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
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income
ABACUS LIFE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
| Three Months EndedSeptember 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| REVENUES: | ||||
| Portfolio servicing revenue | $116,386 | $224,569 | $539,209 | $814,626 |
| Active management revenue | 26,967,575 | 18,926,144 | 73,778,331 | 39,921,061 |
| Origination revenue | 1,064,530 | 1,970,217 | 4,394,237 | 1,970,217 |
| Total revenues | 28,148,491 | 21,120,930 | 78,711,777 | 42,705,904 |
| COST OF REVENUES (excluding depreciation and amortization stated below): | ||||
| Cost of revenue (including stock-based compensation) | 2,187,551 | 3,356,976 | 7,649,844 | 4,819,926 |
| Related party cost of revenue | 430 | 7,981 | 2,568 | 7,981 |
| Total cost of revenue | 2,187,981 | 3,364,957 | 7,652,412 | 4,827,907 |
| Gross Profit | 25,960,510 | 17,755,973 | 71,059,365 | 37,877,997 |
| OPERATING EXPENSES: | ||||
| Sales and marketing | 2,169,197 | 1,704,154 | 6,651,942 | 3,116,999 |
| General and administrative (including stock-based compensation) | 15,489,503 | 9,838,951 | 41,396,346 | 11,113,382 |
| Loss (gain) on change in fair value of debt | 124,237 | (2,088,797) | 4,036,327 | 309,865 |
| Unrealized (gain) loss on equity securities, at fair value | (417,677) | 306,800 | (1,220,161) | (491,356) |
| Realized gain on equity securities, at fair value | — | — | (856,744) | — |
| Depreciation and amortization expense | 1,745,279 | 1,694,853 | 5,177,785 | 1,696,994 |
| Total operating expenses | 19,110,539 | 11,455,961 | 55,185,495 | 15,745,884 |
| Operating Income | 6,849,971 | 6,300,012 | 15,873,870 | 22,132,113 |
| OTHER INCOME (EXPENSE): | ||||
| Loss on change in fair value of warrant liability | (8,766,500) | (943,400) | (8,487,040) | (943,400) |
| Interest expense | (4,218,314) | (2,679,237) | (12,417,946) | (3,620,695) |
| Interest income | 609,496 | 63,826 | 1,670,828 | 71,283 |
| Other (expense) income | (9,832) | 20,086 | 132,610 | (1,565) |
| Total other (expense) | (12,385,150) | (3,538,725) | (19,101,548) | (4,494,377) |
ABACUS LIFE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (CONT.)
| Three Months EndedSeptember 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net (loss) income before provision for income taxes | (5,535,179) | 2,761,287 | (3,227,678) | 17,637,736 |
| Income tax (benefit) expense | (250,368) | 1,710,315 | 2,680,855 | 2,238,419 |
| NET (LOSS) INCOME | (5,284,811) | 1,050,972 | (5,908,533) | 15,399,317 |
| LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | (159,756) | 147,611 | (204,716) | (339,692) |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(5,125,055) | $903,361 | $(5,703,817) | $15,739,009 |
| (LOSS) EARNINGS PER SHARE: | ||||
| (Loss) earnings per share - basic [1] | ($0.07) | $0.01 | ($0.09) | $0.29 |
| (Loss) earnings per share - diluted [1] | ($0.07) | $0.01 | ($0.09) | $0.29 |
| Weighted-average stock outstanding—basic [1] | 74,694,319 | 63,349,823 | 66,984,401 | 54,632,826 |
| Weighted-average stock outstanding—diluted [1] | 74,694,319 | 63,349,823 | 66,984,401 | 54,632,826 |
| NET (LOSS) INCOME | $(5,284,811) | $1,050,972 | $(5,908,533) | $15,399,317 |
| Other comprehensive (loss) income, net of tax or tax benefit: | ||||
| Change in fair value of debt (risk adjusted) | (53,656) | (1,016,034) | (111,835) | (1,248,010) |
| Reclassification of change in fair value of debt (risk adjusted) upon related debt payoff | 11,079 | — | 11,079 | — |
| Comprehensive (loss) income before non-controlling interests | (5,327,388) | 34,938 | (6,009,289) | 14,151,307 |
| Net and comprehensive loss attributable to non-controlling interests | (170,730) | (91,292) | (229,820) | (635,041) |
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(5,156,658) | $126,230 | $(5,779,469) | $14,786,348 |
[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.
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