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LM Funding America(LMFA) - 2024 Q4 - Annual Report
LMFALM Funding America(LMFA)2025-03-31 21:14
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Revenue Performance - Total revenues for the year ended December 31, 2024, decreased by approximately 2.0milliontoapproximately2.0 million to approximately 11.0 million from approximately 13.0millionin2023[264].−Bitcoinminingrevenuesdecreasedtoapproximately13.0 million in 2023[264]. - Bitcoin mining revenues decreased to approximately 10.4 million for the year ended December 31, 2024, down from 12.3millionin2023[264].−SpecialtyfinancerevenuesfortheyearendedDecember31,2024,wereapproximately12.3 million in 2023[264]. - Specialty finance revenues for the year ended December 31, 2024, were approximately 444,000, representing a decrease of 19.4% compared to approximately 550,000in2023[266].BitcoinMiningOperations−Thecompanymined170.6Bitcoinin2024withanaverageBitcoinpriceofapproximately550,000 in 2023[266]. Bitcoin Mining Operations - The company mined 170.6 Bitcoin in 2024 with an average Bitcoin price of approximately 61,000, compared to 423.4 Bitcoin at an average price of approximately 29,000in2023[265].−Bitcoinminingcostsofrevenuesfor2024wereapproximately29,000 in 2023[265]. - Bitcoin mining costs of revenues for 2024 were approximately 7.0 million, or 67% of digital mining revenues, compared to approximately 9.4million,or779.4 million, or 77%, in 2023[268]. - The company generated 10.4 million from Bitcoin mining operations in 2024, down from 12.3millionin2023,withcashusedinoperationsincreasingtoapproximately12.3 million in 2023, with cash used in operations increasing to approximately 11.9 million in 2024 from 3.4millionin2023[300].FinancialPosition−Thecompanyheldapproximately150BitcoinasofDecember31,2024,withacarryingvalueofapproximately3.4 million in 2023[300]. Financial Position - The company held approximately 150 Bitcoin as of December 31, 2024, with a carrying value of approximately 14.0 million, compared to 95 Bitcoin valued at approximately 3.4millionin2023[252].−Thecompanyhadcashandcashequivalentsof3.4 million in 2023[252]. - The company had cash and cash equivalents of 3.4 million and digital assets valued at 14.0millionasofDecember31,2024,anincreasefrom14.0 million as of December 31, 2024, an increase from 2.4 million and 3.4million,respectively,asofDecember31,2023[294].−Thecompany′stotaloutstandingdebtasofDecember31,2024,is3.4 million, respectively, as of December 31, 2023[294]. - The company's total outstanding debt as of December 31, 2024, is 6,751,657, an increase from 567,586in2023[303].LossandImpairment−Thecompanyrecordedanetlossattributabletocommonshareholdersofapproximately567,586 in 2023[303]. Loss and Impairment - The company recorded a net loss attributable to common shareholders of approximately 14.1 million for the year ended December 31, 2024, compared to a net loss of approximately 15.9millionin2023[263].−Thecompanyincurreda15.9 million in 2023[263]. - The company incurred a 1.4 million impairment loss on mining equipment for the year ended December 31, 2024, compared to nil for the year ended December 31, 2023[277]. - The company incurred 1,379,375inimpairmentlossonminingequipmentduring2024[306].FinancingandInterest−Thecompanyraised1,379,375 in impairment loss on mining equipment during 2024[306]. Financing and Interest - The company raised 6.9 million in net proceeds from equity financing transactions during the year ended December 31, 2024, compared to nil in 2023[298]. - The company reported an annualized interest expense of 443,700fortheyearendedDecember31,2024[306].−Annualizedinterestratesonvariousfinancingagreementsrangefrom9.35443,700 for the year ended December 31, 2024[306]. - Annualized interest rates on various financing agreements range from 9.35% to 12%[303]. Other Financial Metrics - Core income before interest, taxes, and depreciation for 2024 was 3,940,771, a significant improvement from a loss of 235,800in2023[306].−ThecompanyrecognizedagainonthefairvalueofBitcoinof235,800 in 2023[306]. - The company recognized a gain on the fair value of Bitcoin of 7.4 million for the year ended December 31, 2024, compared to nil for the year ended December 31, 2023[274]. - The company recognized an unrealized loss on investment and equity securities of approximately 1.1millionfortheyearendedDecember31,2024,comparedtoanunrealizedlossofapproximately1.1 million for the year ended December 31, 2024, compared to an unrealized loss of approximately 9.8 million for the year ended December 31, 2023[282]. Debt Obligations - Minimum required principal payments on the company's debt for 2025 are 386,312andfor2026are386,312 and for 2026 are 6,500,000, totaling 6,886,312[303].−Thecompanypaid6,886,312[303]. - The company paid 709,000 in principal and financing repayments during the year ended December 31, 2024, compared to $624,000 in 2023[303]. Miscellaneous - The company has no off-balance sheet arrangements[308]. - There are no critical accounting estimates for the year ended December 31, 2024[307].