Lendway, Inc. Q1 2024 10-Q Filed

TL;DR

LENDWAY Q1 2024: $5.7M assets, $1.7M liabilities. Bloomia acquisition noted.

AI Summary

LENDWAY, INC. filed its 10-Q for the period ending March 31, 2024. The company reported total assets of $5.714 million and total liabilities of $1.743 million for the first quarter of 2024. The filing also references the acquisition of Bloomia and notes a former company name of Insignia Systems Inc/MN.

Why It Matters

This filing provides a snapshot of Lendway, Inc.'s financial health and operational status as of Q1 2024, including details on assets, liabilities, and recent acquisitions.

Risk Assessment

Risk Level: medium — The filing contains financial data and operational updates that could impact investor decisions, but lacks specific forward-looking statements or significant negative events.

Key Numbers

• $5.714M — Total Assets (As of March 31, 2024)
• $1.743M — Total Liabilities (As of March 31, 2024)

Key Players & Entities

• LENDWAY, INC. (company) — Filer
• March 31, 2024 (date) — Reporting period end date
• $5.714 million (dollar_amount) — Total assets for Q1 2024
• $1.743 million (dollar_amount) — Total liabilities for Q1 2024
• Bloomia (company) — Acquired entity
• Insignia Systems Inc/MN (company) — Former company name

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value LDWY The Nasdaq Stock Mar

Filing Documents

• ldwy_10q.htm (10-Q) — 740KB
• ldwy_ex101.htm (EX-10.1) — 81KB
• ldwy_ex102.htm (EX-10.2) — 12KB
• ldwy_ex311.htm (EX-31.1) — 10KB
• ldwy_ex312.htm (EX-31.2) — 9KB
• ldwy_ex32.htm (EX-32) — 4KB
• 0001654954-24-006696.txt ( ) — 4665KB
• ldwy-20240331.xsd (EX-101.SCH) — 58KB
• ldwy-20240331_lab.xml (EX-101.LAB) — 327KB
• ldwy-20240331_cal.xml (EX-101.CAL) — 59KB
• ldwy-20240331_pre.xml (EX-101.PRE) — 254KB
• ldwy-20240331_def.xml (EX-101.DEF) — 75KB
• ldwy_10q_htm.xml (XML) — 629KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets – March 31, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) – Three months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity – Three months ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows – Three months ended March 31, 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements – (unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Lendway, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 2024 December 31, (Unaudited) 2023 Assets Current assets: Cash and cash equivalents $ 5,013,000 $ 16,077,000 Accounts receivable, net 5,065,000 - Receivable from escrow account 200,000 200,000 Inventories, net 9,718,000 - Prepaid expenses and other current assets 2,987,000 52,000 Other current assets related to discontinued operations 115,000 292,000 Total current assets 23,098,000 16,621,000 Property and equipment, net 11,576,000 35,000 Equity-method investment 167,000 - Goodwill 10,122,000 - Intangible assets, net 26,712,000 - Operating lease right-of-use assets 34,060,000 7,000 Finance lease right-of-use assets 22,000 - Long-term receivable 357,000 - Note receivable 700,000 - Other assets 10,000 10,000 Total assets $ 106,824,000 $ 16,673,000 Liabilities and Stockholders' equity Current liabilities: Accounts payable $ 2,359,000 $ 32,000 Accrued compensation 1,825,000 635,000 Accrued expenses and other current liabilities 3,779,000 210,000 Current portion of finance lease liabilities 13,000 - Current portion of operating lease liabilities 958,000 4,000 Current portion of debt 2,850,000 - Current liabilities related to discontinued operations 166,000 257,000 Total current liabilities 11,950,000 1,138,000 Long-term liabilities: Finance lease liabilities, net of current portion 7,000 - Operating lease liabilities, net of current portion 33,245,000 3,000 Long-term debt, net 34,575,000 - Deferred tax liabilities, net 9,785,000 - Total Long-term liabilities 77,612,000 3,000 Commitments and contingencies (Note 12) Stockholders' equity Common stock, par value $.01: Authorized shares - 5,714,000 Issued and outstanding shares - 1,743,000 at March 31, 202

View Full Filing

View this 10-Q filing on SEC EDGAR