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16.05.2022 23:15:00
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LM Funding America, Inc. Reports First Quarter 2022 Financial Results
TAMPA, Fla., May 16, 2022 /PRNewswire/ -- LM Funding America, Inc. (NASDAQ: LMFA) ("LM Funding" or the "Company"), a technology-based specialty finance company offering unique funding solutions to community associations that has expanded into the cryptocurrency mining business, today announced its financial results for the three months ended March 31, 2022.
We are excited to receive our first shipments of mining machines from Bitmain and look forward to generating our first Bitcoin anticipated in the third quarter of 2022Financial Highlights for the Three Month Period Ended March 31, 2022:·
- Paid an additional $7.1 million in first quarter to Bitmain for the 5,046 machines on order, of which 841 have been delivered, and anticipate shipments of 841 machines per month from June 2022 through October 2022.
- Cash position of $24.5 million as of March 31, 2022.
- The Company had $23.9 million in deposits on mining machines.
- Net equity per share on March 31, 2022 was $4.48 (calculated as stockholders' equity divided by 13,091,955 shares outstanding as of March 31, 2022).
- Revenues increased to $191,000 for the quarter ended March 31, 2022 as compared with $177,000 for the comparable quarter in 2021.
- Net cash used by operating activities was approximately $528,000 for the first quarter 2022.
- Net loss attributable to LM Funding for the first quarter of 2022 was $5.7 million, which includes $3.6 million of stock option/compensation expense and a realized loss on securities of $0.4 million, versus net income of $4.4 million for the first quarter of 2021, which included a $5.7 million realized gain on securities.
"We are excited to receive our first shipments of mining machines from Bitmain and look forward to generating our first Bitcoin anticipated in the third quarter of 2022," stated Mr. Bruce Rodgers, Chief Executive Officer and Chairman of LM Funding. "We expect the recent downturn in Bitcoin pricing may provide us with pricing discounts on machines we currently have under contract as well as opportunities to purchase additional machines at lower prices."
On April 21, 2022, LMF Acquisition Opportunities, Inc. ("LMAO") entered into an Agreement and Plan of Merger with LMF Merger Sub, Inc., a Delaware corporation and direct, wholly owned subsidiary of LMAO, and SeaStar Medical, Inc., a Delaware corporation.
About LM Funding America:
LM Funding America, Inc., together with its subsidiaries, is a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado and Illinois. The company offers funding to Associations by purchasing a certain portion of the associations' rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments. The company is also involved in the business of purchasing delinquent accounts on various terms tailored to suit each Association's financial needs, including under the company's New Neighbor Guaranty™ program. The company is also entering the cryptocurrency mining business through a new subsidiary, US Digital Mining and Hosting Co., LLC.
Forward-Looking Statements:
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Important factors which could materially affect our results and our future performance include, without limitation, our ability to implement our plan to develop and grow a cryptocurrency mining business specializing in Bitcoin,our ability to purchase defaulted consumer receivables at appropriate prices, competition to acquire such receivables, our dependence upon third party law firms to service our accounts, our ability to obtain funds to purchase receivables, ability to manage growth or declines in the business, changes in government regulations that affect our ability to collect sufficient amounts on our defaulted consumer receivables, the impact of class action suits and other litigation, our ability to keep our software systems updated to operate our business, our ability to employ and retain qualified employees, our ability to establish and maintain internal accounting controls, changes in the credit or capital markets, changes in interest rates, deterioration in economic conditions, and negative press regarding the debt collection industry which may have a negative impact on a debtor's willingness to pay the debt we acquire, as well as other factors set forth under "Risk Factors" in our most recent Annual Report on Form 10-K and our other filings with the SEC, which are available at www.sec.gov. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial condition, and results of operations.
Company Contact: Bruce M. Rodgers, Chairman and CEO LM Funding America, Inc. Tel (813) 222-8996 investors@lmfunding.com |
LM FUNDING AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
For the Three Months Ended March 31, | |||||||||
2022 | 2021 | ||||||||
Revenues: | |||||||||
Interest on delinquent association fees | $ | 101,268 | $ | 77,444 | |||||
Administrative and late fees | 16,708 | 15,071 | |||||||
Recoveries in excess of cost - special product | 17,365 | 29,473 | |||||||
Underwriting and other revenues | 16,791 | 22,703 | |||||||
Rental revenue | 38,872 | 31,917 | |||||||
Total revenues | 191,004 | 176,608 | |||||||
Operating Expenses: | |||||||||
Staff costs and payroll | 4,292,197 | 1,301,981 | |||||||
Professional fees | 774,820 | 482,943 | |||||||
Settlement costs with associations | 160 | - | |||||||
Selling, general and administrative | 114,920 | 99,769 | |||||||
Recovery of cost from related party receivable | - | (10,000) | |||||||
Real estate management and disposal | 31,481 | 18,290 | |||||||
Depreciation and amortization | 3,094 | 1,696 | |||||||
Collection costs | (3,820) | 2,048 | |||||||
Other operating expenses | 8,384 | 7,545 | |||||||
Total operating expenses | 5,221,236 | 1,904,272 | |||||||
Operating loss | (5,030,232) | (1,727,664) | |||||||
Realized gain (loss) on securities | (395,181) | 5,671,464 | |||||||
Unrealized gain on convertible debt security | 288,320 | - | |||||||
Unrealized gain on marketable securities | 130 | - | |||||||
Unrealized gain (loss) on investment and equity securities | (986,399) | 595,392 | |||||||
Digital assets other income | 4,366 | - | |||||||
Interest income | 98,370 | 13,055 | |||||||
Interest expense | - | (464) | |||||||
Dividend income | 1,375 | - | |||||||
Income (loss) before income taxes | (6,019,251) | 4,551,783 | |||||||
Income tax expense | - | (3,484) | |||||||
Net income (loss) | (6,019,251) | 4,548,299 | |||||||
Less: Net income (loss) attributable to non-controlling interest | 291,200 | (171,866) | |||||||
Net income (loss) attributable to LM Funding America Inc. | $ | (5,728,051) | $ | 4,376,433 | |||||
Earnings/(loss) per share: | |||||||||
Basic income (loss) per common share - net income (loss) - attributable to LM Funding | $ | (0.44) | $ | 0.87 | |||||
Diluted income (loss) per common share - net income (loss) - attributable to LM Funding | $ | (0.44) | $ | 0.80 | |||||
Weighted average number of common shares outstanding: | |||||||||
Basic | 13,060,736 | 5,047,498 | |||||||
Diluted | 13,060,736 | 5,439,398 | |||||||
LM FUNDING AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||
March 31, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash | $ | 24,536,467 | $ | 32,559,185 | ||||
Finance receivables: | ||||||||
Original product - net | 20,543 | 13,993 | ||||||
Special product - New Neighbor Guaranty program, net of allowance for credit losses of | 16,148 | 14,200 | ||||||
Short-term investments - convertible debt securities (Note 7) | 845,424 | 539,351 | ||||||
Marketable securities (Note 7) | 308,950 | 2,132,051 | ||||||
Short-term investments - debt security (Note 7) | 2,106,082 | 2,000,000 | ||||||
Prepaid expenses and other assets | 944,464 | 1,251,852 | ||||||
Income tax receivable (Note 4) | 143,822 | - | ||||||
Note receivable from related party (Note 7) | 310,000 | - | ||||||
Digital assets, net (Note 9) | 504,366 | - | ||||||
Current assets | 29,736,266 | 38,510,632 | ||||||
Fixed assets, net | 14,820 | 17,914 | ||||||
Real estate assets owned | 80,057 | 80,057 | ||||||
Operating lease - right of use assets (Note 5) | 337,413 | 59,969 | ||||||
Long-term investments - equity securities (Note 7) | 949,754 | 1,973,413 | ||||||
Investments in unconsolidated affiliates (Note 7) | 4,713,390 | 4,676,130 | ||||||
Deposit on mining equipment (Note 8) | 23,893,672 | 16,775,100 | ||||||
Other assets | 10,726 | 10,726 | ||||||
Long-term assets | 29,999,832 | 23,593,309 | ||||||
Total assets | $ | 59,736,098 | $ | 62,103,941 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Accounts payable and accrued expenses | 325,489 | 463,646 | ||||||
Note payable - short-term (Note 3) | 57,344 | 114,688 | ||||||
Due to related party (Note 2) | 373,800 | 121,220 | ||||||
Current portion of lease liability (Note 5) | 90,072 | 68,002 | ||||||
Income tax payable (Note 4) | - | 326,178 | ||||||
Other liabilities | 1,725 | - | ||||||
Total current liabilities | 848,430 | 1,093,734 | ||||||
Lease liability - long-term (Note 5) | 248,475 | - | ||||||
Long-term liabilities | 248,475 | - | ||||||
Total liabilities | 1,096,905 | 1,093,734 | ||||||
Stockholders' equity: | ||||||||
Preferred stock, par value $.001; 150,000,000 shares authorized; no shares issued | - | - | ||||||
Common stock, par value $0.001; 350,000,000 shares authorized; 13,091,883 and | 13,092 | 13,018 | ||||||
Additional paid-in capital | 78,173,269 | 74,525,106 | ||||||
Accumulated deficit | (19,505,057) | (13,777,006) | ||||||
Total stockholders' equity | 58,681,304 | 60,761,118 | ||||||
Non-controlling interest | (42,111) | 249,089 | ||||||
Total stockholders' equity | 58,639,193 | 61,010,207 | ||||||
Total liabilities and stockholders' equity | $ | 59,736,098 | $ | 62,103,941 | ||||
LM FUNDING AMERICA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
For the Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income (loss) | $ | (6,019,251) | $ | 4,548,299 | ||||
Adjustments to reconcile net loss to cash used in operating activities | ||||||||
Depreciation and amortization | 3,094 | 1,696 | ||||||
Right to use non cash lease expense | 23,343 | 25,808 | ||||||
Stock compensation | 329,500 | - | ||||||
Stock option expense | 3,318,737 | - | ||||||
Accrued investment income | (96,657) | (12,784) | ||||||
Digital assets other income | (4,366) | |||||||
Gain on deconsolidation of affiliate | - | (43,623) | ||||||
Unrealized gain on convertible debt security | (288,320) | - | ||||||
Unrealized gain on marketable securities | (130) | (595,392) | ||||||
Unrealized loss on investment and equity securities | 986,399 | - | ||||||
Realized (gain) loss on securities | 395,181 | (5,671,464) | ||||||
Proceeds from securities | 1,428,050 | 21,218,918 | ||||||
Investment in convertible note receivable converted into marketable security | - | (15,547,454) | ||||||
Change in assets and liabilities | ||||||||
Prepaid expenses and other assets | 280,208 | 710,163 | ||||||
Digital assets, net | (500,000) | - | ||||||
Accounts payable and accrued expenses | (136,430) | 157,514 | ||||||
Advances (repayments) from related party | 252,580 | 200,749 | ||||||
Lease liability payments | (30,242) | (24,971) | ||||||
Income tax payable | (326,178) | 3,484 | ||||||
Income tax receivable | (143,822) | - | ||||||
Net cash provided by (used in) operating activities | (528,304) | 4,970,943 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Net collections of finance receivables - original product | (6,550) | 14,206 | ||||||
Net collections of finance receivables - special product | (1,948) | (1,020) | ||||||
Payments for real estate assets owned | - | (62,432) | ||||||
Deposit for mining equipment | (7,118,572) | - | ||||||
Investment in convertible note receivable | - | (1,666,500) | ||||||
Loan to purchase securities | - | 1,784,250 | ||||||
Investment in note receivable - related party | (310,000) | - | ||||||
Repayment of loan to purchase securities | - | (1,784,250) | ||||||
Investment in unconsolidated affiliate | - | (5,738,000) | ||||||
Net cash (used in) provided by investing activities | (7,437,070) | (7,453,746) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Principal repayments | - | (343,687) | ||||||
Insurance financing repayments | (57,344) | (468,061) | ||||||
Exercise of warrants | - | 9,544,623 | ||||||
Net cash provided by (used in) financing activities | (57,344) | 8,732,875 | ||||||
NET INCREASE (DECREASE) IN CASH | (8,022,718) | 6,250,072 | ||||||
CASH - BEGINNING OF YEAR | 32,559,185 | 11,552,943 | ||||||
CASH - END OF YEAR | $ | 24,536,467 | $ | 17,803,015 | ||||
SUPPLEMENTAL DISCLOSURES OF NON-CASHFLOW INFORMATION | ||||||||
ROU assets and operating lease obligation recognized | $ | 300,787 | $ | - | ||||
SUPPLEMENTAL DISCLOSURES OF CASHFLOW INFORMATION | ||||||||
Cash paid for taxes | $ | 470,000 | - | |||||
View original content:https://www.prnewswire.com/news-releases/lm-funding-america-inc-reports-first-quarter-2022-financial-results-301548270.html
SOURCE LM Funding America
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