LENDWAY, INC. Q3 2024: $5.7M Assets, $1.7M Net Income

TL;DR

LENDWAY Q3: $5.71M assets, $1.77M liabilities, $1.74M profit. EPS $0.01.

AI Summary

LENDWAY, INC. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $5.714 million and total liabilities of $1.770 million. Net income for the period was $1.743 million, with earnings per share of $0.01.

Why It Matters

This filing provides a snapshot of LENDWAY, INC.'s financial health and performance for the third quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $5.714M — Total Assets (As of September 30, 2024)
• $1.770M — Total Liabilities (As of September 30, 2024)
• $1.743M — Net Income (For the period ending September 30, 2024)
• $0.01 — Earnings Per Share (For the period ending September 30, 2024)

Key Players & Entities

• LENDWAY, INC. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• $5.714 million (dollar_amount) — Total assets reported
• $1.770 million (dollar_amount) — Total liabilities reported
• $1.743 million (dollar_amount) — Net income reported
• $0.01 (dollar_amount) — Earnings per share

FAQ

Key Financial Figures

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

Filing Documents

• ldwy_10q.htm (10-Q) — 1064KB
• ldwy_ex311.htm (EX-31.1) — 14KB
• ldwy_ex312.htm (EX-31.2) — 10KB
• ldwy_ex32.htm (EX-32) — 8KB
• 0001654954-24-014661.txt ( ) — 5718KB
• ldwy-20240930.xsd (EX-101.SCH) — 63KB
• ldwy-20240930_lab.xml (EX-101.LAB) — 363KB
• ldwy-20240930_cal.xml (EX-101.CAL) — 67KB
• ldwy-20240930_pre.xml (EX-101.PRE) — 279KB
• ldwy-20240930_def.xml (EX-101.DEF) — 92KB
• ldwy_10q_htm.xml (XML) — 924KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets – September 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) – Three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity – Three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows – Nine months ended September 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 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36 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 September 30, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 1,333,000 $ 16,077,000 Accounts receivable, net 2,337,000 - Receivable from escrow account - 200,000 Inventories, net 15,490,000 - Prepaid expenses and other current assets 1,423,000 52,000 Other current assets related to discontinued operations - 292,000 Total current assets 20,583,000 16,621,000 Property and equipment, net 11,538,000 35,000 Equity-method investment 167,000 - Goodwill 10,474,000 - Intangible assets, net 25,950,000 - Operating lease right-of-use assets 33,362,000 7,000 Finance lease right-of-use assets 16,000 - Long-term receivable 369,000 - Other assets - 10,000 Total assets $ 102,459,000 $ 16,673,000 Liabilities and Stockholders' equity Current liabilities: Accounts payable $ 3,679,000 $ 32,000 Accrued compensation 348,000 635,000 Accrued expenses and other current liabilities 1,640,000 168,000 Current portion of operating lease liabilities 1,042,000 4,000 Current portion of finance lease liabilities 28,000 - Current portion of debt 2,271,000 - Current liabilities related to discontinued operations 55,000 257,000 Total current liabilities 9,063,000 1,096,000 Long-term liabilities: Accrued income taxes - 42,000 Operating lease liabilities, net of current portion 32,729,000 3,000 Finance lease liabilities, net of current portion 46,000 - Long-term debt, net 34,610,000 - Related party note payable 2,008,000 - Deferred tax liabilities, net 8,738,000 - Total Long-term liabilities 78,131,000 45,000 Commitments and contingencies (Note 13) Stockholders' equity Common stock, par value $ 0.01 : Authorized s

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View this 10-Q filing on SEC EDGAR