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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): June 10, 2024 |
LM FUNDING AMERICA, INC.
(Exact name of Registrant as Specified in Its Charter)
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Delaware |
001-37605 |
47-3844457 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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1200 West Platt Street Suite 100 |
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Tampa, Florida |
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33606 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: 813 222-8996 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s) |
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Name of each exchange on which registered
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Common Stock par value $0.001 per share |
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LMFA |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On June 10, 2024, LM Funding America, Inc. issued a press release providing Bitcoin production and mining updates for the one month ended May 31, 2024. The information contained in the press release is incorporated herein by reference and 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 9.01 Financial Statements and Exhibits.
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.
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LM Funding America, Inc. |
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Date: |
June 10, 2024 |
By: |
/s/ Richard Russell |
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Richard Russell, CFO |
Exhibit 99.1
LM Funding America, Inc. Provides Monthly Operational and Bitcoin Mining Update for Month Ended May 31, 2024
Total Bitcoin holdings were approximately 163.1 BTC as of May 31, 2024, or approximately $11.4 million based on an estimated June 7, 2024, BTC price of $70,000
TAMPA, FL, June 10, 2024—LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and technology-based specialty finance company, today provided a preliminary, unaudited Bitcoin mining update for the month ended May 31, 2024.
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Metrics * |
One Month January 31, 2024 |
One Month February 29, 2024 |
One Month March 31, 2024 |
One Month April 30, 2024 |
One Month May 31, 2024 |
Five Months May 31, 2024 |
Bitcoin Beginning Balance |
95.1 |
126.8 |
153.6 |
163.4 |
155.1 |
95.1 |
Bitcoin Mined, net |
31.7 |
26.8 |
27.9 |
24.7 |
14.0 |
125.1 |
Bitcoin Sold |
- |
- |
(18.0) |
(33.0) |
(6.0) |
(57.0) |
Service Fee |
- |
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(0.1) |
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(0.1) |
Bitcoin Holdings |
126.8 |
153.6 |
163.4 |
155.1 |
163.1 |
163.1 |
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Approximate Miners Deployed at Month End |
5,950 |
5,940 |
5,940 |
5,880 |
5,880+ |
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Approximate Deployed Hash Rate at Month End (PH/s) |
615 |
614 |
614 |
639 |
639 |
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*Unaudited
+ approximately 370 machines are in transit to new hosting site
Bruce M. Rodgers, Chairman and CEO of LM Funding, stated, "Our mining operations continue to deliver solid results. Moreover, the recently announced hosting agreement with Arthur Mining for our S19J Pros allows us to continue mining these older machines and provides us cost effective hosting capacity to scale our growth. We are leveraging our capital to obtain some of the benefits of infrastructure investment. We are eager to utilize Arthur Mining's extensive hosting expertise and infrastructure to drive even faster growth."
The Company estimates the value of its 163.1 Bitcoin holdings on May 31, 2024, was approximately $11.4 million, based on an estimated June 7, 2024, BTC price of $70,000.
About LM Funding America
LM Funding America, Inc. (Nasdaq: LMFA), together with its subsidiaries, is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado, and Illinois, by funding a certain portion of the Associations' rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments.
Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company's most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of entering into and operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry. The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.
Contact:
Crescendo Communications, LLC
Tel: (212) 671-1021
Email: LMFA@crescendo-ir.com
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