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10-Q Filing

STANDARD PREMIUM FINANCE HOLDINGS, INC. CIK: 1807893 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001553350-22-000435
Period End Date 20220331
Filing Date 20220513
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance spfx_10q_htm.xml
Filing Contents
Balance Sheet 86 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 $106.89K USD Point-in-time
Designated shares DesignatedShares 600,000.00 shares Point-in-time
Cash Cash $20.99K USD Point-in-time
Premium finance contracts and related receivable, net PremiumFinanceContractsAndRelatedReceivableNet $46.67M USD Point-in-time
Premium finance contracts and related receivable, net PremiumFinanceContractsAndRelatedReceivableNet $48.97M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 101,000.00 shares Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 99,000.00 shares Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 99,000.00 shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $324.14K USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $538.14K USD Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 101,000.00 shares Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
TOTAL CURRENT ASSETS AssetsCurrent $47.23M USD Point-in-time
TOTAL CURRENT ASSETS AssetsCurrent $49.40M 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
PROPERTY AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $97.39K USD Point-in-time
PROPERTY AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $83.79K 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
OPERATING LEASE ASSETS OperatingLeaseRightOfUseAsset $203.66K USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 2.91M shares Point-in-time
OPERATING LEASE ASSETS OperatingLeaseRightOfUseAsset $228.95K USD Point-in-time
FINANCE LEASE ASSETS FinanceLeaseRightOfUseAsset $61.86K USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 2.91M shares Point-in-time
FINANCE LEASE ASSETS FinanceLeaseRightOfUseAsset $65.18K USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 2.91M shares Point-in-time
Cash surrender value of life insurance CashSurrenderValueOfLifeInsurance $559.88K USD Point-in-time
Cash surrender value of life insurance CashSurrenderValueOfLifeInsurance $567.46K USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $352.00K USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $347.00K USD Point-in-time
TOTAL OTHER ASSETS OtherAssets $906.88K USD Point-in-time
TOTAL OTHER ASSETS OtherAssets $919.46K USD Point-in-time
TOTAL ASSETS Assets $50.68M USD Point-in-time
TOTAL ASSETS Assets $48.52M USD Point-in-time
Cash overdraft BankOverdrafts - USD Point-in-time
Cash overdraft BankOverdrafts $153.26K USD Point-in-time
Line of credit, net LinesOfCreditCurrent $32.23M USD Point-in-time
Line of credit, net LinesOfCreditCurrent $30.48M USD Point-in-time
Drafts payable DraftsPayable $1.94M USD Point-in-time
Drafts payable DraftsPayable $2.90M USD Point-in-time
Note payable - current portion NotesPayableCurrent $2.29M USD Point-in-time
Note payable - current portion NotesPayableCurrent $1.15M USD Point-in-time
Note payable - stockholders and related parties - current portion NotesPayableRelatedPartiesClassifiedCurrent $825.00K USD Point-in-time
Note payable - stockholders and related parties - current portion NotesPayableRelatedPartiesClassifiedCurrent $862.00K USD Point-in-time
Payroll Protection Program loan - current portion PayrollProtectionProgramLoanCurrentPortion $271.00K USD Point-in-time
Payroll Protection Program loan - current portion PayrollProtectionProgramLoanCurrentPortion $271.00K USD Point-in-time
Operating lease obligation - current portion OperatingLeaseLiabilityCurrent $102.55K USD Point-in-time
Operating lease obligation - current portion OperatingLeaseLiabilityCurrent $104.88K USD Point-in-time
Finance lease obligation - current portion FinanceLeaseLiabilityCurrent $12.01K USD Point-in-time
Finance lease obligation - current portion FinanceLeaseLiabilityCurrent $11.86K USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesAndOtherLiabilities $1.13M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesAndOtherLiabilities $1.51M USD Point-in-time
TOTAL CURRENT LIABILITIES LiabilitiesCurrent $38.62M USD Point-in-time
TOTAL CURRENT LIABILITIES LiabilitiesCurrent $37.61M USD Point-in-time
Note payable, net of current portion LongTermNotesPayable $6.08M USD Point-in-time
Note payable, net of current portion LongTermNotesPayable $4.96M USD Point-in-time
Note payable - stockholders and related parties, net of current portion NotesPayableRelatedPartiesNoncurrent $1.06M USD Point-in-time
Note payable - stockholders and related parties, net of current portion NotesPayableRelatedPartiesNoncurrent $1.23M USD Point-in-time
Operating lease obligation, net of current portion OperatingLeaseLiabilityNoncurrent $124.07K USD Point-in-time
Operating lease obligation, net of current portion OperatingLeaseLiabilityNoncurrent $101.11K USD Point-in-time
Finance lease obligation, net of current portion FinanceLeaseLiabilityNoncurrent $53.05K USD Point-in-time
Finance lease obligation, net of current portion FinanceLeaseLiabilityNoncurrent $49.99K USD Point-in-time
TOTAL LONG-TERM LIABILITIES LiabilitiesNoncurrent $6.37M USD Point-in-time
TOTAL LONG-TERM LIABILITIES LiabilitiesNoncurrent $7.30M USD Point-in-time
TOTAL LIABILITIES Liabilities $45.92M USD Point-in-time
TOTAL LIABILITIES Liabilities $43.98M USD Point-in-time
Preferred stock, par value $.001 per share; 20 million shares authorized, 600,000 shares designated as Series A - convertible, 101,000 and 99,000 issued and outstanding at March 31, 2022 and December 31, 2021, respectively PreferredStockValue $99.00 USD Point-in-time
Preferred stock, par value $.001 per share; 20 million shares authorized, 600,000 shares designated as Series A - convertible, 101,000 and 99,000 issued and outstanding at March 31, 2022 and December 31, 2021, respectively PreferredStockValue $101.00 USD Point-in-time
Common stock, par value $.001 per share; 100 million shares authorized, 2,905,016 and 2,905,016 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively CommonStockValue $2.90K USD Point-in-time
Common stock, par value $.001 per share; 100 million shares authorized, 2,905,016 and 2,905,016 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively CommonStockValue $2.90K USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $2.71M USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $2.68M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.85M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.06M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $4.53M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $3.68M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $4.77M USD Point-in-time
TOTAL STOCKHOLDERS' EQUITY StockholdersEquity $3.86M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $48.52M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $50.68M USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
TOTAL REVENUES Revenues $1.71M USD 1 Quarter
TOTAL REVENUES Revenues $1.88M USD 1 Quarter
Interest expense InterestExpense $426.49K USD 1 Quarter
Interest expense InterestExpense $394.82K USD 1 Quarter
Salaries and wages SalariesAndWages $332.12K USD 1 Quarter
Salaries and wages SalariesAndWages $360.70K USD 1 Quarter
Commission expense LeasingCommissionsExpense $251.34K USD 1 Quarter
Commission expense LeasingCommissionsExpense $240.85K USD 1 Quarter
Bad debts BadDebts $177.05K USD 1 Quarter
Bad debts BadDebts $168.10K USD 1 Quarter
Professional fees ProfessionalFees $105.80K USD 1 Quarter
Professional fees ProfessionalFees $51.60K USD 1 Quarter
Postage expense PostageExpense $24.69K USD 1 Quarter
Postage expense PostageExpense $25.37K USD 1 Quarter
Insurance expense OtherExpenses $46.17K USD 1 Quarter
Insurance expense OtherExpenses $43.84K USD 1 Quarter
Other operating expenses OtherGeneralExpense $210.75K USD 1 Quarter
Other operating expenses OtherGeneralExpense $176.91K USD 1 Quarter
TOTAL COSTS AND EXPENSES OperatingCostsAndExpenses $1.45M USD 1 Quarter
TOTAL COSTS AND EXPENSES OperatingCostsAndExpenses $1.58M USD 1 Quarter
INCOME BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $257.20K USD 1 Quarter
INCOME BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $300.69K USD 1 Quarter
PROVISION FOR INCOME TAXES IncomeTaxExpenseBenefit $76.94K USD 1 Quarter
PROVISION FOR INCOME TAXES IncomeTaxExpenseBenefit $75.62K USD 1 Quarter
NET INCOME NetIncomeLoss $225.06K USD 1 Quarter
NET INCOME NetIncomeLoss $180.25K USD 1 Quarter
PREFERRED SHARE DIVIDENDS DividendsPreferredStockStock $17.32K USD 1 Quarter
PREFERRED SHARE DIVIDENDS DividendsPreferredStockStock $17.32K USD 1 Quarter
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS NetIncomeLossAvailableToCommonStockholdersBasic $207.74K USD 1 Quarter
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS NetIncomeLossAvailableToCommonStockholdersBasic $162.93K USD 1 Quarter
Basic EarningsPerShareBasic $0.07 USD 1 Quarter
Basic EarningsPerShareBasic $0.06 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.06 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.07 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 2.91M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 2.91M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 2.91M 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 $180.25K USD 1 Quarter
Depreciation Depreciation $4.54K USD 1 Quarter
Depreciation Depreciation $7.87K 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 $27.87K 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 - USD 1 Quarter
Bad debt expense BadDebtExpense $177.05K USD 1 Quarter
Bad debt expense BadDebtExpense $168.10K USD 1 Quarter
Amortization of loan origination fees AmortizationOfDeferredLoanOriginationFeesNet $-21.86K USD 1 Quarter
Amortization of loan origination fees AmortizationOfDeferredLoanOriginationFeesNet $-25.24K USD 1 Quarter
Options issued for services OptionsIssuedForServices $5.78K USD 1 Quarter
Options issued for services OptionsIssuedForServices $8.67K USD 1 Quarter
(Increase)/Decrease in premium finance contracts IncreasedecreaseInPremiumFinanceContracts $2.46M USD 1 Quarter
(Increase)/Decrease in premium finance contracts IncreasedecreaseInPremiumFinanceContracts $4.61M USD 1 Quarter
(Increase)/Decrease in prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $96.19K 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 $16.64K USD 1 Quarter
Increase/(Decrease) in drafts payable IncreaseDecreaseInBookOverdrafts $967.90K USD 1 Quarter
Increase/(Decrease) in drafts payable IncreaseDecreaseInBookOverdrafts $165.53K USD 1 Quarter
Increase/(Decrease) in accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-386.54K USD 1 Quarter
Increase/(Decrease) in accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $154.63K USD 1 Quarter
Increase/(Decrease) in operating lease liability IncreaseDecreaseInOperatingLeaseLiability $-25.30K USD 1 Quarter
Increase/(Decrease) in operating lease liability IncreaseDecreaseInOperatingLeaseLiability $-27.87K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-1.24M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-4.01M USD 1 Quarter
Payments made on life insurance policy PaymentsToAcquireLifeInsurancePolicies $7.10K USD 1 Quarter
Payments made on life insurance policy PaymentsToAcquireLifeInsurancePolicies $7.59K 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 $24.80K USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $25.88K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-32.98K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-27.89K USD 1 Quarter
Cash overdraft ProceedsFromRepaymentsOfBankOverdrafts $-153.26K USD 1 Quarter
Cash overdraft ProceedsFromRepaymentsOfBankOverdrafts - USD 1 Quarter
Proceeds from notes payable - stockholders and related parties ProceedsFromRelatedPartyDebt $50.00K USD 1 Quarter
Proceeds from notes payable - stockholders and related parties ProceedsFromRelatedPartyDebt - 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 - USD 1 Quarter
Repayment of finance lease obligation RepaymentsOfLongTermDebtAndCapitalSecurities $2.91K USD 1 Quarter
Repayment of finance lease obligation RepaymentsOfLongTermDebtAndCapitalSecurities - USD 1 Quarter
Proceeds of line of credit, net of repayments ProceedsFromRepaymentsOfLinesOfCredit $3.40M USD 1 Quarter
Proceeds of line of credit, net of repayments ProceedsFromRepaymentsOfLinesOfCredit $1.73M USD 1 Quarter
Dividends paid DividendDistributionsPaid $17.32K USD 1 Quarter
Dividends paid DividendDistributionsPaid $17.32K USD 1 Quarter
Proceeds from notes payable - other ProceedsFromSecuredNotesPayable $200.00K USD 1 Quarter
Proceeds from notes payable - other ProceedsFromSecuredNotesPayable $531.97K USD 1 Quarter
Repayment of notes payable - other ProceedsFromRepaymentsOfNotesPayable $-215.00K USD 1 Quarter
Repayment of notes payable - other ProceedsFromRepaymentsOfNotesPayable - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.36M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $3.97M USD 1 Quarter
NET CHANGE IN CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $85.90K USD 1 Quarter
NET CHANGE IN CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-71.39K USD 1 Quarter
CASH AT THE BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $405.90K USD Point-in-time
CASH AT THE BEGINNING OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $477.29K 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 END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $405.90K USD Point-in-time
CASH AT THE END OF THE PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $477.29K 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
Income taxes IncomeTaxesPaidNet $3.22K USD 1 Quarter
Income taxes IncomeTaxesPaidNet $85.00K USD 1 Quarter
Interest paid InterestPaidNet $346.04K USD 1 Quarter
Interest paid InterestPaidNet $423.60K 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
Operating lease assets obtained in exchange for lease liabilities OperatingLeaseAssetObtainedInExchangeForOperatingLeaseLiability $235.34K USD 1 Quarter
Operating lease assets obtained in exchange for lease liabilities OperatingLeaseAssetObtainedInExchangeForOperatingLeaseLiability - USD 1 Quarter
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Beginning balance, value StockholdersEquity $4.53M USD Point-in-time
Beginning balance, value StockholdersEquity $3.68M USD Point-in-time
Beginning balance, value StockholdersEquity $4.77M USD Point-in-time
Beginning balance, value StockholdersEquity $3.86M USD Point-in-time
Series A Convertible Preferred Stock issued in exchange for note payable SeriesConvertiblePreferredStockIssuedInExchangeForNotePayableAndCash $20.00K USD 1 Quarter
Options issued for services StockIssuedDuringPeriodValueIssuedForServices $8.67K USD 1 Quarter
Options issued for services StockIssuedDuringPeriodValueIssuedForServices $5.78K USD 1 Quarter
Distributions (preferred shares) DistributionsPreferredShares $-17.32K USD 1 Quarter
Distributions (preferred shares) DistributionsPreferredShares $-17.32K USD 1 Quarter
Net income ProfitLoss $225.06K USD 1 Quarter
Net income ProfitLoss $180.25K USD 1 Quarter
Ending balance, value StockholdersEquity $4.53M USD Point-in-time
Ending balance, value StockholdersEquity $3.68M USD Point-in-time
Ending balance, value StockholdersEquity $4.77M USD Point-in-time
Ending balance, value StockholdersEquity $3.86M USD Point-in-time

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

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