Abacus Life Inc
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
ABX$9.13+1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Condensed Consolidated Statements of Cash Flows
| Six Months EndedJune 30 (Unaudited) · Year EndedDecember 31 | |||
|---|---|---|---|
| 2023 · 2022 | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $(974,901) | $(52,495) | |
| Adjustments to reconcile net income to net cash used in operating activities: | |||
| Depreciation expense | 19,157 | 25,184 | |
| Amortization expense | 40,278 | 80,138 | |
| Amortization of deferred financing fees | 11,725 | 7,817 | |
| Non-cash lease expense | 1,210 | 1,631 | |
| Changes in operating assets and liabilities: | |||
| Related party receivables | 397,039 | 187,622 | |
| Other receivables | 101,203 | (82,455) | |
| Prepaid expenses | (198,643) | 89,366 | |
| Other current assets | (26,211) | — | |
| Other non-current assets | (7,246) | ||
| Certificate of deposit | — | 656,250 | |
| State security deposit | (233) | ||
| Accrued payroll and other expenses | (17,466) | 31,020 | |
| Contract liability—deposits on pending settlements | 659,067 | (1,356,641) | |
| Accounts payable | (36,750) | 36,750 | |
| Net cash used in operating activities | (24,292) | (383,292) | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Capital expenditures | (108,394) | (64,099) | |
| Purchase of intangible asset | — | (15,000) | |
| Due from members and affiliates | (74,134) | 15,088 | |
| Net cash used in investing activities | (182,528) | (64,011) | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Due to members | (1,411) | (10,446) | |
| Financing fees | (23,450) | ||
| Distributions to members | (442,283) | (659,363) | |
| Net cash used in financing activities | (443,694) | (693,259) | |
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (650,514) | (1,140,562) | |
| CASH AND CASH EQUIVALENTS: | |||
| Beginning of period | 1,458,740 | 2,599,302 | |
| End of period | $808,226 | $1,458,740 | |
See accompanying notes to condensed financial statements.
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