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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Schedule of accounts receivable
   June 30,
2021
   December 31,
2020
 
         
Accounts receivable  $45,051,239   $32,171,255 
Allowance for doubtful accounts   (31,900,573)   (22,138,541)
Accounts receivable, net  $13,150,666   $10,032,714 

 

Schedule of allowance for doubtful accounts
   Six Months
Ended
June 30,
2021
   Year
Ended
December 31,
2020
 
Beginning balance  $22,138,541   $9,976,941 
Provision   18,804,705    31,930,714 
Accounts written off   (9,042,673)   (19,769,114)
Ending balance  $31,900,573   $22,138,541 

 

Schedule of net leased merchandise
   June 30,
2021
   December 31,
2020
 
Lease merchandise at cost  $69,111,583   $64,335,971 
Accumulated depreciation   (29,224,625)   (19,162,357)
Impairment reserve   (2,253,640)   (2,351,274)
Lease merchandise, net  $37,633,318   $42,822,340 

 

Schedule of lease revenues and fees
   Six Months ended 
   June 30, 
   2021   2020 
Lease billings and accruals  $78,546,163   $62,162,183 
Provision for doubtful accounts   (18,804,705)   (15,564,198)
Lease revenues and fees  $59,741,458   $46,597,985 

 

Schedule of anti-dilutive securities excluded from computation of earnings per share
   Six Months ended 
   June 30, 
   2021   2020 
Series 1 Convertible Preferred Stock   225,231    225,231 
Series 2 Convertible Preferred Stock   5,845,695    5,845,695 
Series 2 Convertible Preferred Stock issuable upon exercise of warrants   116,903    116,903 
Common Stock Options   3,117,310    2,571,411 
Common Stock Warrants   2,352,488    1,872,488 
    11,657,627    10,613,728 

  

Schedule of basic and diluted earnings per share
   Six Months ended 
   June 30, 
   2021   2020 
Numerator        
Net income/(loss)  $943,431   $(210,377)
Convertible Series 2 Preferred Share dividends   (1,219,545)   (1,219,445)
Deemed dividend from exchange offer of warrants   
-
    (713,212)
Numerator for basic and diluted EPS  $(276,114)  $(2,143,034)
Denominator          
Denominator for basic and diluted EPS - weighted average shares   21,375,096    20,627,674 
Basic EPS  $(0.01)  $(0.10)
Diluted EPS  $(0.01)  $(0.10)

 

Schedule of basic and diluted earnings per share
   Three Months ended 
   June 30, 
   2021   2020 
Numerator        
Net income/(loss)  $942,194   $(262,062)
Convertible Series 2 Preferred Share dividends   (609,773)   (609,728)
Net income/(loss) attributable to common and Series 1 Convertible Preferred Stock   332,421    (871,790)
Convertible Series 2 Preferred Share dividends attributable to Series 1 Convertible Preferred Stock   6,357    - 
Net income attributable to Series 1 Convertible Preferred Stock   (9,822)   - 
Net income/(loss) attributable to common shares - Numerator for basic and diluted EPS  $328,956   $(871,790)
Denominator          
Weighted average of common shares outstanding   21,380,230    21,351,914 
Weighted average of common shares issuable upon conversion of outstanding Series 1 Convertible Preferred Stock   225,231    
-
 
Denominator for basic EPS- weighted average shares   21,605,461    21,351,914 
Effect of dilutive securities          
Common stock options   1,156,512    
-
 
Common stock warrants   841,504    
-
 
Denominator for diluted EPS – adjusted weighted average shares   23,603,477    21,351,914 
Basic EPS  $0.02   $(0.04)
Diluted EPS  $0.01   $(0.04)