Abacus Life Inc
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
| September 30,2024(unaudited) | December 31,2023 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $19,409,615 | $25,588,668 |
| Equity securities, at fair value | 3,019,055 | 2,252,891 |
| Accounts receivable | 2,232,432 | 2,149,111 |
| Accounts receivable, related party | 83,498 | 79,509 |
| Due from affiliates | 1,279,099 | 1,007,528 |
| Income tax receivable | 2,702,103 | — |
| Prepaid expenses and other current assets | 2,070,875 | 699,127 |
| Total current assets | 30,796,677 | 31,776,834 |
| Property and equipment, net | 888,519 | 400,720 |
| Intangible assets, net | 24,653,141 | 29,623,130 |
| Goodwill | 139,930,190 | 140,287,000 |
| Operating right-of-use assets | 2,033,538 | 1,893,659 |
| Life settlement policies, at cost | 1,071,172 | 1,697,178 |
| Life settlement policies, at fair value | 273,249,493 | 122,296,559 |
| Available-for-sale securities, at fair value | 1,185,740 | 1,105,935 |
| Other investments, at cost | 1,850,000 | 1,650,000 |
| Other assets | 1,650,698 | 998,945 |
| Equity securities, at fair value | — | 96,107 |
| TOTAL ASSETS | $477,309,168 | $331,826,067 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Current portion of long-term debt, at fair value | $13,730,026 | $13,029,632 |
| Accrued expenses | 2,535,277 | 4,354,225 |
| Current operating lease liability | 413,071 | 118,058 |
| Due to affiliates | — | 5,236 |
| Due to former members | — | 1,159,712 |
| Contract liabilities, deposits on pending settlements | 924,083 | 507,000 |
| Accrued transaction costs | 2,600,000 | — |
| Other current liabilities | 3,659,891 | 3,400,734 |
| Income taxes payable | — | 751,734 |
ABACUS LIFE, INC.
CONSOLIDATED BALANCE SHEETS (CONT.)
| September 30,2024(unaudited) | December 31,2023 | |
|---|---|---|
| Total current liabilities | 23,862,348 | 23,326,331 |
| Long-term debt, related party | 12,157,258 | 37,653,869 |
| Long-term debt, net | 57,996,997 | 33,818,090 |
| Long-term debt, at fair value, net | 96,358,740 | 55,318,923 |
| Non-current operating lease liability | 1,860,736 | 1,796,727 |
| Deferred tax liability | 12,003,461 | 9,199,091 |
| Warrant liability | 15,130,000 | 6,642,960 |
| TOTAL LIABILITIES | 219,369,540 | 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; 75,756,439 and 63,388,823 [1] shares issued at September 30, 2024 and December 31, 2023, respectively | 7,576 | 6,339 |
| Treasury stock - at cost; 1,048,226 and 146,650 shares repurchased at September 30, 2024 and December 31, 2023, respectively | (12,025,137) | (1,283,062) |
| Additional paid-in capital | 309,655,378 | 199,826,278 |
| Accumulated deficit | (39,639,373) | (34,726,135) |
| Accumulated other comprehensive income | 32,721 | 108,373 |
| Noncontrolling interest | (91,537) | 138,283 |
| Total stockholders' equity | 257,939,628 | 164,070,076 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $477,309,168 | $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.