$SPFX
STANDARD PREMIUM FINANCE HOLDINGS, INC.

2023 Q4 Form 10-Q Financial Statement

#000107997323001608 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $2.741M $2.594M
YoY Change 29.69% 22.54%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.219M $1.145M
YoY Change 41.69% 12.85%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.150K $6.620K
YoY Change -0.49% -58.88%
% of Gross Profit
Operating Expenses $1.438M $1.413M
YoY Change 32.03% 11.56%
Operating Profit
YoY Change
Interest Expense -$1.073M $1.027M
YoY Change 38.5% 60.03%
% of Operating Profit
Other Income/Expense, Net $23.92K
YoY Change -28.71%
Pretax Income $230.0K $154.5K
YoY Change -7.86% -26.05%
Income Tax $59.42K $37.56K
% Of Pretax Income 25.84% 24.31%
Net Earnings $141.5K $116.9K
YoY Change -33.24% -24.43%
Net Earnings / Revenue 5.16% 4.51%
Basic Earnings Per Share $0.03
Diluted Earnings Per Share $0.04 $0.03
COMMON SHARES
Basic Shares Outstanding 2.905M shares 2.905M shares
Diluted Shares Outstanding 3.259M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.24K $0.00
YoY Change -89.26% -100.0%
Cash & Equivalents $45.24K $0.00
Short-Term Investments
Other Short-Term Assets $307.2K $261.0K
YoY Change -11.92% 30.77%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $61.09M $60.02M
YoY Change 21.59% 13.3%
LONG-TERM ASSETS
Property, Plant & Equipment $122.5K $93.57K
YoY Change 18.25% 9.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.041M $1.005M
YoY Change 16.73% 6.93%
Total Long-Term Assets $1.283M $1.251M
YoY Change 3.16% -4.15%
TOTAL ASSETS
Total Short-Term Assets $61.09M $60.02M
Total Long-Term Assets $1.283M $1.251M
Total Assets $62.38M $61.27M
YoY Change 21.14% 12.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.606M $1.555M
YoY Change 11.48% 6.55%
Deferred Revenue
YoY Change
Short-Term Debt $45.22M $44.49M
YoY Change 30.93% 18.63%
Long-Term Debt Due $2.597M $2.899M
YoY Change 67.15% 179.39%
Total Short-Term Liabilities $49.43M $48.95M
YoY Change 31.68% 22.36%
LONG-TERM LIABILITIES
Long-Term Debt $6.521M $6.034M
YoY Change -17.74% -28.51%
Other Long-Term Liabilities $30.25K $39.71K
YoY Change -59.04% -61.64%
Total Long-Term Liabilities $6.551M $6.074M
YoY Change -18.12% -28.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.43M $48.95M
Total Long-Term Liabilities $6.551M $6.074M
Total Liabilities $55.98M $55.02M
YoY Change 22.93% 13.34%
SHAREHOLDERS EQUITY
Retained Earnings $2.982M $2.840M
YoY Change 16.22% 20.67%
Common Stock $2.905K $2.905K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.397M $6.248M
YoY Change
Total Liabilities & Shareholders Equity $62.38M $61.27M
YoY Change 21.14% 12.88%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $141.5K $116.9K
YoY Change -33.24% -24.43%
Depreciation, Depletion And Amortization $6.150K $6.620K
YoY Change -0.49% -58.88%
Cash From Operating Activities $197.5K $670.2K
YoY Change -517.29% -59.92%
INVESTING ACTIVITIES
Capital Expenditures $53.60K $1.770K
YoY Change 123.8% -92.86%
Acquisitions
YoY Change
Other Investing Activities -$1.292M -$4.286M
YoY Change -141.71% -35.76%
Cash From Investing Activities -$1.346M -$4.288M
YoY Change -143.78% -35.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.193M 3.470M
YoY Change -144.17% -31.97%
NET CHANGE
Cash From Operating Activities 197.5K 670.2K
Cash From Investing Activities -1.346M -4.288M
Cash From Financing Activities 1.193M 3.470M
Net Change In Cash 45.25K -147.8K
YoY Change -86.05% -294.85%
FREE CASH FLOW
Cash From Operating Activities $197.5K $670.2K
Capital Expenditures $53.60K $1.770K
Free Cash Flow $143.9K $668.4K
YoY Change -301.85% -59.42%

Facts In Submission

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CY2022Q3 spfx Dividends Paid On Preferred Stock
DividendsPaidOnPreferredStock
-25258 usd
CY2022Q3 us-gaap Profit Loss
ProfitLoss
154725 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
5733454 usd
us-gaap Net Income Loss
NetIncomeLoss
361851 usd
us-gaap Net Income Loss
NetIncomeLoss
565143 usd
us-gaap Depreciation
Depreciation
19139 usd
us-gaap Depreciation
Depreciation
16103 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-0 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-2167 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
85978 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
75668 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
9942 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
9942 usd
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
631174 usd
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
636822 usd
us-gaap Amortization Of Deferred Loan Origination Fees Net
AmortizationOfDeferredLoanOriginationFeesNet
-85557 usd
us-gaap Amortization Of Deferred Loan Origination Fees Net
AmortizationOfDeferredLoanOriginationFeesNet
-45158 usd
spfx Options Issued For Services
OptionsIssuedForServices
21150 usd
spfx Options Issued For Services
OptionsIssuedForServices
12828 usd
us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
0 usd
us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
10800 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-87788 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-338538 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
74836 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-3000 usd
spfx Increasedecrease In Drafts Payable
IncreasedecreaseInDraftsPayable
1178938 usd
spfx Increasedecrease In Drafts Payable
IncreasedecreaseInDraftsPayable
205862 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
166081 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-174336 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-85978 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-75668 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2486784 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1672027 usd
spfx Disbursements Under Premium Finance Contracts Receivable Net
DisbursementsUnderPremiumFinanceContractsReceivableNet
10913030 usd
spfx Disbursements Under Premium Finance Contracts Receivable Net
DisbursementsUnderPremiumFinanceContractsReceivableNet
6639858 usd
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
38458 usd
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
36210 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4500 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9121 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24800 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10960609 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6696368 usd
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
34390 usd
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-153264 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
8652392 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
4842103 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
91668 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
505000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
713576 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
236000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
180000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
25000 usd
spfx Repayment Of Notes Payable Stockholders And Related Parties
RepaymentOfNotesPayableStockholdersAndRelatedParties
27000 usd
spfx Repayment Of Notes Payable Stockholders And Related Parties
RepaymentOfNotesPayableStockholdersAndRelatedParties
181302 usd
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
9309 usd
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
8834 usd
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0 usd
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
45 usd
spfx Repayment Of Ppp Loan
RepaymentOfPppLoan
68801 usd
spfx Repayment Of Ppp Loan
RepaymentOfPppLoan
32405 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
400000 usd
spfx Dividend Distributions Paid
DividendDistributionsPaid
87150 usd
spfx Dividend Distributions Paid
DividendDistributionsPaid
60141 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8052614 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5100202 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-421211 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
75861 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
421211 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20987 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96848 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
75546 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
296059 usd
us-gaap Interest Paid Net
InterestPaidNet
2648253 usd
us-gaap Interest Paid Net
InterestPaidNet
1475440 usd
spfx Debt Exchanged For Series Convertible Preferred Stock
DebtExchangedForSeriesConvertiblePreferredStock
0 usd
spfx Debt Exchanged For Series Convertible Preferred Stock
DebtExchangedForSeriesConvertiblePreferredStock
270000 usd
spfx Operating Lease Asset Obtained In Exchange For Operating Lease Liability
OperatingLeaseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
spfx Operating Lease Asset Obtained In Exchange For Operating Lease Liability
OperatingLeaseAssetObtainedInExchangeForOperatingLeaseLiability
71038 usd
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q3 us-gaap Bank Overdrafts
BankOverdrafts
34390 usd
CY2023Q3 spfx Premium Finance Contracts Gross
PremiumFinanceContractsGross
62517673 usd
CY2022Q4 spfx Premium Finance Contracts Gross
PremiumFinanceContractsGross
51525950 usd
CY2023Q3 us-gaap Unearned Premiums
UnearnedPremiums
85872295 usd
CY2022Q4 us-gaap Unearned Premiums
UnearnedPremiums
71315354 usd
us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.168 pure
us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.156 pure
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_z3LFX30kG0sh" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zMkvbUv21QJc">Use of Estimates</span></b></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include assumptions used in valuation of deferred tax assets, allowance for doubtful accounts, depreciable lives of property and equipment, and valuation of stock-based compensation.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zXdykUSxdxWj" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zVczR6XWHKN5">Concentration of Credit and Financial Instrument Risk</span></b></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and loans receivable from customers, agents, and insurance companies. The Company maintains its cash balances at two banks. Accounts at these financial institutions are insured by the Federal Deposit Insurance Corporation up to $250,000. Uninsured balances are $97,117 and $482,479 at September 30, 2023 and December 31, 2022, respectively. The Company mitigates this risk by maintaining its cash balances at high-quality financial institutions. The following table provides a reconciliation between uninsured balances and cash per the balance sheet:</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_88E_ecustom--SchedulesOfReconciliationBetweenUninsuredBalancesAndCashTextBlock_zgyEIads8LE6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-left: 5.4pt"><span id="xdx_8B4_zAxk9hblMttl" style="display: none">Schedule of reconciliation between uninsured balances and cash per the balance sheet</span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20230930_zODpGG1ojmu" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20221231_ztDXjbOSdG76" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span style="font-size: 8pt"><b> </b></span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>September 30, 2023 <br/>(unaudited)</b></span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt"><b> </b></span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 8pt"><b>December 31, 2022</b></span></td><td style="padding-bottom: 1pt"><span style="font-size: 8pt"><b> </b></span></td></tr> <tr id="xdx_40E_eus-gaap--CashUninsuredAmount_iI_pp0p0_maCAOAzNC7_zHLVYURREsOe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: justify; padding-left: 5.4pt">Uninsured Balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">97,117</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">482,479</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--InsuredBalances_iI_pp0p0_maCAOAzNC7_zxxyFgfBuTmh" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Plus: Insured balances</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--BalancesAtInstitutionsThatDoNotExceedFdicLimit_iI_pp0p0_maCAOAzNC7_z0clE7kxBfn" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Plus: Balances at institutions that do not exceed FDIC limit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82,318</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,758</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--OutstandingChecks_iI_pp0p0_maCAOAzNC7_zUdXXZe9L3Ka" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Less: Outstanding checks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(463,825</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(329,026</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--CashAndOverdraftAmount_iTI_pp0p0_mtCAOAzNC7_zuiPiOLXJ8Ok" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Cash (overdraft) per Consolidated Balance Sheet</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(34,390</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">421,211</td><td style="text-align: left"> </td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company controls its credit risk in accounts receivable through credit standards, limits on exposure, by monitoring the financial condition of insurance companies, by adhering to statutory cancellation policies, and by monitoring and pursuing collections from past due accounts. We cancel policies at the earliest permissible date allowed by the statutory cancellation regulations.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__stpr--FL_zRsRwGgatUVi" title="Concentration risk, Percentage">61</span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__stpr--FL_z5SLVqcuq1e8" title="Concentration risk, Percentage">57</span>% of the Company’s business activity is with customers located in Florida for 2023 and 2022, respectively. Approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__stpr--GA_z3A5KO7xyNe7" title="Concentration risk, Percentage">11</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__stpr--GA_zeR1JClDkJCc" title="Concentration risk, Percentage">13</span>% of the Company’s business activity is with customers located in Georgia for 2023 and 2022, respectively. Approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__stpr--NC_zI4ruvNwPLIf" title="Concentration risk, Percentage">12</span>% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20220930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--GeographicConcentrationRiskMember__srt--StatementGeographicalAxis__stpr--NC_zrZePfUbfBIa" title="Concentration risk, Percentage">13</span>% of the Company's business activity is with customers located in North Carolina for 2023 and 2022, respectively. There were no other significant regional, industrial or group concentrations during the nine months ended September 30, 2023 and 2022.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
97117 usd
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
482479 usd
CY2023Q3 spfx Insured Balances
InsuredBalances
250000 usd
CY2022Q4 spfx Insured Balances
InsuredBalances
250000 usd
CY2023Q3 spfx Balances At Institutions That Do Not Exceed Fdic Limit
BalancesAtInstitutionsThatDoNotExceedFdicLimit
82318 usd
CY2022Q4 spfx Balances At Institutions That Do Not Exceed Fdic Limit
BalancesAtInstitutionsThatDoNotExceedFdicLimit
17758 usd
CY2023Q3 spfx Outstanding Checks
OutstandingChecks
-463825 usd
CY2022Q4 spfx Outstanding Checks
OutstandingChecks
-329026 usd
CY2023Q3 spfx Cash And Overdraft Amount
CashAndOverdraftAmount
-34390 usd
CY2022Q4 spfx Cash And Overdraft Amount
CashAndOverdraftAmount
421211 usd
CY2023Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
207400 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
207400 shares
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
93700 shares
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
93700 shares
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
10000 shares
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
10000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
197400 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
197400 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1035000 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1035000 shares
CY2023Q3 spfx Premium Finance Contracts And Related Receivable Net
PremiumFinanceContractsAndRelatedReceivableNet
59756759 usd
CY2022Q4 spfx Premium Finance Contracts And Related Receivable Net
PremiumFinanceContractsAndRelatedReceivableNet
49474903 usd
CY2023Q3 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
642274 usd
CY2022Q4 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
603816 usd
CY2023Q3 spfx Insurance Premium Finance Contracts Outstanding
InsurancePremiumFinanceContractsOutstanding
57281104 usd
CY2022Q4 spfx Insurance Premium Finance Contracts Outstanding
InsurancePremiumFinanceContractsOutstanding
45520349 usd
CY2023Q3 spfx Insurance Premium Finance Contracts Cancelled
InsurancePremiumFinanceContractsCancelled
5236569 usd
CY2022Q4 spfx Insurance Premium Finance Contracts Cancelled
InsurancePremiumFinanceContractsCancelled
6005601 usd
CY2023Q3 spfx Insurance Premium Finance Contracts Gross
InsurancePremiumFinanceContractsGross
62517673 usd
CY2022Q4 spfx Insurance Premium Finance Contracts Gross
InsurancePremiumFinanceContractsGross
51525950 usd
CY2023Q3 spfx Amounts Due From Agents
AmountsDueFromAgents
802145 usd
CY2022Q4 spfx Amounts Due From Agents
AmountsDueFromAgents
645648 usd
CY2023Q3 spfx Unearned Interest
UnearnedInterest
-2166443 usd
CY2022Q4 spfx Unearned Interest
UnearnedInterest
-1567197 usd
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FinanceLeaseLiability
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CY2023Q3 us-gaap Dividends
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
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CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
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CY2023Q3 spfx Warrants Exercisable
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7.09
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q3 spfx Sharebased Compensation Arrangement By Sharebased Payment Award Otherthan Options Exercisable Intrinsic Value1
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CY2022Q2 spfx Warrant Issued For Services
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CY2023Q3 us-gaap Notes And Loans Payable Current
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2078000 usd
CY2022Q4 us-gaap Notes And Loans Payable Current
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1925000 usd

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