Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
Assets:
Cash and cash equivalents:
Money market securities	$	14,241	$	—	$	—	$	14,241	$	14,432	$	—	$	—	$	14,432

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

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 September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024
	Carrying Amount		Level 1		Level 2		Level 3		Balance at Fair Value
Assets:
Cash and cash equivalents(1)	$	80,048,264	$	80,048,264	$	—	$	—	$	80,048,264
Restricted cash(2)	8,280,624		8,280,624		—		—		8,280,624
Notes receivable, net	132,787,268		—		—		132,787,268		132,787,268
Total assets	$	221,116,156	$	88,328,888	$	—	$	132,787,268	$	221,116,156
Liabilities:
Line of credit, net	93,937,724		—		93,937,724		—		93,937,724
Total liabilities	$	93,937,724	$	—	$	93,937,724	$	—	$	93,937,724


	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(2)	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

(1)Excludes $14,241 and $14,432 as of September 30, 2024 and December 31, 2023, 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 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 (On an annual basis) January 1, 2025 (On an interim basis)	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 on a retrospective basis.
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 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 on a prospective basis.