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Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2023
Summary of Significant Accounting Policies [Abstract]  
Schedule of reconciliation of cash and restricted cash
   March 31,
2023		   December 31,
2022		 
         
Cash  $9,861,646   $6,051,713 
Restricted cash   7,881    121,636 
Total cash and restricted cash  $9,869,527   $6,173,349 

 
Schedule of accounts receivable
   March 31,
2023		   December 31,
2022		 
         
Lease receivables  $42,499,378   $48,618,843 
Allowance for doubtful accounts   (5,345,443)   (13,078,800)
Lease receivables, net  $37,153,935   $35,540,043 

 
Schedule of allowance for doubtful accounts
   Three Months Ended
March 31,
2023		   Year Ended
December 31,
2022		 
Beginning balance  $13,078,800   $27,703,278 
Provision   11,238,415    57,420,480 
Accounts written off   (18,971,772)   (72,044,958)
Ending balance  $5,345,443   $13,078,800 

 
Schedule of net leased merchandise
   March 31,
2023		   December 31,
2022		 
Lease merchandise at cost  $58,037,072   $62,379,920 
Accumulated depreciation and impairment reserve   (31,128,967)   (30,829,479)
Lease merchandise, net  $26,908,105   $31,550,441 
Schedule of lessor revenues and fees
   Three Months ended
March 31,		 
   2023   2022 
Lease billings and accruals  $34,255,083   $39,597,429 
Provision for doubtful accounts   (11,238,415)   (11,831,117)
Gain on sale of lease receivables   1,697,490    
-
 
Lease revenues and fees  $24,714,158   $27,766,312 

 
Schedule of series 2 convertible preferred stock, options, performance share units and warrants
   Three Months ended 
   March 31, 
   2023   2022 
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   3,917,728    3,837,559 
Common Stock Warrants   2,255,184    2,255,184 
Performance Share Units   790,327    790,327 
    13,151,068    13,070,899 

 

(1) For cash, lease receivable, and accounts payable the carrying amount is a reasonable estimate of fair value due to their short-term nature. The carrying value of loans payable under the Credit Agreement, the carrying value of promissory notes to related parties approximates fair value based upon their interest rates, which approximate current market interest rates.

 
Schedule of basic and diluted earnings per share
   Three Months ended 
   March 31, 
   2023   2022 
Numerator        
Net loss  $(230,215)  $(2,380,935)
Series 2 Convertible Preferred Stock dividends   (972,233)   (609,777)
Net loss attributable to common and Series 1 Convertible Preferred Shareholders - Numerator for basic and diluted EPS  $(1,202,448)  $(2,990,712)
Denominator          
Weighted average of common shares outstanding- Denominator for basic and diluted EPS   21,751,304    21,547,069 
Basic EPS  $(0.06)   (0.14)
Diluted EPS  $(0.06)   (0.14)

 
Schedule of fair value assets measured on recurring basis
   Fair Value Measurement Using   Carrying 
Financial instruments – As of March 31, 2023 (1)  Level 1   Level 2   Level 3   Amount 
Loan receivables at fair value  $
-
   $
-
   $29,317,948   $36,508,938 
Promissory note related to acquisition   
-
    
-
    3,063,771    3,063,771 

 

   Fair Value Measurement Using   Carrying 
Financial instruments – As of December 31, 2022 (1)  Level 1   Level 2   Level 3   Amount 
Loan receivables at fair value  $
-
   $
-
   $32,932,504   $42,747,668 
Promissory note related to acquisition   
-
    
-
    3,158,471    3,158,471 

  

(1) For cash, lease receivable, and accounts payable the carrying amount is a reasonable estimate of fair value due to their short-term nature. The carrying value of loans payable under the Credit Agreement, the carrying value of promissory notes to related parties approximates fair value based upon their interest rates, which approximate current market interest rates.

 
Schedule of fair value assets measured on recurring basis, unobservable input reconciliation
   Three
Months
Ended
March 31,
2023		   Year Ended
December 31,
2022		 
Beginning balance  $32,932,504   $3,560,108 
Purchases of loan participation   184,807    31,216,406 
Obligation of loan participation   (8,023)   12,931 
Purchase of loan portfolio in Revolution Transaction   -    13,320,326 
Loan originations   13,949,469    5,519,303 
Interest and fees(1)   5,086,965    16,680,080 
Collections   (23,812,426)   (27,816,669)
Net charge off (1)   (5,801,252)   (10,653,751)
Net change in fair value(1)   6,785,904    1,093,770 
Ending balance  $29,317,948   $32,932,504 

 

(1) Included in loan revenues and fees, net of changes in fair value in the consolidated statements of operations

 
Schedule of quantitative information about the inputs used in fair value measurement
   March 31, 2023   December 31, 2022 
   Minimum   Maximum   Weighted
Average(2)		   Minimum   Maximum   Weighted
Average		 
Estimated losses(1)   0.2%   92.5%   45.7%   2.0%   92.4%   40.8%
Servicing costs   
-
    
-
    4.5%   
-
    
-
    4.5%
Discount rate   
-
    
-
    20.1%   
-
    
-
    21.0%

 

(1) Figure disclosed as a percentage of outstanding principal balance.
(2) Unobservable inputs were weighted by outstanding principal balance, which are grouped by origination channel.

 
Schedule of concerning loan receivables at fair value
   March 31,
2023		   December 31,
2022		 
Aggregate fair value of loan receivables that are 90 days or more past due  $408,738   $203,182 
Unpaid principal balance of loan receivables that are 90 days or more past due   1,241,540    1,841,812 
Aggregate fair value of loan receivables in non-accrual status   13,758,820    6,947,224