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Other Receivables | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Other Receivables | Other Receivables As of September 30, 2024 and December 31, 2023, the balance of other receivables, net, on the consolidated balance sheets was comprised of the following:
As of | September 30, 2024 | December 31, 2023
Late payment fees receivable, net | $ | 1,362,289 |  | $ | 548,649 |
Receivables from merchants, net | 589,751 |  | 1,023,079 |
Receivables from originating partner | 1,871,240 |  | — |
Other receivables, net | $ | 3,823,280 |  | $ | 1,571,728 |
Late payment fees are applied to principal installments that are delinquent, subject to regulations within specific state jurisdictions. Any late payment fees associated with a delinquent payment are considered to be the same number of days delinquent as the principal payment. Late payment fees receivable, net, is comprised of outstanding late payment fees that we reasonably expect to collect from our consumers. As of September 30, 2024 and December 31, 2023, gross late payment fees receivable totaled $3,955,290 and $1,821,002, respectively. We maintain an allowance for other credit losses at a level necessary to absorb expected credit losses on late payment fees receivable from our consumers. Any amounts delinquent after 90 days are charged off with an offsetting reversal to the allowance for other credit losses. Any adjustment to the allowance for other credit losses is recognized in net income through an offset to total revenue on our consolidated statements of operations and comprehensive income. Payments recovered after 90 days are recognized as a reduction to the allowance for other credit losses in the period the receivable is recovered. 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 and nine months ended September 30, 2024 and 2023 was as follows:
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2024 | 2023 |  | 2024 | 2023
Balance at beginning of period | $ | 1,525,889 |  | $ | 768,602 |  |  | $ | 1,272,353 |  | $ | 980,713 |
Provision for other credit losses | 2,340,716 |  | 917,226 |  |  | 4,939,580 |  | 2,067,268 |
Charge-offs | (1,381,418) |  | (783,784) |  |  | (3,994,062) |  | (2,539,804) |
Recoveries of charged-off receivables | 107,814 |  | 114,396 |  |  | 375,130 |  | 508,263 |
Balance at end of period | $ | 2,593,001 |  | $ | 1,016,440 |  |  | $ | 2,593,001 |  | $ | 1,016,440 |
Receivables from merchants primarily represent amounts due to us from our long-term lending partners for processing applications and referring potential consumers to them. Such transactions are settled with the merchant for the full purchase price at the point of sale and we separately invoice our long-term lending partners for the fees due to us. Expected losses on merchant fees receivable are minimal, therefore, there is no allowance for credit losses recorded. Receivables from originating partner represents amounts due to us from our originating partner that will be used to settle outstanding merchant accounts payable on orders originated by them.

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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