MSP Recovery, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>MSP Recovery, Inc. has filed its 2023 annual report (10-K) detailing its financial activities and corporate history.</b>

AI Summary

MSP Recovery, Inc. (MSPRZ) filed a Annual Report (10-K) with the SEC on April 15, 2024. MSP Recovery, Inc. filed its 2023 Form 10-K on April 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Lionheart Acquisition Corp. II and Lionheart Acquisition Corp. Key dates mentioned include various promissory notes, credit agreements, and amendments throughout 2023. The filing references financial instruments such as warrants, promissory notes, and credit agreements.

Why It Matters

For investors and stakeholders tracking MSP Recovery, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of MSP Recovery's financial performance and operational status for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed information on various financial instruments, agreements, and past corporate name changes offers context for understanding the company's complex financial structure and evolution.

Risk Assessment

Risk Level: medium — MSP Recovery, Inc. shows moderate risk based on this filing. The company's financial structure involves numerous complex agreements and instruments, including various promissory notes, credit agreements, and warrants, indicating potential financial complexities and risks that require careful investor due diligence.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factors within the 10-K to understand the company's financial health and operational risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-15 — Filing Date (Date of submission)
• 107 — Public Document Count (Number of documents in the filing)
• 001-39445 — SEC File Number (Company's SEC file number)

Key Players & Entities

• MSP Recovery, Inc. (company) — Filer name
• Lionheart Acquisition Corp. II (company) — Former company name
• Lionheart Acquisition Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-15 (date) — Filing date
• 2701 LE JEUNE ROAD (address) — Business address
• CORAL GABLES (location) — Business address city
• 305.614.2222 (phone) — Business phone

FAQ

Industry Context

MSP Recovery operates in the computer processing and data preparation industry (SIC 7374), focusing on recovery services.

Regulatory Implications

The filing is a 10-K annual report under the Securities Exchange Act of 1934, a standard regulatory requirement for public companies.

What Investors Should Do

1. Review the financial statements for detailed revenue, net income, and asset/liability information.
2. Analyze the risk factors section for potential operational and financial challenges.
3. Examine the footnotes for details on debt, equity, and significant agreements.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for MSP Recovery, Inc. as a public entity, following its previous corporate name changes.

Key Financial Figures

• $0.0001 — hich registered Class A common stock, $0.0001 par value per share LIFW The Nasdaq
• $287.50 — A common stock at an exercise price of $287.50 per share LIFWW The Nasdaq Global M
• $0.0025 — A common stock at an exercise price of $0.0025 per share LIFWZ The Nasdaq Global M
• $8.20 — egistrant based on the closing price of $8.20 for the Class A common stock, $0.0001 p
• $150 billion — potentially serviceable market is over $150 billion annually. Our p

Filing Documents

• lifw-20231231.htm (10-K) — 3145KB
• lifw-ex3_3.htm (EX-3.3) — 18KB
• lifw-ex4_8.htm (EX-4.8) — 180KB
• lifw-ex10_35.htm (EX-10.35) — 103KB
• lifw-ex10_40.htm (EX-10.40) — 122KB
• lifw-ex10_41.htm (EX-10.41) — 66KB
• lifw-ex10_42.htm (EX-10.42) — 17KB
• lifw-ex23_1.htm (EX-23.1) — 3KB
• lifw-ex31_1.htm (EX-31.1) — 13KB
• lifw-ex31_2.htm (EX-31.2) — 13KB
• lifw-ex32_1.htm (EX-32.1) — 7KB
• lifw-ex32_2.htm (EX-32.2) — 7KB
• lifw-ex97_1.htm (EX-97.1) — 47KB
• img84206591_0.jpg (GRAPHIC) — 32KB
• img97241501_0.jpg (GRAPHIC) — 30KB
• img152120085_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-044197.txt (&nbsp;) — 12180KB
• lifw-20231231.xsd (EX-101.SCH) — 1958KB
• lifw-20231231_htm.xml (XML) — 1411KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 51 Item 1C. Cybersecurity 52 Item 2.

Properties

Properties 54 Item 3.

Legal Proceedings

Legal Proceedings 54 Item 4. Mine Safety Disclosures 55 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 56 Item 6. [Reserved] 57 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 58 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 76 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 76 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 111 Item 9A.

Controls and Procedures

Controls and Procedures 111 Item 9B. Other Information 112 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 112 PART III Item 10. Directors, Executive Officers and Corporate Governance 113 Item 11.

Executive Compensation

Executive Compensation 118 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120 Item 13. Certain Relationships and Related Transactions, and Director Independence 122 Item 14. Principal Accounting Fees and Services 124 PART IV Item 15. Exhibits, Financial Statement Schedules 126 Item 16 Form 10-K Summary 130 i Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained in this Annual Report on Form 10-K ("Annual Report") are forward-looking and constitute forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "could," "expect," "intend," "plan," "predict," "may," "should," and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance or results and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Although we believe that our expectations are based on reasonable assumptions within the bounds of our knowledge of our industry, business, and operations, we cannot guarantee that actual results will not differ materially from our expectations. In evaluating such forward-looking statements, you should specifically consider various factors, including the risks outlined under "Risk Factors." Any forward-looking statement made by the Company herein speaks only as of the date made. The discussion of risks and uncertainties set forth in this Annual Report is not necessarily a complete or exhaustive list of all risks

. Business

Item 1 . Business. Industry Overview Our business is directly related to the healthcare industry and is affected by healthcare spending and complexity in the healthcare industry. The market for healthcare data and healthcare claims recovery solutions is large and growing. We estimate that our total potentially serviceable market is over $150 billion annually. Our p

View Full Filing

View this 10-K filing on SEC EDGAR