Penny Grabber
7 days ago
Staff and payroll costs for 7-8 people for 9 months ending 9/30/24 was 3.7M
That's 41,111 - 58,700/month per employee.
That's roughly 5M a year for 7-8 employees operating a company with a market cap value of 7.5M. That doesn't include lofty bonuses paid in December.
If you average up and say they will mine 10 btc a month with the addition of the 15MW plant and enhanced software, at 90,000 a coin that's 10.8M/year.
Not including bonuses, payroll alone for 7-8 people is 5M a year. New top line revenue projections are 9M a year at current market prices. Payroll not including lofty bonuses is 46% of every dollar mined. Add in 1.6M through 9 months for "professional services" wages and 1099 costs, without adding a single dollar to professional fees for the last quarter, is 6.6M a year.
61.1% of projected TOP LINE revenue is for wages of 7-8 people and professional fees.
Last checked, and this could be wrong, but energy to mine a BTC was roughly 40,000 on a s19.
10 btc per month times 12 months is 120 btc. Times 40k energy costs = 4.8M
4.8M + 5M in wages + 1.6M in professional fees = 11.4M. Top line projections on the generous side 2025 are 10.8M.
Add in all other operating costs, another 7M in Depreciation expense on the miners, 2025 is looking like another massive loss for shareholders.
But the 7-8 people running it will still get their 5M a year.
This is why no one buys their stock. They are fleecing the company for every dollar internally with no indication of creating value or profits for shareholders both near and long term. With no plan or mention on how they would do it except more acquisitions. Which would require more capital. More dilution. More reverse splits, and more losses on top of the nearly 100M this group has burned through over the years to get to this point.
Not looking good. They are barely holding onto NasdaqCM requirements now as it is to stay listed as well while the stock sits at all time decade lows.
While the 8 employees living lavishly.
They keep reporting we have 15M in btc. But fail to mention 5M is collateral for debt and basically signed over all rights and "first in line" and to the assets to 1 private investor for the entire company if it fails.
Entire company is an insider job. Should not be public. Markets are just used to fleece the public.
Down 99.97% all time, and still listed.
Penny Grabber
7 days ago
Why sell 365 bitcoin miners for 79k when they are on the books for 1.3M?
In order to accommodate an expected incoming shipment of S21 mining machines in April 2024, management identified 365 mining machines at a Core hosting facility that would require relocation. As part of its impairment testing management considered the possible cashflows and probabilities associated with the relocation and continued use of 365 mining machines at a separate hosting facility location and the potential sale of such assets to a third-party. Based on the assessment performed, management concluded a sale was probable and an impairment of $1.2 million on the mining machines was recorded during the first quarter, which was calculated as the net carrying value of the 365 mining machines of $1.3 million less the expected sales price of $79 thousand. A loss was recorded on the Consolidated Statements of Operations as "Impairment loss on mining equipment" for the three and nine months ended September 30, 2024 of nil and $1.2 million, respectively.
On April 16, 2024, the 365 mining machines were sold to a third-party for $79 thousand. There was no additional loss recognized upon the asset sale
Penny Grabber
1 week ago
The Nasdaq Capital Market (Nasdaq-CM) is one of three listing tiers on the Nasdaq exchange, specifically for companies that need to raise capital.
Companies listed here may be small companies with a need to grow capital or shell corporations designed to raise capital in public markets for the purpose of acquiring other business entities.
Companies that don't qualify for the Nasdaq National Market trade on Nasdaq-CM.
Nasdaq Capital Market companies are required to meet a net income standard of at least $750,000, a minimum public float of 1,000,000 shares, at least 300 shareholders, and a share bid price of at least $4 (with certain exceptions).
All the standards share some requirements such as one million publicly held shares, 300 shareholders, and three market makers (MMs). However, these also differ in important ways. The equity standard requires stockholders' equity of $5 million, where the other two require only $4 million, and it also requires an operating history of two years, while the other two do not require an operating history.
The market value of listed securities requires a market value of listed securities of $50 million and a market value of publicly held shares of $15 million. The net income standard is the only one requiring a net income, $750,000 in the latest fiscal year or in two of the last three years, but has the lowest requirement for market value of publicly held shares at $5 million.
Penny Grabber
3 weeks ago
Funny Maxim is hosting LMFA in some type of investment opportunity tomorrow.
When in October 2021 they sold shares of lmfa for 4.75 a share. Split adjusted, less than 4 years later, those shares are now worth 30 cents.
The shares Maxim sold lost 94 cents on the dollar, down 94% during the biggest bull run for stocks in the history of mankind
In October 2021 BTC was 44k. If they took that 30M and invested it in BTC, they would of had 681 BTC and the value today would be 68.1M
Instead, they have 158 valued at 16M, mainly all collateral with debt, and a 9M enterprise market cap.
Ouch.
Penny Grabber
3 months ago
Name and Principal Position Year ($) ($) ($) ($) ($)(1) ($)
Bruce Rodgers
2023 $ 825,000 $ - $ 488,345 $ 356,503 $ 24,860 $ 1,694,708
Chairman, CEO and President
2022 $ 750,000 $ - $ - $ - $ 10,571 $ 760,571
Richard Russell
2023 $ 550,000 $ - $ 488,345 $ 356,503 $ 48,467 $ 1,443,315
Chief Financial Officer
2022 $ 500,000 $ - $ - $ - $ 32,559 $ 532,559
Ryan Duran 2023
$ 192,500 $ - $ 122,086 $ 89,126 $ 40,217 $ 443,929
Vice President of Operations
2022 $ 175,000 $ 75,000 $ - $ - $ 32,559 $ 282,559
(1) These amounts consist of health insurance premiums, dental & vision insurance premiums paid by the Company in excess of non-executive contribution and 401K Company match.
Penny Grabber
3 months ago
New shares structure roughly 6.8M shares.
Company has another 5.1M in cash. Plus the millions on the balance sheet, plus the 15M in bitcoin, the 15MW mining facility, and 6000 s19 and s21 miners.
When they are fully operational in January they should mine about 15 BTC a month. Or about 1.5M usd at current levels, 4.5M a quarter, 18M a year.
Mining costs are roughly half of the value. So 9M. Plus 5M in operations, salaries, etc.
2025 without any change in btc price should be about 4M before interest Depreciation and taxes etc.
About .80/share.
6.5m times 3 dollars a share = 19.5M market cap. Trading at 5x forward earnings (2025).
Penny Grabber
4 months ago
The registrant had 3,397,042 shares of Common Stock, par value $0.001 per share, outstanding as of November 13, 2024.
Times $2.65/share = $9,002,161 market cap.
I suspect it's now over 4M outstanding. This is based on the approval of the warrant exercising and the additional volume of trading last week.
If all warrants exercise, total shares outstanding will be just over 5M shares.
Penny Grabber
4 months ago
1 MW Container holds approximately 300 next generation BTC miners. A MW buildout can run 250,000-750,00 depending on equipment and contractors.
Equipped with approximately 300 S19 Pro miners – $2,850,000 - $3,250,000 (assuming $9500/miner, these prices change often)
Monthly managed OPEX cost – $34,560 (300 miners x .05 cents x 3.2kw x 24 hours x 30 days/month)
LMFA has the miners. Now has the 15MW operations (just have to swap out the current partners miners with their own once they vacate) it's safe to assume 3M times 15 = 45M facility which includes the miners.
I repeat.
$45,000,000
All miners paid in full. 15MW facility paid in full in January. The balance due is a fraction of cash and BTC on hand.
This is beyond dirt cheap.
500X the intrinsic value of BTCT. All smoke and mirrors over there. .0001/share inevitable with that one.
Penny Grabber
4 months ago
On August 16, 2024, LM Funding America, Inc. (the “Company”) and an institutional investor (the “Purchaser”) entered into a securities purchase agreement (the “Securities Purchase Agreement”), pursuant to which the Company agreed to issue to the Purchaser, (i) in a registered direct offering, 278,000 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (“Common Stock”), and pre-funded warrants to purchase 590,185 shares of Common Stock (the “Pre-Funded Warrants”) with an exercise price of $0.0001 per share, and (ii) in a concurrent private placement, Series A warrants to purchase 868,185 shares of Common Stock (the “Series A Common Warrants”) and Series B warrants to purchase 868,185 shares of Common Stock (the “Series B Common Warrants” and together with the Series A Common Warrants, the “Common Warrants”), each with an exercise price of $2.98. Such registered direct offering and concurrent private placement are referred to herein as the “Transactions.” The combined effective offering price for each Share (or pre-funded warrant in lieu thereof) and accompanying Series A Warrant and Series B Warrant in the Transaction was $2.98. The Transactions closed on August 19, 2024.
The Company received aggregate gross proceeds from the Transactions of approximately $2.6 million, before deducting fees to the Placement Agent (as defined below) and other estimated offering expenses payable by the Company. The Company currently plans to use the net proceeds from the Transactions for general corporate purposes, including working capital, development and/or acquisition of hosting sites, and funding the purchase of additional Bitcoin mining machines.
The Company filed a registration statement on Form S-3 (File No. 333-258326) with the Securities and Exchange Commission (the “Commission”) on July 30, 2021, which was deemed effective on August 16, 2021 (the “Registration Statement”). Pursuant to Rule 415(a)(5) under the Securities Act of 1933, as amended (the “Securities Act”), the Company intends to continue to offer and sell the unsold Securities under the Registration Statement until the earlier of (i) the date on which the registration statement filed with the Commission on August 13, 2024, is declared effective by the Commission, and (ii) February 12, 2025, which is 180 days after the third-year anniversary of the effective date of the Registration Statement. The Shares and Pre-Funded Warrants were offered by the Company pursuant to the Registration Statement and that certain prospectus supplement dated August 16, 2024, filed by the Company with the Commission under the Securities Act on August 19, 2024.
The Common Warrants and the shares of Common Stock issuable upon exercise of the Common Warrants (the “Common Warrant Shares”) were issued in a concurrent private placement and have not been registered under the Securities Act, and are instead being offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder. The Common Warrants will be exercisable commencing on the effective date of stockholder approval for the issuance of the shares of Common Stock issuable upon exercise of the Common Warrants (the “Stockholder Approval Date”). The Series A Common Warrants will expire on the fifth anniversary of the Stockholder Approval Date and the Series B Common Warrants will expire on the second anniversary of the Stockholder Approval Date. The Pre-Funded Warrants will not expire and will be exercisable commencing on the date of issuance and at any time until all of the Pre-Funded Warrants are exercised in full. If, at the time of exercise a registration statement registering the issuance of the shares of Common Stock underlying the Common Warrants under the Securities Act is not effective or available, the holder may, in its sole discretion, elect to exercise the Common Warrants through a cashless exercise, in which the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the Common Warrants. Further, if the Company sells, enters into an agreement to sell, or grants any option to purchase, or sells or grants any right to reprice, or otherwise disposes of any shares of Common Stock or Common Stock equivalents, at an effective price per share less than the exercise price then in effect, then the exercise price of the Common Warrants will be reduced to such price.
Penny Grabber
5 months ago
1 MW Container holds approximately 300 next generation BTC miners – $150,000 usd. Equipped with approximately 300 S19 Pro miners – $2,850,000 (assuming $9500/miner, these prices change often) Monthly managed OPEX cost – $34,560 per MW container.
15 MW plant with 4500 miners start up cost is $42.5M. Plus 8.5M in BTC on hand.
Functional 15 MW plant operating 4500 S19 miners plus bitcoin on hand, fair value about $50M.
Market cap $7M
10X inevitable.
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