Altisource Asset Management(US:AAMC)2022-05-12 16:00Financial Performance - The company reported salaries and employee benefits of $0.9 million for Q1 2022, a decrease of 74.3% from $3.5 million in Q1 2021[106]. - Legal fees increased slightly to $1.4 million in Q1 2022 from $1.3 million in Q1 2021, primarily due to litigation and consulting fees[107]. - Net cash used in operating activities from continuing operations was $(4.379) million in Q1 2022, compared to $(7.681) million in Q1 2021, indicating improved cash flow management[117]. - The company recorded a pre-tax gain on disposal of $7.5 million from the sale of its remaining assets related to Front Yard[109]. Cash and Investments - The company had cash and cash equivalents of $54.4 million as of March 31, 2022, down from $78.3 million at the end of 2021, mainly due to loan purchases in the Alternative Lending Group (ALG)[111]. - The company purchased $17.7 million in loans upon the creation of ALG, focusing on business purpose bridge loans[114]. - The company plans to invest $2.0 million initially in a Crypto ATM business, with potential for further investment as opportunities arise[101]. - The company aims to grow its Alternative Lending Group (ALG) with a capital commitment of $40 million, focusing on underserved markets[96]. Share Repurchase - A total of $268.7 million in shares of common stock had been repurchased under the Board's authorization, with $31.3 million remaining available for repurchases[116]. Debt Management - The company has reduced the outstanding balance of its Series A Shares from $250 million to approximately $144 million due to settlements[112].