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Notes Receivable and Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Schedule of Notes Receivable | As of December 31, 2023 and 2022, our notes receivable at amortized cost was comprised of the following:
| 2023 | 2022
Notes receivable, gross | $ | 146,225,832 |  | $ | 107,650,187 |
Deferred transaction income | (3,340,150) |  | (4,068,332) |
Notes receivable, amortized cost | $ | 142,885,682 |  | $ | 103,581,855 |
As of December 31, 2023 and 2022, the balance of other receivables, net, on the consolidated balance sheets was comprised of the following:
| 2023 | 2022
Late payment fees receivable, net | $ | 548,649 |  | $ | 209,734 |
Receivables from merchants, net | 1,023,079 |  | 2,322,976 |
Other receivables, net | $ | 1,571,728 |  | $ | 2,532,710 |
The activity in the allowance for credit losses related to late payment fees, including the provision for other credit losses, charge-offs, and recoveries for the year ended December 31, 2023 and 2022 is as follows:
| For the years ended December 31,
| 2023 | 2022
Balance at beginning of period | $ | 980,713 |  | $ | 1,691,071 |
Provision for other credit losses | 3,351,966 |  | 7,588,253 |
Charge-offs | (3,668,673) |  | (9,551,048) |
Recoveries of charged-off receivables | 608,347 |  | 1,252,437 |
Balance at end of period | $ | 1,272,353 |  | $ | 980,713 |
Schedule of Amortized Cost Basis of Our Notes Receivable by Prophet Score and Year of Origination | The amortized cost basis of our notes receivable by Prophet Score and year of origination as of December 31, 2023 is as follows:
| 2023 |  |
| Amortized cost basis by year of origination
| 2023 | 2022 | Total |  |  |  |
A | $ | 47,752,196 |  | $ | — |  | $ | 47,752,196 |  |  |  |  |
B | 58,815,920 |  | 257 |  | 58,816,177 |  |  |  |  |
C | 35,832,476 |  | 2,708 |  | 35,835,184 |  |  |  |  |
No score | 482,125 |  | — |  | 482,125 |  |  |  |  |
Total amortized cost | $ | 142,882,717 |  | $ | 2,965 |  | $ | 142,885,682 |  |  |  |  |
Schedule of Gross Notes Receivable and Related Allowance by Aging | The amortized cost basis of our notes receivable by delinquency status as of December 31, 2023 is as follows:
| 2023 |
Current | $ | 129,681,699 |  |
1–28 days past due | 6,808,467 |  |
29–56 days past due | 3,015,612 |  |
57–90 days past due | 3,379,904 |  |
Total amortized cost | $ | 142,885,682 |  |
The following table summarizes our gross notes receivable and related allowance for uncollectible accounts as of December 31, 2022 prior to the adoption of ASU 2016-13:
| 2022
| Gross Receivables | Less Allowance | Net Receivables
Current | $ | 96,923,113 |  | $ | (3,348,558) |  | $ | 93,574,555 |
Days past due: |  |  |
1–28 | 5,516,812 |  | (2,146,103) |  | 3,370,709 |
29–56 | 2,513,755 |  | (2,063,131) |  | 450,624 |
57–90 | 2,696,507 |  | (2,665,659) |  | 30,848 |
Total | $ | 107,650,187 |  | $ | (10,223,451) |  | $ | 97,426,736 |
Schedule of Allowance for Credit Loss | The activity in the allowance for credit losses, including the provision for credit losses, charge-offs, and recoveries for the year ended December 31, 2023 and 2022 is as follows:
| For the years ended December 31,
| 2023 | 2022
Balance at beginning of period | $ | 10,223,451 |  | $ | 23,114,173 |
Adoption of Accounting Standards Update No. 2016-13 | (878,577) |  | — |
Provision for credit losses | 23,186,973 |  | 29,437,179 |
Charge-offs | (24,006,322) |  | (47,367,942) |
Recoveries of charged-off receivables | 3,727,516 |  | 5,040,041 |
Balance at end of period | $ | 12,253,041 |  | $ | 10,223,451 |
Net charge-offs by year of origination for the year ended December 31, 2023 is as follows:
| 2023 | 2022 | 2021 | 2020 | 2019 | Total
Current period gross charge-offs | $ | (15,425,979) |  | $ | (8,561,426) |  | $ | (18,060) |  | $ | (650) |  | $ | (207) |  | $ | (24,006,322) |
Current period recoveries | 604,292 |  | 1,964,853 |  | 853,901 |  | 231,876 |  | 72,594 |  | 3,727,516 |
Current period net charge-offs | $ | (14,821,687) |  | $ | (6,596,573) |  | $ | 835,841 |  | $ | 231,226 |  | $ | 72,387 |  | $ | (20,278,806) |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-14 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479294/326-20-55-80 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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