v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 43,761,731 $ 131,944,282
Income taxes receivable 1,946,728 2,099,673
Prepaid expenses and other current assets 1,639,257 1,094,729
Total current assets 61,461,299 159,564,646
Property and equipment, net 1,182,611 1,025,066
Intangible assets, net 75,110,105 79,786,793
Goodwill 238,296,200 238,296,200
Operating right-of-use assets 4,673,433 4,722,573
Life settlement policies, at cost 1,096,866 1,083,977
Life settlement policies, at fair value 446,207,963 370,398,447
Available-for-sale securities, at fair value 2,743,338 2,205,904
Other investments 9,850,000 1,850,000
Other assets 1,850,148 1,851,845
TOTAL ASSETS 856,509,285 874,164,752
CURRENT LIABILITIES:    
Current portion of long-term debt, at fair value 117,094,610 37,430,336
Current portion of long-term debt 1,000,000 1,000,000
Accrued expenses 2,756,688 6,139,472
Current operating lease liabilities 514,137 515,597
Contract liabilities, deposits on pending settlements 600,295 2,473,543
Accrued transaction costs 0 483,206
Total current liabilities 130,800,422 62,466,079
Long-term debt, at fair value 0 105,120,100
Retrocession fees payable 5,361,714 5,312,214
Noncurrent operating lease liabilities 4,460,924 4,580,158
Deferred tax liability 28,185,913 26,778,865
Warrant liability 14,151,000 9,345,000
TOTAL LIABILITIES 420,930,259 450,870,080
COMMITMENTS AND CONTINGENCIES (Note 12)
MEZZANINE EQUITY    
Series A convertible preferred stock, $0.0001 par value; 5,000 shares authorized; 5,000 issued and outstanding 5,000,000 0
STOCKHOLDERS' EQUITY    
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 5,000 issued and outstanding 0 0
Treasury stock - at cost; $1,048,226 and $1,048,226 shares repurchased at March 31, 2025 and December 31, 2024, respectively (12,025,137) (12,025,137)
Additional paid-in capital 495,949,787 494,064,113
Accumulated deficit (53,257,026) (57,896,606)
Noncontrolling interest (98,388) (857,831)
Total stockholders' equity 430,579,026 423,294,672
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY 856,509,285 874,164,752
Class A Common Stock    
STOCKHOLDERS' EQUITY    
Class A common stock, $0.0001 par value; 200,000,000 authorized shares; 96,853,039 and 96,731,194 shares issued at March 31, 2025 and December 31, 2024, respectively 9,790 10,133
Nonrelated Party    
CURRENT ASSETS:    
Accounts receivable 6,251,043 15,785,531
CURRENT LIABILITIES:    
Other current liabilities 8,834,692 14,423,925
Long-term debt, net 225,065,112 224,742,029
Related Party    
CURRENT ASSETS:    
Accounts receivable 6,196,493 7,113,369
Management and performance fee receivable, related party 14,037,322 13,379,301
CURRENT LIABILITIES:    
Long-term debt, net 12,905,174 12,525,635
Affiliated Entity    
CURRENT ASSETS:    
Due from affiliates $ 1,666,047 $ 1,527,062