Principal Business Activity and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Amortization is provided using the straight-line method, based on the useful lives of the intangible assets as follows:


	Years	Method
Internal use software	3	Straight-line
Website development costs	3	Straight-line

As of December 31, 2023 and 2022, internally developed intangible assets, net, consisted of the following:


	2023		2022
Internally developed intangible assets, gross	3,742,236		2,550,420
Less accumulated amortization	(1,843,766)		(1,227,584)
Internally developed intangible assets, net	$	1,898,470	$	1,322,836

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and 2022 are as follows:


	December 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash and cash equivalents:
Money market securities	$	14,432	$	—	$	—	$	14,432	$	333,158	$	—	$	—	$	333,158

Liabilities:
Warrant liabilities	$	—	$	—	$	967,257	$	967,257	$	—	$	—	$	511,295	$	511,295

Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The fair value and its classification within the fair value hierarchy for financial assets and liabilities not reported at fair value within the consolidated balance sheets as of December 31, 2023 and 2022 are as follows:


	December 31, 2023
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Cash and cash equivalents(1)	$	67,609,780	$	67,609,780	$	—	$	—	$	67,609,780
Restricted cash	3,075,011		3,075,011		—		—		3,075,011
Notes receivable, net	130,632,641		—		—		130,632,641		130,632,641
Total assets	$	201,317,432	$	70,684,791	$	—	$	130,632,641	$	201,317,432
Liabilities:
Long term debt	$	250,000	$	—	$	250,000	$	—	$	250,000
Line of credit, net	94,380,906		—		94,380,906		—		94,380,906
Total liabilities	$	94,630,906	$	—	$	94,630,906	$	—	$	94,630,906


	December 31, 2022
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Cash and cash equivalents(1)	$	67,946,381	$	67,946,381	$	—	$	—	$	67,946,381
Restricted cash(2)	1,243,119		1,243,119		—		—		1,243,119
Notes receivable, net	93,358,404		—		—		93,358,404		93,358,404
Total assets	$	162,547,904	$	69,189,500	$	—	$	93,358,404	$	162,547,904
Liabilities:
Long term debt	$	250,000	$	—	$	250,000	$	—	$	250,000
Line of credit, net	63,777,475		—		63,777,475		—		63,777,475
Total liabilities	$	64,027,475	$	—	$	64,027,475	$	—	$	64,027,475

(1)Excludes $14,432 and $333,158 as of December 31, 2023 and 2022, respectively, relating to money market securities that are reported at fair value.

(2)Includes both restricted cash, current and restricted cash, non-current as disclosed on the consolidated balance sheets.

Schedule of Accounting Standards Update and Change in Accounting Principle

Recently Adopted Accounting Guidance


Standard	Description	Date of Adoption	Effect on Consolidated Financial Statements

ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments	This ASU replaces the incurred loss impairment methodology with an expected credit loss methodology and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The standard also requires expanded disclosures related to credit losses and credit quality indicators.	January 1, 2023	We adopted this ASU on a modified retrospective basis. The adoption of this ASU resulted in a decrease in our allowance for credit losses and an increase in retained earnings of approximately $0.9 million. The decrease in our allowance for credit losses was related to the inclusion of future recoveries in our estimate. The adoption of this ASU had no material impact on our allowance for credit losses related to late payment fees receivable. There was no impact on our net deferred tax asset given the full valuation allowance recorded. We have updated the presentation of our consolidated balance sheets and consolidated statements of operations and comprehensive income (loss) to conform with the requirements of this ASU. Additionally, we have updated our disclosures in Note 3 of the accompanying notes to the consolidated financial statements to meet the disclosure requirements of this ASU, including information on credit quality indicators and gross charge-offs.
ASU No. 2022-02, Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures	This ASU requires an entity to disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost.	January 1, 2023	The impact of adopting this amendment is included within the impact of adoption of ASU No. 2016-13.

Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements


Standard	Description	Date of Planned Adoption	Effect on Consolidated Financial Statements

ASU 2023-07, Segment Reporting Improvements to Reportable Segment Disclosures	This ASU requires disclosure of incremental segment information on an annual basis (and interim basis beginning January 1, 2025) for all public entities, including entities with one reportable segment. Such incremental disclosures include information about significant segment expenses, how chief operating decision makers measure a segment’s profit or loss, and qualitative information about how a chief operating decision maker assesses segment performance.	January 1, 2024	We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. We will disclose information about significant segment expenses, how management assesses our single segment’s performance, and other required disclosures in our 2024 annual consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU requires enhanced disclosures on the income tax rate reconciliation, income taxes paid, and other income tax-related disclosures. Such disclosures include disclose of specific categories in the rate reconciliation, qualitative information about significant components of income tax, and disaggregation of income taxes paid by federal, state, and local jurisdiction.	January 1, 2025	We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements. We will include the enhanced disclosure requirements in our 2025 annual consolidated financial statements.