v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOW FROM OPERATING ACTIVITIES:    
NET INCOME $ 408,067 $ 335,829
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH    
Depreciation 8,130 9,781
Amortization of right to use asset - operating lease 24,542 28,545
Amortization of finance lease asset 3,314 3,314
Provision for credit losses 397,335 239,516
Amortization of loan origination fees 31,084 394
Stock compensation 1,000
Changes in operating assets and liabilities:    
(Increase)/Decrease in prepaid expenses and other current assets (1,324,207) (29,835)
(Increase)/Decrease in deferred tax asset, net (24,000) (7,000)
Increase/(Decrease) in drafts payable 2,398,531 1,633,628
Increase/(Decrease) in accrued expenses and other current liabilities 404,578 111,263
Increase/(Decrease) in operating lease liability (24,542) (28,544)
Net cash provided by operating activities 2,303,832 2,296,891
CASH FLOWS FROM INVESTING ACTIVITIES:    
Disbursements under premium finance contracts receivable, net (6,825,396) (2,084,497)
Payments made on cash surrender value of life insurance (8,576) (9,469)
Purchases of property and equipment (28,337) (887)
Net cash used in investing activities (6,862,309) (2,094,853)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash overdraft 13,383 (158,119)
Proceeds (Repayments) of line of credit 4,762,404 (89,928)
Proceeds (Repayments) from loan on cash surrender value of life insurance (36) 1,885
Proceeds from notes payable 10,000 220,750
Repayment of notes payable 0 (119,000)
Proceeds from notes payable - stockholders and related parties 10,000
Repayments of notes payable - stockholders and related parties (60,000)
Repayment of finance lease obligation (3,584) (3,402)
Repurchase of common stock (135,001)
Repayment of other loans (34,269)
Dividends paid on Series A Convertible Preferred Stock (29,050) (29,050)
Net cash provided by/(used in) financing activities 4,558,116 (201,133)
NET CHANGE IN CASH (361) 905
CASH AT THE BEGINNING OF THE PERIOD 10,970 1,716
CASH AT THE END OF THE PERIOD 10,609 2,621
   Cash paid during the period for:    
       Income taxes 55,266
       Interest paid $ 994,368 $ 957,201