Restatement of the Statement of Cash Flows

6 Months Ended

Jun. 30, 2023

Restatement Of Statement Of Cash Flows

Restatement of the Statement of Cash Flows

3. Restatement of the Statement of Cash Flows

In the third quarter of 2022, pursuant to the advice of a technical expert, the Company restated its consolidated statements of cash flows to present the increase/decrease in premium finance contracts receivable as investing activities, in accordance with ASC 230, Statement of Cash Flows. Previously, the increase/decrease in premium finance contracts receivable was presented within operating activities on the Company's consolidated statements of cash flows. These changes have no impact on previously reported consolidated statements of operations and balance sheets as well as earnings per share.

The consolidated statement of cash flows for the six months ended June 30, 2022 has been restated to reflect these adjustments to the presentation. The following tables present the effects of the changes on the presentation of the previously reported consolidated statement of cash flows:

	Six Months Ended June 30, 2022
	As Previously Reported (i)			Restatement			As Restated
Net cash provided by (used in):
Operating activities: (ii)	$	(3,226,569	)	$	4,358,311		$	1,131,742
Investing activities		(33,953	)		(4,358,311	)		(4,392,264	)

(i) As reported in the Company's 2022 Form 10-Q filed with the SEC on August 15, 2022.

(ii) Financial statement line impacted in operating activities was increase/(decrease) in premium finance contracts receivable.