Altisource Asset Management Corp

CIK:0001555074|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues [Abstract]
Loan interest income	$ 34	$ 1,610	$ 262	$ 3,646
Loan fee income	8	300	14	385
Realized gains on loans held for sale, net	0	10	0	20
Total revenues	42	1,920	276	4,051
Expenses:
Salaries and employee benefits	270	1,909	494	3,773
Legal fees	31	936	82	1,377
Professional fees	332	608	698	1,088
General and administrative	199	984	540	1,918
Servicing and asset management expense	212	228	297	411
Interest expense	292	872	543	1,954
Direct loan expense	0	189	7	452
Loan sales and marketing expense	0	382	0	791
Electric vehicle intellectual property development	965	0	2,891	0
Total expenses	2,301	6,108	5,552	11,764
Other income (expense)
Change in fair value of loans	38	390	(31)	1,239
Realized losses on loans held for investment, net	0	0	0	(275)
Other	54	0	16	(2)
Total other income (expense)	92	390	(15)	962
Net loss before income tax	(2,167)	(3,798)	(5,291)	(6,751)
Income tax (benefit) expense	(1)	16	(15)	51
Net loss	(2,166)	(3,814)	(5,276)	(6,802)
Earnings per share
Net loss	(2,166)	(3,814)	(5,276)	(6,802)
Gain of preferred stock transaction	0	0	132,212	0
Numerator for earnings per share	$ (2,166)	$ (3,814)	$ 126,936	$ (6,802)
(Loss) income per share of common stock - Basic:
(Loss) income per basic common share (in USD per share)	$ (0.85)	$ (1.27)	$ 49.69	$ (2.26)
Weighted average common stock outstanding – basic (in shares)	2,554,512	3,000,895	2,554,512	3,011,011
(Loss) income per share of common stock - Diluted:
(Loss) income per diluted common share (usd per share)	$ (0.85)	$ (1.27)	$ 49.28	$ (2.26)
Weighted average common stock outstanding – diluted (in shares)	2,554,512	3,000,895	2,576,056	3,011,011

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net loss	$ (5,276)	$ (6,802)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	21	128
Share-based compensation	0	254
Amortization of operating lease right-of-use assets	516	193
Change in fair value of loans	31	(1,239)
Net realized loss on sale of loans held for investment	0	275
Net realized gain on sale of held for sale loans	0	(20)
Loss on discarded assets	89	0
Paid-in-Kind Interest	543	0
Amortization of deferred financing fees	0	63
Changes in operating assets and liabilities:
Originations of held for sale loans	0	(10,592)
Additional fundings of held for sale loans	(1,052)	(3,379)
Proceeds from sales of held for sale loans	0	3,687
Principal payments on held for sale loans	5,356	491
Interest receivable	99	638
Prepaid expenses and other assets	380	(487)
Accounts payable and other accrued liabilities	(1,348)	(1,507)
Other liabilities and operating lease liabilities	(536)	(186)
Net cash used in operating activities	(1,177)	(18,483)
Investing activities:
Additional fundings of loans held for investment	(27)	(5,323)
Proceeds from sales of loans held for investment	0	6,346
Principal payments on loans held for investment	1,595	30,306
Investment in property and equipment	0	(690)
Net cash provided by investing activities	1,568	30,639
Financing activities
Conversion of preferred stock	(1,000)	0
Proceeds from borrowed funds	0	51,611
Repayment of borrowed funds	0	(60,273)
Proceeds and payment of tax withholding on exercise of stock options, net	0	(235)
Repurchase of common stock	0	(1,504)
Net cash used in financing activities	(1,000)	(10,401)
Net (decrease) increase in cash and cash equivalents	(609)	1,755
Effect of exchange rate changes on cash and cash equivalents	0	5
Consolidated cash, cash equivalents, and restricted cash, beginning of period	8,713	12,774
Consolidated cash, cash equivalents, and restricted cash, end of period	8,104	14,534
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	8,104	10,532
Restricted cash	0	4,002
Total cash, cash equivalents, and restricted cash	8,104	14,534
Supplemental disclosure of cash information:
Cash paid for interest	0	1,404
Cash paid for income taxes	$ 0	$ 65

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets [Abstract]
Loans held for sale, at fair value	$ 56	$ 4,456
Loans held for investment, at fair value	4,031	5,633
Cash and cash equivalents	8,104	8,713
Other assets	5,726	6,737
Total assets	17,917	25,539
Liabilities
Accrued expenses and other liabilities	4,918	6,270
Lease liabilities	364	900
Notes payable, including accrued paid-in-kind interest	11,543	0
Total liabilities	16,825	7,170
Commitment and contingencies (Note 4)	0	0
Redeemable preferred stock:
Preferred stock, $0.01 par value, 250,000 shares authorized as of June 30, 2024 and December 31, 2023. No shares were issued and outstanding as of June 30, 2024. 144,212 shares were issued and outstanding and had a $144,212 redemption value as of December 31, 2023.	0	144,212
Stockholders' equity (deficit)
Common stock, $0.01 par value, 5,000,000 authorized shares; 4,684,485 and 2,554,512 shares issued and outstanding, respectively, as of June 30, 2024 and December 31, 2023.	46	46
Additional paid-in capital	281,372	149,160
Retained earnings	3,694	8,970
Accumulated other comprehensive income	13	14
Treasury stock, at cost, 2,129,973 shares as of June 30, 2024 and December 31, 2023.	(284,033)	(284,033)
Total stockholders' equity (deficit)	1,092	(125,843)
Total liabilities, redeemable preferred stock and stock holders' equity	$ 17,917	$ 25,539