v3.25.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 5,399,026 $ (1,275,471)  
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
Depreciation and amortization 4,758,546 1,682,054  
Stock-based compensation 2,355,396 6,093,371  
Amortization of debt issuance costs 494,130 92,750  
Unrealized gain on investments (272,254) (1,164,966)  
Unrealized gain on life settlement policies (27,012,517) (5,290,554)  
(Gain) loss on change in fair value of debt (3,362,103) 2,712,627  
Loss (gain) on change in fair value of warrant liability 4,806,000 (946,960)  
Deferred income taxes 1,407,048 456,194  
Non-cash lease (benefit) expense (71,554) 57,290  
Non-cash interest income (37,434) (39,695)  
Changes in operating assets and liabilities:      
Accounts receivable 9,534,488 (371,758)  
Accounts receivable, related party (399,166) (135,524)  
Prepaid expenses and other current assets (544,528) (495,676)  
Other assets 273,951 (502,091)  
Accrued expenses (3,382,784) (3,647,066)  
Accrued transaction costs (483,206) 0  
Contract liabilities, deposits on pending settlement (1,873,248) 160,500  
Other current liabilities (5,589,233) 397,074  
Income tax payable 0 865,437  
Income tax receivable 152,945 0  
Retrocession fees payable 49,500 0  
Due from affiliates (138,985) 247,164  
Net purachases of life settlement policies, at fair value (48,796,999) 2,098,588  
Net purchases of life settlement policies, at cost (12,889) 262,734  
Net cash (used in) provided by operating activities (61,590,694) 2,514,288  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (224,371) (161,787)  
Purchase of intangible assets (15,032) (92,006)  
Purchase of other investments (3,000,000) 0  
Purchase of available for sale securities (500,000) 0  
Net cash used in investing activities (3,739,403) (253,793)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Issuance of long term-debt 16,189,871 42,920,873  
Debt issuance costs (156,793) (985,934)  
Repayment of debt (38,415,464) 0  
Common stock issuance costs (470,068) 0  
Repurchase of common stock 0 (7,524,392)  
Transaction costs 0 (483,451)  
Warrant conversions 0 3,610,253  
Net cash (used in) provided by financing activities (22,852,454) 37,537,349  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (88,182,551) 39,797,844  
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 131,944,282 25,588,668 $ 25,588,668
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 43,761,731 65,386,512 $ 131,944,282
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Non-cash issuance of series A convertible preferred stock 5,000,000 0  
Non-cash investment in other investments 5,000,000 0  
SUPPLEMENTAL DISCLOSURES:      
Interest paid 5,372,786 1,691,205  
Income taxes paid, net of refunds 0 1,842  
Related Party      
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
LMA Income Series, LP excess return accrual 379,539 0  
Changes in operating assets and liabilities:      
Management and performance fee receivable, related party 658,021 0  
Nonrelated Party      
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
LMA Income Series, LP excess return accrual $ 117,616 $ 1,258,266