Lendway, Inc. Q2 2024 10-Q: Lease Liabilities Detailed

TL;DR

Lendway's Q2 10-Q shows $33.2M in lease liabilities, with $0.8M due soon. Watch for that unsecured note due Aug 31.

AI Summary

Lendway, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total operating lease liabilities of $33.242 million, with $0.823 million classified as current. This filing also references a subsequent event related to an unsecured delayed draw term note, with a maturity date of August 31, 2024.

Why It Matters

This filing provides insight into Lendway's financial obligations related to operating leases, which can impact its cash flow and overall financial health.

Risk Assessment

Risk Level: medium — The filing details significant operating lease liabilities and mentions a subsequent event related to a term note, indicating potential financial commitments and risks.

Key Numbers

• $33.242M — Total operating lease liabilities (As of June 30, 2024)
• $0.823M — Current portion of operating lease obligations (As of June 30, 2024)
• $32.419M — Operating lease obligations, net of current portion (As of June 30, 2024)

Key Players & Entities

• LENDWAY, INC. (company) — Filer
• June 30, 2024 (date) — Reporting Period End Date
• $33.242 million (dollar_amount) — Total operating lease liabilities
• $0.823 million (dollar_amount) — Current portion of operating lease obligations
• August 31, 2024 (date) — Maturity date of unsecured delayed draw term note

FAQ

Key Financial Figures

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

Filing Documents

• ldwy_10q.htm (10-Q) — 909KB
• ldwy_ex101.htm (EX-10.1) — 34KB
• ldwy_ex104.htm (EX-10.4) — 31KB
• ldwy_ex105.htm (EX-10.5) — 28KB
• ldwy_ex311.htm (EX-31.1) — 13KB
• ldwy_ex312.htm (EX-31.2) — 9KB
• ldwy_ex32.htm (EX-32) — 9KB
• 0001654954-24-010840.txt ( ) — 5111KB
• ldwy-20240630.xsd (EX-101.SCH) — 55KB
• ldwy-20240630_lab.xml (EX-101.LAB) — 336KB
• ldwy-20240630_cal.xml (EX-101.CAL) — 62KB
• ldwy-20240630_pre.xml (EX-101.PRE) — 259KB
• ldwy-20240630_def.xml (EX-101.DEF) — 79KB
• ldwy_10q_htm.xml (XML) — 706KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets – June 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) – Three and six months ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity – Three and six months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows – Six months ended June 30, 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 23 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 32 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 33 Item 3. Defaults upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34 2 Table of contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Lendway, Inc. and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS Values are rounded to the nearest thousand dollar and thousand share June 30, 2024 December 31, (Unaudited) 2023 Assets Current assets: Cash and cash equivalents $ 1,721,000 $ 16,077,000 Accounts receivable, net 3,306,000 - Receivable from escrow account 200,000 200,000 Inventories, net 6,973,000 - Prepaid expenses and other current assets 1,300,000 52,000 Note receivable 250,000 - Other current assets related to discontinued operations - 292,000 Total current assets 13,750,000 16,621,000 Property and equipment, net 11,423,000 35,000 Equity-method investment 167,000 - Goodwill 10,172,000 - Intangible assets, net 26,331,000 - Operating lease right-of-use assets 33,679,000 7,000 Finance lease right-of-use assets 19,000 - Long-term receivable 357,000 - Other assets - 10,000 Total assets $ 95,898,000 $ 16,673,000 Liabilities and Stockholders' equity Current liabilities: Accounts payable $ 2,177,000 $ 32,000 Accrued compensation 521,000 635,000 Accrued expenses and other current liabilities 2,092,000 168,000 Current portion of operating lease liabilities 997,000 4,000 Current portion of finance lease liabilities 14,000 - Current portion of debt 1,800,000 - Current liabilities related to discontinued operations 84,000 257,000 Total current liabilities 7,685,000 1,096,000 Long-term liabilities: Accrued income taxes - 42,000 Operating lease liabilities, net of current portion 32,974,000 3,000 Finance lease liabilities, net of current portion 5,000 - Long-term debt, net 29,616,000 - Deferred tax liabilities, net 9,117,000 - Total Long-term liabilities 71,712,000 45,000 Commitments and contingencies (Note 12) Stockholders' equity Common stock, par value $ 0.01 : Authorized shares - 5,714,000

View Full Filing

View this 10-Q filing on SEC EDGAR