Abacus Life Inc
For the period ended Jun 30, 2024. Filed Aug 12, 2024.
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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.
Jun 30, 2024 · Filed Aug 12, 2024
ABX$9.13+1.6%Stored close · as of Nov 10, 2026
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Unaudited Consolidated Statements of Cash Flows
ABACUS LIFE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net (loss) income | $(623,722) | $14,348,345 |
| Adjustments to reconcile net income to net cash | ||
| used in operating activities: | ||
| Depreciation and amortization | 3,432,506 | 2,141 |
| Stock-based compensation | 12,258,830 | — |
| Amortization of debt issuance costs | 451,234 | — |
| Unrealized gain on equity securities, at fair value | (802,484) | (798,156) |
| Realized gain on equity securities, at fair value | (856,744) | — |
| Unrealized gain on policies, at fair value | (21,341,703) | (3,319,588) |
| Loss on change in fair value of debt | 3,912,090 | 2,398,662 |
| Gain on change in fair value of warrant liability | (279,460) | — |
| Non-cash interest income on available for sale security | (59,640) | — |
| Deferred income taxes | 3,969,473 | 252,659 |
| Non-cash interest expense | 2,551,404 | — |
| Non-cash lease expense | 114,377 | 384 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 532,435 | (182,147) |
| Accounts receivable, related party | (70,704) | 125,764 |
| Prepaid expenses and other current assets | (233,471) | (193,462) |
| Other assets | (508,486) | (105,655) |
| Accounts payable | — | 361,486 |
| Accrued expenses | (2,177,710) | — |
| Accrued transaction costs | 2,533,627 | (725,685) |
| Contract liabilities, deposits on pending settlement | 936,483 | — |
| Other current liabilities | (1,717,402) | 402,363 |
| Income tax payable | (751,734) | — |
| Income tax receivable | (2,435,239) | — |
| Net change in life settlement policies, at fair value | (63,933,151) | (39,556,677) |
| Net change in life settlement policies, at cost | 556,681 | (11,374,605) |
| Net cash used in operating activities | (64,542,510) | (38,364,171) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
ABACUS LIFE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT.)
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Purchase of property and equipment | (350,917) | — |
| Purchase of intangible assets | (102,135) | — |
| Purchase of other investments, at cost | (100,000) | (300,000) |
| Change in due from affiliates | (163,061) | (6,760,627) |
| Net cash used in investing activities | (716,113) | (7,060,627) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Issuance of long term-debt | 51,946,891 | 35,206,351 |
| Payment of discounts and financing costs | (1,688,926) | — |
| Issuance of long term debt, related party | — | 25,000,000 |
| Common stock sale | 92,000,000 | — |
| Common stock sale transaction costs | (5,730,000) | — |
| Repurchase of common stock | (10,742,075) | — |
| Transaction costs | (483,451) | (10,841,551) |
| Due to former members | (1,159,712) | (23,533,072) |
| Warrant conversions | 6,851,057 | — |
| Due to affiliates | — | 10,151,369 |
| Net cash provided by financing activities | 130,993,784 | 35,983,097 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 65,735,161 | (9,441,701) |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 25,588,668 | 30,052,823 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | $91,323,829 | $20,611,122 |
| SUPPLEMENTAL DISCLOSURES: | ||
| Interest paid | $4,635,611 | $773,282 |
| Income taxes paid, net of refunds | 2,691,871 | — |
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