v3.25.3
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:              
Net income (loss) $ 7,075,348 $ 5,399,026 $ (5,284,811) $ (1,275,471) $ 30,085,303 $ (5,908,533)  
Adjustments to reconcile net income (loss) to net cash used in operating activities:              
Depreciation and amortization 4,400,082   1,745,279   14,342,711 5,177,785  
Allowance for credit losses 622,788   0   622,788 0  
Stock-based compensation         10,369,582 18,675,208  
Amortization of debt issuance costs         1,651,340 638,089  
Unrealized gain on equity securities, at fair value 0   (417,677)   0 (1,220,161)  
Realized gain on equity securities, at fair value 0   0   0 (856,744)  
Non-cash gain on policy trades         0 (3,110,282)  
Unrealized gain on policies, at fair value         (33,600,970) (38,140,038)  
Change in fair value of debt 0   124,237   (3,362,103) 4,036,327  
Change in fair value of warrant liability 1,081,193   8,766,500   1,704,193 8,487,040  
Non-cash interest income         (347,674) (79,805)  
Deferred income taxes         4,611,788 3,985,966  
Non-cash lease expense         117,416 219,143  
Non-cash other income         (1,750,000) 0  
Changes in operating assets and liabilities:              
Accounts receivable         (13,108,469) (83,321)  
Accounts receivable, related party         (10,921,957) (3,989)  
Equity securities, at fair value         0 1,406,848  
Prepaid expenses and other current assets         (1,880,093) (1,371,748)  
Other assets         (256,269) (651,753)  
Accrued expenses         1,707,300 (1,818,948)  
Accrued transaction costs         2,040,747 2,600,000  
Contract liabilities, deposits on pending settlement         (2,114,560) 417,083  
Other current liabilities         (2,270,137) 259,157  
Income tax payable         (640,689) (751,734)  
Income tax receivable         910,545 (2,702,103)  
Retrocession fees payable         49,500 0  
Net change in life settlement policies, at fair value         (19,782,930) (109,702,614)  
Net change in life settlement policies, at cost         178,628 626,006  
Net cash used in operating activities         (18,240,847) (116,827,478)  
CASH FLOWS FROM INVESTING ACTIVITIES:              
Origination of note receivable         (7,000,000) 0  
Acquisition of businesses, net of cash acquired         (1,660,177) 0  
Purchase of property and equipment         (818,968) (593,459)  
Purchase of intangible assets         0 (102,136)  
Purchase of other investments   (3,000,000)     (3,000,000) (200,000)  
Purchase of available for sale securities         (1,500,000) 0  
Change in due from affiliates         0 (271,571)  
Net cash used in investing activities         (13,979,145) (1,167,166)  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Issuance of long term-debt         50,000,000 25,000,000  
Proceeds from Issuance of Long-Term Debt At Fair Value         25,410,115 41,685,109  
Payment of discounts and financing costs         (1,393,089) (1,887,460)  
Repayment of debt, at fair value         (46,423,206) (4,040,758)  
Common stock issuance         0 92,000,000  
Common stock issuance transaction costs         (1,811,502) (7,697,078)  
Repurchase of common stock         (38,243,905) (10,742,075)  
Payment of Series A Convertible Preferred dividend         (93,750) 0  
Warrant conversions         0 6,852,207  
Net cash (used in) provided by financing activities         (13,305,337) 111,815,591  
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH         (45,525,329) (6,179,053)  
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT THE BEGINNING OF THE PERIOD   131,944,282   $ 25,588,668 131,944,282 25,588,668 $ 25,588,668
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT THE END OF THE PERIOD $ 86,418,953   $ 19,409,615   86,418,953 19,409,615 $ 131,944,282
NON-CASH OPERATING, INVESTING, AND FINANCING ACTIVITIES:              
Non-cash sale of life settlement policies, at fair value         0 14,294,275  
Non-cash purchase of life settlement policies, at fair value         0 14,294,275  
Non-cash consideration for business acquisition         9,265,197 0  
Non-cash issuance of debt in connection with business acquisition         2,002,400 0  
Non-cash issuance of common stock in connection with business acquisition         1,610,918 0  
Non-cash issuance of series A convertible preferred stock         5,000,000 0  
Non-cash investment in other investments   $ 5,000,000     5,000,000 0  
SUPPLEMENTAL DISCLOSURES:              
Interest paid         24,641,100 7,851,024  
Income taxes paid, net of refunds         5,700,000 2,691,871  
Related Party              
Adjustments to reconcile net income (loss) to net cash used in operating activities:              
Non-cash interest expense         1,173,468 2,692,795  
Changes in operating assets and liabilities:              
Management and performance fee receivable, related party         2,086,065 0  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Repayment of debt         0 (28,189,406)  
Due to former members         0 (1,159,712)  
Nonrelated Party              
Adjustments to reconcile net income (loss) to net cash used in operating activities:              
Non-cash interest expense         143,630 352,848  
CASH FLOWS FROM FINANCING ACTIVITIES:              
Repayment of debt         (750,000) 0  
Affiliated Entity              
CASH FLOWS FROM FINANCING ACTIVITIES:              
Due to former members         $ 0 $ (5,236)  

Source

10-Q XBRL Zip