v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOW FROM OPERATING ACTIVITIES:    
NET INCOME $ 783,717 $ 593,916
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES:    
Depreciation 17,207 19,591
Amortization of right to use asset - operating lease 49,407 57,466
Amortization of finance lease asset 6,628 6,628
Provision for credit losses 704,414 630,266
Amortization of loan origination fees 62,168 788
Stock compensation 2,000 4,325
Changes in operating assets and liabilities:    
(Increase)/Decrease in prepaid expenses and other current assets (1,297,898) 53,155
(Increase)/Decrease in deferred tax asset, net (76,000) (36,000)
Increase/(Decrease) in drafts payable 1,644,004 2,412,207
Increase/(Decrease) in accrued expenses and other current liabilities 388,838 116,971
Increase/(Decrease) in operating lease liability (49,407) (57,466)
Net cash provided by operating activities 2,235,078 3,801,847
CASH FLOWS FROM INVESTING ACTIVITIES:    
Disbursements under premium finance contracts receivable, net (14,392,525) (6,834,851)
Payments made on cash surrender value of life insurance (19,381) (17,121)
Purchases of property and equipment (26,122) (887)
Net cash used in investing activities (14,438,028) (6,852,859)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash overdraft (248,113) (328,421)
Proceeds from line of credit 12,539,764 3,192,618
Proceeds from loan on cash surrender value of life insurance 2,933 3,888
Proceeds from notes payable 292,500 429,006
Repayment of notes payable (137,000) (188,000)
Proceeds from notes payable - stockholders and related parties 60,000 65,000
Repayments of notes payable - stockholders and related parties (60,000)
Repayment of finance lease obligation (7,215) (6,847)
Repurchase of common stock (171,001)
Repayment of other loans (45,705)
Treasury stock (1,100)
Dividends paid on Series A Convertible Preferred Stock (58,100) (58,100)
Net cash provided by financing activities 12,212,668 3,063,439
NET CHANGE IN CASH 9,718 12,427
CASH AT THE BEGINNING OF THE PERIOD 10,970 1,716
CASH AT THE END OF THE PERIOD 20,688 14,143
Cash paid during the period for:    
Income taxes 246,126 216,133
Interest paid $ 2,098,980 $ 1,961,036