XML 31 R23.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Notes Receivable and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Notes Receivable
As of March 31, 2024 and December 31, 2023, our notes receivable at amortized cost was comprised of the following:

March 31, 2024December 31, 2023
Notes receivable, gross$115,177,267 $146,225,832 
Deferred transaction income(2,662,864)(3,340,150)
Notes receivable, amortized cost$112,514,403 $142,885,682 
As of March 31, 2024 and December 31, 2023, the balance of other receivables, net, on the consolidated balance sheets was comprised of the following:

As ofMarch 31, 2024December 31, 2023
Late payment fees receivable, net$400,502 $548,649 
Receivables from merchants, net915,828 1,023,079 
Other receivables, net$1,316,330 $1,571,728 
The activity in the allowance for other credit losses related to late payment fees, including the provision for other credit losses, charge-offs, and recoveries for the three months ended March 31, 2024 and 2023 was as follows:

For the three months ended March 31,
20242023
Balance at beginning of period$1,272,353 $980,713 
Provision for other credit losses1,078,409 516,319 
Charge-offs(1,405,420)(997,683)
Recoveries of charged-off receivables145,148 237,142 
Balance at end of period$1,090,490 $736,491 
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 March 31, 2024 and December 31, 2023 was as follows:

March 31, 2024December 31, 2023
Amortized cost basis by year of origination
20242023Total20232022Total
A$42,558,426 $13,529 $42,571,955 $47,752,196 $— $47,752,196 
B44,931,046 196,307 45,127,353 58,815,920 257 58,816,177 
C19,861,009 4,435,815 24,296,824 35,832,476 2,708 35,835,184 
No score518,271 — 518,271 482,125 — 482,125 
Total amortized cost$107,868,752 $4,645,651 $112,514,403 $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 March 31, 2024 and December 31, 2023 was as follows:
March 31, 2024December 31, 2023
Current$101,438,504 $129,681,699 
1–28 days past due4,477,579 6,808,467 
29–56 days past due2,349,442 3,015,612 
57–90 days past due4,248,878 3,379,904 
Total amortized cost$112,514,403 $142,885,682 
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 three months ended March 31, 2024 and 2023 was as follows:
For the three months ended March 31,
20242023
Balance at beginning of period$12,253,041 $10,223,451 
Adoption of Accounting Standards Update No. 2016-13— (878,577)
Provision for credit losses5,139,966 1,694,364 
Charge-offs(9,027,008)(6,119,010)
Recoveries of charged-off receivables816,733 1,331,537 
Balance at end of period$9,182,732 $6,251,765 

Net charge-offs by year of origination for the three months ended March 31, 2024 was as follows:

20242023202220212020Total
Current period gross charge-offs$(133,887)$(8,889,273)$(3,735)$(113)$— $(9,027,008)
Current period recoveries— 504,583 151,385 125,307 35,458 816,733 
Current period net charge-offs$(133,887)$(8,384,690)$147,650 $125,194 $35,458 $(8,210,275)