PWCM 8-K
Powercompute, Inc. (PWCM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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:
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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 January 16, 2022, the Company issued a press release providing Bitcoin production and mining update for the one month ended December 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.
(d) Exhibits
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the inline XBRL document) |
Forward-Looking Statements
This Current Report on Form 8-K may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainty. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Such statements are based on the Company’s current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various risks and uncertainties. Investors should refer to the risks detailed from time to time in the reports the Company files with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as other filings on Form 10-Q and periodic filings on Form 8-K, for additional factors that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
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: |
January 16, 2025 |
By: |
/s/ Richard Russell |
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Richard Russell, CFO |
LM Funding America, Inc.’s Bitcoin Holdings Valued at $15.0 Million in Monthly Update
Gain on Fair Value of Mined Bitcoin of approximately $4.0 Million in Q4 2024
TAMPA, FL, January 16, 2025 - 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 and operational update for the month ended December 31, 2024.
Metrics * |
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One Month December 31, 2023 |
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One Month October 31, 2024 |
One Month November 30, 2024 |
One Month December 31, 2024 |
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Bitcoin Mined, net |
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37.3 |
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7.3 |
7.4 |
7.0 |
Bitcoin Sold |
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(18.0) |
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(9.0) |
(5.7) |
(4.0) |
Bitcoin Purchased |
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- |
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- |
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5.0 |
Service Fee (rounding) |
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- |
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- |
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Bitcoin Holdings at Month End |
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95.2 |
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140.5 |
142.2 |
150.2 |
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Approximate Miners Deployed at Month End |
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5,950 |
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3,700 |
3,700 |
3,700 |
Approximate Miners In-Storage at Month End |
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2,180 |
2,180 |
2,180 |
Approximate Potential Hash Rate at Month End (PH/s) |
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615 |
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639 |
639 |
639 |
*Unaudited
Bruce Rodgers, Chairman and CEO of LM Funding remarked, “We are pleased with the continued progress and performance of our Bitcoin mining operations. As of December 31, 2024, we held
150.2 Bitcoin. In Q4 2024, we anticipate recognizing a Gain on Fair Value of Mined Bitcoin of approximately $4.0 million on our Bitcoin holdings. This result further strengthens our confidence in our strategy and reinforces our belief in Bitcoin's substantial growth potential as we enter 2025.”
The Company estimates that the value of its 150.2 Bitcoin holdings on December 31, 2024, was approximately $15.0 million, based on an estimated January 15, 2025, BTC price of $100,000.
LM Funding's commitment to enhancing operational efficiency while strategically managing its Bitcoin assets allows it to focus on both mining productivity and asset retention. This strategy allows the Company to position itself for sustained growth and resilience in the competitive cryptocurrency market.
About LM Funding America
LM Funding America, Inc. (Nasdaq: LMFA), operates as a cryptocurrency mining and specialty finance company. It operates through two segments, Specialty Finance and Mining Operations. The company was founded in 2008 and is based in Tampa, Florida. For more information, please visit https://www.lmfunding.com.
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 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: [email protected]