XML 11 R2.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash $ 6,372,699 $ 6,051,713
Restricted cash 6,285 121,636
Lease receivables, net 39,227,399 35,540,043
Loan receivables at fair value 25,105,046 32,932,504
Prepaid expenses and other assets 3,068,559 3,489,136
Lease merchandise, net 24,597,836 31,550,441
Total current assets 98,377,824 109,685,473
Property and equipment, net 8,830,978 8,086,862
Right of use asset, net 1,324,953 1,406,270
Intangible assets, net 14,276,231 15,162,349
Other assets, net 1,832,175 1,934,728
Deferred tax asset, net 13,471,568 12,013,828
Total assets 138,113,729 148,289,510
CURRENT LIABILITIES:    
Accounts payable 4,005,219 6,511,943
Accrued payroll and related taxes 299,741 310,820
Promissory notes to related parties, including accrued interest 1,207,798 1,209,455
Accrued expenses 2,386,547 3,988,093
Lease liability - current portion 228,358 208,001
Total current liabilities 8,127,663 12,228,312
Loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of $211,516 at June 30, 2023 and $352,252 at December 31, 2022 80,943,484 80,847,748
Promissory notes to related parties, net of unamortized issuance costs of $879,348 at June 30, 2023 and $0 at December 31, 2022 and net of current portion 9,870,652 10,750,000
Promissory note related to acquisition, net of discount of $1,046,551 at June 30, 2023 and $1,165,027 at December 31, 2022 3,133,617 3,158,471
Loan payable under Basepoint credit agreement, net of unamortized issuance costs of $112,197 at June 30, 2023 7,300,408
Purchase consideration payable related to acquisition 8,703,684
Lease liabilities, net of current portion 1,447,788 1,566,622
Total liabilities 110,823,612 117,254,837
STOCKHOLDERS’ EQUITY    
Common stock, $0.0001 par value - authorized 40,000,000 shares, issued and outstanding 21,752,304 shares at June 30, 2023 and 21,750,804 shares at December 31, 2022 2,176 2,176
Additional paid in capital 41,602,734 39,819,420
Accumulated deficit (37,118,453) (31,590,583)
Total stockholders’ equity 27,290,117 31,034,673
Total liabilities and stockholders' equity 138,113,729 148,289,510
Series 1 Convertible Preferred Stock    
STOCKHOLDERS’ EQUITY    
Convertible preferred stock value 851,660 851,660
Series 2 Convertible Preferred Stock    
STOCKHOLDERS’ EQUITY    
Convertible preferred stock value $ 21,952,000 $ 21,952,000