$LMFA
LM FUNDING AMERICA, INC.

2017 Q3 Form 10-Q Financial Statement

#000156459017023754 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $1.040M $1.010M
YoY Change 2.97% -37.27%
Cost Of Revenue $530.0K $460.0K
YoY Change 15.22% 318.18%
Gross Profit $510.0K $540.0K
YoY Change -5.56% -64.0%
Gross Profit Margin 49.04% 53.47%
Selling, General & Admin $850.0K $1.620M
YoY Change -47.53% 145.45%
% of Gross Profit 166.67% 300.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.000K $10.00K
YoY Change -20.0%
% of Gross Profit 1.57% 1.85%
Operating Expenses $860.0K $1.620M
YoY Change -46.91% 141.79%
Operating Profit -$350.0K -$1.080M
YoY Change -67.59% -230.12%
Interest Expense -$120.0K -$140.0K
YoY Change -14.29% -12.5%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$570.0K -$1.447M
YoY Change -60.61% -452.99%
Income Tax $4.134M -$533.1K
% Of Pretax Income
Net Earnings -$4.700M -$914.2K
YoY Change 414.12% -323.29%
Net Earnings / Revenue -451.92% -90.51%
Basic Earnings Per Share -$1.43 -$0.28
Diluted Earnings Per Share -$1.43 -$0.28
COMMON SHARES
Basic Shares Outstanding 3.300M 3.300M
Diluted Shares Outstanding 3.300M

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.0K $3.640M
YoY Change -83.52% 72.51%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.260M $5.030M
YoY Change -55.07% 138.39%
LONG-TERM ASSETS
Property, Plant & Equipment $83.85K $117.5K
YoY Change -28.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $650.0K $4.350M
YoY Change -85.06% 262.5%
Total Long-Term Assets $1.870M $6.050M
YoY Change -69.09% 62.2%
TOTAL ASSETS
Total Short-Term Assets $2.260M $5.030M
Total Long-Term Assets $1.870M $6.050M
Total Assets $4.130M $11.08M
YoY Change -62.73% 89.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $4.760M $5.750M
YoY Change -17.22% -30.47%
Other Long-Term Liabilities $1.090M $630.0K
YoY Change 73.02% 21.15%
Total Long-Term Liabilities $5.850M $6.380M
YoY Change -8.31% -27.42%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $5.850M $6.380M
Total Liabilities $5.840M $6.380M
YoY Change -8.46% -28.15%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.710M $4.700M
YoY Change
Total Liabilities & Shareholders Equity $4.130M $11.08M
YoY Change -62.73% 89.73%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$4.700M -$914.2K
YoY Change 414.12% -323.29%
Depreciation, Depletion And Amortization $8.000K $10.00K
YoY Change -20.0%
Cash From Operating Activities -$310.0K -$1.310M
YoY Change -76.34% -551.72%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $280.0K $130.0K
YoY Change 115.38% -58.06%
Cash From Investing Activities $280.0K $130.0K
YoY Change 115.38% -58.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -190.0K -1.010M
YoY Change -81.19% 8.6%
NET CHANGE
Cash From Operating Activities -310.0K -1.310M
Cash From Investing Activities 280.0K 130.0K
Cash From Financing Activities -190.0K -1.010M
Net Change In Cash -220.0K -2.190M
YoY Change -89.95% 563.64%
FREE CASH FLOW
Cash From Operating Activities -$310.0K -$1.310M
Capital Expenditures $0.00
Free Cash Flow -$310.0K
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q3 us-gaap Due From Related Parties
DueFromRelatedParties
1661266
CY2017Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
51230
CY2017Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000
CY2017Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3300000
CY2017Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3300000
CY2017Q3 lmfa Underwriting Fees And Other Revenues
UnderwritingFeesAndOtherRevenues
87286
CY2017Q3 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
101175
CY2017Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
384579
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-505000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4134436
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.43
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.43
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3300000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3300000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-1718235
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2650498
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
627151
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
130468
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-574517
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2835027
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-1665601
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-5355057
CY2015Q4 us-gaap Cash
Cash
8997798
CY2016Q3 us-gaap Cash
Cash
3642741
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Use of Estimates</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the evaluation of any probable losses on amounts funded under the Company&#8217;s New Neighbor Guaranty program as disclosed below, the evaluation of probable losses on balances due from a related party, the realization of deferred tax assets, the evaluation of contingent losses related to litigation, and fair value estimates of real estate assets owned.</p></div>
CY2017Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
296000
CY2017Q3 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
369000
CY2017Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
6
CY2017Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
30438
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
73770
CY2017Q3 lmfa Capitalized Real Estate Costs Accumulated Depreciation Net
CapitalizedRealEstateCostsAccumulatedDepreciationNet
281000
CY2017Q3 us-gaap Depreciation
Depreciation
8000
us-gaap Depreciation
Depreciation
34000
CY2017Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4300000
us-gaap Loss Contingency Accrual Payments
LossContingencyAccrualPayments
505000
CY2017Q3 us-gaap Real Estate Investments Other
RealEstateInvestmentsOther
281200
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83849
CY2017Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
288250
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1105947
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3676772
lmfa Number Of Real Estate Properties Acquired
NumberOfRealEstatePropertiesAcquired
312
CY2017Q3 lmfa Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
6

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