Altisource Asset Management Corp
altisourceamc.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2024 10-Q, filed Aug 14, 2024. Its latest SEC filing is a 15-12G from Sep 16, 2024.
10-Q for Q2 FY2024, filed Aug 14, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Develops and licenses a control system designed to improve electric-vehicle efficiency to automotive and commercial-equipment manufacturers.
10-K for FY2023, filed Mar 29, 2024The Company’s principal line of business going forward is the development and licensing of a control system which increases the efficiency…View ↗
The Company itself does not manufacture, develop, produce or sell electric vehicles, systems or components used in electric vehicles.…View ↗
Consumer - automotive and light truck to extend range and performance Commercial and industrial both delivery and construction/mining…View ↗
How Did They Make Money?
AAMC earns interest on loans while it is collectible and charges borrowers origination fees when a loan is made.
10-K for FY2023, filed Mar 29, 2024Our revenues primarily consist of loan interest income and origination fees earned on our loans held for sale and investment, net realized…View ↗
Interest revenue is recognized based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past…View ↗
Loan fees represent origination fees charged to borrowers and are recognized to revenue upon the origination date of the loan.View ↗
$3.2M
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10-K for FY2023, filed Mar 29, 2024
$3.2M ↗
Who Were Their Customers?
The company seeks to sell or license its electric-vehicle intellectual property to manufacturers or other third parties. Its credit business generated loans through direct-to-borrower lending, wholesale originations and correspondent loan acquisitions.
10-K for FY2023, filed Mar 29, 2024
Did Revenues Turn Into Profits?
No. It lost $32.5M in FY2023.
How Were They Changing?
- Net income
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Sources
10-Q for Q2 FY2024, filed Aug 14, 2024
−$2.2MView ↗
- ▼ −43% (Loss)
- vs −$3.8M in Q2 FY2023
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Aug 26, 2024
Plans to delist and deregister its common stock
It announced plans to leave NYSE American and suspend Exchange Act reporting obligations.
Sources
8-K, filed Aug 26, 2024
CHRISTIANSTED, U.S. Virgin Islands--(BUSINESS WIRE)—August 26, 2024. Altisource Asset Management Corporation (NYSE American: AAMC ) (the…View ↗
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Aug 21, 2024
Changed its independent accounting firm
The audit committee dismissed Ernst & Young and hired PKF O’Connor Davies.
Sources
8-K, filed Aug 21, 2024
On August 15, 2024, the Audit Committee (the “Audit Committee”) of the Board of Directors of Altisource Asset Management Corporation (the…View ↗
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Jun 6, 2024
Received notice of NYSE American listing-standard noncompliance
The exchange cited stockholders’ equity and recent losses and requested a compliance plan.
Sources
8-K, filed Jun 6, 2024
CHRISTIANSTED, U.S. Virgin Islands--(BUSINESS WIRE)—June 6, 2024. On May 31, 2024, Altisource Asset Management Corporation (the “Company”)…View ↗
Shrank. Revenue fell 80% in 4 years, from $15.8M in FY2019 to $3.2M in FY2023, about 33% a year.
From asset management to EV technology
The business moved from providing asset management and corporate-governance services to institutional investors to developing and licensing electric-vehicle control technology.
10-K for FY2020, filed Mar 3, 2021 10-K for FY2023, filed Mar 29, 2024Altisource Asset Management Corporation (“we,” “our,” “us,” “AAMC,” or the “Company”) was incorporated in the United States Virgin Islands…View ↗
Private-credit lending became an active line
Short-term investor lending shifted from a planned line to actual alternative-credit loan origination and purchases, followed by sales; future activity is expected to be selective.
10-K for FY2020, filed Mar 3, 2021 10-K for FY2023, filed Mar 29, 2024
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