Abacus Life Inc
For the period ended Mar 31, 2024. Filed May 13, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 13, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income
ABACUS LIFE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| REVENUES: | ||
| Portfolio servicing revenue | $217,935 | $302,871 |
| Active management revenue | 19,796,999 | 9,970,518 |
| Origination revenue | 1,472,250 | — |
| Total revenues | 21,487,184 | 10,273,389 |
| COST OF REVENUES (excluding depreciation and amortization stated below) | ||
| Cost of revenue (including stock-based compensation) | 2,720,212 | 489,550 |
| Related party cost of revenue | 685 | — |
| Total cost of revenue | 2,720,897 | 489,550 |
| Gross Profit | 18,766,287 | 9,783,839 |
| OPERATING EXPENSES: | ||
| Sales and marketing | 1,929,944 | 729,004 |
| General and administrative (including stock-based compensation) | 11,353,499 | 696,892 |
| Loss on change in fair value of debt | 2,712,627 | 953,433 |
| Unrealized gain on investments | (1,164,966) | (125,220) |
| Depreciation and amortization expense | 1,682,054 | 1,043 |
| Total operating expenses | 16,513,158 | 2,255,152 |
| Operating Income | $2,253,129 | $7,528,687 |
| OTHER INCOME (EXPENSE): | ||
| Gain on change in fair value of warrant liability | 946,960 | — |
| Interest expense | (3,670,445) | (357,383) |
| Interest income | 421,426 | 7,457 |
| Other expense | (53,028) | (210,432) |
| Total other (expense) | (2,355,087) | (560,358) |
| Net (loss) income before provision for income taxes | (101,958) | 6,968,329 |
| Income tax expense (benefit) | 1,173,513 | (656,467) |
| NET (LOSS) INCOME | (1,275,471) | 7,624,796 |
| LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST | 73,274 | (460,707) |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(1,348,745) | $8,085,503 |
| (LOSS) EARNINGS PER SHARE: | ||
| (Loss) earnings per share - basic and diluted | (0.02) | 0.16 |
| Weighted-average stock outstanding—basic and diluted [1] | 63,027,246 | 50,369,350 |
| NET (LOSS) INCOME | (1,275,471) | 7,624,796 |
| Other comprehensive income (loss), net of tax or tax benefit: | ||
| Change in fair value of debt (risk adjusted) | 7,436 | (112,313) |
| Comprehensive (loss) income before non-controlling interests | (1,268,035) | 7,512,483 |
ABACUS LIFE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (CONT.)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net and comprehensive income (loss) attributable to non-controlling interests | 68,760 | (487,638) |
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(1,336,795) | $8,000,121 |
(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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.