XML 20 R10.htm IDEA: XBRL DOCUMENT v3.23.3
Abacus Settlements LLC - UNAUDITED INTERIM CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income (loss) $ 903,361 $ 9,992,004   $ 15,739,009 $ 21,507,702
Adjustments to reconcile net income to net cash used in operating activities:          
Depreciation expense 12,770 1,070   14,911 3,211
Amortization of deferred financing fees       133,211 0
Changes in operating assets and liabilities:          
Related party receivables       29,199 (364,931)
Accrued payroll and other expenses       112,388 0
Contract liability—deposits on pending settlements       (632,381) 0
Accounts payable       (38,014) 44,103,901
Net cash used in operating activities       (51,176,074) (6,395,331)
CASH FLOWS FROM INVESTING ACTIVITIES:          
Net cash provided (used) in investing activities       2,569,437 (1,932,664)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net cash provided by financing activities       55,203,004 12,069,661
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS       6,596,367 3,741,666
CASH AND CASH EQUIVALENTS:          
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD     $ 30,052,823 30,052,823 102,421
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 36,649,190 3,844,087   36,649,190 3,844,087
Abacus Settlements, LLC          
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income (loss)   (122,999) (974,901)   149,789
Adjustments to reconcile net income to net cash used in operating activities:          
Depreciation expense     19,157   17,807
Amortization expense     40,278   60,000
Amortization of deferred financing fees     11,725   1,954
Non-cash lease expense     1,210   815
Changes in operating assets and liabilities:          
Related party receivables     397,039   0
Other receivables     101,203   (641,951)
Prepaid expenses     (198,643)   (33,192)
Other current assets     (26,211)   (2,561)
Certificate of deposit     0   656,250
Accrued payroll and other expenses     (17,466)   41,934
Contract liability—deposits on pending settlements     659,067   (1,096,041)
Accounts payable     (36,750)   (30,696)
Net cash used in operating activities     (24,292)   (875,892)
CASH FLOWS FROM INVESTING ACTIVITIES:          
Capital expenditures     (108,394)   (57,546)
Purchase of intangible asset     0   (15,000)
Due from members and affiliates     (74,134)   (58,275)
Net cash provided (used) in investing activities     (182,528)   (130,821)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Due to members     (1,411)   (11,857)
Distributions to members     (442,283)   (661,308)
Net cash provided by financing activities     (443,694)   (673,165)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     (650,514)   (1,679,878)
CASH AND CASH EQUIVALENTS:          
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD $ 808,226   1,458,740 $ 1,458,740 2,599,302
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD   $ 919,424 $ 808,226   $ 919,424