XML 12 R2.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash $ 4,892,912 $ 4,413,130
Lease receivables, net 57,151,127 44,795,090
Loan receivables at fair value 40,085,656 35,794,290
Prepaid expenses and other assets 4,452,164 3,300,677
Lease merchandise, net 25,856,542 29,131,440
Total current assets 132,438,401 117,434,627
Property and equipment, net 9,419,105 9,308,859
Right of use asset, net 1,142,104 1,237,010
Intangible assets, net 12,506,545 13,391,305
Other assets, net 2,459,908 2,175,215
Deferred tax asset, net 14,246,325 12,943,361
Total assets 172,212,388 156,490,377
CURRENT LIABILITIES:    
Accounts payable 3,811,310 7,139,848
Accrued payroll and related taxes 381,929 578,197
Accrued expenses 3,763,725 3,972,397
Lease liability - current portion 263,111 245,052
Total current liabilities 8,394,171 12,134,118
Loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of $1,332,712 at June 30, 2024 and $70,780 at December 31, 2023 117,483,978 96,384,220
Loan payable under Basepoint credit agreement, net of unamortized issuance costs of $73,730 at June 30, 2024 and $92,964 at December 31, 2023 7,338,875 7,319,641
Lease liabilities, net of current portion 1,184,683 1,321,578
Total liabilities 144,731,149 127,259,604
STOCKHOLDERS’ EQUITY    
Common stock, $0.0001 par value - authorized 40,000,000 shares, issued 21,988,711 shares at June 30, 2024 and 21,752,304 shares at December 31, 2023 2,200 2,176
Treasury shares, at cost- 346,258 shares at June 30, 2024 and 164,029 shares at December 31, 2023 (367,563) (166,757)
Additional paid in capital 42,684,380 42,415,894
Accumulated deficit (37,641,438) (35,824,200)
Total stockholders’ equity 27,481,239 29,230,773
Total liabilities and stockholders' equity 172,212,388 156,490,377
Related Party    
CURRENT LIABILITIES:    
Promissory notes to related parties, including accrued interest 174,096 198,624
Promissory notes to related parties, net of unamortized issuance costs of $420,558 at June 30, 2024 and $649,953 at December 31, 2023 and net of current portion 10,329,442 10,100,047
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