v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 86,418,953 $ 131,944,282
Income taxes receivable 2,740,362 2,099,673
Prepaid expenses and other current assets 4,738,492 2,621,791
Total current assets 138,153,124 159,564,646
Property and equipment, net 1,590,408 1,025,066
Intangible assets, net 70,491,008 79,786,793
Goodwill 248,959,637 238,296,200
Operating right-of-use assets 4,716,584 4,722,573
Life settlement policies, at fair value 423,782,347 370,398,447
Life settlement policies, at cost 905,349 1,083,977
Available-for-sale securities, at fair value; net of allowance for credit losses 3,194,593 2,205,904
Other investments 9,850,000 1,850,000
Other assets 1,829,114 1,851,845
TOTAL ASSETS 918,937,530 874,164,752
CURRENT LIABILITIES:    
Current portion of long-term debt, at fair value 118,498,871 37,430,336
Current portion of long-term debt 1,000,000 1,000,000
Accrued expenses 8,691,570 6,139,472
Current operating lease liabilities 671,281 515,597
Contract liabilities, deposits on pending settlements 358,983 2,473,543
Accrued transaction costs 2,523,953 483,206
Income taxes payable 910,545 0
Total current liabilities 148,438,496 62,466,079
Long-term debt, at fair value 0 105,120,100
Retrocession fees payable 5,361,714 5,312,214
Noncurrent operating lease liabilities 4,535,901 4,580,158
Deferred tax liability 31,235,642 26,778,865
Warrant liability 0 9,345,000
TOTAL LIABILITIES 479,343,537 450,870,080
COMMITMENTS AND CONTINGENCIES (Note 12)
MEZZANINE EQUITY    
Series A convertible preferred stock, $0.0001 par value; 5,000 shares authorized; 5,000 issued and outstanding 5,000,000 0
STOCKHOLDERS' EQUITY    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 5,000 issued and outstanding 0 0
Treasury stock - at cost; $6,726,082 and $1,048,226 shares repurchased at September 30, 2025 and December 31, 2024, respectively (50,269,042) (12,025,137)
Additional paid-in capital 513,709,228 494,064,113
Accumulated deficit (28,856,636) (57,896,606)
Noncontrolling interest 0 (857,831)
Total stockholders' equity 434,593,993 423,294,672
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY 918,937,530 874,164,752
Class A Common Stock    
STOCKHOLDERS' EQUITY    
Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 104,430,882 and 96,731,194 shares issued at September 30, 2025 and December 31, 2024, respectively 10,443 10,133
Nonrelated Party    
CURRENT ASSETS:    
Accounts receivable 30,392,121 15,785,531
CURRENT LIABILITIES:    
Other current liabilities 15,783,293 14,423,925
Long-term debt, net 276,072,681 224,742,029
Related Party    
CURRENT ASSETS:    
Accounts receivable 13,863,196 7,113,369
Management and performance fee receivable, related party 15,465,366 13,379,301
CURRENT LIABILITIES:    
Long-term debt, net $ 13,699,103 $ 12,525,635

Source

10-Q XBRL Zip