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Discontinued Operations | 3 Months Ended
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Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Note 12. Discontinued Operations On November 13, 2023, the Company entered into the Purchase Agreement with Westlake Financial, pursuant to which the Company agreed to sell substantially all of its finance receivables and all of its repossessed assets. In connection with the entering into the Purchase Agreement, the Company ceased new loan originations of contracts and direct loans. On April 26, 2024, the transactions contemplated by the Purchase Agreement closed with an aggregate purchase price of $65.6 million, pursuant to the terms of the Purchase Agreement. As a result of the sale of the Company's finance receivables and repossessed assets to Westlake, the Company recognized a gain of $1.5 million, calculated as the excess of the total consideration over the carrying value of the finance receivables and repossessed assets sold to Westlake. The disposition of the finance receivables and all of its repossessed assets represents a strategic shift in the business based on the total assets, revenue, and net income of the segment sold to Westlake in comparison to the financial information of the Company as a whole. The following depicts the results of operations for the discontinued operations of the Company for the three months ended June 30, 2024 and 2023:
|  | For the Three Months Ended June 30, |
(In thousands) |  | 2024 |  |  | 2023 |
Revenue |  |  |  |  |  |
Interest and fee income on finance receivables |  | $ | 1,229 |  |  | $ | 7,083 |
Total revenue |  |  | 1,229 |  |  |  | 7,083 |
Operating expenses |  |  |  |  |  |
Marketing |  |  | 6 |  |  |  | 30 |
Provision for credit losses |  |  | - |  |  |  | 645 |
Fair value and other adjustments, net |  |  | 139 |  |  |  | - |
General and administrative |  |  | 542 |  |  |  | 2,719 |
Total operating expenses |  |  | 687 |  |  |  | 3,394 |
Other expense |  |  |  |  |  |
Interest expense |  |  | - |  |  |  | 500 |
Total other expense |  |  | - |  |  |  | 500 |
Gain on disposal of assets, net of tax |  |  | 1,517 |  |  |  | - |
Income before income taxes |  |  | 2,059 |  |  |  | 3,189 |
Income tax expense (benefit) |  |  | - |  |  |  | 145 |
Net income from discontinued operations, net of tax |  | $ | 2,059 |  |  | $ | 3,044 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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