v3.26.1
Premium Finance Contracts, Related Receivable and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2026
Premium Finance Contracts Related Receivable And Allowance For Credit Losses  
Schedule of premium finance contract and agents’ receivable
        
Description  June 30, 2026   December 31, 2025 
Contracts due from insured  $81,888,732   $69,350,806 
Contracts due from insurance carrier   8,905,080    7,279,828 
    90,793,812    76,630,634 
Amounts due from agents   1,361,200    1,146,494 
Less: Unearned interest   (3,114,781)   (2,736,977)
    89,040,231    75,040,151 
Less: Allowance for credit losses   (2,514,737)   (2,202,768)
           
Total  $86,525,494   $72,837,383 
Schedule of allowance for credit losses
Schedule of allowance for credit losses        
   June 30, 2026   December 31, 2025 
Allowance for contracts due from insured  $1,410,818   $1,268,799 
Allowance for contracts due from insurance carrier   911,456    746,506 
Allowance for amounts due from agents   192,463    187,463 
           
Total allowance for credit losses  $2,514,737   $2,202,768 
Schedule of allowance for credit losses activity
        
   June 30, 2026   December 31, 2025 
Balance at the beginning of the year  $2,202,768   $1,969,007 
Current year provision   1,175,000    2,115,000 
Write-offs charged against the allowance   (989,841)   (2,211,812)
Recoveries of amounts previously charged off   126,810    330,573 
           
Balance at end of the period  $2,514,737   $2,202,768 
Schedule of reconciliation between the total provision per the footnote and the provision for credit losses
        
   For the three months ended
June 30,		 
   2026   2025 
Current additions to the allowance  $580,000   $585,000 
Less: Contra-revenues   (272,921)   (194,249)
Provision for credit losses  $307,079   $390,751 

 

         
   For the six months ended
June 30,		 
   2026   2025 
Current additions to the allowance  $1,175,000   $1,010,000 
Less: Contra-revenues   (470,586)   (379,734)
Provision for credit losses  $704,414   $630,266 
Schedule of aging analyses of past-due contract receivables
                            
As of June 30, 2026  30–59 Days   60–89 Days   90-119 Days   Greater Than 120 Days   Total Past-Due   Current   Grand Total 
Premium finance contracts:                                   
Due from insured  $97,017   $39,719   $3,909   $27,927   $168,572   $81,720,160   $81,888,732 
Due from insurance carrier   854,475    937,549    971,478    3,577,439    6,340,941    2,564,139    8,905,080 
Total  $951,492   $977,268   $975,387   $3,605,366   $6,509,513   $84,284,299   $90,793,812 

 

                             
As of December 31, 2025  30–59 Days   60–89 Days   90-119 Days   Greater Than 120 Days   Total Past-Due   Current   Grand Total 
Premium finance contracts:                                   
Due from insured  $121,417   $21,018   $4,230   $15,145   $161,810   $69,188,996   $69,350,806 
Due from insurance carrier   631,883    635,401    568,894    2,497,849    4,334,027    2,945,801    7,279,828 
Total  $753,300   $656,419   $573,124   $2,512,994   $4,495,837   $72,134,797   $76,630,634 
Schedule of inactive agent receivables
        
   June 30, 2026   December 31, 2025 
 Receivables from active agents  $1,283,718   $997,452 
 Receivables from inactive agents   77,482    149,042 
           
 Total  $1,361,200   $1,146,494