Financial Performance - Loan interest income decreased to $0.2 million from $2.0 million for the three months ended March 31, 2024, due to a lower number of loans held for sale and investment [96]. - Salaries and employee benefits decreased to $0.2 million from $1.9 million for the three months ended March 31, 2024, attributed to an employee right-sizing initiative [99]. - Net cash used in operating activities for the three months ended March 31, 2024, was $(2,051) thousand, compared to $(6,944) thousand for the same period in 2023 [114]. - Total cash flows for the three months ended March 31, 2024, were $(2,060) thousand, contrasting with $1,107 thousand for the same period in 2023 [114]. Cash and Loans - Cash and cash equivalents as of March 31, 2024, were $6.7 million, down from $8.7 million as of December 31, 2023 [109]. - Loans held for sale at fair value decreased to $2.7 million on March 31, 2024, from $4.5 million at December 31, 2023, due to a decision to liquidate the loan portfolio [110]. - Loans held for investment at fair value decreased to $4.5 million on March 31, 2024, from $5.6 million at December 31, 2023, also driven by the liquidation of the loan portfolio [111]. Electric Vehicle Development - Electric vehicle intellectual property development costs were $1.9 million for the three months ended March 31, 2024, marking the first period of operations for this segment [106]. - The company signed a non-exclusive patent and technology licensing agreement with System73 Limited, focusing on optimizing electric vehicle efficiency [85]. - The company agreed to pay 6.2 million pounds sterling (approximately $8.0 million) for patent rights under the PTL Agreement [86]. Market Risk - Market risk includes risks from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices, and other market changes affecting market-sensitive instruments [120].
Altisource Asset Management(AAMC) - 2024 Q1 - Quarterly Report