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Loans Held for Investment, Net (Tables) | 6 Months Ended
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Jun. 30, 2024
Loans Held for Investment, Net [Abstract] |
Schedule of Company’s Loans Held for Investment | The following reflects the credit quality of the Company’s loans held for investment as of June 30, 2024:
|  |  |  |  | Past Due |  |  |  |
|  | Current |  |  | 30-59 Days |  |  | 60-89 days |  |  | > 90 days |  |  | Total |
Loans held for investment |  | $ | 5,426,435 |  |  | $ | 89,142 |  |  | $ | 62,316 |  |  | $ | 35,294 |  |  | $ | 5,613,187 |
Allowance for credit losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (698,077 | )
Loans held for investment, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,915,110 |
Schedule of Allowance for Credit Losses on Loans Held for Investment | The changes in allowance for credit losses on loans held for investment as of June 30, 2024 is as follows:
Balance at January 1, 2024 |  | $ | - |
Balance acquired from Credova Merger |  |  | 1,130,515 |
Charge-offs |  |  | (586,640 | )
Provision for credit losses |  |  | 154,202 |
Balance at June 30, 2024 |  | $ | 698,077 |

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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