$LMFA
LM FUNDING AMERICA, INC.

2020 Q2 Form 10-Q Financial Statement

#000156459020038439 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2018 Q4
Revenue $342.5K $840.0K $770.0K
YoY Change -59.22% -4.32% -42.96%
Cost Of Revenue $480.0K $520.0K $440.0K
YoY Change -7.69% 333.33% -46.34%
Gross Profit -$140.0K $130.0K $320.0K
YoY Change -207.69% -82.89% -39.62%
Gross Profit Margin -40.87% 15.48% 41.56%
Selling, General & Admin $74.73K $126.4K $650.0K
YoY Change -40.86% 58.61% -69.91%
% of Gross Profit 97.2% 203.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.110K $5.526K $10.00K
YoY Change -25.62% -51.2% -75.0%
% of Gross Profit 4.25% 3.13%
Operating Expenses $774.8K $1.228M $670.0K
YoY Change -36.9% 67.47% -71.97%
Operating Profit -$432.2K -$387.8K -$350.0K
YoY Change 11.45% -367.8% -81.18%
Interest Expense $5.732K $52.73K $10.00K
YoY Change -89.13% -44.24% -104.17%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$438.0K -$521.4K -$330.0K
YoY Change -16.01% -214.54% -87.91%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$438.0K -$450.5K -$330.0K
YoY Change -2.78% -198.96% -87.91%
Net Earnings / Revenue -127.86% -53.63% -42.86%
Basic Earnings Per Share -$0.56 -$0.14
Diluted Earnings Per Share -$0.56 -$0.14 -$785.7K
COMMON SHARES
Basic Shares Outstanding 783.4K 3.134M
Diluted Shares Outstanding 783.4K 3.134M

Balance Sheet

Concept 2020 Q2 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.240M $3.090M $3.520M
YoY Change 101.94% 157.5% 496.61%
Cash & Equivalents $6.289M $3.094M $3.521M
Short-Term Investments
Other Short-Term Assets $100.0K $110.0K $160.0K
YoY Change -9.09% -54.17% 60.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.650M $3.210M $5.871M
YoY Change 107.17% 122.92% 750.89%
LONG-TERM ASSETS
Property, Plant & Equipment $220.0K $30.33K $33.82K
YoY Change 625.4% -39.34% -51.34%
Goodwill $5.690M
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00K $50.00K $1.630M
YoY Change -80.0% -64.29% 715.0%
Other Assets $10.00K $40.00K $32.04K
YoY Change -75.0% 33.33% 6.79%
Total Long-Term Assets $230.0K $6.314M $188.5K
YoY Change -96.36% 531.38% -85.26%
TOTAL ASSETS
Total Short-Term Assets $6.650M $3.210M $5.871M
Total Long-Term Assets $230.0K $6.314M $188.5K
Total Assets $6.880M $9.524M $6.060M
YoY Change -27.76% 290.32% 207.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $170.0K $10.00K $190.0K
YoY Change 1600.0% -85.71% -60.42%
Accrued Expenses $100.0K $20.00K $0.00
YoY Change 400.0% -80.0% -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $42.88K
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $400.0K $390.0K $250.9K
YoY Change 2.56% -17.02% -74.4%
LONG-TERM LIABILITIES
Long-Term Debt $190.0K $4.120M $40.00K
YoY Change -95.39% 858.14% 0.0%
Other Long-Term Liabilities $120.0K $70.00K $20.00K
YoY Change 71.43% 133.33% -60.0%
Total Long-Term Liabilities $310.0K $4.190M $60.00K
YoY Change -92.6% 810.87% -33.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $400.0K $390.0K $250.9K
Total Long-Term Liabilities $310.0K $4.190M $60.00K
Total Liabilities $710.0K $4.593M $250.9K
YoY Change -84.54% 393.91% -76.58%
SHAREHOLDERS EQUITY
Retained Earnings -$12.40M -$11.49M
YoY Change 4.29%
Common Stock $17.33M $17.30M
YoY Change 45.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.175M $4.930M $5.809M
YoY Change
Total Liabilities & Shareholders Equity $6.880M $9.524M $6.060M
YoY Change -27.76% 290.32% 207.86%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$438.0K -$450.5K -$330.0K
YoY Change -2.78% -198.96% -87.91%
Depreciation, Depletion And Amortization $4.110K $5.526K $10.00K
YoY Change -25.62% -51.2% -75.0%
Cash From Operating Activities -$170.0K -$390.0K -$300.0K
YoY Change -56.41% -378.57% 233.33%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $1.530M $140.0K -$1.430M
YoY Change 992.86% -22.22% -629.63%
Cash From Investing Activities $1.530M $140.0K -$1.430M
YoY Change 992.86% -22.22% -650.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.200M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.090M -40.00K 4.480M
YoY Change -10325.0% -109.3% -2457.89%
NET CHANGE
Cash From Operating Activities -170.0K -390.0K -300.0K
Cash From Investing Activities 1.530M 140.0K -1.430M
Cash From Financing Activities 4.090M -40.00K 4.480M
Net Change In Cash 5.450M -290.0K 2.750M
YoY Change -1979.31% -138.67% -13850.0%
FREE CASH FLOW
Cash From Operating Activities -$170.0K -$390.0K -$300.0K
Capital Expenditures $0.00
Free Cash Flow -$300.0K
YoY Change 275.0%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top: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:12pt;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;">We are not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require us to update our estimates or judgments or revise the carrying value of our assets or liabilities. Our estimates may change, however, as new events occur and additional information is obtained, and any such changes will be recognized in the condensed consolidated financial statements.</p>
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CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6800
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7800
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
11400
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
5.36
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
5.44
us-gaap Lease Cost
LeaseCost
50109
CY2019Q2 us-gaap Lease Cost
LeaseCost
38457
us-gaap Lease Cost
LeaseCost
97301
CY2020Q2 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseRightOfUseAsset
CY2019Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseRightOfUseAsset
CY2019Q4 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseLiability
CY2020Q2 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseLiability
CY2019Q4 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OperatingLeaseLiability
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
220141
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
265883
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M17D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0655
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0655
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
48493
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
103646
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
68002
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
220141
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19300
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19300
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
lmfa Share Based Compensation Arrangement By Share Based Payment Award Options Adjustments In Period Adjustment
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdjustmentsInPeriodAdjustment
lmfa Share Based Compensation Arrangement By Share Based Payment Award Options Adjustments In Period Adjustment
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdjustmentsInPeriodAdjustment
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19300
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
11800
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
7634
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
60.51
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
60.51
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3959287
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3843587
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
125000
lmfa Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod
1227700
lmfa Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod
9300
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2731587
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3959287
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.64
lmfa Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriodWeightedAverageGrantDateFairValue
2.40
lmfa Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriodWeightedAverageGrantDateFairValue
2.40
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
6.83
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
5.36
CY2020Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1.0

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