$LMFA
LM FUNDING AMERICA, INC.

2019 Q2 Form 10-Q Financial Statement

#000156459019032191 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $840.0K $878.0K
YoY Change -4.32% -10.19%
Cost Of Revenue $520.0K $120.0K
YoY Change 333.33% -79.66%
Gross Profit $130.0K $760.0K
YoY Change -82.89% 100.0%
Gross Profit Margin 15.48% 86.56%
Selling, General & Admin $126.4K $79.67K
YoY Change 58.61% -61.55%
% of Gross Profit 97.2% 10.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.526K $11.32K
YoY Change -51.2% -44.93%
% of Gross Profit 4.25% 1.49%
Operating Expenses $1.228M $733.2K
YoY Change 67.47% -54.5%
Operating Profit -$387.8K $144.8K
YoY Change -367.8% -122.85%
Interest Expense $52.73K $94.58K
YoY Change -44.24% -24.95%
% of Operating Profit 65.31%
Other Income/Expense, Net
YoY Change
Pretax Income -$521.4K $455.2K
YoY Change -214.54% -135.99%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$450.5K $455.2K
YoY Change -198.96% -157.3%
Net Earnings / Revenue -53.63% 51.85%
Basic Earnings Per Share -$0.14 $0.73
Diluted Earnings Per Share -$0.14 $0.73
COMMON SHARES
Basic Shares Outstanding 3.134M 625.3K
Diluted Shares Outstanding 3.134M 625.3K

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.090M $1.200M
YoY Change 157.5% 46.34%
Cash & Equivalents $3.094M
Short-Term Investments
Other Short-Term Assets $110.0K $240.0K
YoY Change -54.17%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.210M $1.440M
YoY Change 122.92% -42.63%
LONG-TERM ASSETS
Property, Plant & Equipment $30.33K $50.00K
YoY Change -39.34% -46.19%
Goodwill $5.690M
YoY Change
Intangibles
YoY Change
Long-Term Investments $50.00K $140.0K
YoY Change -64.29%
Other Assets $40.00K $30.00K
YoY Change 33.33% -99.41%
Total Long-Term Assets $6.314M $1.000M
YoY Change 531.38% -84.52%
TOTAL ASSETS
Total Short-Term Assets $3.210M $1.440M
Total Long-Term Assets $6.314M $1.000M
Total Assets $9.524M $2.440M
YoY Change 290.32% -72.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.00K $70.00K
YoY Change -85.71%
Accrued Expenses $20.00K $100.0K
YoY Change -80.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $390.0K $470.0K
YoY Change -17.02%
LONG-TERM LIABILITIES
Long-Term Debt $4.120M $430.0K
YoY Change 858.14% -91.28%
Other Long-Term Liabilities $70.00K $30.00K
YoY Change 133.33% -97.14%
Total Long-Term Liabilities $4.190M $460.0K
YoY Change 810.87% -92.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $390.0K $470.0K
Total Long-Term Liabilities $4.190M $460.0K
Total Liabilities $4.593M $930.0K
YoY Change 393.91% -84.44%
SHAREHOLDERS EQUITY
Retained Earnings -$12.40M
YoY Change
Common Stock $17.33M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.930M $1.506M
YoY Change
Total Liabilities & Shareholders Equity $9.524M $2.440M
YoY Change 290.32% -72.8%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$450.5K $455.2K
YoY Change -198.96% -157.3%
Depreciation, Depletion And Amortization $5.526K $11.32K
YoY Change -51.2% -44.93%
Cash From Operating Activities -$390.0K $140.0K
YoY Change -378.57% -122.58%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $140.0K $180.0K
YoY Change -22.22% -28.0%
Cash From Investing Activities $140.0K $180.0K
YoY Change -22.22% -28.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K 430.0K
YoY Change -109.3% -315.0%
NET CHANGE
Cash From Operating Activities -390.0K 140.0K
Cash From Investing Activities 140.0K 180.0K
Cash From Financing Activities -40.00K 430.0K
Net Change In Cash -290.0K 750.0K
YoY Change -138.67% -231.58%
FREE CASH FLOW
Cash From Operating Activities -$390.0K $140.0K
Capital Expenditures $0.00
Free Cash Flow $140.0K
YoY Change -122.58%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity File Number
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dei Entity Tax Identification Number
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dei Entity Address Address Line1
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1200 West Platt Street
dei Entity Address Address Line2
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Suite 1000
dei Entity Address City Or Town
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Tampa
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;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 <font style="font-style:italic;">New Neighbor Guaranty</font> 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> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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StockholdersEquityNoteStockSplitConversionRatio1
0.1
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
625318
CY2019Q2 us-gaap Notes Payable
NotesPayable
4122575
CY2018Q4 us-gaap Notes Payable
NotesPayable
42875
CY2018Q4 lmfa Cumulative Operating Losses
CumulativeOperatingLosses
12397000
CY2019Q2 lmfa Working Capital
WorkingCapital
-243000
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
20743
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
6894
lmfa Lease Contract Beginning Date
LeaseContractBeginningDate
2014-03-01
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2019-07-31
CY2019Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
50000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
97000
CY2018Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
25000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
44000
us-gaap Operating Lease Cost
OperatingLeaseCost
97301
us-gaap Lease Cost
LeaseCost
97301
CY2019Q2 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseRightOfUseAsset
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9401
CY2019Q2 lmfa Capitalized Real Estate Costs Accumulated Depreciation Net
CapitalizedRealEstateCostsAccumulatedDepreciationNet
46533
CY2018Q4 lmfa Capitalized Real Estate Costs Accumulated Depreciation Net
CapitalizedRealEstateCostsAccumulatedDepreciationNet
122604
CY2019Q2 us-gaap Depreciation
Depreciation
5526
us-gaap Depreciation
Depreciation
11969
CY2018Q2 us-gaap Depreciation
Depreciation
11323
us-gaap Depreciation
Depreciation
22645
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3204036
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2500000
CY2019Q2 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseLiability
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12858
CY2019Q2 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseLiability
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y6M
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0802
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4607
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22259

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