Abacus Global Management, Inc.
For the period ended Dec 31, 2024. Filed Mar 28, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 28, 2025
ABX$9.13+1.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
ABACUS GLOBAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,
| 2024 | 2023 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| NET (LOSS) INCOME | $(24,918,037) | $9,034,487 |
| Adjustments to reconcile net (loss) income to net cash | ||
| used in operating activities: | ||
| Depreciation and amortization | 7,910,158 | 3,409,928 |
| Stock-based compensation | 43,435,215 | 10,768,024 |
| Amortization of debt issuance costs | 936,112 | 43,957 |
| Loss on extinguishment of debt | — | 2,086,303 |
| Loss on change in fair value of warrant liability | 2,702,040 | 4,204,360 |
| Unrealized (gain) loss on investments, at fair value | 238,012 | (1,369,112) |
| Unrealized gain on policies, at fair value | (53,786,829) | (27,889,106) |
| Non-cash gain on policy trades | (6,422,002) | — |
| Loss on change in fair value of debt | 4,835,351 | 2,356,058 |
| Deferred income taxes | 5,999,572 | 466,577 |
| Non-cash interest expense, related party | 3,061,172 | 2,182,221 |
| Non-cash interest expense | 470,464 | 478,765 |
| Non-cash lease expense | 352,056 | 17,901 |
| Non-cash interest income | (99,969) | (105,935) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (13,202,882) | (2,117,411) |
| Accounts receivable, related party | 266,030 | 124,565 |
| Equity securities, at fair value | 2,203,367 | (89,057) |
| Prepaid expenses and other current assets | (361,872) | (62,994) |
| Management and performance fee receivable, related party | (466,649) | — |
| Other assets | (537,242) | (522,326) |
| Accounts payable | — | (40,014) |
| Accrued expenses | 802,510 | 3,829,825 |
| Accrued transaction costs | 483,206 | (908,256) |
| Contract liabilities, deposits on pending settlement | 1,966,543 | (474,217) |
| Other current liabilities | 3,858,345 | 3,358,507 |
| Income tax payable | (751,734) | 751,734 |
| Income tax receivable | (2,178,694) | — |
| Retrocession fees payable | 1,675,169 | — |
| Net change in life settlement policies, at fair value | (187,893,057) | (80,598,101) |
ABACUS GLOBAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT.)
FOR THE YEARS ENDED DECEMBER 31,
| 2024 | 2023 | |
|---|---|---|
| Net change in life settlement policies, at cost | 613,201 | 7,018,933 |
| Net cash used in operating activities | (208,810,444) | (64,044,384) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of property and equipment | (786,236) | (189,674) |
| Purchase of intangible assets | (18,900) | — |
| Acquisition of businesses, net of cash acquired | (2,430,620) | — |
| Purchase of other investments | (200,000) | (350,000) |
| Purchase of available for sale securities | (1,000,000) | — |
| Change in due from affiliates | (519,534) | 2,781,176 |
| Net cash (used) provided in investing activities | (4,955,290) | 2,241,502 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Issuance of long term debt | 198,475,570 | 98,722,563 |
| Payment of discounts and financing costs | (7,475,569) | (5,547,943) |
| Repayment of debt | (4,040,758) | (26,250,000) |
| Issuance of long term debt, related party | — | 25,471,648 |
| Repayment of debt, related party | (28,189,406) | — |
| Common stock sale | 181,702,400 | — |
| Common stock sale transaction costs | (14,812,621) | — |
| Warrant conversions | 6,852,206 | — |
| Repurchase of common stock | (10,742,075) | (1,283,062) |
| Capital distribution to former members | — | (23,533,073) |
| Transaction costs | (483,451) | (11,397,402) |
| Proceeds received from SPAC trust | — | 972,262 |
| Due to former members | (1,159,712) | 442,283 |
| Due to affiliates | (5,236) | (258,549) |
| Net cash provided by financing activities | 320,121,348 | 57,338,727 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 106,355,614 | (4,464,155) |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 25,588,668 | 30,052,823 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | $131,944,282 | $25,588,668 |
| SUPPLEMENTAL DISCLOSURES: | ||
| Life settlement policies receipt in lieu of cash in exchange for the SPV Purchased and Sale Note | $— | $10,191,125 |
| Life settlement policies distributed to affiliate | — | 10,191,125 |
| Non-cash sale of life settlement policies, at fair value | 24,957,059 | — |
| Non-cash purchase of life settlement policies, at fair value | 24,957,059 | — |
| Non-cash issuance of debt in connection with business acquisition | 72,727,075 | — |
| Non-cash issuance of common stock in connection with business acquisition | 77,547,880 | — |
ABACUS GLOBAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT.)
FOR THE YEARS ENDED DECEMBER 31,
| 2024 | 2023 | |
|---|---|---|
| Distribution payable to former members | — | 717,429 |
| Interest paid | 11,615,613 | 4,035,526 |
| Income taxes paid, net of refunds | 2,146,846 | 150,000 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.