XML 16 R6.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (214,179) $ (230,215)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:    
Depreciation and impairment of lease merchandise 14,685,863 15,345,788
Other depreciation and amortization 2,315,487 1,826,157
Amortization of debt issuance costs 195,095 70,367
Amortization of discount on the promissory note related to acquisition 59,239
Compensation expense related to stock-based compensation 217,125 420,748
Provision for doubtful accounts 9,484,049 11,238,415
Interest in kind added to promissory notes balance 1,351
Deferred income tax (56,933) (148,539)
Net changes in the fair value of loans receivables at fair value (4,211,396) (984,652)
Changes in operating assets and liabilities:    
Lease receivables (14,004,991) (12,852,307)
Loans receivables at fair value 548,456 4,599,208
Prepaid expenses and other assets (19,349) 576,689
Lease merchandise (11,450,933) (10,703,452)
Purchase consideration payable related to acquisition 141,275
Lease liabilities (9,665) (6,032)
Accounts payable (3,769,794) (2,668,765)
Accrued payroll and related taxes 122,011 254,550
Accrued expenses 525,976 (1,340,486)
Net cash (used in)/provided by operating activities (5,643,178) 5,599,339
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment, including capitalized software costs (1,815,091) (1,753,800)
Purchases of data costs (464,441) (169,082)
Net cash used in investing activities (2,279,532) (1,922,882)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from loan payable under credit agreement 10,611,690 2,750,000
Repayment of loan payable under credit agreement (2,575,000)
Debt issuance related costs (1,500,000)
Proceeds from exercise of stock options 1,185
Principal payment under finance lease obligation (2,262) (2,526)
Repayment of purchase consideration payable related to acquisition (153,938)
Purchases of treasury stock (6,098)
Net cash provided by financing activities 9,103,330 19,721
INCREASE IN CASH 1,180,620 3,696,178
CASH, beginning of period 4,413,130 6,173,349
CASH, end of period 5,593,750 9,869,527
Supplemental cash flow information:    
Interest paid $ 5,057,635 $ 3,867,982