XML 34 R9.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
REVENUES:        
Investment Income from life insurance policies held using investment method $ 500,000 $ 8,392,334 $ 17,980,987 $ 37,828,829
Change in fair value of life insurance policies (policies held using fair value method) 19,296,999 1,578,184 43,214,390 5,413,751
Total active management revenue 19,796,999 9,970,518 61,195,377 43,242,580
Total revenues 21,487,184 10,273,389 66,401,451 44,713,552
COST OF REVENUES (excluding depreciation and amortization stated below):        
Total cost of revenue 2,720,897 489,550 6,490,377 5,884,669
Gross Profit 18,766,287 9,783,839 59,911,074 38,828,883
OPERATING EXPENSES:        
Sales and marketing 1,929,944 729,004 4,905,747 2,596,140
General and administrative (including stock-based compensation) 11,353,499 696,892 26,482,571 1,426,865
Loss on change in fair value of debt 2,712,627 953,433 2,356,058 90,719
Unrealized loss (gain) on investments (1,164,966) (125,220) (1,369,112) 1,045,623
Depreciation and amortization expense 1,682,054 1,043 3,409,928 4,282
Total operating expenses 16,513,158 2,255,152 35,785,192 5,163,629
Operating Income 2,253,129 7,528,687 24,125,882 33,665,254
OTHER INCOME (EXPENSE):        
Loss on change in fair value of warrant liability     (4,204,360) 0
Interest (expense) (3,670,445) (357,383) (9,866,821) (42,798)
Interest income 421,426 7,457 594,764 1,474
Other income (expense) (53,028) (210,432) (146,443) (347,013)
Total other income (expense) (2,355,087) (560,358) (13,622,860) (388,337)
Net income before provision for income taxes (101,958) 6,968,329 10,503,022 33,276,917
Income tax provision 1,173,513 (656,467) 1,468,535 889,943
NET INCOME (1,275,471) 7,624,796 9,034,487 32,386,974
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST 73,274 (460,707) (482,139) 704,699
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (1,348,745) $ 8,085,503 $ 9,516,626 $ 31,682,275
EARNINGS PER SHARE:        
Earnings per share - basic (in dollars per share) $ (0.02) $ 0.16 $ 0.17 $ 0.63
Earnings per share - diluted (in dollars per share) $ (0.02) $ 0.16 $ 0.16 $ 0.63
Weighted-average stock outstanding - basic (in shares) 63,027,246 [1] 50,369,350 [1] 56,951,414 [2] 50,369,350 [2]
Weighted-average stock outstanding - diluted (in shares) 63,027,246 [1] 50,369,350 [1] 57,767,898 [2] 50,369,350 [2]
NET INCOME $ (1,275,471) $ 7,624,796 $ 9,034,487 $ 32,386,974
Other comprehensive income, net of tax:        
Change in fair value of debt (risk adjusted) 7,436 (112,313) (1,248,330) 1,395,830
Comprehensive income before non-controlling interests (1,268,035) 7,512,483 7,786,157 33,782,804
Net and comprehensive income (loss) attributable to non-controlling interests 68,760 (487,638) (800,311) 1,047,693
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (1,336,795) 8,000,121 8,586,468 32,735,111
Portfolio services revenue        
REVENUES:        
Revenue 217,935 302,871 1,002,174 1,470,972
Originations revenue        
REVENUES:        
Revenue 1,472,250 0 4,203,900 0
Related Party        
COST OF REVENUES (excluding depreciation and amortization stated below):        
Total cost of revenue 685 0 99,456 0
Related Party | Portfolio services revenue        
REVENUES:        
Revenue 185,185 213,447 778,678 818,300
Related Party | Originations revenue        
REVENUES:        
Revenue     494,972 0
Nonrelated Party        
COST OF REVENUES (excluding depreciation and amortization stated below):        
Total cost of revenue 2,720,212 489,550 6,390,921 5,884,669
Nonrelated Party | Portfolio services revenue        
REVENUES:        
Revenue $ 32,750 $ 89,424 223,496 652,672
Nonrelated Party | Originations revenue        
REVENUES:        
Revenue     $ 3,708,928 $ 0
[1] The 2023 number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the Business Combination.
[2] Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Life, Inc. as a result of the Business Combination.