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LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended
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Jun. 30, 2022
Receivables [Abstract] |
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES | LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES The following is a summary of gross loans receivable by Customer Tenure as of:
Customer Tenure | June 30, 2022 | March 31, 2022 |  |  |  |
0 to 5 months | $ | 194,927,923 |  | $ | 198,740,475 |  |  |  |  |
6 to 17 months | 160,848,310 |  | 133,665,566 |  |  |  |  |
18 to 35 months | 207,136,442 |  | 204,940,323 |  |  |  |  |
36 to 59 months | 239,966,769 |  | 208,936,027 |  |  |  |  |
60+ months | 835,747,165 |  | 770,683,149 |  |  |  |  |
Tax advance loans | 3,171,120 |  | 5,823,320 |  |  |  |  |
Total gross loans | $ | 1,641,797,729 |  | $ | 1,522,788,860 |  |  |  |  |
Current payment performance is used to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled, which is monitored by management on a daily basis. On an as needed basis, qualitative information may be taken into consideration if new information arises related to the customer’s ability to repay the loan. The Company’s payment performance buckets are as follows: current, 30-60 days past due, 61-90 days past due, 91 days or more past due. The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at June 30, 2022:
|  | Term Loans By Origination |  |  |
Loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 1,413,443,438 |  | $ | 42,949,978 |  | $ | 1,879,056 |  | $ | 185,246 |  | $ | 21,280 |  | $ | 3,273 |  |  | $ | 1,458,482,271 |  |  |
30 - 60 days past due |  | 66,592,105 |  | 3,586,899 |  | 228,217 |  | 34,196 |  | 7,660 |  | — |  |  | 70,449,077 |  |  |
61 - 90 days past due |  | 41,477,593 |  | 2,431,809 |  | 156,388 |  | 16,082 |  | 2,161 |  | 4,090 |  |  | 44,088,123 |  |  |
91 or more days past due |  | 59,916,464 |  | 5,421,482 |  | 235,415 |  | 31,860 |  | 1,917 |  | — |  |  | 65,607,138 |  |  |
Total |  | $ | 1,581,429,600 |  | $ | 54,390,168 |  | $ | 2,499,076 |  | $ | 267,384 |  | $ | 33,018 |  | $ | 7,363 |  |  | $ | 1,638,626,609 |  |  |
|  | Term Loans By Origination |  |  |
Tax advance loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 144,236 |  | $ | 263 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 144,499 |  |  |
30 - 60 days past due |  | 175,613 |  | 100 |  | — |  | — |  | — |  | — |  |  | 175,713 |  |  |
61 - 90 days past due |  | 381,355 |  | 250 |  | — |  | — |  | — |  | — |  |  | 381,605 |  |  |
91 or more days past due |  | 2,463,844 |  | 5,459 |  | — |  | — |  | — |  | — |  |  | 2,469,303 |  |  |
Total |  | $ | 3,165,048 |  | $ | 6,072 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 3,171,120 |  |  |
Total gross loans |  |  |  |  |  |  |  |  | $ | 1,641,797,729 |  |  |
The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2022:
|  | Term Loans By Origination |  |  |
Loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 1,322,332,136 |  | $ | 34,273,199 |  | $ | 2,665,078 |  | $ | 152,105 |  | $ | 21,539 |  | $ | 3,972 |  |  | $ | 1,359,448,029 |  |  |
30 - 60 days past due |  | 49,517,859 |  | 2,114,463 |  | 247,291 |  | 28,011 |  | 2,664 |  | — |  |  | 51,910,288 |  |  |
61 - 90 days past due |  | 36,707,960 |  | 989,136 |  | 130,763 |  | 13,031 |  | 5,594 |  | — |  |  | 37,846,484 |  |  |
91 or more days past due |  | 64,238,626 |  | 3,239,753 |  | 248,596 |  | 24,377 |  | 5,386 |  | 4,001 |  |  | 67,760,739 |  |  |
Total |  | $ | 1,472,796,581 |  | $ | 40,616,551 |  | $ | 3,291,728 |  | $ | 217,524 |  | $ | 35,183 |  | $ | 7,973 |  |  | $ | 1,516,965,540 |  |  |
|  | Term Loans By Origination |  |  |
Tax advance loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 4,737,741 |  | $ | 7,033 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 4,744,774 |  |  |
30 - 60 days past due |  | 1,060,811 |  | 1,334 |  | — |  | — |  | — |  | — |  |  | 1,062,145 |  |  |
61 - 90 days past due |  | — |  | 432 |  | — |  | — |  | — |  | — |  |  | 432 |  |  |
91 or more days past due |  | 2,922 |  | 13,047 |  | — |  | — |  | — |  | — |  |  | 15,969 |  |  |
Total |  | $ | 5,801,474 |  | $ | 21,846 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 5,823,320 |  |  |
Total gross loans |  |  |  |  |  |  |  |  | $ | 1,522,788,860 |  |  |
The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at June 30, 2022:
|  | Term Loans By Origination |  |  |
Loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 1,388,940,592 |  | $ | 37,508,701 |  | $ | 1,425,635 |  | $ | 73,430 |  | $ | 11,419 |  | $ | — |  |  | $ | 1,427,959,777 |  |  |
30 - 60 days past due |  | 72,038,034 |  | 2,623,783 |  | 113,774 |  | 3,855 |  | — |  | — |  |  | 74,779,446 |  |  |
61 - 90 days past due |  | 46,115,946 |  | 2,211,834 |  | 66,216 |  | 15,268 |  | — |  | 699 |  |  | 48,409,963 |  |  |
91 or more days past due |  | 74,335,028 |  | 12,045,850 |  | 893,451 |  | 174,831 |  | 21,599 |  | 6,664 |  |  | 87,477,423 |  |  |
Total |  | $ | 1,581,429,600 |  | $ | 54,390,168 |  | $ | 2,499,076 |  | $ | 267,384 |  | $ | 33,018 |  | $ | 7,363 |  |  | $ | 1,638,626,609 |  |  |
|  | Term Loans By Origination |  |  |
Tax advance loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 243,820 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 243,820 |  |  |
30 - 60 days past due |  | 179,187 |  | — |  | — |  | — |  | — |  | — |  |  | 179,187 |  |  |
61 - 90 days past due |  | 398,880 |  | — |  | — |  | — |  | — |  | — |  |  | 398,880 |  |  |
91 or more days past due |  | 2,343,161 |  | 6,072 |  | — |  | — |  | — |  | — |  |  | 2,349,233 |  |  |
Total |  | $ | 3,165,048 |  | $ | 6,072 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 3,171,120 |  |  |
Total gross loans |  |  |  |  |  |  |  |  | $ | 1,641,797,729 |  |  |
The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2022:
|  | Term Loans By Origination |  |  |
Loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 1,290,448,366 |  | $ | 29,913,995 |  | $ | 1,994,474 |  | $ | 68,836 |  | $ | 9,586 |  | $ | 699 |  |  | $ | 1,322,435,956 |  |  |
30 - 60 days past due |  | 57,225,953 |  | 1,508,794 |  | 91,118 |  | 5,519 |  | — |  | — |  |  | 58,831,384 |  |  |
61 - 90 days past due |  | 45,276,797 |  | 1,271,187 |  | 96,233 |  | 986 |  | — |  | — |  |  | 46,645,203 |  |  |
91 or more days past due |  | 79,845,465 |  | 7,922,574 |  | 1,109,903 |  | 142,183 |  | 25,598 |  | 7,274 |  |  | 89,052,997 |  |  |
Total |  | $ | 1,472,796,581 |  | $ | 40,616,550 |  | $ | 3,291,728 |  | $ | 217,524 |  | $ | 35,184 |  | $ | 7,973 |  |  | $ | 1,516,965,540 |  |  |
|  | Term Loans By Origination |  |  |
Tax advance loans |  | Up to 1 Year Ago | Between 1 and 2 Years Ago | Between 2 and 3 Years Ago | Between 3 and 4 Years Ago | Between 4 and 5 Years Ago | More than 5 Years Ago |  | Total |  |
Current |  | $ | 4,737,741 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 4,737,741 |  |  |
30 - 60 days past due |  | 1,060,329 |  | — |  | — |  | — |  | — |  | — |  |  | 1,060,329 |  |  |
61 - 90 days past due |  | — |  | — |  | — |  | — |  | — |  | — |  |  | — |  |  |
91 or more days past due |  | 3,404 |  | 21,846 |  | — |  | — |  | — |  | — |  |  | 25,250 |  |  |
Total |  | $ | 5,801,474 |  | $ | 21,846 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  |  | $ | 5,823,320 |  |  |
Total gross loans |  |  |  |  |  |  |  |  | $ | 1,522,788,860 |  |  |
The allowance for credit losses is applied to amortized cost, which is defined as the amount at which a financing receivable is originated, and net of deferred fees and costs, collection of cash, and charge-offs. Amortized cost also includes interest earned but not collected. Credit Risk is inherent in the business of extending loans to borrowers and is continuously monitored by management and reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s gross loans receivable portfolio. In estimating the allowance for credit losses, loans with similar risk characteristics are aggregated into pools and collectively assessed. The Company’s loan products have generally the same terms therefore the Company looked to borrower characteristics as a way to disaggregate loans into pools sharing similar risks. In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below. 1.Borrower type 2.Active months 3.Prior loan performance 4.Customer Tenure To determine how well each metric predicts default risk the Company uses loss rate data over an observation period of twelve months at the loan level. The information value was then calculated for each metric. From this analysis management determined the metric that had the strongest predictor of default risk was Customer Tenure. The Customer Tenure buckets used in the allowance for credit loss calculation are: 1.0 to 5 months 2.6 to 17 months 3.18 to 35 months 4.36 to 59 months 5.60+ months Management will continue to monitor this credit metric on a quarterly basis. Management estimates an allowance for each Customer Tenure bucket by performing a historical migration analysis of loans in that bucket for the twelve most recent historical twelve-month migration periods, adjusted for seasonality. All loans that are greater than 90 days past due on a recency basis and not written off as of the reporting date are reserved for at 100% of the outstanding balance, net of a calculated Rehab Rate. Management considers whether current credit conditions might suggest a change is needed to the allowance for credit losses by monitoring trends in 60-day delinquencies, FICO scores and average loan size as compared to metrics in the historical migration period. Due to the short term nature of the loan portfolio, forecasted changes in macroeconomic variables such as unemployment do not have a significant impact on loans outstanding at the end of a particular reporting period. Therefore, management develops a reasonable and supportable forecast of losses by comparing the most recent 6-month loss curves as compared to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. If an adjustment is made as a result of the forecast, then the Company has elected to immediately revert back to historical experience past the forecast period. The following table presents a roll forward of the allowance for credit losses on our gross loans receivable for the three months ended June 30, 2022 and 2021:
| Three months ended June 30, |  |
| 2022 |  | 2021 |  |  |  |
Beginning balance | $ | 134,242,862 |  |  | $ | 91,722,288 |  |  |  |  |
Provision for credit losses | 85,822,267 |  |  | 30,265,811 |  |  |  |  |
Charge-offs | (69,266,382) |  |  | (30,016,940) |  |  |  |  |
Recoveries | 4,851,932 |  |  | 5,881,471 |  |  |  |  |
Net charge-offs | (64,414,450) |  |  | (24,135,469) |  |  |  |  |
Ending Balance | $ | 155,650,679 |  |  | $ | 97,852,630 |  |  |  |  |
The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at June 30, 2022:
|  |  | Days Past Due - Recency Basis |  |  |
Customer Tenure |  | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans |
0 to 5 months |  | $ | 143,084,343 |  | $ | 15,907,803 |  | $ | 12,504,383 |  | $ | 23,431,392 |  | $ | 51,843,578 |  | $ | 194,927,921 |  |
6 to 17 months |  | 137,040,443 |  | 9,758,308 |  | 5,998,785 |  | 8,050,774 |  | 23,807,867 |  | 160,848,310 |  |
18 to 35 months |  | 182,898,847 |  | 9,755,307 |  | 5,922,501 |  | 8,559,788 |  | 24,237,596 |  | 207,136,443 |  |
36 to 59 months |  | 220,257,779 |  | 8,644,497 |  | 4,897,553 |  | 6,166,940 |  | 19,708,990 |  | 239,966,769 |  |
60+ months |  | 775,200,859 |  | 26,383,162 |  | 14,764,901 |  | 19,398,244 |  | 60,546,307 |  | 835,747,166 |  |
Tax advance loans |  | 144,499 |  | 175,713 |  | 381,605 |  | 2,469,303 |  | 3,026,621 |  | 3,171,120 |  |
Total gross loans |  | 1,458,626,770 |  | 70,624,790 |  | 44,469,728 |  | 68,076,441 |  | 183,170,959 |  | 1,641,797,729 |  |
Unearned interest, insurance and fees |  | (397,387,228) |  | (19,240,967) |  | (12,115,302) |  | (18,546,697) |  | (49,902,966) |  | (447,290,194) |  |
Total net loans |  | $ | 1,061,239,542 |  | $ | 51,383,823 |  | $ | 32,354,426 |  | $ | 49,529,744 |  | $ | 133,267,993 |  | $ | 1,194,507,535 |  |
Percentage of period-end gross loans receivable |  |  | 4.3% | 2.7% | 4.1% | 11.2% |  |
The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2022:
|  |  | Days Past Due - Recency Basis |  |  |
Customer Tenure |  | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans |
0 to 5 months |  | $ | 145,168,588 |  | $ | 13,450,365 |  | $ | 14,196,717 |  | $ | 25,924,805 |  | $ | 53,571,887 |  | $ | 198,740,475 |  |
6 to 17 months |  | 116,065,794 |  | 5,548,699 |  | 4,148,743 |  | 7,902,330 |  | 17,599,772 |  | 133,665,566 |  |
18 to 35 months |  | 183,697,553 |  | 7,220,814 |  | 4,903,686 |  | 9,118,270 |  | 21,242,770 |  | 204,940,323 |  |
36 to 59 months |  | 193,820,229 |  | 5,951,049 |  | 3,452,087 |  | 5,712,662 |  | 15,115,798 |  | 208,936,027 |  |
60+ months |  | 720,695,865 |  | 19,739,361 |  | 11,145,251 |  | 19,102,672 |  | 49,987,284 |  | 770,683,149 |  |
Tax advance loans |  | 4,744,774 |  | 1,062,145 |  | 432 |  | 15,969 |  | 1,078,546 |  | 5,823,320 |  |
Total gross loans |  | 1,364,192,803 |  | 52,972,433 |  | 37,846,916 |  | 67,776,708 |  | 158,596,057 |  | 1,522,788,860 |  |
Unearned interest, insurance and fees |  | (361,055,818) |  | (14,020,016) |  | (10,016,802) |  | (17,938,208) |  | (41,975,027) |  | (403,030,844) |  |
Total net loans |  | $ | 1,003,136,985 |  | $ | 38,952,417 |  | $ | 27,830,114 |  | $ | 49,838,500 |  | $ | 116,621,030 |  | $ | 1,119,758,016 |  |
Percentage of period-end gross loans receivable |  |  | 3.5 | % | 2.5 | % | 4.5 | % | 10.4 | % |  |
The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at June 30, 2022:
|  |  | Days Past Due - Contractual Basis |  |  |
Customer Tenure |  | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans |
0 to 5 months |  | $ | 139,507,422 |  | $ | 15,920,649 |  | $ | 12,753,751 |  | $ | 26,746,100 |  | $ | 55,420,500 |  | $ | 194,927,922 |  |
6 to 17 months |  | 133,975,451 |  | 10,120,935 |  | 6,399,550 |  | 10,352,373 |  | 26,872,858 |  | 160,848,309 |  |
18 to 35 months |  | 178,328,952 |  | 10,199,963 |  | 6,477,905 |  | 12,129,623 |  | 28,807,491 |  | 207,136,443 |  |
36 to 59 months |  | 216,027,695 |  | 9,314,977 |  | 5,582,306 |  | 9,041,792 |  | 23,939,075 |  | 239,966,770 |  |
60+ months |  | 760,120,257 |  | 29,222,922 |  | 17,196,451 |  | 29,207,535 |  | 75,626,908 |  | 835,747,165 |  |
Tax advance loans |  | 108,806 |  | 179,187 |  | 398,880 |  | 2,484,247 |  | 3,062,314 |  | 3,171,120 |  |
Total gross loans |  | 1,428,068,583 |  | 74,958,633 |  | 48,808,843 |  | 89,961,670 |  | 213,729,146 |  | 1,641,797,729 |  |
Unearned interest, insurance and fees |  | (389,061,979) |  | (20,421,676) |  | (13,297,446) |  | (24,509,093) |  | (58,228,215) |  | (447,290,194) |  |
Total net loans |  | $ | 1,039,006,604 |  | $ | 54,536,957 |  | $ | 35,511,397 |  | $ | 65,452,577 |  | $ | 155,500,931 |  | $ | 1,194,507,535 |  |
Percentage of period-end gross loans receivable |  |  | 4.6% | 3.0% | 5.5% | 13.1 | % |  |
The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2022:
|  |  | Days Past Due - Contractual Basis |  |  |
Customer Tenure |  | Current | 30 - 60 | 61 - 90 | Over 90 | Total Past Due | Total Loans |
0 to 5 months |  | $ | 140,570,461 |  | $ | 14,090,712 |  | $ | 15,380,836 |  | $ | 28,698,466 |  | $ | 58,170,014 |  | $ | 198,740,475 |  |
6 to 17 months |  | 112,465,841 |  | 6,032,347 |  | 4,922,939 |  | 10,244,439 |  | 21,199,725 |  | 133,665,566 |  |
18 to 35 months |  | 177,565,328 |  | 8,067,815 |  | 6,273,351 |  | 13,033,829 |  | 27,374,995 |  | 204,940,323 |  |
36 to 59 months |  | 188,849,569 |  | 6,994,891 |  | 4,624,136 |  | 8,467,431 |  | 20,086,458 |  | 208,936,027 |  |
60+ months |  | 702,984,756 |  | 23,645,619 |  | 15,443,941 |  | 28,608,833 |  | 67,698,393 |  | 770,683,149 |  |
Tax advance loans |  | 4,737,742 |  | 1,060,329 |  | — |  | 25,249 |  | 1,085,578 |  | 5,823,320 |  |
Total gross loans |  | 1,327,173,697 |  | 59,891,713 |  | 46,645,203 |  | 89,078,247 |  | 195,615,163 |  | 1,522,788,860 |  |
Unearned interest, insurance and fees |  | (351,258,109) |  | (15,851,316) |  | (12,345,412) |  | (23,576,007) |  | (51,772,735) |  | (403,030,844) |  |
Total net loans |  | $ | 975,915,588 |  | $ | 44,040,397 |  | $ | 34,299,791 |  | $ | 65,502,240 |  | $ | 143,842,428 |  | $ | 1,119,758,016 |  |
Percentage of period-end gross loans receivable |  |  | 3.9 | % | 3.1 | % | 5.8 | % | 12.8 | % |  |
The Company elected not to record an allowance for credit losses for accrued interest as outlined in ASC 326-20-30-5A. Loans are placed on nonaccrual status when management determines that the full payment of principal and collection of interest according to contractual terms is no longer likely. The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest revenue is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced. During the three months ended June 30, 2022 and June 30, 2021, the Company reversed a total of $9.0 million and $3.8 million, respectively, of unpaid accrued interest against interest income. The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as year-to-date interest income recognized on nonaccrual loans for the three months ended June 30, 2022 and 2021:
|  | Nonaccrual Financial Assets
Customer Tenure |  | As of June 30, 2022 | As of March 31, 2022 |  |  | Interest Income Recognized for the three months ended June 30, 2022 | Interest Income Recognized for the three months ended June 30, 2021
0 to 5 months |  | $ | 40,223,724 |  | $ | 45,227,510 |  |  |  | $ | 503,963 |  | $ | 337,672 |
6 to 17 months |  | 17,154,130 |  | 15,879,250 |  |  |  | 378,450 |  | 517,569 |
18 to 35 months |  | 19,428,243 |  | 20,745,106 |  |  |  | 628,781 |  | 528,420 |
36 to 59 months |  | 15,322,030 |  | 14,232,388 |  |  |  | 503,362 |  | 383,805 |
60+ months |  | 48,873,080 |  | 47,565,819 |  |  |  | 1,658,281 |  | 1,508,141 |
Tax advance loans |  | 2,887,237 |  | 25,249 |  |  |  | — |  | — |
Unearned interest, insurance and fees |  | (39,200,864) |  | (38,026,011) |  |  |  |  |
Total |  | $ | 104,687,580 |  | $ | 105,649,311 |  |  |  | $ | 3,672,837 |  | $ | 3,275,607 |
As of June 30, 2022 and March 31, 2022, there were no financial assets 61 days or more past due, not on nonaccrual status, and no financial assets with no related allowance for credit losses.

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -URI https://asc.fasb.org/topic&trid=2196771 + Details
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- References No definition available. + Details
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