Lendway, Inc. Announces Third Quarter 2023 Financial Results
Lendway, Inc. Announces Third Quarter 2023 Financial Results
MINNEAPOLIS, MN / ACCESSWIRE / November 13, 2023 / Lendway, Inc. (NASDAQ:LDWY) ("Lendway") today reported financial results for the third quarter ended September 30, 2023 ("Q3").
明尼蘇達州明尼阿波利斯/ACCESSWIRE/2023年11月13日 Lendway, Inc. （納斯達克股票代碼：LDWY）（“Lendway”） 今天公佈了截至2023年9月30日的第三季度（“第三季度”）的財務業績。
Non-Bank Lending Business
非銀行貸款業務
We are building a scalable non-bank lending business to purchase existing loans or originate and fund new loans, all of which will be secured by collateral. Initially, we intend to focus on loans secured by real estate, primarily for agricultural purposes. We expect to expand our product offerings over time as we identify needs and opportunities in the marketplace for loans generally. Our plan, therefore, is to build a portfolio of well-secured loans, with a portion of the credit risk being participated to third parties in most cases, to maintain a low net loss experience and to charge fully compensatory rates and fees.
我們正在建立可擴展的非銀行貸款業務，以購買現有貸款或發放和資助新貸款，所有這些貸款都將由抵押品擔保。最初，我們打算將重點放在房地產擔保的貸款上，主要用於農業用途。隨着我們確定貸款市場的總體需求和機會，我們預計將隨着時間的推移擴大我們的產品範圍。因此，我們的計劃是建立一個有良好擔保的貸款組合，在大多數情況下，將部分信用風險分攤給第三方，以保持較低的淨虧損體驗並收取全額補償利率和費用。
Lendway is seeking to establish channels for loan origination in Minnesota and nearby states. Mr. Uglem, commented. "We have successfully built the structure for our new business focus. The strong ag economy continues to support demand for farm real estate and values remain strong. Elevated interest rates are limiting term loan refinance activity in the industry; however, we see opportunities to deploy capital to purchase participations in existing bank loans and to provide loans for customer land acquisitions."
Lendway正在尋求在明尼蘇達州和附近各州建立貸款發放渠道。Uglem 先生評論道。“我們已經成功地爲新的業務重點建立了結構。強勁的農業經濟繼續支撐對農業房地產的需求，價值仍然強勁。較高的利率限制了該行業的定期貸款再融資活動；但是，我們看到了部署資本購買現有銀行貸款份額併爲客戶購置土地提供貸款的機會。”
Q3 2023 Results
2023 年第三季度業績
The operations of the in-store marketing business is presented as a discontinued operation beginning with this Quarterly Report on Form 10-Q for the three months ended September 30, 2023, the quarter in which the sale first met the criteria as a discontinued operation. As we seek to grow our non-bank lending business, we anticipate minimal revenue and to have losses from continuing operations for the remainder of the year. General and administrative expenses were $1,564,000 for the three months ended September 30, 2023, this included $926,000 of severance and other separation benefits for our previous CEO. We expect general and administrative expense to be substantially less in future quarters. At September 30, 2023, the company had cash and cash equivalents and restricted cash of $15,039,000.
從截至2023年9月30日的三個月的10-Q表季度報告開始，店內營銷業務的運營被列爲已終止業務，在該季度中，該銷售首次符合已終止業務的標準。在我們尋求發展非銀行貸款業務時，我們預計收入將降至最低，並且在今年剩餘時間內將出現持續經營虧損。截至2023年9月30日的三個月，一般和管理費用爲15.64萬美元，其中包括我們前任首席執行官的92.6萬美元遣散費和其他離職補助金。我們預計，未來幾個季度的總務和管理費用將大幅減少。截至2023年9月30日，該公司的現金及現金等價物和限制性現金爲15,039,000美元。
Other
其他
As previously announced, Lendway continues to explore other strategic options to maximize stockholder value. Potential strategic alternatives that may be evaluated include, but are not limited to, an acquisition, merger, business combination, in-licensing, start-up of other new businesses, or other strategic initiatives. There can be no assurance that this process will result in any transaction or other initiatives, and the Company has no further updates at this stage.
正如先前宣佈的那樣，Lendway將繼續探索其他戰略選擇，以最大限度地提高股東價值。可以評估的潛在戰略選擇包括但不限於收購、合併、業務合併、內部許可、啓動其他新業務或其他戰略舉措。無法保證這一過程會導致任何交易或其他舉措，公司現階段也沒有進一步的最新消息。
About Lendway, Inc.
關於 Lendway, Inc.
Lendway, Inc. is focused on building a scalable non-bank lending business to purchase existing loans and/or originate and fund new loans.
Lendway, Inc. 專注於建立可擴展的非銀行貸款業務，以購買現有貸款和/或發放和資助新貸款。
For additional information, contact (800) 874-4648, or visit our website at .
欲了解更多信息，請聯繫 (800) 874-4648，或訪問我們的網站，網址爲。
Investor inquiries can be submitted to info@lendway.com.
投資者的詢問可以提交至 info@lendway.com。
Cautionary Statement for the Purpose of Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
針對1995年《私人證券訴訟改革法》安全港條款的警示聲明
Statements in this press release that are not statements of historical or current facts are considered forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. The words "anticipate," "continue," "expect," "plan," "remain," "seek," "will" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these or any forward-looking statements, which speak only as of the date of this press release. Statements made in this press release regarding, for instance, the ongoing exploration of strategic alternatives, future revenues, building and operating the non-bank lending business, final proceeds from the asset sale, allocations of resources, and the benefits of new relationships, are forward-looking statements. These forward-looking statements are based on current information, which we have assessed and which by its nature is dynamic and subject to rapid and even abrupt changes. As such, actual results may differ materially from the results or performance expressed or implied by such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including those set forth in our Annual Report on Form 10-K for the year ended December 31, 2022 and additional risks, identified in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K filed with the SEC. Such forward-looking statements should be read in conjunction with Lendway's filings with the SEC. Lendway assumes no responsibility to update the forward-looking statements contained in this press release or the reasons why actual results would differ from those anticipated in any such forward-looking statement, other than as required by law.
根據經修訂的1995年《私人證券訴訟改革法》的安全港條款，本新聞稿中未陳述歷史或當前事實的陳述被視爲前瞻性陳述。“預期”、“繼續”、“期望”、“計劃”、“保留”、“尋找”、“將” 等詞語以及類似的表達方式識別前瞻性陳述。提醒讀者不要過分依賴這些陳述或任何前瞻性陳述，這些陳述僅代表截至本新聞稿發佈之日。例如，本新聞稿中關於正在進行的戰略替代方案探索、未來收入、建立和運營非銀行貸款業務、資產出售的最終收益、資源分配以及新關係的好處等聲明均爲前瞻性陳述。這些前瞻性陳述基於我們已經評估過的最新信息，這些信息本質上是動態的，可能會發生快速甚至突然的變化。因此，實際結果可能與此類前瞻性陳述所表達或暗示的結果或表現存在重大差異。前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，包括我們在截至2022年12月31日止年度的10-K表年度報告中列出的風險，以及我們在向美國證券交易委員會提交的10-Q表季度報告和8-K表最新報告中確定的其他風險。此類前瞻性陳述應與倫德威向美國證券交易委員會提交的文件一起閱讀。除非法律要求，否則Lendway不負責更新本新聞稿中包含的前瞻性陳述，也不負責更新實際業績與任何此類前瞻性陳述中預期結果不同的原因。
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||
Operating expenses: |
||||||||||||||
Sales and marketing |
$ | 69,000 | $ | - | $ | 134,000 | $ | - | ||||||
General and administrative |
1,564,000 | 488,000 | 2,849,000 | 1,663,000 | ||||||||||
Operating loss |
(1,633,000) | (488,000) | (2,983,000) | (1,663,000) | ||||||||||
Interest income |
111,000 | 55,000 | 325,000 | 55,000 | ||||||||||
Loss from continuing operations before income taxes |
(1,522,000) | (433,000) | (2,658,000) | (1,608,000) | ||||||||||
Income tax expense (benefit) |
(11,000) | 1,000 | (4,000) | 5,000 | ||||||||||
Net Loss from continuing operations |
(1,511,000) | (434,000) | (2,654,000) | (1,613,000) | ||||||||||
(Loss) Income from discontinued operations, net of tax |
(333,000) | 12,235,000 | 2,422,000 | 12,392,000 | ||||||||||
Gain from sale of discontinued operations, net of tax |
2,970,000 | - | 2,970,000 | - | ||||||||||
Net income |
$ | 1,126,000 | $ | 11,801,000 | $ | 2,738,000 | $ | 10,779,000 | ||||||
Net (loss) income per basic and diluted share: |
||||||||||||||
Continuing operations |
$ | (0.85) | $ | (0.24) | $ | (1.48) | $ | (0.90) | ||||||
Discontinued operations |
1.48 | 6.82 | 3.01 | 6.92 | ||||||||||
Basic and diluted earnings per share |
$ | 0.63 | $ | 6.58 | $ | 1.53 | $ | 6.02 | ||||||
Shares used in calculation of net (loss) income per share: |
||||||||||||||
Basic and diluted |
1,785,000 | 1,795,000 | 1,793,000 | 1,790,000 | ||||||||||
| SELECTED BALANCE SHEET DATA | ||||||||||||||
| (Unaudited) | ||||||||||||||
| September 30, | December 31, | |||||||||||||
| 2023 | 2022 | |||||||||||||
Cash and cash equivalents and restricted cash |
$ | 15,039,000 | $ | 14,524,000 | ||||||||||
Working capital |
15,892,000 | 13,379,000 | ||||||||||||
Total assets |
17,638,000 | 20,968,000 | ||||||||||||
Total liabilities |
1,736,000 | 7,567,000 | ||||||||||||
Shareholders' equity |
15,902,000 | 13,401,000 | ||||||||||||
| Working capital represents current assets less current liabilities. | ||||||||||||||
| 三個月已結束 | 九個月已結束 | |||||||||||||
| 9月30日 | 9月30日 | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||
運營費用： |
||||||||||||||
銷售和營銷 |
$ | 69,000 | $ | - | $ | 134,000 | $ | - | ||||||
一般和行政 |
1,564,000 | 488,000 | 2,849,000 | 1,663,000 | ||||||||||
營業虧損 |
(1,633,000) | (488,000) | (2,983,000) | (1,663,000) | ||||||||||
利息收入 |
111,000 | 55,000 | 325,000 | 55,000 | ||||||||||
所得稅前持續經營的虧損 |
(1,522,000) | (433,000) | (2,658,000) | (1,608,000) | ||||||||||
所得稅支出（福利） |
(11,000) | 1,000 | (4,000) | 5000 | ||||||||||
持續經營業務的淨虧損 |
(1,511,000) | (434,000) | (2,654,000) | (1,613,000) | ||||||||||
（虧損）來自已終止業務的收入，扣除稅款 |
(333,000) | 12,235,000 | 2,422,000 | 12,392,000 | ||||||||||
出售已終止業務的收益，扣除稅款 |
2970,000 | - | 2970,000 | - | ||||||||||
淨收入 |
$ | 1,126,000 | $ | 11,801,000 | $ | 2738,000 | $ | 10,779,000 | ||||||
每股基本股和攤薄後每股淨（虧損）收益： |
||||||||||||||
持續運營 |
$ | (0.85) | $ | (0.24) | $ | (1.48) | $ | (0.90) | ||||||
已終止的業務 |
1.48 | 6.82 | 3.01 | 6.92 | ||||||||||
基本和攤薄後的每股收益 |
$ | 0.63 | $ | 6.58 | $ | 1.53 | $ | 6.02 | ||||||
計算每股淨（虧損）收益時使用的股份： |
||||||||||||||
基礎版和稀釋版 |
1,785,000 | 1,795,000 | 1,793,000 | 1,790,000 | ||||||||||
| 選定的資產負債表數據 | ||||||||||||||
| （未經審計） | ||||||||||||||
| 9月30日 | 十二月三十一日 | |||||||||||||
| 2023 | 2022 | |||||||||||||
現金和現金等價物以及限制性現金 |
$ | 15,039,000 | $ | 14524,000 | ||||||||||
營運資金 |
15,892,000 | 13,379,000 | ||||||||||||
總資產 |
17,638,000 | 20,968,000 | ||||||||||||
負債總額 |
1,736,000 | 7567,000 | ||||||||||||
股東權益 |
15,902,000 | 13,401,000 | ||||||||||||
| 營運資金代表流動資產減去流動負債。 | ||||||||||||||
Contact:
聯繫人：
Lendway, Inc.
Randy Uglem, CEO
(763) 392-6200
Lendway, Inc.
首席執行官蘭迪·烏格勒姆
(763) 392-6200
SOURCE: Lendway, Inc.
來源： Lendway, Inc.
譯文內容由第三人軟體翻譯。