XML 12 R2.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash $ 5,274,219 $ 4,986,559
Restricted cash 481,867 108,083
Lease receivables, net 33,425,123 25,473,154
Loan receivables at fair value 26,591,546 3,560,108
Prepaid expenses and other assets 1,478,800 1,823,256
Lease merchandise, net 30,652,824 40,942,112
Total current assets 97,904,379 76,893,272
Property and equipment, net 7,416,249 5,490,434
Right of use asset, net 1,445,159 1,553,330
Other assets, net 1,726,443 875,020
Deferred tax asset, net 13,607,949
Total assets 122,100,179 84,812,056
CURRENT LIABILITIES:    
Accounts payable 3,875,469 7,982,180
Accrued payroll and related taxes 703,465 391,078
Promissory notes to related parties, net of $0 at 2022 and $1,274 at 2021 of unamortized issuance costs, including accrued interest 1,182,585 1,053,088
Accrued expenses 3,243,570 2,987,646
Lease liability - current portion 198,853 172,732
Total current liabilities 9,203,942 12,586,724
Loan payable under credit agreement to beneficial shareholder, net of $338,113 at 2022 and $413,076 at 2021 of unamortized issuance costs 77,261,887 50,061,924
Promissory notes to related parties, net of current portion 10,750,000 3,750,000
Deferred income tax liability 178,160 495,166
Lease liabilities net of current portion 1,623,211 1,774,623
Total liabilities 99,017,200 68,668,437
STOCKHOLDERS’ EQUITY    
Series 1 Convertible Preferred Stock, $0.001 par value - authorized 250,000 shares, issued and outstanding 170,332 shares at $5.00 stated value 851,660 851,660
Series 2 Convertible Preferred Stock, $0.001 par value - authorized 25,000 shares, issued and outstanding 21,952 shares at $1,000 stated value 21,952,000 21,952,000
Common stock, $0.0001 par value- authorized 40,000,000 shares, issued and outstanding 21,750,804 shares at September 30, 2022 and 21,442,278 shares at December 31, 2021 2,176 2,144
Additional paid in capital 39,771,593 38,560,117
Accumulated deficit (39,494,450) (45,222,302)
Total stockholders’ equity 23,082,979 16,143,619
Total liabilities and stockholders' equity $ 122,100,179 $ 84,812,056