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Standard Premium Finance Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in gross revenue to $3,073,347 from $2,594,359 in the same quarter the previous year. This increase is attributed to a rise in finance charges and late charges.
Interest expense for the quarter was $1,153,662, compared to $1,027,037 in the same quarter of the previous year. This increase is due to higher borrowings on the line of credit.
The company reported a net income of $300,627 for the quarter, compared to $116,930 in the previous year, with the increase attributed to higher finance charge revenue.
Salaries and wages increased to $527,082 from $455,764, primarily due to the hiring of additional marketing representatives.
Net income for the nine months ended September 30, 2024, was $746,881, up from $361,851 in the previous year. After preferred dividends, net income attributable to common stockholders was $688,781, compared to $274,701 in the previous year.
Cash provided by operating activities was $2,539,673, while cash used in investing and financing activities was $7,256,164 and $4,673,402, respectively.
Standard Premium had a working capital of $15,084,023 as of September 30, 2024. The company acknowledges its dependence on its line of credit for operational funding.
The filing also details various financial agreements, including a line of credit agreement with First Horizon Bank (FHN-0.18%).
Standard Premium does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material changes in its risk factors during the quarter.
Standard Premium continues to focus on expanding its market reach and increasing loan originations in new and existing states.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Standard Premium Finance Holdings Inc Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.