Abacus Life Inc
For the period ended Jun 30, 2024. Filed Aug 12, 2024.
View on SEC.govAbout this filing
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.
See the whole filing, with its images and exhibitsContents
Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income
ABACUS LIFE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
| Three Months EndedJune 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| REVENUES: | ||||
| Portfolio servicing revenue | $204,888 | $354,366 | $422,823 | $590,057 |
| Active management revenue | 27,013,757 | 11,024,399 | 46,810,756 | 20,994,917 |
| Origination revenue | 1,857,457 | — | 3,329,707 | — |
| Total revenues | 29,076,102 | 11,378,765 | 50,563,286 | 21,584,974 |
| COST OF REVENUES (excluding depreciation and amortization stated below): | ||||
| Cost of revenue (including stock-based compensation) | 2,742,081 | 973,400 | 5,462,293 | 1,462,950 |
| Related party cost of revenue | 1,453 | — | 2,138 | — |
| Total cost of revenue | 2,743,534 | 973,400 | 5,464,431 | 1,462,950 |
| Gross Profit | 26,332,568 | 10,405,365 | 45,098,855 | 20,122,024 |
| OPERATING EXPENSES: | ||||
| Sales and marketing | 2,552,801 | 683,841 | 4,482,745 | 1,412,845 |
| General and administrative (including stock-based compensation) | 14,553,344 | 577,539 | 25,906,843 | 1,274,431 |
| Loss on change in fair value of debt | 1,199,463 | 1,445,229 | 3,912,090 | 2,398,662 |
| Unrealized loss (gain) on equity securities, at fair value | 362,482 | (672,936) | (802,484) | (798,156) |
| Realized gain on equity securities, at fair value | (856,744) | — | (856,744) | — |
| Depreciation and amortization expense | 1,750,452 | 1,098 | 3,432,506 | 2,141 |
| Total operating expenses | 19,561,798 | 2,034,771 | 36,074,956 | 4,289,923 |
| Operating Income | 6,770,770 | 8,370,594 | 9,023,899 | 15,832,101 |
| OTHER INCOME (EXPENSE): | ||||
| (Loss) gain on change in fair value of warrant liability | (667,500) | — | 279,460 | — |
| Interest expense | (4,529,187) | (584,075) | (8,199,632) | (941,458) |
| Interest income | 639,906 | — | 1,061,332 | 7,457 |
| Other income (expense) | 195,470 | 121,601 | 142,442 | (21,651) |
| Total other (expense) | (4,361,311) | (462,474) | (6,716,398) | (955,652) |
ABACUS LIFE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (CONT.)
| Three Months EndedJune 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income before provision for income taxes | 2,409,459 | 7,908,120 | 2,307,501 | 14,876,449 |
| Income tax expense | 1,757,710 | 1,184,571 | 2,931,223 | 528,104 |
| NET INCOME (LOSS) | 651,749 | 6,723,549 | (623,722) | 14,348,345 |
| LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (118,234) | (26,596) | (44,960) | (487,303) |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $769,983 | $6,750,145 | $(578,762) | $14,835,648 |
| EARNINGS (LOSS) PER SHARE: | ||||
| Earnings (loss) per share - basic | 0.01 | 0.13 | (0.01) | 0.29 |
| Earnings (loss) per share - diluted | 0.01 | 0.13 | (0.01) | 0.29 |
| Weighted-average stock outstanding—basic [1] | 63,846,170 | 50,507,728 | 63,087,878 | 50,438,921 |
| Weighted-average stock outstanding—diluted [1] | 67,162,820 | 50,507,728 | 63,102,210 | 50,438,921 |
| NET INCOME (LOSS) | $651,749 | $6,723,549 | $(623,722) | $14,348,345 |
| Other comprehensive income (loss), net of tax or tax benefit: | ||||
| Change in fair value of debt (risk adjusted) | (65,615) | (119,663) | (58,179) | (231,976) |
| Comprehensive income (loss) before non-controlling interests | 586,134 | 6,603,886 | (681,901) | 14,116,369 |
| Net and comprehensive loss attributable to non-controlling interests | (127,850) | (56,111) | (59,090) | (543,749) |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $713,984 | $6,659,997 | $(622,811) | $14,660,118 |
[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.