LM Funding America Reports Director Changes and Financial Updates
Ticker: LMFA · Form: 8-K · Filed: Jul 16, 2024 · CIK: 1640384
| Field | Detail |
|---|---|
| Company | Lm Funding America, INC. (LMFA) |
| Form Type | 8-K |
| Filed Date | Jul 16, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.001, $550,000, $825,000, $5.0 million, $5 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-change, officer-compensation, financial-reporting
Related Tickers: LMFA
TL;DR
LM Funding America (LMFA) board shakeup and financial updates filed.
AI Summary
LM Funding America, Inc. announced on July 10, 2024, the departure of director Robert L. Johnson and the appointment of new director David L. Johnson. The company also disclosed compensatory arrangements for certain officers and provided updates on its financial condition and results of operations. This filing is a current report under the Securities Exchange Act of 1934.
Why It Matters
Changes in board composition and officer compensation can signal shifts in company strategy or governance, while financial updates provide insight into the company's performance.
Risk Assessment
Risk Level: medium — Director changes and financial reporting can introduce uncertainty or reveal performance issues.
Key Players & Entities
- LM Funding America, Inc. (company) — Registrant
- Robert L. Johnson (person) — Departing Director
- David L. Johnson (person) — Appointed Director
- July 10, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from the board of directors at LM Funding America, Inc.?
Robert L. Johnson has departed from the board of directors.
Who has been appointed as a new director to the board?
David L. Johnson has been appointed as a new director.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is July 10, 2024.
Under which section of the Securities Exchange Act is this Form 8-K filed?
This Form 8-K is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What are the main items reported in this 8-K filing?
The filing reports on Results of Operations and Financial Condition, Departure of Directors or Certain Officers, Election of Directors, Appointment of Certain Officers, Compensatory Arrangements of Certain Officers, Regulation FD Disclosure, and Financial Statements and Exhibits.
Filing Stats: 940 words · 4 min read · ~3 pages · Grade level 12.4 · Accepted 2024-07-16 16:54:35
Key Financial Figures
- $0.001 — ich registered Common Stock par value $0.001 per share LMFA The Nasdaq Stock Mar
- $550,000 — 50% of his annual base salary (which is $550,000) and for Bruce Rodgers at 55% of his an
- $825,000 — 55% of his annual base salary (which is $825,000). Item 7.01 Regulation FD Disclosure.
- $5.0 million — posed senior secured term loan of up to $5.0 million to be made by Lender to fund the Compan
- $5 million — t funding. The loan would be secured by $5 million of bitcoin collateral and substantially
Filing Documents
- lmfa-20240710.htm (8-K) — 46KB
- lmfa-ex99_1.htm (EX-99.1) — 45KB
- img17863145_0.jpg (GRAPHIC) — 5KB
- 0000950170-24-083967.txt ( ) — 216KB
- lmfa-20240710.xsd (EX-101.SCH) — 24KB
- lmfa-20240710_htm.xml (XML) — 5KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On July 16, 2024, LM Funding America, Inc. (the "Company") issued a press release providing Bitcoin production and mining updates for the one month ended June 30, 2024. The information contained in the press release is furnished as Exhibit 99.1. The information furnished in this Item 2.02, including Exhibit 99.1, is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liability under that Section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 10, 2024, the Board of Directors of the Company approved a discretionary cash bonus for 2023 for Richard Russell at 50% of his annual base salary (which is $550,000) and for Bruce Rodgers at 55% of his annual base salary (which is $825,000).
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On July 16, 2024, the Company announced that it had entered into a non-binding term sheet with SE & AJ Liebel Limited Partnership, a Nevada limited partnership ("Lender"), that contemplates a proposed senior secured term loan of up to $5.0 million to be made by Lender to fund the Company's purchase of additional mining machines. The loan, if consummated, is expected to have a principal maturity date of 24 months from the closing of the loan and is expected to accrue interest of 12% per annum, payable monthly, with a 1% loan fee due at funding. The loan would be secured by $5 million of bitcoin collateral and substantially all the other assets of the Company. There is no assurance that the loan transaction will be completed.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 104 Press release issued July 16, 2024 Cover Page Interactive Data File (embedded within the inline XBRL document)
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainty. Words such as "anticipate," "estimate," "expect," "intend," "plan," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Such statements are based on the Company's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various risks and uncertainties. Investors should refer to the risks detailed from time to time in the reports the Company files with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as well as other filings on Form 10-Q and periodic filings on Form 8-K, for additional factors that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
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: July 16, 2024 By: /s/ Richard Russell Richard Russell, Chief Financial Officer