Abacus Life Inc
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 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
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net (loss) income | $(5,908,533) | $15,399,317 |
| Adjustments to reconcile net (loss) income to net cash | ||
| used in operating activities: | ||
| Depreciation and amortization | 5,177,785 | 1,696,994 |
| Stock-based compensation | 18,675,208 | 4,583,632 |
| Amortization of debt issuance costs | 638,089 | 133,211 |
| Unrealized gain on equity securities, at fair value | (1,220,161) | (491,356) |
| Realized gain on equity securities, at fair value | (856,744) | — |
| Unrealized gain on policies, at fair value | (38,140,038) | (14,259,665) |
| Non-cash gain on policy trades | (3,110,282) | — |
| Loss on change in fair value of debt | 4,036,327 | 309,865 |
| Loss on change in fair value of warrant liability | 8,487,040 | 943,400 |
| Non-cash interest income on available-for-sale security | (79,805) | — |
| Deferred income taxes | 3,985,966 | 1,743,079 |
| Non-cash interest expense, related party | 2,692,795 | 1,064,130 |
| Non-cash interest expense | 352,848 | — |
| Non-cash lease expense | 219,143 | (721) |
| Changes in operating assets and liabilities: | ||
| Equity securities, at fair value | 1,406,848 | (112,559) |
| Accounts receivable | (83,321) | (929,020) |
| Accounts receivable, related party | (3,989) | 29,199 |
| Prepaid expenses and other current assets | (1,371,748) | (325,294) |
| Income tax receivable | (2,702,103) | — |
| Other assets | (651,753) | (521,850) |
| Accounts payable | — | (38,014) |
| Accrued expenses | (1,818,948) | 112,388 |
| Accrued transaction costs | 2,600,000 | (908,256) |
| Contract liabilities, deposits on pending settlement | 417,083 | (632,381) |
| Other current liabilities | 259,157 | 3,089,077 |
| Income tax payable | (751,734) | — |
| Net change in life settlement policies, at fair value | (109,702,614) | (55,516,357) |
ABACUS LIFE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT.)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Net change in life settlement policies, at cost | 626,006 | (5,601,493) |
| Net cash used in operating activities | (116,827,478) | (50,232,674) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchase of property and equipment | (593,459) | (96,721) |
| Purchase of intangible assets | (102,136) | — |
| Purchase of other investments, at cost | (200,000) | (350,000) |
| Change in due from affiliates | (271,571) | 3,016,158 |
| Net cash (used in) provided by investing activities | (1,167,166) | 2,569,437 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Issuance of long term-debt | 66,685,109 | 52,006,584 |
| Payment of discounts and financing costs | (1,887,460) | — |
| Repayment of debt | (4,040,758) | — |
| Issuance of long term debt, related party | — | 35,471,648 |
| Repayment of debt, related party | (28,189,406) | — |
| Common stock sale | 92,000,000 | — |
| Common stock sale transaction costs | (7,213,627) | — |
| Repurchase of common stock | (10,742,075) | — |
| Transaction costs | (483,451) | (10,841,551) |
| Capital distribution to former members | — | (23,533,073) |
| Due to former members | (1,159,712) | 442,283 |
| Warrant conversions | 6,852,207 | — |
| Proceeds received from SPAC trust | — | 972,262 |
| Due to affiliates | (5,236) | (258,549) |
| Net cash provided by financing activities | 111,815,591 | 54,259,604 |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (6,179,053) | 6,596,367 |
| 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 | $19,409,615 | $36,649,190 |
| SUPPLEMENTAL DISCLOSURES: | ||
| Interest paid | $7,851,024 | $1,330,323 |
| Income taxes paid, net of refunds | 2,691,871 | — |
| Non-cash sale of life settlement policies, at fair value | 14,294,275 | — |
| Non-cash purchase of life settlement policies, at fair value | 14,294,275 | — |
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