Business
LM Funding America, Inc. Reports First Quarter 2022 Financial Results
TAMPA, Fla., May 16, 2022 /PRNewswire/ -- LM Funding America, Inc. (NASDAQ: LMFA) ("LM Funding" or the "Company"), a technology-based specialty finance
About this update from Lm Funding America, Inc.
[{"type":"text","content":"TAMPA, Fla., May 16, 2022 /PRNewswire/ -- LM Funding America, Inc. (NASDAQ: LMFA) (\"LM Funding\" or the \"Company\"), a technology-based specialty finance company offering unique funding solutions to community associations that has expanded into the cryptocurrency mining business, today announced its financial results for the three months ended March 31, 2022.\nWe are excited to receive our first shipments of mining machines from Bitmain and look forward to generating our first Bitcoin anticipated in the third quarter of 2022Financial Highlights for the Three Month Period Ended March 31, 2022:·\nPaid an additional $7.1 million in first quarter to Bitmain for the 5,046 machines on order, of which 841 have been delivered, and anticipate shipments of 841 machines per month from June 2022 through October 2022.Cash position of $24.5 million as of March 31, 2022.The Company had $23.9 million in deposits on mining machines.Net equity per share on March 31, 2022 was $4.48 (calculated as stockholders' equity divided by 13,091,955 shares outstanding as of March 31, 2022).Revenues increased to $191,000 for the quarter ended March 31, 2022 as compared with $177,000 for the comparable quarter in 2021.Net cash used by operating activities was approximately $528,000 for the first quarter 2022.Net loss attributable to LM Funding for the first quarter of 2022 was $5.7 million, which includes $3.6 million of stock option/compensation expense and a realized loss on securities of $0.4 million, versus net income of $4.4 million for the first quarter of 2021, which included a $5.7 million realized gain on securities.\"We are excited to receive our first shipments of mining machines from Bitmain and look forward to generating our first Bitcoin anticipated in the third quarter of 2022,\" stated Mr. Bruce Rodgers, Chief Executive Officer and Chairman of LM Funding. \"We expect the recent downturn in Bitcoin pricing may provide us with pricing discounts on machines we currently have under contract as well as opportunities to purchase additional machines at lower prices.\"\nOn April 21, 2022, LMF Acquisition Opportunities, Inc. (\"LMAO\") entered into an Agreement and Plan of Merger with LMF Merger Sub, Inc., a Delaware corporation and direct, wholly owned subsidiary of LMAO, and SeaStar Medical, Inc., a Delaware corporation.\nAbout LM Funding America:\n...