LM Funding America Enters Material Definitive Agreement
Ticker: LMFA · Form: 8-K · Filed: Jun 12, 2024 · CIK: 1640384
| Field | Detail |
|---|---|
| Company | Lm Funding America, INC. (LMFA) |
| Form Type | 8-K |
| Filed Date | Jun 12, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $2.5 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, filing
Related Tickers: LMFA
TL;DR
LMFA signed a big deal on 6/6, filing today.
AI Summary
On June 6, 2024, LM Funding America, Inc. entered into a material definitive agreement. The company, headquartered in Tampa, Florida, filed this 8-K report on June 12, 2024, detailing the agreement. Specific terms and financial implications of this agreement are not detailed in the provided text.
Why It Matters
This filing indicates a significant new contract or partnership for LM Funding America, which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, which could carry significant financial or operational implications, but the lack of specific details makes the exact risk level uncertain.
Key Players & Entities
- LM Funding America, Inc. (company) — Registrant
- June 6, 2024 (date) — Date of earliest event reported
- June 12, 2024 (date) — Date of report
- Tampa, Florida (location) — Principal Executive Offices
FAQ
What type of material definitive agreement did LM Funding America, Inc. enter into?
The provided text states that LM Funding America, Inc. entered into a material definitive agreement on June 6, 2024, but does not specify the nature of the agreement.
When was this 8-K filing submitted to the SEC?
This 8-K filing was submitted to the SEC on June 12, 2024.
What is the principal business address of LM Funding America, Inc.?
The principal executive offices of LM Funding America, Inc. are located at 1200 West Platt Street, Suite 100, Tampa, Florida 33606.
What is the Commission File Number for LM Funding America, Inc.?
The Commission File Number for LM Funding America, Inc. is 001-37605.
What is the SIC code for LM Funding America, Inc.?
The Standard Industrial Classification (SIC) code for LM Funding America, Inc. is 6199, which falls under Finance Services.
Filing Stats: 811 words · 3 min read · ~3 pages · Grade level 11.9 · Accepted 2024-06-12 16:51:24
Key Financial Figures
- $0.001 — ich registered Common Stock par value $0.001 per share LMFA The Nasdaq Stock Mar
- $2.5 million — re a non-revolving credit line of up to $2.5 million (the " Loan ") to fund the completion a
Filing Documents
- lmfa-20240606.htm (8-K) — 50KB
- lmfa-ex10_1.htm (EX-10.1) — 235KB
- lmfa-ex10_2.htm (EX-10.2) — 55KB
- lmfa-ex10_3.htm (EX-10.3) — 121KB
- lmfa-ex10_4.htm (EX-10.4) — 116KB
- 0000950170-24-072523.txt ( ) — 780KB
- lmfa-20240606.xsd (EX-101.SCH) — 26KB
- lmfa-20240606_htm.xml (XML) — 5KB
01 Entry into Material Definitive Agreement
Item 1.01 Entry into Material Definitive Agreement. On June 6, 2024, LM Funding America, Inc. (the " Company "), through its wholly owned subsidiary LMFA Financing, LLC (" LMFAF "), entered into a Loan Agreement (the " Loan Agreement ") with Tech Infrastructure JV I LLC, a Delaware limited liability company and joint venture affiliate of Arthur Group Inc. (" Tech Infrastructure "), pursuant to which LMFAF agreed to extend to Tech Infrastructure a non-revolving credit line of up to $2.5 million (the " Loan ") to fund the completion and build out of a 15 MW hosting facility in Calumet, Oklahoma (the " Hosting Facility "). Concurrent with entering into the Loan Agreement, US Digital Mining and Hosting Oklahoma, LLC, a subsidiary of the Company (" US Digital Mining "), entered into a hosting services agreement with Arthur Digital Assets, Inc. (" Arthur ") under which 3,000 of the Company's Bitmain Antminer S19j Pro machines will be hosted at the Calumet Hosting Facility upon completion of the buildout. The Loan Agreement provides that Tech Infrastructure has the right to draw down advances of the Loan to fund specifically identified expenditures relating to the build-out of the Hosting Facility. The Loan bears interest at a rate equal to 14% per annum, simple interest, through the date on which Arthur begins charging market pricing to US Digital Mining at the Hosting Facility (the " Change Date "), and 18% per annum, simple interest, thereafter. Interest will accrue through the Change Date and be paid monthly after the Change Date, and payment of principal will be amortized over a period of 24 months following the Change Date. All unpaid principal and accrued but unpaid interest will be due and payable on the date that is 24 months after the Change Date. The Loan is secured by all of the personal property assets of Tech Infrastructure and a pledge of Arthur Group Inc.'s equity interest in Tech Infrastructure. The foregoing description is qualified by reference to
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Loan Agreement, dated June 6, 2024, between LMFA Financing, LLC and Tech Infrastructure JV I LLC. 10.2 Promissory Note, dated June 6, 2024, issued by Tech Infrastructure JV I LLC to LMFA Financing, LLC. 10.3 Security Agreement, dated June 6, 2024, between LMFA Financing, LLC and Tech Infrastructure JV I LLC. 10.4 Pledge Agreement, dated June 6, 2024, between LMFA Financing, LLC and Arthur Group Inc. 104 Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LM Funding America, Inc. Date: June 12, 2024 By: /s/ Richard Russell Richard Russell, Chief Financial Officer