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PRIVATE LABEL RECEIVABLES | 9 Months Ended
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Sep. 30, 2025
Private Label Receivables |
PRIVATE LABEL RECEIVABLES | NOTE 4. PRIVATE LABEL RECEIVABLES Receivables in this portfolio include products offered to individuals and businesses that finance the acquisition of boats and yachts from the Company for personal or commercial use. Retail financing includes retail installment contracts for new and used boats and yachts with retail customers. Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses. Finance receivables are accounted for as held for investment (“HFI”) if the Company has the intent and ability to hold the receivables for the foreseeable future or until maturity or payoff. The determination of intent and ability to hold for the foreseeable future is highly judgmental and requires the Company to make good faith estimates based on all information available at the time of origination or purchase. If the Company does not have the intent and ability to hold the receivables, then the receivables are classified as held for sale (“HFS”). Finance receivables classified as HFI are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses. Cash flows from finance receivables, excluding wholesale and other receivables, that were originally classified as HFI are recorded as an investing activity since GAAP requires the statement of cash flows presentation to be based on the original classification of the receivables. Cash flows from wholesale and other receivables are recorded as an operating activity. The allowance for credit losses represents an estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date. The adequacy of the allowance for credit losses is assessed quarterly. As of September 30, 2025 and December 31, 2024, no allowance for credit losses was recognized. The Company had no non-performing loans as of September 30, 2025 and December 31, 2024 and all loans were current. The private label consisted of the following as of September 30, 2025, and December 31, 2024: SCHEDULE OF PRIVATE LABEL RECEIVABLES
Borrower |  | December 31, 2024 |
Greenberg |  |  | 190,492 |
Subtotal |  |  | 190,492 |
Allowance for credit losses |  |  | - |
Total Private label receivables, net |  | $ | 190,492 |

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