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Notes Receivable and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Notes Receivable
As of September 30, 2024 and December 31, 2023, our notes receivable at amortized cost was comprised of the following:

September 30, 2024December 31, 2023
Notes receivable, gross$155,072,914 $146,225,832 
Deferred transaction income(3,659,424)(3,340,150)
Notes receivable, amortized cost$151,413,490 $142,885,682 
As of September 30, 2024 and December 31, 2023, the balance of other receivables, net, on the consolidated balance sheets was comprised of the following:

As ofSeptember 30, 2024December 31, 2023
Late payment fees receivable, net$1,362,289 $548,649 
Receivables from merchants, net589,751 1,023,079 
Receivables from originating partner
1,871,240 — 
Other receivables, net$3,823,280 $1,571,728 
The activity in the allowance for other credit losses related to late payment fees, including the provision for other credit losses, charge-offs, and recoveries for the three and nine months ended September 30, 2024 and 2023 was as follows:

For the three months ended September 30, For the nine months ended September 30,
2024202320242023
Balance at beginning of period$1,525,889 $768,602 $1,272,353 $980,713 
Provision for other credit losses2,340,716 917,226 4,939,580 2,067,268 
Charge-offs(1,381,418)(783,784)(3,994,062)(2,539,804)
Recoveries of charged-off receivables107,814 114,396 375,130 508,263 
Balance at end of period$2,593,001 $1,016,440 $2,593,001 $1,016,440 
Schedule of Amortized Cost Basis of Our Notes Receivable by Prophet Score and Year of Origination
The amortized cost basis of our notes receivable by Prophet Score and year of origination as of September 30, 2024 and December 31, 2023 was as follows:

September 30, 2024December 31, 2023
Amortized cost basis by year of origination
20242023Total20232022Total
A$50,070,705 $— $50,070,705 $47,752,196 $— $47,752,196 
B57,354,419 1,000 57,355,419 58,815,920 257 58,816,177 
C43,858,876 8,714 43,867,590 35,832,476 2,708 35,835,184 
No score119,776 — 119,776 482,125 — 482,125 
Total amortized cost$151,403,776 $9,714 $151,413,490 $142,882,717 $2,965 $142,885,682 
Schedule of Gross Notes Receivable and Related Allowance by Aging The amortized cost basis of our notes receivable by delinquency status as of September 30, 2024 and December 31, 2023 was as follows:
September 30, 2024December 31, 2023
Current$126,225,572 $129,681,699 
1–28 days past due13,817,258 6,808,467 
29–56 days past due6,204,170 3,015,612 
57–90 days past due5,166,490 3,379,904 
Total amortized cost$151,413,490 $142,885,682 
Schedule of Allowance for Credit Loss
The activity in the allowance for credit losses, including the provision for credit losses, charge-offs, and recoveries for the three and nine months ended September 30, 2024 and 2023 was as follows:

For the three months ended September 30, For the nine months ended September 30,
2024202320242023
Balance at beginning of period$11,786,141 $6,494,092 $12,253,041 $10,223,451 
Adoption of Accounting Standards Update No. 2016-13— — — (878,577)
Provision for credit losses15,402,303 6,676,548 30,636,149 12,667,346 
Charge-offs(9,167,620)(5,239,171)(26,394,129)(16,416,612)
Recoveries of charged-off receivables605,398 666,473 2,131,161 3,002,334 
Balance at end of period$18,626,222 $8,597,942 $18,626,222 $8,597,942 

Net charge-offs by year of origination for the nine months ended September 30, 2024 was as follows:

20242023202220212020Total
Current period gross charge-offs$(13,524,757)$(12,861,272)$(6,753)$(1,347)$— $(26,394,129)
Current period recoveries197,490 1,195,333 350,355 295,203 92,780 2,131,161 
Current period net charge-offs$(13,327,267)$(11,665,939)$343,602 $293,856 $92,780 $(24,262,968)