$SPFX
STANDARD PREMIUM FINANCE HOLDINGS, INC.

2022 Q3 Form 10-Q Financial Statement

#000155335022000676 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.117M $2.043M $1.883M
YoY Change 2.47% 6.25%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.015M
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.10K $4.541K
YoY Change
% of Gross Profit
Operating Expenses $1.266M
YoY Change
Operating Profit
YoY Change
Interest Expense $641.8K $484.8K $426.5K
YoY Change 55.6% 6.4%
% of Operating Profit
Other Income/Expense, Net $33.55K $46.22K $43.84K
YoY Change -6.85% -6.69%
Pretax Income $208.9K $253.1K $300.7K
YoY Change -44.63% 25.96%
Income Tax $54.19K $67.78K $75.62K
% Of Pretax Income 25.94% 26.78% 25.15%
Net Earnings $154.7K $185.4K $225.1K
YoY Change -48.04% 18.84% 24.86%
Net Earnings / Revenue 7.31% 9.07% 11.96%
Basic Earnings Per Share $0.04 $0.06 $0.07
Diluted Earnings Per Share $0.04 $0.05 $0.07
COMMON SHARES
Basic Shares Outstanding 2.905M shares 2.905M shares 2.905M shares
Diluted Shares Outstanding 3.454M shares 3.130M shares 2.905M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $96.85K
YoY Change
Cash & Equivalents $96.85K $184.2K $106.9K
Short-Term Investments
Other Short-Term Assets $199.6K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $52.97M $51.14M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $85.82K $91.61K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $940.1K
YoY Change
Total Long-Term Assets $1.305M $1.246M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $52.97M $51.14M
Total Long-Term Assets $1.305M $1.246M
Total Assets $54.28M $52.39M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.459M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $37.50M
YoY Change
Long-Term Debt Due $1.038M
YoY Change
Total Short-Term Liabilities $40.00M $38.69M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $8.441M
YoY Change
Other Long-Term Liabilities $103.5K
YoY Change
Total Long-Term Liabilities $8.544M $8.102M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $40.00M $38.69M
Total Long-Term Liabilities $8.544M $8.102M
Total Liabilities $48.55M $46.79M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $2.354M $2.224M
YoY Change
Common Stock $2.905K $2.905K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.733M $5.597M $4.768M
YoY Change
Total Liabilities & Shareholders Equity $54.28M $52.39M
YoY Change

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $154.7K $185.4K $225.1K
YoY Change -48.04% 18.84% 24.86%
Depreciation, Depletion And Amortization $16.10K $4.541K
YoY Change
Cash From Operating Activities $1.672M $1.221M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $24.80K $24.80K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$6.672M
YoY Change
Cash From Investing Activities -$6.696M -$2.493M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.100M $1.358M
YoY Change
NET CHANGE
Cash From Operating Activities 1.672M $1.221M
Cash From Investing Activities -6.696M -$2.493M
Cash From Financing Activities 5.100M $1.358M
Net Change In Cash 75.86K $85.90K
YoY Change
FREE CASH FLOW
Cash From Operating Activities $1.672M $1.221M
Capital Expenditures $24.80K $24.80K
Free Cash Flow $1.647M $1.196M
YoY Change

Facts In Submission

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AmortizationOfDeferredLoanOriginationFeesNet
-63094 usd
spfx Options Issued For Services
OptionsIssuedForServices
5778 usd
spfx Options Issued For Services
OptionsIssuedForServices
17334 usd
spfx Warrant Issued For Services
WarrantIssuedForServices
-10800 usd
spfx Warrant Issued For Services
WarrantIssuedForServices
-9275 usd
spfx Increasedecrease In Premium Finance Contracts Receivable
IncreasedecreaseInPremiumFinanceContractsReceivable
4358311 usd
spfx Increasedecrease In Premium Finance Contracts Receivable
IncreasedecreaseInPremiumFinanceContractsReceivable
8859299 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-172209 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-40313 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-3000 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
67000 usd
us-gaap Increase Decrease In Book Overdrafts
IncreaseDecreaseInBookOverdrafts
331762 usd
us-gaap Increase Decrease In Book Overdrafts
IncreaseDecreaseInBookOverdrafts
396834 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-294099 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
271009 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-50931 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-52192 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3226569 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7411612 usd
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
13653 usd
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
33881 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4500 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24800 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14388 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33953 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-48269 usd
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-153264 usd
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
0 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
25000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
100000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
181302 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
15000 usd
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
5851 usd
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
-0 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
3285079 usd
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
6167308 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
400000 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 usd
spfx Dividend Distributions Paid
DividendDistributionsPaid
34883 usd
spfx Dividend Distributions Paid
DividendDistributionsPaid
34650 usd
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
325000 usd
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
781964 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-236000 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3423779 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6999622 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
163257 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-460259 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20987 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
477289 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
184244 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17030 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
239059 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
229068 usd
us-gaap Interest Paid Net
InterestPaidNet
879481 usd
us-gaap Interest Paid Net
InterestPaidNet
544742 usd
spfx Debt Exchanged For Series Convertible Preferred Stock
DebtExchangedForSeriesConvertiblePreferredStock
270000 usd
spfx Debt Exchanged For Series Convertible Preferred Stock
DebtExchangedForSeriesConvertiblePreferredStock
0 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
235335 usd
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q2 us-gaap Unearned Premiums
UnearnedPremiums
74338941 usd
CY2021Q4 us-gaap Unearned Premiums
UnearnedPremiums
67929695 usd
us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.150 pure
us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.155 pure
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zv4IAe6NK0i8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_862_zfEFeWId9ov7">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_znzspnKln9t" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_862_z2LN0s3GOPi4">Concentration of Credit and Financial Instrument Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and accounts 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 $<span id="xdx_900_eus-gaap--CashFDICInsuredAmount_c20220630_pp0p0" title="FDIC insured amount">250,000</span>. Uninsured balances are $<span id="xdx_902_eus-gaap--CashUninsuredAmount_c20220630_pp0p0" title="Uninsured balances">238,618</span> and $<span id="xdx_907_eus-gaap--CashUninsuredAmount_c20211231_pp0p0" title="Uninsured balances">0</span> at June 30, 2022 and December 31, 2021, 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_888_ecustom--SchedulesOfReconciliationBetweenUninsuredBalancesAndCashTextBlock_zO7RGENIAgg6" 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; background-color: transparent"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc"><span id="xdx_8B8_zTdFRXRGu2ze" 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_492_20220630_z6TLAEbP4eq4" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20211231_zkKRV6U0se87" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 11pt"> </td><td style="font-size: 8pt; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30, 2022</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(unaudited)</b></p></td><td style="padding-bottom: 1pt; font-size: 8pt"> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--CashUninsuredAmount_iI_pp0p0_d0_zDKS73Ib5cN" style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 74%; text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">Uninsured Balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">238,618</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: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--PlusInsuredBalances_iI_pp0p0_d0_zKY6UyEqjKs5" style="vertical-align: bottom; background-color: transparent"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">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">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PlusBalancesAtOtherInstitutionsThatDoNotExceedFdicLimit_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">Plus: Balances at other institutions that do not exceed FDIC limit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,609</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,179</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--PlusCashOverdraft_iI_pp0p0_d0_zVoiDLIOAR0b" style="vertical-align: bottom; background-color: transparent"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">Plus: Cash overdraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">153,264</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--OutstandingChecks_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">Less: Outstanding checks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(364,983</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(325,456</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: transparent"> <td style="font-size: 11pt; padding-bottom: 1pt; text-indent: -0.5pc; padding-left: 0.5pc"> </td><td style="font-size: 11pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 11pt; text-align: left"> </td><td style="font-size: 11pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 11pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Cash_iI_pp0p0" style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">Cash per Consolidated Balance Sheet</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">184,244</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">20,987</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Approximately <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20220630__srt--StatementGeographicalAxis__stpr--FL_zpRiJPD5ECwe" title="Concentration Risk, Percentage">56</span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20210630__srt--StatementGeographicalAxis__stpr--FL_z5hiE6Tb1C37" title="Concentration Risk, Percentage">51</span>% of the Company’s business activity is with customers located in Florida for 2022 and 2021, respectively. Approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20220630__srt--StatementGeographicalAxis__stpr--GA_znBzLeTd2fL" title="Concentration Risk, Percentage">14</span>% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20210630__srt--StatementGeographicalAxis__stpr--GA_zJhpQ849ZXwl" title="Concentration Risk, Percentage">22</span>% of the Company’s business activity is with customers located in Georgia for 2022 and 2021, respectively. Approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20220630__srt--StatementGeographicalAxis__stpr--NC_zJLYjd2eTIv4" title="Concentration Risk, Percentage"><span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20210630__srt--StatementGeographicalAxis__stpr--NC_zlJyRTWptre4" title="Concentration Risk, Percentage">14</span></span>% of the Company's business activity is with customers located in North Carolina for both 2022 and 2021, respectively. There were no other significant regional, industrial or group concentrations during the six months ended June 30, 2022 and 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
238618 usd
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2022Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
238618 usd
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 usd
CY2022Q2 spfx Plus Insured Balances
PlusInsuredBalances
250000 usd
CY2021Q4 spfx Plus Insured Balances
PlusInsuredBalances
0 usd
CY2022Q2 spfx Plus Balances At Other Institutions That Do Not Exceed Fdic Limit
PlusBalancesAtOtherInstitutionsThatDoNotExceedFdicLimit
60609 usd
CY2021Q4 spfx Plus Balances At Other Institutions That Do Not Exceed Fdic Limit
PlusBalancesAtOtherInstitutionsThatDoNotExceedFdicLimit
193179 usd
CY2022Q2 spfx Plus Cash Overdraft
PlusCashOverdraft
0 usd
CY2021Q4 spfx Plus Cash Overdraft
PlusCashOverdraft
153264 usd
CY2022Q2 spfx Outstanding Checks
OutstandingChecks
-364983 usd
CY2021Q4 spfx Outstanding Checks
OutstandingChecks
-325456 usd
CY2022Q2 us-gaap Cash
Cash
184244 usd
CY2021Q4 us-gaap Cash
Cash
20987 usd
CY2022Q2 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
573530 usd
CY2021Q4 us-gaap Cash Surrender Value Of Life Insurance
CashSurrenderValueOfLifeInsurance
559877 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_845_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zKFvaQJl17cl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86E_zpe4Oflnec1">Reclassification</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2021, the Company reconsidered its definition of related party when classifying its notes payable. The Company previously had recorded notes payable due from any stockholder as a related party note. Under the new classification, only notes payable to officers, directors, greater than 5% shareholders, and insiders are considered related party notes. See Footnote 9 and Footnote 10 for more information on the notes payable. The effect of this reclassification on the consolidated statement of cash flows for the six months ended June 30, 2021 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_889_esrt--ScheduleOfCondensedCashFlowStatementTableTextBlock_zCTzHXSYJCje" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Summary of Significant Accounting Policies (Details 1)"> <tr style="vertical-align: bottom; background-color: transparent"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc"><span id="xdx_8B4_zVcbxZxq92g9" style="display: none">Condensed Cash Flow Statement</span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20220101__20220630__us-gaap--ReclassificationTypeAxis__custom--BeforeReclassificationMember_zzzCAIBAVza3" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20220101__20220630__us-gaap--ReclassificationTypeAxis__custom--ReclassificationMember_zd4kOW3R8yB8" style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20220101__20220630__us-gaap--ReclassificationTypeAxis__custom--AfterReclassificationMember_zM7IOpyELa6j" style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 11pt"> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">June 30, 2021</td><td style="font-size: 8pt; font-weight: bold"> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center"> </td><td style="font-size: 8pt; font-weight: bold"> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">June 30, 2021</td><td style="font-size: 8pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 11pt"> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">(before</td><td style="font-size: 8pt; font-weight: bold"> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Reclassification</td><td style="font-size: 8pt; font-weight: bold"> </td><td style="font-size: 8pt; font-weight: bold"> </td> <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">(after</td><td style="font-size: 8pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold">Consolidated Statement of Cash Flows Item</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> reclassification)</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">amount</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"> </td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> reclassification)</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--ProceedsFromSecuredNotesPayable_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 61%; text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">Proceeds from notes payable - other</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">431,964</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">350,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">781,964</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--RepaymentOfNotesPayableOther_iN_pp0p0_di0_zgTUYeNbtTy2" style="vertical-align: bottom; background-color: transparent"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">Repayment of notes payable - other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ProceedsFromNotesPayableStockholdersAndRelatedParties_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">Proceeds from notes payable - stockholders and related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">450,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(350,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ProceedsFromRepaymentsOfNotesPayable_d0_zZpqRtkEdbcc" style="vertical-align: bottom; background-color: transparent"> <td style="text-align: left; text-indent: -0.5pc; padding-left: 0.5pc">Repayments of notes payable - stockholders and related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15,000</td><td style="text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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207400 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
187400 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2021Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
975000 shares
CY2022Q2 spfx Insurance Premium Finance Contracts Outstanding
InsurancePremiumFinanceContractsOutstanding
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CY2021Q4 spfx Insurance Premium Finance Contracts Outstanding
InsurancePremiumFinanceContractsOutstanding
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InsurancePremiumFinanceContractsCancelled
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CY2021Q4 spfx Insurance Premium Finance Contracts Cancelled
InsurancePremiumFinanceContractsCancelled
4426576 usd
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InsurancePremiumFinanceContractsGross
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InsurancePremiumFinanceContractsGross
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CY2022Q2 spfx Amounts Due From Agents
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CY2021Q4 spfx Amounts Due From Agents
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CY2022Q2 spfx Unearned Interest
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InsurancePremiumFinanceContractsNet
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CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
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AllowanceForDoubtfulAccountsReceivable
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CY2022Q2 spfx Premium Finance Contracts And Related Receivable Net
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50593335 usd
CY2021Q4 spfx Premium Finance Contracts And Related Receivable Net
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46674273 usd
CY2022Q2 spfx Allowance For Premium Finance Contracts
AllowanceForPremiumFinanceContracts
1002131 usd
CY2021Q4 spfx Allowance For Premium Finance Contracts
AllowanceForPremiumFinanceContracts
1000000 usd
CY2022Q2 spfx Allowance For Amounts Due From Agents
AllowanceForAmountsDueFromAgents
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CY2021Q4 spfx Allowance For Amounts Due From Agents
AllowanceForAmountsDueFromAgents
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CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1193757 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1193757 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
824342 usd
spfx Current Year Provision
CurrentYearProvision
715000 usd
CY2021 spfx Current Year Provision
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1353057 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
736879 usd
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1212150 usd
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
16855 usd
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
228508 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1188733 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1193757 usd
CY2022Q2 spfx Total Provision
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380000 usd
CY2021Q2 spfx Total Provision
TotalProvision
342239 usd
CY2022Q2 spfx Contra Rrevenues
ContraRrevenues
108856 usd
CY2021Q2 spfx Contra Rrevenues
ContraRrevenues
128009 usd
CY2022Q2 spfx Less Current Year Provisions For Amounts Due From Agents
LessCurrentYearProvisionsForAmountsDueFromAgents
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CY2021Q2 spfx Less Current Year Provisions For Amounts Due From Agents
LessCurrentYearProvisionsForAmountsDueFromAgents
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CY2022Q2 spfx Bad Debt Expense
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CY2021Q2 spfx Bad Debt Expense
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spfx Total Provision
TotalProvision
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spfx Total Provision
TotalProvision
631016 usd
spfx Contra Rrevenues
ContraRrevenues
275751 usd
spfx Contra Rrevenues
ContraRrevenues
239679 usd
spfx Less Current Year Provisions For Amounts Due From Agents
LessCurrentYearProvisionsForAmountsDueFromAgents
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spfx Less Current Year Provisions For Amounts Due From Agents
LessCurrentYearProvisionsForAmountsDueFromAgents
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spfx Bad Debt Expense
BadDebtExpense
439249 usd
spfx Bad Debt Expense
BadDebtExpense
364045 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
324452 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
308132 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
232847 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
224338 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
91605 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83794 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
10322 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
16556 usd
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5781 usd
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
8683 usd
CY2022Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0525 pure
CY2021Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0525 pure
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
178023 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
228954 usd
CY2022Q2 spfx Server Lease
ServerLease
58548 usd
CY2021Q4 spfx Server Lease
ServerLease
65176 usd
CY2022Q2 spfx Total Lease Assets
TotalLeaseAssets
236571 usd
CY2021Q4 spfx Total Lease Assets
TotalLeaseAssets
294130 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
100184 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
104880 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
77839 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
124074 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
178023 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
228954 usd
CY2021Q4 srt Drafts Payable
DraftsPayable
1935278 usd
CY2022Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
12171 usd
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
11857 usd
CY2022Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
46888 usd
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
53053 usd
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
59059 usd
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
64910 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M13D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y11M26D
us-gaap Operating Lease Cost
OperatingLeaseCost
56387 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
57190 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
28194 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
28193 usd
CY2022Q2 srt Drafts Payable
DraftsPayable
2267040 usd
CY2022Q2 us-gaap Interest Payable Current
InterestPayableCurrent
7801 usd
CY2022Q2 spfx Ppp Loan
PppLoan
271000 usd
CY2021Q4 spfx Ppp Loan
PppLoan
271000 usd
CY2022Q2 spfx Current Maturities
CurrentMaturities
101036 usd
CY2021Q4 spfx Current Maturities
CurrentMaturities
-271000 usd
CY2022Q2 spfx Longterm Maturities
LongtermMaturities
169964 usd
CY2021Q4 spfx Longterm Maturities
LongtermMaturities
0 usd
CY2022Q2 us-gaap Other Notes Payable
OtherNotesPayable
7088810 usd
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
25000 shares
CY2022Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2021Q4 us-gaap Other Notes Payable
OtherNotesPayable
7249810 usd
CY2022Q2 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
1159029 usd
CY2021Q4 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
2285023 usd
CY2022Q2 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
5929781 usd
CY2021Q4 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
4964787 usd
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
251000 usd
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
220000 usd
CY2022Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
123000 usd
CY2021Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
108000 usd
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
325000 usd
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
781964 usd
spfx Repayments Of Other Notes Payable
RepaymentsOfOtherNotesPayable
236000 usd
spfx Repayments Of Other Notes Payable
RepaymentsOfOtherNotesPayable
0 usd
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
250000 usd
CY2022Q2 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
1915000 usd
CY2021Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
2091302 usd
CY2022Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
37000 usd
CY2021Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
862000 usd
CY2022Q2 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
1878000 usd
CY2021Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
1229302 usd
us-gaap Interest Expense Other
InterestExpenseOther
80000 usd
us-gaap Interest Expense Other
InterestExpenseOther
78000 usd
CY2022Q2 us-gaap Interest Expense Other
InterestExpenseOther
41000 usd
CY2021Q2 us-gaap Interest Expense Other
InterestExpenseOther
39000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
25000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
100000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
181032 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
15000 usd
CY2022Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 spfx Designated Shares
DesignatedShares
600000 shares
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
166000 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
166000 shares
CY2022Q2 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
10
us-gaap Dividends
Dividends
34883000 usd
us-gaap Dividends
Dividends
34650000 usd
CY2022Q2 us-gaap Dividends
Dividends
17558000 usd
CY2021Q2 us-gaap Dividends
Dividends
17325000 usd
CY2022Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
25258000 usd
CY2021Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
17325000 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2905016 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2905016 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2905016 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2905016 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
187400 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.80
CY2021 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P8Y2M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
20000 shares
spfx Weighted Average Exercise Price Options Issued
WeightedAverageExercisePriceOptionsIssued
4.73
spfx Sharebased Compensation Arrangement By Sharebased Payment Award Options Issued Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsIssuedWeightedAverageRemainingContractualTerm1
P7Y6M
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
207400 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.18
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P7Y7M24D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
693380 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
187400 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.80
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y8M1D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
693380 usd
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
975000 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.28
CY2021 spfx Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issued Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsIssuedWeightedAverageRemainingContractualTerms
P3Y5M15D
spfx Warrants Issued
WarrantsIssued
60000 shares
spfx Weighted Average Exercise Price Issued
WeightedAverageExercisePriceIssued
4.00
spfx Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issued Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsIssuedWeightedAverageRemainingContractualTerms
P4Y11M1D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
0 shares
spfx Share Based Compensation Arrangements By Share Based Payment Award Other Than Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1035000 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.09
spfx Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issued Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsIssuedWeightedAverageRemainingContractualTerms
P3Y29D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
317500 usd
CY2022Q2 spfx Warrants Exercisable
WarrantsExercisable
1035000 shares
CY2022Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
7.09
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y29D
CY2022Q2 spfx Sharebased Compensation Arrangement By Sharebased Payment Award Otherthan Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOtherthanOptionsExercisableIntrinsicValue1
317500 usd
CY2022Q2 spfx Warrant Issued For Services
WarrantIssuedForServices
-10800 usd
CY2021Q2 spfx Warrant Issued For Services
WarrantIssuedForServices
-9275 usd
CY2020Q2 spfx Warrant Issued For Services
WarrantIssuedForServices
-27200 usd
CY2022Q2 spfx Warrant Issued For Services
WarrantIssuedForServices
-10800 usd
CY2021Q2 spfx Warrant Issued For Services
WarrantIssuedForServices
-9275 usd
spfx Warrant Issued For Services
WarrantIssuedForServices
-10800 usd
spfx Warrant Issued For Services
WarrantIssuedForServices
-9275 usd
CY2022Q2 us-gaap Notes Payable
NotesPayable
1915000 usd
CY2021Q4 us-gaap Notes Payable
NotesPayable
2091302 usd
CY2022Q1 spfx Transaction Cost
TransactionCost
69338 usd
CY2022Q2 spfx Transaction Cost
TransactionCost
56400 usd

Files In Submission

Name View Source Status
0001553350-22-000676-index-headers.html Edgar Link pending
0001553350-22-000676-index.html Edgar Link pending
0001553350-22-000676.txt Edgar Link pending
0001553350-22-000676-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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report.css Edgar Link pending
Show.js Edgar Link pending
spfx-20220630.xsd Edgar Link pending
spfx-20220630_def.xml Edgar Link unprocessable
spfx-20220630_lab.xml Edgar Link unprocessable
spfx_10q.htm Edgar Link pending
spfx_ex31z1.htm Edgar Link pending
spfx_ex31z2.htm Edgar Link pending
spfx_ex32z1.htm Edgar Link pending
spfx-20220630_pre.xml Edgar Link unprocessable
spfx_10q_htm.xml Edgar Link completed
spfx-20220630_cal.xml Edgar Link unprocessable