsMaturingInYearFour
4 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Face Value Maturing In Year Four
LifeSettlementContractsInvestmentMethodFaceValueMaturingInYearFour
1362000 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Carrying Amount Maturing In Year Four
LifeSettlementContractsInvestmentMethodCarryingAmountMaturingInYearFour
518736 usd
CY2023Q2 abl Life Settlement Contract Investment Method Number Of Contracts Maturity After Year Four
LifeSettlementContractInvestmentMethodNumberOfContractsMaturityAfterYearFour
35 insurance_contract
CY2023Q2 abl Life Settlement Contract Investment Method Face Value Maturity After Year Four
LifeSettlementContractInvestmentMethodFaceValueMaturityAfterYearFour
29658877 usd
CY2023Q2 abl Life Settlement Contract Investment Method Amount Maturity After Year Four
LifeSettlementContractInvestmentMethodAmountMaturityAfterYearFour
5957671 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Number Of Contracts
LifeSettlementContractsInvestmentMethodNumberOfContracts
45 insurance_contract
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Face Value
LifeSettlementContractsInvestmentMethodFaceValue
39520877 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Carrying Amount
LifeSettlementContractsInvestmentMethodCarryingAmount
9889610 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Premiums To Be Paid In Remainder Of Fiscal Year
LifeSettlementContractsInvestmentMethodPremiumsToBePaidInRemainderOfFiscalYear
1024151 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Premiums To Be Paid In Next Twelve Months
LifeSettlementContractsInvestmentMethodPremiumsToBePaidInNextTwelveMonths
1243423 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Premiums To Be Paid In Year Two
LifeSettlementContractsInvestmentMethodPremiumsToBePaidInYearTwo
1310936 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Premiums To Be Paid In Year Three
LifeSettlementContractsInvestmentMethodPremiumsToBePaidInYearThree
1044640 usd
CY2023Q2 abl Life Settlement Contract Investment Method Premium To Be Paid After Year Three
LifeSettlementContractInvestmentMethodPremiumToBePaidAfterYearThree
3288619 usd
CY2023Q2 us-gaap Life Settlement Contracts Investment Method Five Year Disclosure Premiums To Be Paid
LifeSettlementContractsInvestmentMethodFiveYearDisclosurePremiumsToBePaid
7911769 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
186801 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
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