PR Newswire
TAMPA, Fla., May 16, 2022
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.
Financial Highlights for the Three Month Period 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 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 | |
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 Werbung Mehr Nachrichten zur LM Funding America Inc Aktie kostenlos abonnieren
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