Premium Finance Contracts, Related Receivable and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2023

Premium Finance Contracts Related Receivable And Allowance For Credit Losses

Schedule of premium finance contract and agents receivable

Description	June 30, 2023			December 31, 2022
Insurance premium finance contracts outstanding	$	52,802,001		$	45,520,349
Insurance premium finance contracts cancelled		5,403,805			6,005,601
Insurance Premium finance contracts gross		58,205,806			51,525,950
Amounts due from agents		830,815			645,648
Less: Unearned interest		(2,027,384	)		(1,567,197	)
Insurance premium finance contracts net		57,009,237			50,604,401
Less: Allowance for credit losses		(1,230,263	)		(1,129,498	)
Total	$	55,778,974		$	49,474,903

Schedule of allowance for doubtful accounts

	June 30, 2023		December 31, 2022
Allowance for premium finance contracts	$	1,064,827	$	1,000,000
Allowance for amounts due from agents		165,436		129,498

Activity in the allowance for doubtful accounts

	June 30, 2023			December 31, 2022
Balance at the beginning of the period	$	1,129,498		$	1,193,757
Current year additions to the allowance		719,000			1,347,475
Direct write-downs charged against the allowance		(775,478	)		(1,513,814	)
Recoveries of amounts previously charged off		157,243			102,080
Balance at the end of the period	$	1,230,263		$	1,129,498

Schedule of footnote and bad debt expense

	For the three months ended June 30,
	2023 (unaudited)			2022 (unaudited)
Current additions to the allowance	$	320,000		$	380,000
Less: Contra-revenues		(165,072	)		(108,856	)
Provision for credit losses	$	154,928		$	271,144

	For the six months ended June 30,
	2023 (unaudited)			2022 (unaudited)
Current additions to the allowance	$	719,000		$	715,000
Less: Contra-revenues		(372,219	)		(275,751	)
Provisions for credit losses	$	346,781		$	439,249

Schedule of analyses of past due contract receivables

As of June 30, 2023	30–59 Days		60–89 Days		90-119 Days		Greater Than 120 Days		Total Past-Due		Current		Grand Total
Premium finance contracts:
Outstanding	$	96,131	$	48,459	$	3,459	$	8,443	$	156,492	$	52,645,509	$	52,802,001
Cancelled		733,876		926,829		377,334		1,657,399		3,695,438		1,708,367		5,403,805
Total	$	830,007	$	975,288	$	380,793	$	1,665,842	$	3,851,930	$	54,353,876	$	58,205,806

As of December 31, 2022	30–59 Days		60–89 Days		90-119 Days		Greater Than 120 Days		Total Past-Due		Current		Grand Total
Premium finance contracts:
Outstanding	$	175,972	$	61,678	$	22,360	$	11,270	$	271,280	$	45,249,069	$	45,520,349
Cancelled		1,363,841		850,939		340,619		720,429		3,275,828		2,729,773		6,005,601
Total	$	1,539,813	$	912,617	$	362,979	$	731,699	$	3,547,108	$	47,978,842	$	51,525,950