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10-Q Filing

STANDARD PREMIUM FINANCE HOLDINGS, INC. CIK: 1807893 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001079973-23-000669
Period End Date 20230331
Filing Date 20230512
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance spfx_10q-033123_htm.xml
Filing Contents
Balance Sheet 80 line items
Line Item Tag Value Unit Period
Allowance for credit losses AccountsAndFinancingReceivableAllowanceForCreditLoss $1.13M USD Point-in-time
Allowance for credit losses AccountsAndFinancingReceivableAllowanceForCreditLoss $1.15M USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 20.00M shares Point-in-time
Cash Cash $421.21K USD Point-in-time
Cash Cash $260.49K USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 20.00M shares Point-in-time
Premium finance contracts and related receivable, net of allowance for credit losses of $1,148,783 and $1,129,498 at March 31, 2023 and December 31, 2022, respectively PremiumFinanceContractsAndRelatedReceivableNet $49.47M USD Point-in-time
Premium finance contracts and related receivable, net of allowance for credit losses of $1,148,783 and $1,129,498 at March 31, 2023 and December 31, 2022, respectively PremiumFinanceContractsAndRelatedReceivableNet $52.02M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $348.80K USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $349.80K USD Point-in-time
TOTAL CURRENT ASSETS AssetsCurrent $52.63M USD Point-in-time
TOTAL CURRENT ASSETS AssetsCurrent $50.24M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
PROPERTY AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $103.59K USD Point-in-time
PROPERTY AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $97.33K USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
OPERATING LEASE ASSETS OperatingLeaseRightOfUseAsset $168.12K USD Point-in-time
OPERATING LEASE ASSETS OperatingLeaseRightOfUseAsset $196.41K USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 2.91M shares Point-in-time
FINANCE LEASE ASSETS FinanceLeaseRightOfUseAsset $51.92K USD Point-in-time
FINANCE LEASE ASSETS FinanceLeaseRightOfUseAsset $48.61K USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 2.91M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 2.91M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 2.91M shares Point-in-time
Cash surrender value of life insurance CashSurrenderValueOfLifeInsurance $603.82K USD Point-in-time
Cash surrender value of life insurance CashSurrenderValueOfLifeInsurance $611.47K USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $288.16K USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $304.00K USD Point-in-time
TOTAL OTHER ASSETS OtherAssets $891.98K USD Point-in-time
TOTAL OTHER ASSETS OtherAssets $915.47K USD Point-in-time
TOTAL ASSETS Assets $51.49M USD Point-in-time
TOTAL ASSETS Assets $53.86M USD Point-in-time
Line of credit, net LinesOfCreditCurrent $34.66M USD Point-in-time
Line of credit, net LinesOfCreditCurrent $32.71M USD Point-in-time
Drafts payable DraftsPayable $1.83M USD Point-in-time
Drafts payable DraftsPayable $2.34M USD Point-in-time
Note payable - current portion NotesPayableCurrent $1.34M USD Point-in-time
Note payable - current portion NotesPayableCurrent $755.92K USD Point-in-time
Note payable - stockholders and related parties - current portion NotesPayableRelatedPartiesClassifiedCurrent $72.00K USD Point-in-time
Note payable - stockholders and related parties - current portion NotesPayableRelatedPartiesClassifiedCurrent $109.00K USD Point-in-time
Payroll Protection Program loan - current portion PayrollProtectionProgramLoanCurrentPortion $91.85K USD Point-in-time
Payroll Protection Program loan - current portion PayrollProtectionProgramLoanCurrentPortion $92.08K USD Point-in-time
Operating lease obligation - current portion OperatingLeaseLiabilityCurrent $122.55K USD Point-in-time
Operating lease obligation - current portion OperatingLeaseLiabilityCurrent $110.21K USD Point-in-time
Finance lease obligation - current portion FinanceLeaseLiabilityCurrent $12.66K USD Point-in-time
Finance lease obligation - current portion FinanceLeaseLiabilityCurrent $12.49K USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesAndOtherLiabilities $1.45M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesAndOtherLiabilities $1.32M USD Point-in-time
TOTAL CURRENT LIABILITIES LiabilitiesCurrent $37.54M USD Point-in-time
TOTAL CURRENT LIABILITIES LiabilitiesCurrent $39.49M USD Point-in-time
Note payable, net of current portion LongTermNotesPayable $5.95M USD Point-in-time
Note payable, net of current portion LongTermNotesPayable $6.31M USD Point-in-time
Note payable - stockholders and related parties, net of current portion NotesPayableRelatedPartiesNoncurrent $1.86M USD Point-in-time
Note payable - stockholders and related parties, net of current portion NotesPayableRelatedPartiesNoncurrent $1.82M USD Point-in-time
Payroll Protection Program loan, net of current portion PayrollProtectionProgramLoanNetOfCurrentPortion $100.81K USD Point-in-time
Payroll Protection Program loan, net of current portion PayrollProtectionProgramLoanNetOfCurrentPortion $123.92K USD Point-in-time
Operating lease obligation, net of current portion OperatingLeaseLiabilityNoncurrent $57.91K USD Point-in-time
Operating lease obligation, net of current portion OperatingLeaseLiabilityNoncurrent $73.85K USD Point-in-time
Finance lease obligation, net of current portion FinanceLeaseLiabilityNoncurrent $40.56K USD Point-in-time
Finance lease obligation, net of current portion FinanceLeaseLiabilityNoncurrent $37.33K USD Point-in-time
TOTAL LONG-TERM LIABILITIES LiabilitiesNoncurrent $8.00M USD Point-in-time
TOTAL LONG-TERM LIABILITIES LiabilitiesNoncurrent $8.37M USD Point-in-time
TOTAL LIABILITIES Liabilities $47.86M USD Point-in-time
TOTAL LIABILITIES Liabilities $45.54M USD Point-in-time
Common stock, par value $.001 per share; 100 million shares authorized, 2,905,016 shares issued and outstanding at March 31, 2023 and December 31, 2022 CommonStockValue $2.90K USD Point-in-time
Common stock, par value $.001 per share; 100 million shares authorized, 2,905,016 shares issued and outstanding at March 31, 2023 and December 31, 2022 CommonStockValue $2.90K USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $3.39M USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $3.38M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.61M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.57M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $6.00M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $4.53M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $5.95M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $4.77M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $51.49M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $53.86M USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
TOTAL REVENUES Revenues $2.08M USD 1 Quarter
TOTAL REVENUES Revenues $1.88M USD 1 Quarter
Interest expense InterestExpense $426.49K USD 1 Quarter
Interest expense InterestExpense $791.65K USD 1 Quarter
Salaries and wages SalariesAndWages $429.25K USD 1 Quarter
Salaries and wages SalariesAndWages $360.70K USD 1 Quarter
Commission expense LeasingCommissionsExpense $242.44K USD 1 Quarter
Commission expense LeasingCommissionsExpense $240.85K USD 1 Quarter
Provision for credit losses ProvisionForOtherCreditLosses $168.10K USD 1 Quarter
Provision for credit losses ProvisionForOtherCreditLosses $191.85K USD 1 Quarter
Professional fees ProfessionalFees $105.80K USD 1 Quarter
Professional fees ProfessionalFees $87.82K USD 1 Quarter
Postage expense PostageExpense $25.37K USD 1 Quarter
Postage expense PostageExpense $27.88K USD 1 Quarter
Insurance expense OtherExpenses $43.84K USD 1 Quarter
Insurance expense OtherExpenses $27.47K USD 1 Quarter
Other operating expenses OtherGeneralExpense $200.70K USD 1 Quarter
Other operating expenses OtherGeneralExpense $210.75K USD 1 Quarter
TOTAL COSTS AND EXPENSES OperatingCostsAndExpenses $1.58M USD 1 Quarter
TOTAL COSTS AND EXPENSES OperatingCostsAndExpenses $2.00M USD 1 Quarter
INCOME BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $300.69K USD 1 Quarter
INCOME BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $79.75K USD 1 Quarter
PROVISION FOR INCOME TAXES IncomeTaxExpenseBenefit $10.87K USD 1 Quarter
PROVISION FOR INCOME TAXES IncomeTaxExpenseBenefit $75.62K USD 1 Quarter
NET INCOME NetIncomeLoss $225.06K USD 1 Quarter
NET INCOME NetIncomeLoss $68.88K USD 1 Quarter
PREFERRED SHARE DIVIDENDS DividendsPreferredStockStock $17.32K USD 1 Quarter
PREFERRED SHARE DIVIDENDS DividendsPreferredStockStock $29.05K USD 1 Quarter
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS NetIncomeLossAvailableToCommonStockholdersBasic $39.83K USD 1 Quarter
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS NetIncomeLossAvailableToCommonStockholdersBasic $207.74K USD 1 Quarter
Basic EarningsPerShareBasic $0.07 USD 1 Quarter
Basic EarningsPerShareBasic $0.01 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.07 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.01 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 2.91M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 2.91M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 3.36M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 2.91M shares 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
NET INCOME NetIncomeLoss $225.06K USD 1 Quarter
NET INCOME NetIncomeLoss $68.88K USD 1 Quarter
Depreciation Depreciation $4.54K USD 1 Quarter
Depreciation Depreciation $6.26K USD 1 Quarter
Loss on disposal of property and equipment GainLossOnDispositionOfAssets - USD 1 Quarter
Loss on disposal of property and equipment GainLossOnDispositionOfAssets $-2.17K USD 1 Quarter
Amortization of right to use asset - operating lease OperatingLeaseRightOfUseAssetAmortizationExpense $28.29K USD 1 Quarter
Amortization of right to use asset - operating lease OperatingLeaseRightOfUseAssetAmortizationExpense $25.30K USD 1 Quarter
Amortization of finance lease asset FinanceLeaseRightOfUseAssetAmortization $3.31K USD 1 Quarter
Amortization of finance lease asset FinanceLeaseRightOfUseAssetAmortization $3.31K USD 1 Quarter
Provision for credit losses ProvisionForOtherCreditLosses $168.10K USD 1 Quarter
Provision for credit losses ProvisionForOtherCreditLosses $191.85K USD 1 Quarter
Amortization of loan origination fees AmortizationOfDeferredLoanOriginationFeesNet $-21.86K USD 1 Quarter
Amortization of loan origination fees AmortizationOfDeferredLoanOriginationFeesNet $-28.52K USD 1 Quarter
Options issued for services OptionsIssuedForServices $7.05K USD 1 Quarter
Options issued for services OptionsIssuedForServices $5.78K USD 1 Quarter
(Increase)/Decrease in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.01K USD 1 Quarter
(Increase)/Decrease in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-214.00K USD 1 Quarter
(Increase)/Decrease in deferred tax asset, net IncreaseDecreaseInDeferredIncomeTaxes $5.00K USD 1 Quarter
(Increase)/Decrease in deferred tax asset, net IncreaseDecreaseInDeferredIncomeTaxes $15.84K USD 1 Quarter
Increase/(Decrease) in drafts payable IncreaseDecreaseInBookOverdrafts $967.90K USD 1 Quarter
Increase/(Decrease) in drafts payable IncreaseDecreaseInBookOverdrafts $509.38K USD 1 Quarter
Increase/(Decrease) in accrued expenses and other current liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-386.54K USD 1 Quarter
Increase/(Decrease) in accrued expenses and other current liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $136.45K USD 1 Quarter
Increase/(Decrease) in operating lease liability IncreaseDecreaseInOperatingLeaseLiability $-28.29K USD 1 Quarter
Increase/(Decrease) in operating lease liability IncreaseDecreaseInOperatingLeaseLiability $-25.30K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $934.86K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $1.22M USD 1 Quarter
Disbursements under premium finance contracts receivable, net DisbursementsUnderPremiumFinanceContractsReceivableNet $2.46M USD 1 Quarter
Disbursements under premium finance contracts receivable, net DisbursementsUnderPremiumFinanceContractsReceivableNet $2.73M USD 1 Quarter
Payments made on cash surrender value of life insurance PaymentsToAcquireLifeInsurancePolicies $7.59K USD 1 Quarter
Payments made on cash surrender value of life insurance PaymentsToAcquireLifeInsurancePolicies $7.65K USD 1 Quarter
Sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $4.50K USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment - USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $24.80K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-2.49M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-2.74M USD 1 Quarter
Cash overdraft ProceedsFromRepaymentsOfBankOverdrafts - USD 1 Quarter
Cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-153.26K USD 1 Quarter
Proceeds of line of credit, net of repayments ProceedsFromRepaymentsOfLinesOfCredit $1.73M USD 1 Quarter
Proceeds of line of credit, net of repayments ProceedsFromRepaymentsOfLinesOfCredit $1.92M USD 1 Quarter
Proceeds from notes payable ProceedsFromNotesPayable $25.00K USD 1 Quarter
Proceeds from notes payable ProceedsFromNotesPayable $200.00K USD 1 Quarter
Repayment of notes payable RepaymentsOfNotesPayable $242.00K USD 1 Quarter
Repayment of notes payable RepaymentsOfNotesPayable $215.00K USD 1 Quarter
Proceeds from notes payable - stockholders and related parties ProceedsFromRelatedPartyDebt - USD 1 Quarter
Proceeds from notes payable - stockholders and related parties ProceedsFromRelatedPartyDebt $30.00K USD 1 Quarter
Repayment of notes payable - stockholders and related parties RepaymentsOfRelatedPartyDebt $181.30K USD 1 Quarter
Repayment of notes payable - stockholders and related parties RepaymentsOfRelatedPartyDebt $27.00K USD 1 Quarter
Repayment of finance lease obligation RepaymentsOfLongTermDebtAndCapitalSecurities $3.06K USD 1 Quarter
Repayment of finance lease obligation RepaymentsOfLongTermDebtAndCapitalSecurities $2.91K USD 1 Quarter
Repayment of PPP loan RepaymentOfPppLoan - USD 1 Quarter
Repayment of PPP loan RepaymentOfPppLoan $22.88K USD 1 Quarter
Dividends paid on Series A Convertible Preferred Stock DividendsPaidOnSeriesConvertiblePreferredStock $17.32K USD 1 Quarter
Dividends paid on Series A Convertible Preferred Stock DividendsPaidOnSeriesConvertiblePreferredStock $29.05K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.65M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.36M USD 1 Quarter
NET CHANGE IN CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $85.90K USD 1 Quarter
NET CHANGE IN CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-160.72K USD 1 Quarter
CASH AT THE BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $260.49K USD Point-in-time
CASH AT THE BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $20.99K USD Point-in-time
CASH AT THE BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $106.89K USD Point-in-time
CASH AT THE BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $421.21K USD Point-in-time
CASH AT THE END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $260.49K USD Point-in-time
CASH AT THE END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $20.99K USD Point-in-time
CASH AT THE END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $106.89K USD Point-in-time
CASH AT THE END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $421.21K USD Point-in-time
Income taxes IncomeTaxesPaidNet $85.00K USD 1 Quarter
Income taxes IncomeTaxesPaidNet - USD 1 Quarter
Interest paid InterestPaidNet $423.60K USD 1 Quarter
Interest paid InterestPaidNet $779.68K USD 1 Quarter
Debt exchanged for Series A Convertible Preferred Stock DebtExchangedForSeriesConvertiblePreferredStock $20.00K USD 1 Quarter
Debt exchanged for Series A Convertible Preferred Stock DebtExchangedForSeriesConvertiblePreferredStock - USD 1 Quarter
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Beginning balance, value StockholdersEquity $6.00M USD Point-in-time
Beginning balance, value StockholdersEquity $4.53M USD Point-in-time
Beginning balance, value StockholdersEquity $5.95M USD Point-in-time
Beginning balance, value StockholdersEquity $4.77M USD Point-in-time
Series A Convertible Preferred Stock issued in exchange for note payable SeriesAConvertiblePreferredStockIssuedInExchangeForNotePayable $20.00K USD 1 Quarter
Options issued for services StockIssuedDuringPeriodValueIssuedForServices $5.78K USD 1 Quarter
Options issued for services StockIssuedDuringPeriodValueIssuedForServices $7.05K USD 1 Quarter
Dividends paid on preferred stock DividendsPaidOnPreferredStock $-17.32K USD 1 Quarter
Dividends paid on preferred stock DividendsPaidOnPreferredStock $-29.05K USD 1 Quarter
Net income NetIncomeLoss $225.06K USD 1 Quarter
Net income NetIncomeLoss $68.88K USD 1 Quarter
Ending balance, value StockholdersEquity $6.00M USD Point-in-time
Ending balance, value StockholdersEquity $4.53M USD Point-in-time
Ending balance, value StockholdersEquity $5.95M USD Point-in-time
Ending balance, value StockholdersEquity $4.77M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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