Abacus Life Inc
For the period ended Jun 30, 2024. Filed Aug 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 12, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
| June 30,2024(unaudited) | December 31,2023 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $91,323,829 | $25,588,668 |
| Equity securities, at fair value | 4,008,225 | 2,252,891 |
| Accounts receivable | 1,616,676 | 2,149,111 |
| Accounts receivable, related party | 150,213 | 79,509 |
| Due from affiliates | 1,170,589 | 1,007,528 |
| Income tax receivables | 2,435,239 | — |
| Prepaid expenses and other current assets | 932,598 | 699,127 |
| Total current assets | 101,637,369 | 31,776,834 |
| Property and equipment, net | 692,273 | 400,720 |
| Intangible assets, net | 26,352,123 | 29,623,130 |
| Goodwill | 139,930,190 | 140,287,000 |
| Operating right-of-use assets | 2,108,034 | 1,893,659 |
| Life settlement policies, at cost | 1,140,497 | 1,697,178 |
| Life settlement policies, at fair value | 207,571,413 | 122,296,559 |
| Available-for-sale securities, at fair value | 1,165,575 | 1,105,935 |
| Other investments, at cost | 1,750,000 | 1,650,000 |
| Other assets | 1,507,431 | 998,945 |
| Equity securities, at fair value | — | 96,107 |
| TOTAL ASSETS | $483,854,905 | $331,826,067 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Current portion of long-term debt, at fair value | $17,589,514 | $13,029,632 |
| Current portion of long-term debt, related party | 28,170,326 | — |
| Accrued expenses | 2,176,515 | 4,354,225 |
| Current operating lease liabilities | 297,397 | 118,058 |
| Due to affiliates | 5,236 | 5,236 |
| Due to former members | — | 1,159,712 |
| Contract liabilities, deposits on pending settlements | 1,443,483 | 507,000 |
| Accrued transaction costs | 2,533,627 | — |
| Other current liabilities | 3,166,959 | 3,400,734 |
| Income taxes payable | — | 751,734 |
ABACUS LIFE, INC.
CONSOLIDATED BALANCE SHEETS (CONT.)
| June 30,2024(unaudited) | December 31,2023 | |
|---|---|---|
| Total current liabilities | 55,383,057 | 23,326,331 |
| Long-term debt, related party | 11,799,715 | 37,653,869 |
| Long-term debt, net | 57,871,104 | 33,818,090 |
| Long-term debt, at fair value, net | 81,640,478 | 55,318,923 |
| Non-current operating lease liabilities | 1,946,140 | 1,796,727 |
| Deferred tax liability | 12,001,423 | 9,199,091 |
| Warrant liability | 6,363,500 | 6,642,960 |
| TOTAL LIABILITIES | 227,005,417 | 167,755,991 |
| COMMITMENTS AND CONTINGENCIES (Note 12) | ||
| STOCKHOLDERS' EQUITY | ||
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding | — | — |
| Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 75,484,567 and 63,388,823 [1] shares issued at June 30, 2024 and December 31, 2023, respectively | 7,548 | 6,339 |
| Treasury stock - at cost; 1,048,226 and 146,650 shares repurchased at June 30, 2024 and December 31, 2023, respectively | (12,025,137) | (1,283,062) |
| Additional paid-in capital | 303,237,878 | 199,826,278 |
| Accumulated deficit | (34,514,318) | (34,726,135) |
| Accumulated other comprehensive income | 64,324 | 108,373 |
| Noncontrolling interest | 79,193 | 138,283 |
| Total stockholders' equity | 256,849,488 | 164,070,076 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $483,854,905 | $331,826,067 |
[1] The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the Business Combination.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.