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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Summary of Revenue by Segment | Revenue related to the Company’s reporting segments for the three-month and nine-month periods ended September 30, 2023, and September 30, 2022, is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Portfolio servicing | $ | 224,569 |  |  | $ | 382,245 |  |  | $ | 814,626 |  |  | $ | 1,372,573 |
Active management | 18,926,144 |  |  | 11,125,503 |  |  | 39,921,061 |  |  | 28,411,475 |
Originations | 10,214,489 |  |  | — |  |  | 10,214,489 |  |  | — |
Segment revenue (including inter-segment) | 29,365,202 |  |  | 11,507,748 |  |  | 50,950,176 |  |  | 29,784,048 |
Inter-segment elimination | (8,244,272) |  |  | — |  |  | (8,244,272) |  |  | — |
Total revenue | $ | 21,120,930 |  |  | $ | 11,507,748 |  |  | $ | 42,705,904 |  |  | $ | 29,784,048 |
Summary of Segment Information | Information related to the Company’s reporting segments for the three-month and nine-month periods ended September 30, 2023 and September 30, 2022 is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Portfolio servicing | $ | (626,045) |  |  | $ | (106,817) |  |  | $ | (792,173) |  |  | $ | 561,935 |
Active management | 13,856,637 |  |  | 9,859,671 |  |  | 34,144,789 |  |  | 25,381,144 |
Originations | 4,525,381 |  |  | — |  |  | 4,525,381 |  |  | — |
Total gross profit | 17,755,973 |  |  | 9,752,854 |  |  | 37,877,997 |  |  | 25,943,079 |
Sales and marketing | (1,704,154) |  |  | (14,905) |  |  | (3,116,999) |  |  | (1,664,403) |
General and administrative (including stock based compensation of $4,583,632) | (9,838,951) |  |  | (59,816) |  |  | (11,113,382) |  |  | (706,523) |
Depreciation and amortization expense | (1,694,853) |  |  | (1,071) |  |  | (1,696,994) |  |  | (3,211) |
Other (expense) income | 20,086 |  |  | 42,289 |  |  | (1,565) |  |  | (199,958) |
Loss on change in fair value of warrant liability | (943,400) |  |  | — |  |  | (943,400) |  |  | — |
Interest expense | (2,679,237) |  |  | — |  |  | (3,620,695) |  |  | — |
Interest income | 63,826 |  |  | — |  |  | 71,283 |  |  | — |
Gain (Loss) on change in fair value of debt | 2,088,797 |  |  | 1,235,032 |  |  | (309,865) |  |  | 859,519 |
Unrealized (loss) gain on investments | (306,800) |  |  | (246,846) |  |  | 491,356 |  |  | (1,301,821) |
Provision for income taxes | (1,710,315) |  |  | (352,081) |  |  | (2,238,419) |  |  | (648,887) |
Less: Net gain (loss) attributable to non-controlling interests | (147,611) |  |  | (363,452) |  |  | 339,692 |  |  | (770,093) |
Net income attributable to Abacus Life, Inc. | $ | 903,361 |  |  | $ | 9,992,004 |  |  | $ | 15,739,009 |  |  | $ | 21,507,702 |

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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