| Summary of Consolidated Balance Sheets |
A summary of the corrections to the impacted financial statement line items from our previously issued financial statements are presented below:
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Consolidated Balance Sheets (unaudited) |
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As of March 31, 2024 |
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As previously reported |
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As revised |
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Fixed assets, net (Note 5) |
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$ |
20,897,314 |
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$ |
21,347,186 |
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Long-term assets |
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$ |
24,918,333 |
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$ |
25,368,205 |
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Total assets |
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$ |
40,155,382 |
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$ |
40,605,254 |
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Accumulated deficit |
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$ |
(56,857,610 |
) |
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$ |
(56,407,738 |
) |
Total stockholders' equity |
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$ |
38,472,110 |
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$ |
38,921,982 |
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As of June 30, 2024 |
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As previously reported |
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As revised |
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Fixed assets, net (Note 5) |
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$ |
19,671,511 |
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$ |
20,585,726 |
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Long-term assets |
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$ |
22,648,825 |
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$ |
23,563,040 |
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Total assets |
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$ |
34,137,151 |
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$ |
35,051,366 |
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Accumulated deficit |
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$ |
(62,930,465 |
) |
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$ |
(62,016,250 |
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Total stockholders' equity |
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$ |
31,010,356 |
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$ |
30,096,141 |
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As of September 30, 2024 |
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As previously reported |
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As revised |
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Fixed assets, net (Note 5) |
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$ |
17,311,254 |
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$ |
18,639,268 |
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Long-term assets |
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$ |
25,235,055 |
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$ |
26,563,069 |
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Total assets |
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$ |
36,535,867 |
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$ |
37,863,881 |
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Accumulated deficit |
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$ |
(67,628,539 |
) |
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$ |
(66,300,525 |
) |
Total stockholders' equity |
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$ |
28,591,750 |
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$ |
29,919,764 |
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| Summary Statements of Operations |
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Consolidated Statements of Operations (unaudited) |
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For the Three Months Ended March 31, 2024 |
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As previously
reported |
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As revised |
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Depreciation and amortization |
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$ |
2,426,068 |
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$ |
1,976,196 |
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Total operating costs and expenses |
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$ |
4,185,002 |
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$ |
3,735,130 |
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Operating income |
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$ |
562,602 |
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$ |
1,012,474 |
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Income before income taxes |
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$ |
1,903,966 |
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$ |
2,353,838 |
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Net income |
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$ |
1,903,966 |
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$ |
2,353,838 |
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Net income attributable to LM Funding America Inc. |
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$ |
1,489,745 |
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$ |
1,939,617 |
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Net income attributable to common shareholders |
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$ |
1,489,745 |
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$ |
1,939,617 |
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For the Three Months Ended June 30, 2024 |
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For the Six Months Ended June 30, 2024 |
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As previously
reported |
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As revised |
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As previously
reported |
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As revised |
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Depreciation and amortization |
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$ |
2,339,702 |
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$ |
1,875,359 |
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$ |
4,765,770 |
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$ |
3,851,555 |
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Total operating costs and expenses |
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$ |
7,754,827 |
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$ |
7,290,484 |
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$ |
11,939,829 |
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$ |
11,025,614 |
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Operating loss |
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$ |
(4,743,480 |
) |
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$ |
(4,279,137 |
) |
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$ |
(4,180,878 |
) |
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$ |
(3,266,663 |
) |
Loss before income taxes |
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$ |
(6,647,329 |
) |
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$ |
(6,182,986 |
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$ |
(4,743,363 |
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$ |
(3,829,148 |
) |
Net loss |
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$ |
(6,647,329 |
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$ |
(6,182,986 |
) |
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$ |
(4,743,363 |
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$ |
(3,829,148 |
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Net loss attributable to LM Funding America Inc. |
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$ |
(6,072,855 |
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$ |
(5,608,512 |
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$ |
(4,583,110 |
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$ |
(3,668,895 |
) |
Net loss attributable to common shareholders |
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$ |
(6,072,855 |
) |
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$ |
(5,608,512 |
) |
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$ |
(4,583,110 |
) |
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$ |
(3,668,895 |
) |
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For the Three Months Ended September 30, 2024 |
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For the Nine Months Ended September 30, 2024 |
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As previously
reported |
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As revised |
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As previously
reported |
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As revised |
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Depreciation and amortization |
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$ |
2,349,634 |
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$ |
1,935,835 |
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$ |
7,115,404 |
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$ |
5,787,390 |
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Total operating costs and expenses |
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$ |
5,669,795 |
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$ |
5,255,996 |
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$ |
17,651,681 |
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$ |
16,323,667 |
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Operating loss |
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$ |
(4,414,322 |
) |
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$ |
(4,000,523 |
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$ |
(8,637,257 |
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$ |
(7,309,243 |
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Loss before income taxes |
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$ |
(4,803,117 |
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$ |
(4,389,318 |
) |
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$ |
(9,546,480 |
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$ |
(8,218,466 |
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Net loss |
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$ |
(4,803,117 |
) |
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$ |
(4,389,318 |
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$ |
(9,546,480 |
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$ |
(8,218,466 |
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Net loss attributable to LM Funding America Inc. |
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$ |
(4,698,074 |
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$ |
(4,284,275 |
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$ |
(9,281,184 |
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$ |
(7,953,170 |
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Net loss attributable to common shareholders |
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$ |
(6,402,379 |
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$ |
(5,988,580 |
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$ |
(10,985,489 |
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$ |
(9,657,475 |
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| Summary Statements of Cash Flows |
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Consolidated Statements of Cash Flows (unaudited) |
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For the Three Months Ended March 31, 2024 |
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As previously
reported |
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As revised |
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Net income |
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$ |
1,903,966 |
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$ |
2,353,838 |
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Depreciation and amortization |
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$ |
2,426,068 |
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$ |
1,976,196 |
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For the Six Months Ended June 30, 2024 |
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As previously
reported |
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As revised |
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Net loss |
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$ |
(4,743,363 |
) |
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$ |
(3,829,148 |
) |
Depreciation and amortization |
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$ |
4,765,770 |
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$ |
3,851,555 |
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For the Nine Months Ended September 30, 2024 |
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As previously
reported |
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As revised |
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Net loss |
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$ |
(9,546,480 |
) |
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$ |
(8,218,466 |
) |
Depreciation and amortization |
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$ |
7,115,404 |
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$ |
5,787,390 |
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