Abacus Life Inc
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
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Consolidated Statements of Operations and Comprehensive Income
ABACUS LIFE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED December 31, (CONT.)
| 2023 | 2022 | |
|---|---|---|
| REVENUES: | ||
| Portfolio servicing revenue: | ||
| Related party servicing revenue | $778,678 | $818,300 |
| Portfolio servicing revenue | 223,496 | 652,672 |
| Total portfolio servicing revenue | 1,002,174 | 1,470,972 |
| Active management revenue: | ||
| Investment Income from life insurance policies held using investment method | 17,980,987 | 37,828,829 |
| Change in fair value of life insurance policies (policies held using fair value method) | 43,214,390 | 5,413,751 |
| Total active management revenue | 61,195,377 | 43,242,580 |
| Originations revenue: | ||
| Related party origination revenue | 494,972 | — |
| Origination revenue | 3,708,928 | — |
| Total origination revenue | 4,203,900 | — |
| Total revenues | 66,401,451 | 44,713,552 |
| COST OF REVENUES (excluding depreciation and amortization stated below): | ||
| Related party cost of revenue | 99,456 | — |
| Cost of revenue (including stock-based compensation) | 6,390,921 | 5,884,669 |
| Total cost of revenue | 6,490,377 | 5,884,669 |
| Gross Profit | 59,911,074 | 38,828,883 |
| OPERATING EXPENSES: | ||
| Sales and marketing | 4,905,747 | 2,596,140 |
| General and administrative (including stock-based compensation) | 26,482,571 | 1,426,865 |
| Loss on change in fair value of debt | 2,356,058 | 90,719 |
| Unrealized loss (gain) on investments | (1,369,112) | 1,045,623 |
| Depreciation and amortization expense | 3,409,928 | 4,282 |
| Total operating expenses | 35,785,192 | 5,163,629 |
| Operating Income | $24,125,882 | $33,665,254 |
| OTHER INCOME (EXPENSE): | ||
| Loss on change in fair value of warrant liability | (4,204,360) | — |
| Interest (expense) | (9,866,821) | (42,798) |
| Interest income | 594,764 | 1,474 |
| Other income (expense) | (146,443) | (347,013) |
| Total other income (expense) | (13,622,860) | (388,337) |
| Net income before provision for income taxes | 10,503,022 | 33,276,917 |
| Income tax expense | 1,468,535 | 889,943 |
| NET INCOME | 9,034,487 | 32,386,974 |
| LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST | (482,139) | 704,699 |
ABACUS LIFE, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2023 AND 2022
| 2023 | 2022 | |
|---|---|---|
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $9,516,626 | $31,682,275 |
| EARNINGS PER SHARE: | ||
| Earnings per share—basic | $0.17 | $0.63 |
| Earnings per share—diluted | $0.16 | $0.63 |
| Weighted-average stock outstanding—basic [1] | 56,951,414 | 50,369,350 |
| Weighted-average stock outstanding—diluted [1] | 57,767,898 | 50,369,350 |
| NET INCOME | 9,034,487 | 32,386,974 |
| Other comprehensive income, net of tax: | ||
| Change in fair value of debt (risk adjusted) | (1,248,330) | 1,395,830 |
| Comprehensive income before non-controlling interests | 7,786,157 | 33,782,804 |
| Net and comprehensive income (loss) attributable to non-controlling interests | (800,311) | 1,047,693 |
| COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $8,586,468 | $32,735,111 |
(1) 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.
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