10-Q Filing

STANDARD PREMIUM FINANCE HOLDINGS, INC. CIK: 1807893 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001553350-21-000362`
Period End Date	20210331
Filing Date	20210510
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	spfh_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 34 Cash Flow Statement 64 Stockholders Equity 15

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Designated shares	`DesignatedShares`	600,000.00	shares	Point-in-time
Cash	`Cash`	$477.29K	USD	Point-in-time
Cash	`Cash`	$405.90K	USD	Point-in-time
Designated shares	`DesignatedShares`	600,000.00	shares	Point-in-time
Premium finance contracts and related receivable, net	`PremiumFinanceContractsAndRelatedReceivableNet`	$39.00M	USD	Point-in-time
Premium finance contracts and related receivable, net	`PremiumFinanceContractsAndRelatedReceivableNet`	$43.44M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	99,000.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	99,000.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$480.10K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$383.91K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	99,000.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	99,000.00	shares	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$44.32M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$39.86M	USD	Point-in-time
PROPERTY AND EQUIPMENT, NET	`PropertyPlantAndEquipmentNet`	$99.56K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
PROPERTY AND EQUIPMENT, NET	`PropertyPlantAndEquipmentNet`	$81.55K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
OPERATING LEASE ASSETS	`OperatingLeaseRightOfUseAsset`	$302.89K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.91M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.91M	shares	Point-in-time
OPERATING LEASE ASSETS	`OperatingLeaseRightOfUseAsset`	$95.42K	USD	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, net of policy loan	`CashSurrenderValueOfLifeInsurance`	$516.31K	USD	Point-in-time
Cash surrender value of life insurance, net of policy loan	`CashSurrenderValueOfLifeInsurance`	$523.40K	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$260.00K	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$276.63K	USD	Point-in-time
TOTAL OTHER ASSETS	`OtherAssets`	$800.04K	USD	Point-in-time
TOTAL OTHER ASSETS	`OtherAssets`	$776.31K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$40.81M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$45.53M	USD	Point-in-time
Line of credit, net	`LinesOfCreditCurrent`	$29.08M	USD	Point-in-time
Line of credit, net	`LinesOfCreditCurrent`	$25.65M	USD	Point-in-time
Drafts payable	`DraftsPayable`	$1.87M	USD	Point-in-time
Drafts payable	`DraftsPayable`	$2.04M	USD	Point-in-time
Note payable - current portion	`NotesPayableCurrent`	$1.89M	USD	Point-in-time
Note payable - current portion	`NotesPayableCurrent`	$1.45M	USD	Point-in-time
Note payable - stockholders and related parties - current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$465.42K	USD	Point-in-time
Note payable - stockholders and related parties - current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$722.74K	USD	Point-in-time
Payroll Protection Program loan - current portion	`PayrollProtectionProgramLoanCurrentPortion`	$15.02K	USD	Point-in-time
Payroll Protection Program loan - current portion	`PayrollProtectionProgramLoanCurrentPortion`	-	USD	Point-in-time
Operating lease obligation - current portion	`OperatingLeaseLiabilityCurrent`	$99.24K	USD	Point-in-time
Operating lease obligation - current portion	`OperatingLeaseLiabilityCurrent`	$39.34K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$1.21M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$1.36M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$34.50M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$31.40M	USD	Point-in-time
Note payable, net of current portion	`LongTermNotesPayable`	$2.52M	USD	Point-in-time
Note payable, net of current portion	`LongTermNotesPayable`	$1.89M	USD	Point-in-time
Note payable - stockholders and related parties, net of current portion	`NotesPayableRelatedPartiesNoncurrent`	$4.18M	USD	Point-in-time
Note payable - stockholders and related parties, net of current portion	`NotesPayableRelatedPartiesNoncurrent`	$3.53M	USD	Point-in-time
Payroll Protection Program loan, net of current portion	`PayrollProtectionProgramLoanNetOfCurrentPortion`	$271.00K	USD	Point-in-time
Payroll Protection Program loan, net of current portion	`PayrollProtectionProgramLoanNetOfCurrentPortion`	$255.98K	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$203.66K	USD	Point-in-time
Operating lease obligation, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$56.08K	USD	Point-in-time
TOTAL LONG-TERM LIABILITIES	`LiabilitiesNoncurrent`	$5.73M	USD	Point-in-time
TOTAL LONG-TERM LIABILITIES	`LiabilitiesNoncurrent`	$7.17M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$41.67M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$37.13M	USD	Point-in-time
Preferred stock, par value $0.001 per share; 20 million shares authorized, 600,000 shares designated as Series A - convertible, 99,000 and 99,000 issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	$99.00	USD	Point-in-time
Preferred stock, par value $0.001 per share; 20 million shares authorized, 600,000 shares designated as Series A - convertible, 99,000 and 99,000 issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	$99.00	USD	Point-in-time
Common stock, par value $0.001 per share; 100 million shares authorized, 2,905,016 and 2,905,016 shares issued and outstanding March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$2.90K	USD	Point-in-time
Common stock, par value $0.001 per share; 100 million shares authorized, 2,905,016 and 2,905,016 shares issued and outstanding March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$2.90K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$2.64M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$2.65M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.20M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.04M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$3.86M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$3.08M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$2.74M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$3.68M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$40.81M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$45.53M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
TOTAL REVENUES	`Revenues`	$1.71M	USD	1 Quarter
TOTAL REVENUES	`Revenues`	$1.56M	USD	1 Quarter
Interest expense	`InterestExpense`	$448.84K	USD	1 Quarter
Interest expense	`InterestExpense`	$394.82K	USD	1 Quarter
Salaries and wages	`SalariesAndWages`	$321.07K	USD	1 Quarter
Salaries and wages	`SalariesAndWages`	$332.12K	USD	1 Quarter
Commission expense	`LeasingCommissionsExpense`	$251.34K	USD	1 Quarter
Commission expense	`LeasingCommissionsExpense`	$189.71K	USD	1 Quarter
Bad debts	`BadDebts`	$146.39K	USD	1 Quarter
Bad debts	`BadDebts`	$177.05K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$19.71K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$51.60K	USD	1 Quarter
Postage expense	`PostageExpense`	$24.69K	USD	1 Quarter
Postage expense	`PostageExpense`	$30.82K	USD	1 Quarter
Insurance expense	`OtherExpenses`	$46.17K	USD	1 Quarter
Insurance expense	`OtherExpenses`	$40.39K	USD	1 Quarter
Other operating expenses	`OtherGeneralExpense`	$178.97K	USD	1 Quarter
Other operating expenses	`OtherGeneralExpense`	$176.91K	USD	1 Quarter
TOTAL COSTS AND EXPENSES	`OperatingCostsAndExpenses`	$1.38M	USD	1 Quarter
TOTAL COSTS AND EXPENSES	`OperatingCostsAndExpenses`	$1.45M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$188.35K	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$257.20K	USD	1 Quarter
PROVISION (BENEFIT) FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$76.94K	USD	1 Quarter
PROVISION (BENEFIT) FOR INCOME TAXES	`IncomeTaxExpenseBenefit`	$37.04K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$180.25K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$151.31K	USD	1 Quarter
PREFERRED SHARE DIVIDENDS	`DividendsPreferredStockStock`	$17.32K	USD	1 Quarter
PREFERRED SHARE DIVIDENDS	`DividendsPreferredStockStock`	$10.50K	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$140.81K	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	`NetIncomeLossAvailableToCommonStockholdersBasic`	$162.93K	USD	1 Quarter
Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$0.04	USD	1 Quarter
Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$0.06	USD	1 Quarter
Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.91M	shares	1 Quarter
Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.50M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
NET INCOME	`NetIncomeLoss`	$180.25K	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$151.31K	USD	1 Quarter
Depreciation	`Depreciation`	$7.87K	USD	1 Quarter
Depreciation	`Depreciation`	$6.08K	USD	1 Quarter
Amortization of right to use asset - operating lease	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$30.02K	USD	1 Quarter
Amortization of right to use asset - operating lease	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$27.87K	USD	1 Quarter
Bad debt expense	`BadDebtExpense`	$146.39K	USD	1 Quarter
Bad debt expense	`BadDebtExpense`	$177.05K	USD	1 Quarter
Amortization of loan origination fees	`AmortizationOfDeferredLoanOriginationFeesNet`	$-25.24K	USD	1 Quarter
Amortization of loan origination fees	`AmortizationOfDeferredLoanOriginationFeesNet`	$-20.55K	USD	1 Quarter
Options issued for services	`OptionsIssuedForServices`	$8.67K	USD	1 Quarter
Options issued for services	`OptionsIssuedForServices`	$2.89K	USD	1 Quarter
(Increase)/Decrease in premium finance contracts	`IncreasedecreaseInPremiumFinanceContracts`	$4.61M	USD	1 Quarter
(Increase)/Decrease in premium finance contracts	`IncreasedecreaseInPremiumFinanceContracts`	$1.71M	USD	1 Quarter
(Increase)/Decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$93.64K	USD	1 Quarter
(Increase)/Decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$96.19K	USD	1 Quarter
(Increase)/Decrease in deferred tax asset, net	`IncreaseDecreaseInDeferredIncomeTaxes`	$16.64K	USD	1 Quarter
(Increase)/Decrease in deferred tax asset, net	`IncreaseDecreaseInDeferredIncomeTaxes`	$-10.00K	USD	1 Quarter
Increase/(Decrease) in drafts payable	`IncreaseDecreaseInBookOverdrafts`	$195.02K	USD	1 Quarter
Increase/(Decrease) in drafts payable	`IncreaseDecreaseInBookOverdrafts`	$165.53K	USD	1 Quarter
Increase/(Decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$154.63K	USD	1 Quarter
Increase/(Decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$295.44K	USD	1 Quarter
Increase/(Decrease) in operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-30.02K	USD	1 Quarter
Increase/(Decrease) in operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-27.87K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.01M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-978.38K	USD	1 Quarter
Payments made on life insurance policy	`PaymentsToAcquireLifeInsurancePolicies`	$7.10K	USD	1 Quarter
Payments made on life insurance policy	`PaymentsToAcquireLifeInsurancePolicies`	$5.69K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$25.88K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.73K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-32.98K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.42K	USD	1 Quarter
Cash overdraft	`CashOverdraft`	-	USD	1 Quarter
Cash overdraft	`CashOverdraft`	$133.93K	USD	1 Quarter
Proceeds from notes payable - stockholders and related parties	`ProceedsFromNotesPayable`	$400.00K	USD	1 Quarter
Proceeds from notes payable - stockholders and related parties	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds/(Repayments) of line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$602.91K	USD	1 Quarter
Proceeds/(Repayments) of line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$3.40M	USD	1 Quarter
Dividend distributions paid	`DividendDistributionsPaid`	$10.50K	USD	1 Quarter
Dividend distributions paid	`DividendDistributionsPaid`	$17.32K	USD	1 Quarter
Proceeds from notes payable - other	`ProceedsFromSecuredNotesPayable`	-	USD	1 Quarter
Proceeds from notes payable - other	`ProceedsFromSecuredNotesPayable`	$181.97K	USD	1 Quarter
Repayment of notes payable - other	`ProceedsFromRepaymentsOfNotesPayable`	$-80.00K	USD	1 Quarter
Repayment of notes payable - other	`ProceedsFromRepaymentsOfNotesPayable`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$646.34K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.97M	USD	1 Quarter
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-71.39K	USD	1 Quarter
NET CHANGE IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-339.46K	USD	1 Quarter
CASH AT THE BEGINNING OF THE PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$345.61K	USD	Point-in-time
CASH AT THE BEGINNING OF THE PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$477.29K	USD	Point-in-time
CASH AT THE BEGINNING OF THE PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.15K	USD	Point-in-time
CASH AT THE BEGINNING OF THE PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$405.90K	USD	Point-in-time
CASH AT THE END OF THE PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$345.61K	USD	Point-in-time
CASH AT THE END OF THE PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$477.29K	USD	Point-in-time
CASH AT THE END OF THE PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.15K	USD	Point-in-time
CASH AT THE END OF THE PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$405.90K	USD	Point-in-time
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$3.22K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$428.29K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$346.04K	USD	1 Quarter
Debt issued to retire common stock	`DebtIssuedToRetireCommonStock`	$480.00K	USD	1 Quarter
Debt issued to retire common stock	`DebtIssuedToRetireCommonStock`	-	USD	1 Quarter
Operating lease asset obtained in exchange for operating lease liability	`OperatingLeaseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	1 Quarter
Operating lease asset obtained in exchange for operating lease liability	`OperatingLeaseAssetObtainedInExchangeForOperatingLeaseLiability`	$235.34K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$3.86M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$3.08M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$2.74M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$3.68M	USD	Point-in-time
Debt issued to retire stock	`DebtIssuedToRetireStock`	$-480.00K	USD	1 Quarter
Options issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$2.89K	USD	1 Quarter
Options issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$8.67K	USD	1 Quarter
Distributions (preferred shares)	`DistributionsPreferredShares`	$-17.32K	USD	1 Quarter
Distributions (preferred shares)	`DistributionsPreferredShares`	$-10.50K	USD	1 Quarter
Net income	`NetIncomeLoss`	$180.25K	USD	1 Quarter
Net income	`NetIncomeLoss`	$151.31K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$3.86M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$3.08M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$2.74M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$3.68M	USD	Point-in-time

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