v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash $ 10,609 $ 10,970
Premium finance contracts and related receivable, net of allowance for credit losses of $2,355,793 and $2,202,768 at March 31, 2026 and December 31, 2025, respectively 79,265,444 72,837,383
Prepaid expenses and other current assets 1,672,112 347,905
TOTAL CURRENT ASSETS 80,948,165 73,196,258
Property and equipment, net 135,801 115,594
Operating lease assets 127,281 151,823
Finance lease assets 8,838 12,152
OTHER ASSETS    
Cash surrender value of life insurance 774,706 766,130
Deferred tax asset 599,000 575,000
TOTAL OTHER ASSETS 1,373,706 1,341,130
TOTAL ASSETS 82,593,791 74,816,957
CURRENT LIABILITIES    
Cash overdraft 510,552 497,169
Line of credit, net 54,026,565 49,233,077
Drafts payable 4,473,397 2,074,866
Note payable - current portion 859,000 2,524,799
Note payable - stockholders and related parties - current portion 1,185,000 1,185,000
Operating lease obligation - current portion 94,825 107,326
Finance lease obligation - current portion 9,934 13,518
Accrued expenses and other current liabilities 2,841,010 2,436,432
TOTAL CURRENT LIABILITIES 64,000,283 58,072,187
LONG-TERM LIABILITIES    
Note payable, net of current portion 7,977,925 6,302,126
Note payable - stockholders and related parties, net of current portion 1,383,500 1,443,500
Life insurance policy loan 494,392 494,428
Operating lease obligation, net of current portion 32,456 44,497
TOTAL LONG-TERM LIABILITIES 9,888,273 8,284,551
TOTAL LIABILITIES 73,888,556 66,356,738
STOCKHOLDERS' EQUITY:    
Preferred stock, par value $0.001 per share; 20 million shares authorized, 600,000 shares designated as Series A - convertible, 166,000 issued and outstanding at March 31, 2026 and December 31, 2025 166 166
Common stock, par value $0.001 per share; 100 million shares authorized, 2,940,030 and 3,001,216 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 2,940 3,001
Additional paid in capital 3,514,577 3,513,577
Retained earnings 5,187,552 4,943,475
TOTAL STOCKHOLDERS' EQUITY 8,705,235 8,460,219
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 82,593,791 $ 74,816,957