0001193125-12-355802.txt : 20120814 0001193125-12-355802.hdr.sgml : 20120814 20120814164432 ACCESSION NUMBER: 0001193125-12-355802 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120814 DATE AS OF CHANGE: 20120814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LendingClub Corp CENTRAL INDEX KEY: 0001409970 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54752 FILM NUMBER: 121033726 BUSINESS ADDRESS: STREET 1: 71 STEVENSON ST. STREET 2: 3RD FL. CITY: SAN FRANCISCO STATE: CA ZIP: 94115 BUSINESS PHONE: 415-632-5666 MAIL ADDRESS: STREET 1: 71 STEVENSON ST. STREET 2: 3RD FL. CITY: SAN FRANCISCO STATE: CA ZIP: 94115 10-Q 1 d330980d10q.htm FORM 10-Q Form 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

    x     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

or

 

    ¨     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to         

Commission File Number: 000-54752

 

 

LendingClub Corporation

(Exact name of registrant as specified in its charter)

 

 

 

Delaware    51-0605731
(State or other jurisdiction    (I.R.S. Employer
of incorporation or organization)    Identification No.)
71 Stevenson St., Suite 300   
San Francisco, California    94105
(Address of principal executive offices)    (Zip Code)

(415) 632-5600

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer   ¨    Accelerated filer   ¨
Non-accelerated filer   ¨  (Do not check if a smaller reporting company)    Smaller reporting company   x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

As of July 31, 2012, there were 10,160,522 shares of the registrant’s common stock outstanding.

 

 

 


Table of Contents

LENDINGCLUB CORPORATION

TABLE OF CONTENTS

Contents

 

PART I CONSOLIDATED FINANCIAL INFORMATION

     3   

Item 1. Interim Consolidated Financial Statements

     3   

  Consolidated Balance Sheets

     3   

  Consolidated Statements of Operations

     4   

  Consolidated Statements of Cash Flows

     5   

  Notes to Consolidated Financial Statements

     6   

Item  2. Management’s Discussion and Analysis of Financial Condition and Results of Consolidated Operations

     26   

Item 3. Quantitative and Qualitative Disclosures about Market Risk

     44   

Item 4. Controls and Procedures

     44   

PART II. OTHER INFORMATION

     45   

Item 1. Legal Proceedings

     45   

Item 1A. Risk Factors

     45   

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

     45   

Item 3. Defaults Upon Senior Securities

     46   

Item 5. Other Information

     46   

Item 6. Exhibits

     46   

SIGNATURES

     47   

EXHIBIT INDEX

     48   


Table of Contents

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (“Form 10-Q”) contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this Annual Report on Form 10-K regarding LendingClub borrower members, credit scoring, Fair Isaac Corporation (“FICO”) scores, our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about:

 

   

our ability to attract potential borrowers to our lending platform;

 

   

the status of borrower members, the ability of borrower members to repay Member Loans and the plans of borrower members;

 

   

interest rates and origination fees on Member Loans;

 

   

our ability to service Member Loans and our ability, or the ability of third party collection agents, to pursue collection of delinquent and defaulted Member Loans;

 

   

our ability to retain WebBank as the lender of loans originated through our platform;

 

   

expected rates of return provided to investors;

 

   

our ability to attract additional investors to the platform or to LC Trust I;

 

   

the availability and functionality of the trading platform;

 

   

our financial condition and performance;

 

   

our ability to retain and hire competent employees and appropriately staff our operations;

 

   

our intellectual property; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing and liquidity;

 

   

our compliance with applicable local, state and federal laws, including the Investment Advisors Act of 1940, the Investment Company Act of 1940 and other laws; and

 

   

regulatory developments.

We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We have included important factors in the cautionary statements included in this Form 10-Q, particularly in the “Risk Factors” section, that could cause actual results or events to differ materially from forward-looking statements contained in this report. Forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

You should read this Form 10-Q completely and with the understanding that actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Explanatory Notes

In this Form 10-Q, we refer to all loans made to borrower members as “Member Loans.” In periodic reports and financial statements issued prior to our Quarterly Report on Form 10-Q for the period ended September 30, 2011 (“the 2012 Q2 10-Q”), loans financed by Member Payment Dependent Notes (“Notes”) were referred to as “CM Loans” and loans financed by sources of funds other than the issuance of Notes were referred to as “Member Loans.” Accordingly, we have changed the captions and descriptions of all previously reported loan-related amounts and information in this Form 10-Q to refer to all loans as Member Loans.

 

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Beginning with our Annual Report on Form 10-K for the year ended March 31, 2012 (the “2012 10-K”), we revised the format of our consolidated statements of operations to: (i) present origination fees on Member Loans at fair value and servicing fees on Notes at fair value as components of non-interest revenue; and (ii) present the major components of interest income together, the major components of interest expense together and then net interest income. In periodic reports and financial statements issued prior to the 2012 10-K, our consolidated statements of operations presented origination fees on Member Loans at fair value as a component of interest income on such loans and servicing fees on Notes at fair value as a component of the net interest expense on such Notes. Additionally, prior to the 2012 Q2 10-Q we reported the interest income, interest expense and net interest income related to Member Loans at fair value separately from the interest income, interest expense and net interest income related to Member Loans at amortized cost. This revised format for our consolidated statements of operations is a commonly used presentation for financial services companies, which we believe is a simple and useful presentation. These reclassifications had no net impact on previously reported results of consolidated operations or consolidated stockholders’ equity.

 

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PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Interim Consolidated Financial Statements

LendingClub Corporation and Subsidiaries

Consolidated Balance Sheets

 

     (unaudited)        
     June 30, 2012     March 31, 2012  
ASSETS     

Cash and cash equivalents

   $ 47,275,662      $ 31,244,368   

Restricted cash

     4,862,000        4,862,000   

Member Loans at fair value (includes $148,525,425 and $92,693,127 from a consolidated Trust, respectively)

     454,263,408        360,292,534   

Member Loans at amortized cost, net of allowance for loan losses

     863,419        2,298,395   

Accrued interest and other receivables (includes $888,638 and $573,783 from a consolidated Trust, respectively)

     2,798,794        2,448,992   

Prepaid expenses and other assets

     645,338        702,825   

Property and equipment, net

     658,298        524,864   

Deposits

     1,203,692        955,631   
  

 

 

   

 

 

 

Total Assets

   $ 512,570,611      $ 403,329,609   
  

 

 

   

 

 

 
LIABILITIES     

Accounts payable

   $ 1,119,681      $ 879,573   

Accrued interest payable and other accrued expenses (includes $888,638 and $573,783 from a consolidated Trust, respectively)

     5,486,255        4,415,186   

Payable to member lenders

     1,202,534        533,321   

Notes and Certificates, at fair value (includes $148,525,425 and $92,693,127 from a consolidated Trust, respectively)

     453,110,456        360,800,358   

Loans payable, net of debt discount

     35,009        364,360   
  

 

 

   

 

 

 

Total Liabilities

   $ 460,953,935      $ 366,992,798   
  

 

 

   

 

 

 

Commitments and contingencies (see Note 14)

    
PREFERRED STOCK     

Preferred stock, $0.01 par value; 61,617,516 and 58,046,088 shares authorized at June 30, 2012 and March 31, 2012, respectively

   $ 102,159,740      $ 84,806,163   
STOCKHOLDERS’ DEFICIT     

Common stock, $0.01 par value; 90,000,000 and 100,000,000 shares authorized at June 30, 2012 and March 31, 2012, respectively; 10,159,272 and 9,111,246 shares issued and outstanding at June 30, 2012 and March 31, 2012, respectively

   $ 101,593      $ 91,113   

Additional paid-in capital

     5,292,377        4,838,236   

Treasury Stock (17,640 shares held at June 30, 2012)

     (12,525     —     

Accumulated deficit

     (55,924,509     (53,398,701
  

 

 

   

 

 

 

Total Stockholders’ Deficit

   $ (50,543,064   $ (48,469,352
  

 

 

   

 

 

 

Total Liabilities, Preferred Stock and Stockholders’ Deficit

   $ 512,570,611      $ 403,329,609   
  

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

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LendingClub Corporation and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

 

     Three Months Ended June 30,  
     2012     2011  

Non-Interest Revenue

    

Origination fees on Member Loans at fair value

   $ 5,866,294      $ 2,443,944   

Servicing fees on Notes at fair value

     422,829        225,922   

Other Revenue

     268,056        99,286   
  

 

 

   

 

 

 

Total Non-Interest Revenue

     6,557,179        2,769,152   
  

 

 

   

 

 

 

Interest Income

    

Member Loans at fair value

     13,517,075        4,991,391   

Member Loans at amortized cost, net

     28,324        188,152   

Cash and cash equivalents

     8,799        5,771   
  

 

 

   

 

 

 

Total Interest Income

     13,554,198        5,185,314   
  

 

 

   

 

 

 

Interest Expense

    

Notes and Certificates at fair value

     (13,437,136     (4,991,391

Loans payable

     (11,114     (102,388
  

 

 

   

 

 

 

Total Interest Expense

     (13,448,250     (5,093,779
  

 

 

   

 

 

 

Net Interest Income

     105,948        91,535   

(Provision)/Benefit for loan losses on Member Loans at amortized cost

     48,522        (74,904

Fair valuation adjustments, Member Loans at fair value

     (3,509,426     (2,822,820

Fair valuation adjustments, Notes and Certificates

     3,460,555        2,822,563   
  

 

 

   

 

 

 

Net Interest Income after provision for loan losses and fair valuation adjustments

     105,599        16,374   
  

 

 

   

 

 

 

Total Net Revenue

     6,662,778        2,785,526   
  

 

 

   

 

 

 

Operating Expenses

    

Sales, marketing and customer service

     (5,684,522     (3,857,839

Engineering

     (992,361     (520,139

General and administrative

     (2,511,703     (1,514,226
  

 

 

   

 

 

 

Total Operating Expenses

     (9,188,586     (5,892,204
  

 

 

   

 

 

 

Loss before provision for income taxes

     (2,525,808     (3,106,678

Provision for income taxes

     —          —     
  

 

 

   

 

 

 

Net Loss

   $ (2,525,808   $ (3,106,678
  

 

 

   

 

 

 

Net Loss Attributable to Common Stockholders

   $ (2,525,808   $ (3,106,678
  

 

 

   

 

 

 

Basic and diluted net loss per share

   $ (0.25   $ (0.36

Weighted-average shares of common stock used in computing basic and diluted net loss per share

     9,954,190        8,611,959   

The accompanying notes are an integral part of these consolidated financial statements.

 

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LendingClub Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

     Three Months Ended June 30,  
     2012     2011  

Cash flows from operating activities:

    

Net loss

   $ (2,525,808   $ (3,106,678

Adjustments to reconcile net loss to net cash used in operating activities:

    

Amortization of net deferred loan fees and costs

     (42,956     (1,119

Amortization of debt discounts

     5,135        33,982   

Provision/(Benefit) for loan losses

     (48,522     74,904   

Fair valuation adjustments, net

     48,871        257   

Stock based compensation expense

     175,680        241,661   

Depreciation and amortization

     58,802        27,062   

Changes in operating assets and liabilities

    

Accrued interest and other receivables

     (349,802     (151,106

Prepaid expenses and other assets

     57,487        (28,677

Deposits

     (248,061     (42,500

Accounts payable

     240,108        (33,279

Accrued interest payable and other accrued expenses

     1,071,069        108,947   

Payable to member lenders

     669,214        —     
  

 

 

   

 

 

 

Net cash used in operating activities

     (888,783     (2,876,546
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Origination of Member Loans at fair value

     (137,366,191     (54,265,647

Origination of Member Loans at amortized cost, net

     —          (1,063,821

Repayment of Member Loans at fair value

     40,821,303        19,176,697   

Repayment of Member Loans held at amortized cost

     321,767        539,122   

Proceeds from sale of charged-off Member Loans at fair value

     219,385        —     

Proceeds from sale of charged-off Member Loans at amortized cost

     49,890        —     

Net change in restricted cash

     —          (160,000

Purchase of property and equipment, net

     (192,236     (139,730
  

 

 

   

 

 

 

Net cash used in investing activities

     (96,146,082     (35,913,379
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from issuance of Notes and Certificates at fair value

     138,989,216        55,693,775   

Payments on Notes and Certificates at fair value

     (42,999,178     (19,699,272

Payments on charged-off Notes and Certificates at fair value

     (219,385     —     

Payments on loans payable

     (334,486     (941,543

Proceeds from issuance of Series E convertible preferred stock, net of issuance costs

     17,353,576        —     

Proceeds from issuance of common stock

     276,416        1,405   
  

 

 

   

 

 

 

Net cash provided by financing activities:

     113,066,159        35,054,365   
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     16,031,294        (3,735,560

Cash and cash equivalents — beginning of period

     31,244,368        13,335,657   
  

 

 

   

 

 

 

Cash and cash equivalents – end of period

   $ 47,275,662      $ 9,600,097   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

    

Cash paid for interest

   $ 11,746,714      $ 4,867,857   
  

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

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LENDINGCLUB CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

1. Basis of Presentation

The consolidated balance sheets as of June 30, 2012 and March 31, 2012, the consolidated statements of operations for the three months ended June 30, 2012 and 2011, respectively, and the consolidated statements of cash flows for the three months ended June 30, 2012 and 2011, respectively, have been prepared by LendingClub Corporation (“LendingClub”) (referred to herein as “we”, “our” “the Company” and “us”) in conformity with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The Company did not have any items of other comprehensive income during any of the periods presented in the financial statements as of and for the three month periods ended June 30, 2012 and 2011, and therefore, the Company is not currently required to report comprehensive income. In the opinion of management, all necessary adjustments (which include only normal recurring adjustments) have been made for a fair presentation of the financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results for the full fiscal year.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2012 10-K.

In this Form 10-Q, we refer to all loans made to borrower members as “Member Loans”. In financial statements issued prior to the 2012 Q2 10-Q, loans financed by Notes were referred to as “CM Loans” and loans financed by us via sources of funds other than the issuance of Notes were referred to as “Member Loans”. Accordingly, we have changed the captions and descriptions of all previously reported loan-related amounts and information in these financial statements and footnotes to refer to all such items as Member Loans.

Beginning with the 2012 10-K, we revised the format of the consolidated statements of operations to (i) present origination fees on Member Loans at fair value and servicing fees on Notes at fair value as components of non-interest revenue; and (ii) present the major components of interest income together, the major components of interest expense together and then net interest income. In periodic reports and financial statements issued prior to the 2012 10-K, the consolidated statements of operations presented origination fees on Member Loans at fair value as a component of interest income on such loans and servicing fees on Notes at fair value as a component of the net interest expense on such Notes. Additionally, prior to the 2012 Q2 10-Q, we reported the interest income, interest expense and net interest income related to Member Loans at fair value separately from the interest income, interest expense and net interest income related to Member Loans at amortized cost. Accordingly, as explained more fully in Note 2 – Summary of Significant Accounting Policies, certain amounts in prior quarters’ consolidated statements of operations have been reclassified to conform to the current period’s presentation and the reclassifications had no net impact on previously reported results of consolidated operations or consolidated stockholders’ equity.

2. Summary of Significant Accounting Policies

Consolidation Policies

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, LC Advisors, LLC, a California limited liability company (“LCA”) and LC Trust I, a Delaware business trust (“Trust”). In determining whether to consolidate an entity, the Company’s policy is to consider: (i) whether the Company has an equity investment or ownership interest in an entity that is greater than 50% and control over significant operating, financial and investing decisions of that entity, or (ii) for variable interest entities (VIE’s) in which the Company has an equity investment, whether the Company is the primary beneficiary of the VIE as a result of a controlling financial interest in the VIE. A controlling financial interest in a VIE exists if the Company has both the power to direct the VIE’s activities that most significantly affect the VIE’s economic performance and an economic interest in the VIE, which could be in the form of the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE.

 

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The Trust acquires portions of Member Loans from the Company and holds them for the sole benefit of specific investors that purchase Trust Certificates (Certificates) issued by the Trust and which are related to underlying Member Loans. The Certificates may only be settled with cash flows from the underlying Member Loans held by the Trust consistent with the member payment dependent design of the Certificates; Certificate holders do not have recourse to the general credit of the Trust, Company or other investors.

The Company’s capital contributions to the Trust have been insufficient to allow the Trust to finance its purchase of any significant amount of Member Loans without the issuance of Certificates to investors. The Trust’s low capitalization levels (minimum capital of 0.25% of assets) and structure, wherein investors’ hold beneficial interests in Member Loans via the Certificates, qualifies the Trust as a VIE. The Company believes it is the primary beneficiary of the Trust because of its controlling financial interest in the Trust. The Company performs or directs activities that significantly affect the Trust’s economic performance via, (i) operation of the platform that enables borrowers to apply for Member Loans purchased by the Trust, (ii) credit underwriting and servicing of Member Loans purchased by the Trust, and, (iii) LCA’s role to source investors that ultimately purchase Certificates that supply the funds for the Trust to purchase Member Loans. Collectively, the activities of the Company, LCA and Trust described above allow the Company to fund more Member Loans and to collect the related loan origination fees, and for LCA to collect the management fees on the investors’ capital used to purchase Trust Certificates, than would be the case without the existence of the Trust. Therefore, the Company receives significant economic benefits from the existence and activities conducted by the Trust.

The Company has determined that the Trust meets the consolidation requirements. All intercompany transactions and accounts between the Company, the Trust and LCA have been eliminated.

Liquidity

We have incurred operating losses since our inception. For the three months ended June 30, 2012 and 2011, we incurred net losses of $2,525,808 and $3,106,678, respectively. For the three months ended June 30, 2012 and 2011, we had negative cash flows from operations of $888,783 and $2,876,546 respectively. Additionally, we have an accumulated deficit of $55,924,509 since inception and a stockholders’ deficit of $50,543,064 as of June 30, 2012.

Since our inception, we have financed our operations through debt and equity financing from various sources. Our current operating plan calls for continued investments in sales, technology, development, security, underwriting, credit processing and marketing. If our assumptions regarding growth and operating plan are incorrect, we may need to slow our investment spending, which could slow our rate of growth, and we may consume our current liquidity resources.

On June 1, 2012, we issued and sold via private placement 2.5 million shares of Series E convertible preferred stock for aggregate cash consideration of $17,500,000. In connection with our private placement of Series E convertible preferred stock, we incurred transaction expenses of $143,902 that were recorded as a reduction to gross proceeds.

During the year ended March 31, 2012, we issued and sold via private placement a total of 9,007,678 shares of Series D convertible preferred stock for aggregate cash consideration of $32,043,771. In connection with our private placement of Series D convertible preferred stock, we incurred total transaction expenses of approximately $100,521 that were recorded as a reduction to gross proceeds.

Use of Estimates

The preparation of consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires our management to make judgments and estimates that affect the amounts reported in our consolidated financial statements and accompanying notes. We base our estimates on historical experience, current information and various other factors we believe to be relevant and reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Our most significant judgments, assumptions and estimates and which we believe are critical in understanding and evaluating our reported financial results include: (i) revenue recognition; (ii) fair value determinations; (iii) allowance for loan losses; (iv) share-based compensation; and (v) provision for income taxes, net of valuation allowances for deferred tax assets. These estimates and assumptions are inherently subjective in nature, actual results may differ from these estimates and assumptions, and the differences could be material.

 

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Cash and Cash Equivalents

Cash and cash equivalents include various unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents.

Restricted Cash

At June 30, 2012 and March 31, 2012, restricted cash consists of the Company’s funds in certain checking, certificate of deposit, and money market accounts that are pledged to or held in escrow by our correspondent banks as security for transactions processed on or related to our platform.

Member Loans

All Member Loans originated since April 7, 2008 have been held for investment on our balance sheet based on management’s intent and ability to hold such loans for the foreseeable future or to maturity. Two acceptable, alternative accounting methods have been used to account for Member Loans held for investment, as discussed below.

Beginning October 13, 2008, Member Loans were able to be financed by Notes issued by us to investors, and the majority of Member Loans originated since that date have been financed in that manner. These Notes are special limited recourse obligations of LendingClub, in that LendingClub has no obligation to make a payment on a Note until LendingClub receives a payment from the underlying member borrower. Each series of Notes corresponds to a single corresponding Member Loan facilitated on a related Member Loan through our platform and the payments to investors in the Notes are directly dependent on the timing and amounts of payments received on the related Member Loan. If we do not receive a payment on the Member Loan, we are not obligated to and will not make any payments on the corresponding Notes. In conjunction with this financing structure effective as of October 13, 2008, we adopted the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825-10, which permits companies to choose to measure certain financial instruments and certain other items at fair value. Accordingly, since October 13, 2008, we have elected the fair value option for Member Loan originations financed by Notes (“Member Loans at fair value”) and also for the related Notes. Since March 2011, we have also elected the fair value option for all Member Loan originations financed by Certificates and the related Certificates. Absent the fair value elections, Member Loans held for investment would be accounted for at amortized cost and would record loan loss provisions for estimated expected losses, but the related Notes also accounted for at amortized cost would recognize losses passed-through from the related loans only when and in amounts of the charge-offs of the related loans, thereby resulting in a mismatch in the timing and amounts of loss recognition between a Member Loan and related Notes. The estimated unrealized gains and losses on financial instruments for which the fair value option has been elected are reported in earnings.

We also originate some Member Loans and finance them ourselves, with sources of funds other than Notes and Certificates, to ensure sufficient financing for loans desired by our borrower members. We receive the same terms on Member Loans that we finance as the terms received by other Note investors. Funds to finance such Member Loan originations were obtained through our borrowings under loan facilities with various entities (see Note 7 — Loans Payable) and issuance of various series of preferred stock (see Note 9 – Preferred Stock). Member Loan originations through September 30, 2011, that were financed by us with sources of funds other than Notes and Certificates are carried at amortized cost, reduced by a valuation allowance for loan losses incurred as of the balance sheet date (“Member Loans at amortized cost”). The amortized cost of such Member Loans includes their unpaid principal balance net of unearned income, which is comprised of origination fees charged to borrower members and offset by our incremental direct origination costs for the loans. Unearned income is amortized ratably over the member loan’s contractual life using a method that approximates the effective interest method. All Member Loan originations after September 30, 2011, are accounted for at fair value.

Member Loans at Fair Value and Notes and Certificates at Fair Value

The aggregate fair values of the Member Loans at fair value and Notes and Certificates are reported as separate line items in the assets and liabilities sections of our consolidated balance sheets using the methods and disclosures related to fair value accounting that are described in FASB ASC 820.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Changes in the fair value of the Member Loans at fair value and Notes and Certificates are recognized separately in earnings.

 

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We determined the fair value of the Member Loans at fair value and Notes and Certificates at fair value in accordance with the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs, which generally requires significant management judgment, when measuring fair value. FASB ASC 820 establishes the following hierarchy for categorizing these inputs:

 

Level 1 –   Quoted market prices in active markets for identical assets or liabilities;
Level 2 –   Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); and
Level 3 –   Significant unobservable inputs.

Since observable market prices and inputs are not available for similar assets and liabilities, the Member Loans at fair value and Notes and Certificates at fair value are considered Level 3 financial instruments. At June 30, 2012, we estimated the fair values of Member Loans and their related Notes and Certificates using a discounted cash flow valuation methodology. The estimated fair value of Member Loans is computed by projecting the future contractual cash flows to be received on the loans, adjusting those cash flows for our expectation of prepayments (if significant), defaults and losses over the life of the loans, and recoveries, if any. We then discount those projected net cash flows to a present value, which is the estimated fair value. Our expectation of future defaults and losses on loans is based on analyses of actual defaults and losses that occurred on the various credit grades of Member Loans over the past several years. Expected recoveries reflect actual historical recovery experience for the various types of defaulted loans and the contractual arrangements with collection agencies. The discount rates for the projected net cash flows of the Member Loans are our estimates of the rates of return that investors in unsecured consumer credit obligations would require when investing in the various credit grades of Member Loans.

Our obligation to pay principal and interest on any Note and Certificate is equal to the pro-rata portion of the payments, if any, received on the related Member Loan at fair value. The gross effective interest rate associated with a Note and a Certificate is the same as the interest rate earned on the related Member Loan. At June 30, 2012, the discounted cash flow methodology used to estimate the Notes’ and Certificates’ fair values uses the same projected net cash flows as their related Member Loans. The discount rates for the projected net cash flows of the Notes and Certificates are our estimates of the rates of return that investors in unsecured consumer credit obligations would require when investing in Notes issued by LendingClub and Certificates issued by the Trust with cash flows dependent on specific credit grades of Member Loans.

For additional discussion on this topic, including the adjustments to the estimated fair values of Loans at fair value and Notes and Certificates at fair value as of June 30, 2012, as discussed above, see Note 5 — Member Loans at Fair Value and Notes and Certificates at Fair Value.

Impaired Loans, Restructured Loans and Nonaccrual Loans

The Member Loan portfolio is comprised of homogeneous, unsecured loans made to borrower members. Although the terminology and certain required disclosures for impaired and restructured loans apply only to Member Loans at amortized cost pursuant to generally accepted accounting principles as discussed below, we also use similar terminology and classifications for Member Loans at fair value for risk management and internal reporting purposes.

We make an initial assessment whether a Member Loan at amortized cost is impaired no later than the 90th day of delinquency of that loan and at least quarterly thereafter based on their payment status and information gathered through our collection efforts. A Member Loan at amortized cost is considered impaired when, based on loan specific information gathered through our collection efforts, it is probable that we will be unable to collect all the scheduled payments of principal or interest due according to the contractual terms of the original loan agreement. Impaired Member Loans at amortized cost include loans at amortized cost that are 90 days or more past due and loans where the borrower has filed a petition in bankruptcy or is deceased.

As part of our activities to maximize receipt, collection and recovery of loans in which the borrower has, or is expected to, experience difficulty in meeting the loan’s contractually required payments, we may agree to special payment plans with certain borrowers. Most of the special payment plans involve reduced minimum loan payments for a short period of time and the deferred payments are to be repaid over the remaining original term of the loan. No principal or interest is forgiven nor is the original term of the loan extended in these situations. The delay in receipt of all contractually-required loan payments in these situations is insignificant.

 

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Prior to December 2011, special payment plans with certain borrowers involved extensions of the original term of the loan by six to 24 months and recasting the borrower’s monthly loan payment schedule, with the modified total term of the loans not exceeding 60 months. In these situations, the restructuring of the Member Loan at amortized cost terms qualifies as a Troubled Debt Restructuring (“TDR”) as defined by ASC 310-40, which is classified as a form of an impaired loan. Accordingly, as discussed more fully in New Accounting Pronouncements, “Accounting Standards Update (“ASU”) No. 2011-02, Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring, later in this Note 2, beginning with the three month period ended June 30, 2012, we now also classify TDR’s as impaired Member Loans at amortized cost and include such TDR’s in the disclosures regarding impaired Member Loans at amortized cost.

A loan that has reached its 120th day of delinquency is classified as a nonaccrual loan; we stop accruing interest and reverse all accrued unpaid interest. Once a loan is deemed uncollectible, 100% of the outstanding balance is charged-off, no later than the 150th day of delinquency. Any payment received on a nonaccrual loan is first applied to the unpaid principal amount of the loan and then to any interest due.

Allowance for Loan Losses

We may incur loan losses if a borrower member fails to pay their monthly scheduled loan payments. The allowance for loan losses applies only to Member Loans at amortized cost and is a valuation allowance that is established as losses are estimated to have occurred at the balance sheet date through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed.

The allowance for loan losses is evaluated on a periodic basis by management, and represents an estimate of expected credit losses based on a variety of factors, including the composition and quality of the Member Loans at amortized cost, loan specific information gathered through our collection efforts, delinquency levels, current and historical charge-off and loss experience, current industry charge-off and loss experience, and general economic conditions. Determining the adequacy of the allowance for loan losses for Member Loans at amortized cost is subjective, complex and requires judgment by management about the effects of matters that are inherently uncertain, and actual losses may differ from our estimates.

Our estimate of the required allowance for loan losses for Member Loans at amortized cost is developed by estimating both the rate of default of the loans within each credit score band using the FICO credit scoring model, a loan’s collection/impairment status, the borrower’s FICO score at or near the evaluation date, and the estimated amount of probable loss in the event of a borrower member default.

Accrued Interest and Other Receivables

Other receivables consist primarily of accrued interest receivable on Member Loans and to a lesser extent, account receivable for management fees due from certain investors in Certificates and receivables arising in the ordinary course of operations. Accrued interest receivable on Member Loans is reversed for any loan reaching 120 days of delinquency. Receivables arising in the ordinary course of operations are charged-off when deemed to be uncollectible.

Deposits

We have placed deposits with certain service providers pursuant to agreements with the service providers. Certain deposits are short-term in nature and generally may be applied toward amounts due the service providers as services are rendered. One deposit with a payment services provider that processes investor payment transactions is ongoing and restricted as to withdrawal throughout the contract term and the amount of the deposit depends on the volume of payment transactions processed. The deposit with the payment services provider is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement.

Payable to Member Lenders

Payables to Member Lenders primarily represent payments-in-process received from member lenders that, as of the last day of the period, have not been credited to their accounts on the platform and transferred to the separate bank account that holds lenders’ uninvested funds in trust for them.

Revenue Recognition

Revenues primarily result from fees earned and net interest income. Fees include loan origination fees (borrower member paid), servicing fees (investor member paid) and management fees (paid by investors in Certificates).

 

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The loan origination fee charged to each borrower member is determined by the credit grade of that borrower member’s loan and as of June 30, 2012, ranged from 1.11% to 5.00% of the aggregate member loan amount. The member loan origination fees are included in the annual percentage rate (“APR”) calculation provided to the borrower member and is subtracted from the gross loan proceeds prior to disbursement of the loan funds to the borrower member. A Member Loan is considered issued through our platform when we record the transfer of funds to the borrower member’s account on our platform, following which we initiate an Automated Clearing House transaction to transfer funds from our platform’s correspondent bank account to the borrower member’s bank account.

The recognition of fee revenue and interest income is determined by the accounting method applied to each Member Loan, which include:

 

   

Member Loans at Fair Value — Member Loans originated on or after October 13, 2008, for which fair value accounting was elected.

 

   

Member Loans at Amortized Cost — Member Loans originated since Company inception through September 30, 2011 which were accounted for at amortized cost; originations of Member Loans at amortized cost were discontinued September 30, 2011.

 

   

Member Loans Sold Directly to Third Party Investor Members — Member loans originated and sold to third party investor members, with servicing retained, which sales were discontinued April 7, 2008.

The recognition of fee revenue and interest income for Member Loans under the three accounting methods is described below.

Member Loans at Fair Value

Because of the election to account for Member Loans at fair value, origination fees on Member Loans at fair value are recognized upon origination of the loan and included as a component of non-interest revenue (See Note 13 — Non Interest Revenue). Direct costs to originate Member Loans at fair value are recognized as operating expenses as incurred.

We record interest income on Member Loans at fair value as earned. Loans reaching 120 days delinquency are classified as nonaccrual loans, and we stop accruing interest and reverse all accrued but unpaid interest as of such date.

Member Loans at Amortized Cost

Origination fees and direct loan origination costs attributable to originations of Member Loans at amortized cost are offset and the net amount is deferred and amortized over the lives of the loans as an adjustment to the interest income earned on the loans.

We record interest income on Member Loans at amortized cost as earned. Loans reaching 120 days delinquency are classified as nonaccrual loans, and we stop accruing interest and reverse all accrued but unpaid interest after such date.

As discussed later in this Note 2 – Summary of Significant Accounting Principles, effective October 1, 2011, we elected the fair value accounting option for all Member Loans originated on and after October 1, 2011. As a result, there have been no new Member Loan originations that are accounted for at amortized cost since October 1, 2011.

Member Loans Sold Directly to Third Party Investor Members

The remaining principal balance of loans sold to and serviced for third party investors at June 30, 2012 and 2011 was $657 and $20,463, respectively. Servicing revenue and changes in valuation of servicing rights for loans sold to third party investors was insignificant for the three months ended June 30, 2012 and 2011, respectively.

Servicing Fees on Notes at Fair Value

We record the servicing fees paid by Note holders, which are based on the payments serviced on the related Member Loans at fair value, as a component of non-interest revenue when received.

 

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Management Fees

LCA is the general partner of three private investment funds (“Funds”) in which it has made no capital contributions and does not receive any allocation of the Funds’ income, expenses, gains, losses nor any carried interest. The Funds invest in Certificates issued by the Trust. LCA charges limited partners in the Funds a monthly management fee, payable monthly in arrears, based on a limited partner’s capital account balance as of the end of each month. These management fees, which also are charged to other investors in Certificates, can be modified or waived at the discretion of LCA. These management fees are classified as a component of non-interest revenue in the consolidated statements of operations and are recorded as earned.

Fair Valuation Adjustments of Member Loans at Fair Value and Notes and Certificates at Fair Value

We include in earnings the estimated unrealized fair value gains or losses during the period of Member Loans at fair value, and the offsetting estimated fair value losses or gains on related Notes and Certificates at fair value. As discussed earlier in this Note 2, at June 30, 2012, we estimated the fair values of Member Loans at fair value and Notes and Certificates using a discounted cash flow valuation methodology. At each reporting period, we recognize fair valuation adjustments for the Member Loans at fair value and for the Notes and Certificates. The fair valuation adjustment for a given principal amount of a Member Loan at fair value will be approximately equal to the corresponding estimated fair valuation adjustment on the combined principal amounts of related Notes and Certificates because the same net cash flows of the Member Loan and the related Notes and Certificates are used in the discounted cash flow valuation methodology.

Concentrations of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, Member Loans and the related accrued interest receivable, and deposits with service providers. We hold our cash, cash equivalents and restricted cash in accounts at high-credit quality regulated domestic financial institutions. We are exposed to credit risk in the event of default by these institutions to the extent the amount recorded on the balance sheet periodically exceeds the applicable FDIC insured amounts.

We obtain third-party credit reports and perform other evaluations of our borrower members’ financial condition, as needed, and do not allow borrower members to have more than two Member Loans outstanding at any one time. All of our loans are unsecured but we maintain a fair value allowance for Member Loans at fair value and an allowance for loan losses for Member Loans at amortized cost, as described above. Additionally, the potential gross credit risk to the Company from Member Loans is significantly mitigated to the extent that loans are financed by Notes or Certificates which absorb the loans’ credit losses pursuant to the member payment dependency provision.

The deposits placed with the majority of the service providers are short-term and generally may be applied toward amounts due the providers as services are rendered. One deposit with a payment services provider is ongoing throughout the contract term, is restricted as to withdrawal, and is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement. The payment services agreement is cancelable by us at any time. Additionally, we regularly monitor the amount of the ongoing deposit with the payment services provider and the financial condition of the payment services provider.

Stock-Based Compensation

All share-based awards made to employees, including grants of employee stock options, restricted stock and employee stock purchase rights, are recognized in the consolidated financial statements based on their respective grant date fair values. Any benefits of tax deductions in excess of recognized compensation cost are reported as a financing cash inflow and a cash outflow from operating activities.

The fair value of share-option awards is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected term of the option award, the expected volatility of our stock price and expected future dividends, if any.

Forfeitures of awards are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures, such that expense is recorded only for those stock-based awards that are expected to vest.

Share-based awards issued to non-employees are accounted for in accordance with provisions of ASC 718-505-50, Equity-Based Payments to Non-Employees, which requires that equity awards be recorded at their fair value. We use the Black-Scholes model to estimate the value of share-option awards granted to non-employees at each vesting date to determine the appropriate charge to stock-based compensation. The assumed volatility of the price of our common stock was based on comparative company stock price volatility.

 

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Change in Accounting Policy

Effective October 1, 2011, we elected the fair value accounting option for all Member Loans originated on and after October 1, 2011. Prior to October 1, 2011, Member Loan originations financed by Notes or Certificates were accounted for at fair value and Member Loan originations financed by us via sources of funds other than Notes or Certificates were accounted for at amortized cost. We believe this change in the fair value accounting elections simplifies the accounting and presentation of Member Loans; all Member Loans eventually will be accounted for at fair value once the existing Member Loans that are accounted for at amortized cost are no longer outstanding.

Reclassification of Amounts in Previously Published Consolidated Statements of Operations

Certain amounts in previously published consolidated statements of operations for the three months ended June 30, 2011, for origination fees on Member Loans at fair values, servicing fees on Notes at fair value, interest income earned on Member Loans at fair value and Member Loans at amortized cost, interest income on Cash Equivalents, interest expense on Notes at fair value and Loans Payable, as well as the fair valuation adjustments recognized in earnings related to Member Loans at fair value and Notes and Certificates at fair value, have been reclassified to conform to our current financial statement presentation. These reclassifications had no net impact on previously reported results of consolidated operations or consolidated stockholders’ equity.

Recently Adopted Accounting Standards

In July 2010, the Financial Accounting Standards Board (“FASB”) issued Standards Update (ASU) No. 2010-20, Receivables (Topic 310): Disclosure about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. The ASU requires additional disaggregated disclosures that improve financial statement users’ understanding of: 1) the nature of an entity’s credit risk associated with its financing receivables, and, 2) the entity’s assessment of that risk in estimating its allowance for credit losses as well as changes in the allowance and the reasons for those changes. As a nonpublic entity, as defined by the accounting standard, we adopted the provisions of ASU 2010-20 for the annual reporting period ending March 31, 2012 and interim reporting periods thereafter. The adoption of this standard did not have a material effect on the Company’s results of consolidated operations or financial position but resulted in additional disclosures for Member Loans at amortized cost.

In April 2011, the FASB issued ASU No. 2011-02, Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring. The ASU clarifies which loan modifications constitute troubled debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring (“TDR”), both for purposes of recording an impairment loss and for disclosure of a TDR. In evaluating whether a restructuring constitutes a TDR, a creditor must separately conclude that both of the following exist: (a) the restructuring constitutes a concession; and (b) the debtor is experiencing financial difficulties. The amendments to ASU Topic 310, Receivables, clarify the guidance on a creditor’s evaluation of whether it has granted a concession and whether a debtor is experiencing financial difficulties. For nonpublic entities, the required disclosures are effective for the annual period ending after December 15, 2012, including interim periods within that annual period, with retrospective disclosures required for all TDR activities that have occurred from the beginning of the annual period of adoption. The Company is considered a nonpublic entity with respect to determination of the effective date of this ASU. Accordingly, the Company adopted this ASU for its fiscal year ending March 31, 2013, and for interim periods beginning with the three-month period ended June 30, 2012. This guidance did not have a material effect on our identification of TDR’s or recording of impairment losses, but resulted in additional disclosures for Member Loans at amortized cost.

The FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, in May 2011. This ASU represents the converged guidance of the FASB and the International Accounting Standards Board (“IASB,” collectively the “Boards”) on fair value measurement. The collective efforts of the Boards and their staffs, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term “fair value.” The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRSs”). The amendments to the Codification in this ASU are to be applied prospectively. Because of the Company’s requirement to file financial statements with the Securities and Exchange Commission (“SEC”), although the Company is a non-public entity it is considered a public entity for purposes of determining

 

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the effective date of implementing this ASU. Accordingly, the Company adopted this ASU for its interim periods beginning with the three-month period ended June 30, 2012 and annual periods beginning April 1, 2012. The impact of adoption of this ASU did not have a material effect on the Company’s consolidated financial statements.

3. Net Loss Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is computed by dividing net loss per share attributable to common stockholders by the weighted average number of common shares outstanding for the period. We compute net loss per share of common stock using the two-class method required for participating securities. We consider all series of our convertible preferred stock to be participating securities due to their non-cumulative dividend rights. In accordance with the two-class method, earnings allocated to these participating securities, which include participation rights in undistributed earnings (see Note 9 – Preferred Stock to the consolidated financial statements for a description), are subtracted from net income to determine total undistributed earnings to be allocated to common stockholders. All participating securities are excluded from basic weighted-average common shares outstanding.

Diluted earnings per share includes the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable. Diluted earnings per share attributable to common stockholders, if presented would be calculated by taking undistributed earnings and reallocating them to reflect the potential impact of dilutive securities. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for the effects of potentially dilutive common shares, which are comprised of outstanding stock options, warrants, and convertible preferred stock. The effects of outstanding stock options, warrants and convertible preferred stock are excluded from the computation of diluted net income (loss) per common share in periods in which the effect would be antidilutive.

The following table details the computation of the basic and diluted net loss per share for the three months ended June 30, 2012 and 2011:

 

     Three Months Ended June 30,  
     2012     2011  

Net loss attributable to common stockholders

   $ (2,525,808   $ (3,106,678
  

 

 

   

 

 

 

Weighted-average common shares outstanding, basic and diluted

     9,954,190        8,611,959   

Net loss per common share, basic and diluted

   $ (0.25   $ (0.36

4. Member Loans at Amortized Cost

All Member Loans at amortized cost are fixed-rate fully-amortizing unsecured consumer loans with original terms of three years or five years. As such, Member Loans at amortized cost represent a single class of financing receivable with a single portfolio segment. There have been no new Member Loans at amortized cost originated after September 30, 2011. Outstanding Member Loans at amortized cost, net of deferred origination costs/ (revenue) as of June 30, 2012 and March 31, 2012 is presented in the following table:

 

     June 30, 2012     March 31, 2012  

Principal balance

   $ 1,021,871      $ 2,624,989   

Deferred origination costs/(revenue), net

     (41,022     (83,977
  

 

 

   

 

 

 

Total Member Loans at amortized cost, net of deferred origination costs/(revenue)

   $ 980,849      $ 2,541,012   
  

 

 

   

 

 

 

 

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The following table summarizes the aging of the principal balances of Member Loans at amortized cost outstanding as of June 30, 2012 and March 31, 2012:

 

     Current
Loans
     31-89 Days
Past Due
     Impaired
Loans
     Total Past Due
and Impaired
     Total Principal
Balance  of
Member Loans
 

June 30, 2012

   $ 916,981       $ 18,210       $ 86,680       $ 104,890       $ 1,021,871   

March 31, 2012

     2,460,336         61,796         102,857         164,653         2,624,989   

The following table presents the recorded investment in Member Loans at amortized cost and the related allowance for loan losses at June 30, 2012 and March 31, 2012, based on the impairment status of the loans:

 

     June 30, 2012      March 31, 2012  
     Recorded
Investment
     Allowance for
Loan  Losses
     Recorded
Investment
     Allowance for
Loan  Losses
 

Impaired loans; individually evaluated for impairment

   $ 83,200       $ 61,406       $ 102,857       $ 90,684   

Unimpaired loans; collectively evaluated for impairment

     897,649         56,024         2,438,155         151,933   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Balances

   $ 980,849       $ 117,430       $ 2,541,012       $ 242,617   
  

 

 

    

 

 

    

 

 

    

 

 

 

Each impaired loan at each period end had a specific loss allowance. As of June 30, 2012, our aggregate allowance for loan losses of $117,430 represented 11.5% of net Member Loans at amortized cost and as of March 31, 2012, our aggregate allowance for loan losses of $242,617 represented 9.5% of net Member Loans at amortized cost.

We had $60,491 and $95,164 of Member Loans at June 30, 2012 and March 31, 2012, respectively, that were 90 to 119 days past due and still accruing interest. Additionally, we had seven impaired Member Loans at amortized cost representing $27,947 of outstanding principal balance that were on nonaccrual status at June 30, 2012 and seven impaired Member Loans at amortized cost representing $40,408 of outstanding principal balance that were on nonaccrual status at March 31, 2012. If nonaccrual loans reach 150 days delinquency, the outstanding principal balance is charged-off.

The average balance and interest income recognized on impaired Member Loans at amortized cost for the three months ended June 30, 2012 was $94,769 and $385, respectively. The average balance and interest income recognized on impaired Member Loans at amortized cost for the three months ended June 30, 2011 was $102,199 and $1,574, respectively

The activity in the allowance for loan losses for Member Loans at amortized cost for the three months ended June 30, 2012 and 2011 is as follows:

 

     Three Months Ended June 30,  
     2012     2011  

Balance at beginning of period

   $ 242,617      $ 329,885   

Charge-offs, net

     (76,665     (146,438

(Provision)/Benefit for loan losses

     (48,522     74,904   
  

 

 

   

 

 

 

Balance at end of period

   $ 117,430      $ 258,351   
  

 

 

   

 

 

 

The estimated fair value of Member Loans at amortized cost is approximately equivalent to their net carrying value.

The internal credit risk rating for each borrower’s loan considers the borrower’s FICO score and other credit-related information obtained at the time of the loan application. Updated FICO scores and the payment status of the borrower’s loan are two key factors used to establish the allowance for loan losses for Member Loans at amortized cost. Member Loans that are current in their payment status represent the lowest credit risk while loans that are 31-89 days past due represent an increased risk of potential credit loss that warrant active collection efforts and monitoring. Loans 90 days or more past due and loans where the borrower has filed a petition in bankruptcy or is deceased are deemed to be impaired and are subject to significant risk of loss.

 

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The following table summarizes the credit quality indicators for Member Loans at amortized cost as of June 30, 2012:

 

Borrower’s

Updated

FICO Score

   Principal Balance of Member Loans at Amortized Cost  
   Current      31-89 Days
Past  Due
     Impaired
Loans
     Totals  

Loans not Impaired:

           

>780

   $ 25,044       $ —         $ —         $ 25,044   

760-779

     79,122         18         —           79,140   

740-759

     91,133         —           —           91,133   

720-739

     108,607         3,830         —           112,437   

700-719

     145,269         2,212         —           147,481   

680-699

     202,986         —           —           202,986   

660-679

     77,048         228         —           77,276   

  < 660

     187,772         11,922         —           199,694   

Impaired Loans

     —           —           86,680         86,680   
  

 

 

    

 

 

    

 

 

    

 

 

 

Totals

   $ 916,981       $ 18,210       $ 86,680       $ 1,021,871   
  

 

 

    

 

 

    

 

 

    

 

 

 

The following table summarizes the credit quality indicators for Member Loans at amortized cost as of March 31, 2012:

 

Borrower’s

Updated

FICO Score

   Principal Balance of Member Loans at Amortized Cost  
   Current      31-89 Days
Past  Due
     Impaired
Loans
     Totals  

Loans not Impaired:

           

>780

   $ 41,148       $ —         $ —         $ 41,148   

760-779

     161,017         21         —           161,038   

740-759

     273,200         49         —           273,249   

720-739

     390,245         508         —           390,753   

700-719

     442,006         2,504         —           444,510   

680-699

     337,914         95         —           338,009   

660-679

     268,439         60         —           268,499   

  < 660

     546,367         58,559         —           604,926   

Impaired Loans

     —           —           102,857         102,857   
  

 

 

    

 

 

    

 

 

    

 

 

 

Totals

   $ 2,460,336       $ 61,796       $ 102,857       $ 2,624,989   
  

 

 

    

 

 

    

 

 

    

 

 

 

During the three-month period ended June 30, 2012, we adopted ASU No. 2011-02 that clarifies which loan modifications constitute TDR’s. As a result of adopting this new accounting standard, we identified $21,028 principal balance of Member Loans at amortized cost at June 30, 2012 where we had granted concessions to certain borrowers that were experiencing financial difficulties in an attempt to maximize collections of those borrowers’ loans, and such loans are now considered TDR’s and classified as impaired. The allowance for loan losses related to these TDR’s was $2,860 which is calculated by comparing the carrying value of the loan to a value that approximates the present value of the loan’s estimated future cash flows, discounted at the loan’s original contractual interest rate.

During the three months ended June 30, 2012, there were no loan modifications that were classified as new TDRs; all loan modifications during this period involved short-term payment deferrals that are deemed insignificant as defined by ASC 310-40-15 because they do not result in a reduction in the loan’s total cash flows (there is no reduction in the loan’s interest rate or forgiveness of interest or principal) and they do not extend the original maturity date of the loan.

There was one loan at amortized cost with a recorded investment of $537 that was modified in a TDR within the previous 12 months and classified as a TDR, which subsequently defaulted during the three months ended June 30, 2012.

 

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5. Member Loans at Fair Value and Notes and Certificates at Fair Value

At June 30, 2012 and March 31, 2012, we had the following assets and liabilities measured at fair value on a recurring basis:

 

     Member Loans at Fair Value     Notes and Certificates at Fair Value  
     June 30, 2012     March 31, 2012     June 30, 2012     March 31, 2012  

Aggregate principal balance outstanding

   $ 460,874,842      $ 366,396,942      $ 459,746,929      $ 366,936,857   

Fair valuation adjustments

     (6,611,434     (6,104,408     (6,636,473     (6,136,499
  

 

 

   

 

 

   

 

 

   

 

 

 

Fair value

   $ 454,263,408      $ 360,292,534      $ 453,110,456      $ 360,800,358   
  

 

 

   

 

 

   

 

 

   

 

 

 

We determined the fair values of Member Loans at fair value and Notes at fair value using inputs and methods that are categorized in the fair value hierarchy of ASC 820, as follows:

 

      Level 1 Inputs      Level 2 Inputs      Level 3 Inputs      Fair Value  

June 30, 2012

           

Assets:

           

Member Loans at fair value

   $ —         $ —         $ 454,263,408       $ 454,263,408   

Liabilities:

           

Notes and Certificates

   $ —         $ —         $ 453,110,456       $ 453,110,456   

March 31, 2012

           

Assets:

           

Member Loans at fair value

   $ —         $ —         $ 360,292,534       $ 360,292,534   

Liabilities:

           

Notes and Certificates

   $ —         $ —         $ 360,800,358       $ 360,800,358   

Both observable and unobservable inputs may be used to determine the fair value of positions that we have classified within the Level 3 category. As a result, the realized and unrealized gains and losses for assets and liabilities within the Level 3 category presented in the tables below may include changes in fair value that were attributable to both observable and unobservable inputs. The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended June 30, 2012:

 

     Member Loans
At fair value
    Notes and
Certificates
 

Fair value at March 31, 2012

   $ 360,292,534      $ 360,800,358   

Originations

     137,366,191        138,989,216   

Reclassification of Member Loans at amortized cost

     1,154,797        —     

Principal repayments

     (40,821,303     (42,999,178

Proceeds/payments on sale of charged-off Member Loans at fair value

     (219,385     (219,385
  

 

 

   

 

 

 

Carrying value before period-end fair value adjustments

     457,772,834        456,571,011   

Fair valuation adjustments, included in earnings

     (3,509,426     (3,460,555
  

 

 

   

 

 

 

Fair value at June 30, 2012

   $ 454,263,408      $ 453,110,456   
  

 

 

   

 

 

 

There were $1,154,797 of transfers / reclassifications of Member Loans at amortized cost to Member Loans at fair value during the three months ended June 30, 2012. These transfers / reclassifications represented Member Loans initially funded by the Company at origination which subsequently were financed by Notes and/or Certificates.

As discussed previously in Note 2 – Summary of Significant Accounting Policies, fair values for Member Loans at fair value and the related Notes and Certificates are determined using a discounted cash flow model utilizing estimates for credit losses, prepayments, changes in the interest rate environment, and other factors. For Notes and Certificates, we also consider risk factors such as the Company’s liquidity position. The majority of fair valuation adjustments included in earnings is attributable to changes in estimated instrument-specific future credit losses. All fair valuation adjustments were related to Level 3 instruments for the three months ended June 30, 2012. A specific loan that is projected to have higher future default losses than previously estimated lowers the expected future cash flows of the Member Loan over its remaining life, which reduces its estimated fair value. Conversely, a specific loan that is projected to have lower future default losses than previously estimated increases the expected future cash flows of the Member Loan over its remaining life, which increases its fair value. Because the payments to holders of Notes and Certificates directly reflect the payments received on Member Loans at fair value, a reduction or increase of the expected future payments on Member Loans at fair value decreases or increases the estimated fair values of the related Notes and Certificates. Expected losses and actual loan charge-offs on Member Loans at fair value are offset to the extent that the loans are financed by Notes and Certificates that absorb the related loan losses.

 

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Fair value adjustment gains/(losses) for Member Loans at fair value were $(3,509,426) and $(2,822,820) for the three months ended June 30, 2012 and 2011, respectively. Fair value adjustment gains/(losses) for Notes was $3,460,555 and $2,822,563 for the three months ended June 30, 2012 and 2011, respectively.

The fair value adjustments for Member Loans at fair value were largely offset by the fair value adjustments of the Notes and Certificates due to the member-payment-dependent design of the Notes and Certificates and because the aggregate principal balance of the Member Loans at fair value was very close to the aggregate principal balance of the Notes and Certificates. Accordingly, the net fair value adjustment gains/(losses) for Member Loans and Notes and Certificates were $(48,871) and $(257) for the three months ended June 30, 2012 and 2011, respectively.

At June 30, 2012, we had 329 Member Loans at fair value that were 90 days or more past due or where the borrower has filed for bankruptcy or is deceased, which had a total outstanding principal balance of $3,268,838 aggregate adverse fair value adjustments totaling $2,859,320 and an aggregate fair value of $409,518. At March 31, 2012, we had 271 Member Loans at fair value that were 90 days or more past due or where the borrower has filed for bankruptcy or is deceased, which had a total outstanding principal balance of $2,330,128, aggregate adverse fair value adjustments totaling $2,072,859 and an aggregate fair value of $257,269.

At June 30, 2012, we had 129 Member Loans at fair value representing $1,217,441 of outstanding principal and $159,934 of fair value, and Notes and Certificates with $1,199,226 of outstanding principal balance and a fair value of $157,319 that were on nonaccrual status. At March 31, 2012, we had 81 Member Loans at fair value representing $729,688 of outstanding principal and $100,978 of fair value, and Notes and Certificates with $706,178 of outstanding principal balance and a fair value of $97,572 that were on nonaccrual status.

6. Deposits

We had deposits of $1,203,692 and $955,631 as of June 30, 2012 and March 31, 2012, respectively, with certain service providers pursuant to agreements with the service providers respectively, including deposits of $1,130,696 and $885,435 as of June 30, 2012 and March 31, 2012, respectively, with a nationally recognized payment services provider. The deposit with the payment services provider is ongoing and restricted as to withdrawal during the contract term. The amount of the deposit with the payment services provider depends on the actual volume of payment transactions processed over a specified period of time and the deposit is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement.

7. Loans Payable

Loans payable consist of the following:

 

     June 30, 2012      March 31, 2012  

Growth capital term loan

   $ 15,941       $ 173,945   

Unamortized discount on growth capital term loan

     —           (2,568

Financing term loan

     15,955         173,945   

Unamortized discount on financing term loan

     —           (2,568

Private placement notes

     3,113         21,606   

Unamortized discount on notes payable

     —           —     
  

 

 

    

 

 

 

Total loans payable, net of debt discount

   $ 35,009       $ 364,360   
  

 

 

    

 

 

 

The remaining principal balance due on all loans payable of $35,009 at June 30, 2012, net of unamortized discounts of $0, mature in July 2012.

Growth Capital and Financing Term Loans

As of June 30, 2012 and March 31, 2012, the combined outstanding principal balances under these two agreements totaled $31,896 and $347,890, respectively. The growth capital term loan and the financing term loan each bear interest at the rate of 10.00% per annum and both loans are amortizing with final maturities in July 2012. Additional initial terms of these two agreements included that we: (i) secure our borrowings by a blanket lien on substantially all of our assets, except for our intellectual property rights, certain deposit accounts, and payments we receive on Member Loans that are financed by Notes; (ii) maintain combined certificates of deposit in the amount of $700,000 pledged as collateral until repayment; and (iii)

 

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maintain a minimum collateral ratio. At June 30, 2012, we do not have any remaining capacity under these agreements as we have fully drawn the entire $13,000,000 of the combined non-revolving availability under the growth capital term loan and the financing term loan. In March 2012, the creditors on these loans removed the restrictions on the $700,000 of certificates of deposit formerly pledged as collateral for these loans and the requirement to maintain a minimum collateral ratio for these loans.

In connection with the growth capital term loan, from inception through December 2008, we issued fully exercisable warrants to purchase 164,320 shares of Series A convertible preferred stock at an exercise price of $1.065 per share, for which we recorded debt discounts of $105,913. Amortization of the debt discounts recorded for this loan was $2,568 and $9,507 for the three months ended June 30, 2012 and 2011, respectively, and were recorded as interest expense.

In connection with the financing term loan agreement, from inception through December 2009, we issued fully exercisable warrants to purchase an aggregate of 328,637 shares of Series A convertible preferred stock at a price of $1.065 per share and recorded total debt discounts of $277,962. Amortization of the debt discounts recorded for this loan was $2,568 and $10,269 for the three months ended June 30, 2012 and 2011, respectively, and was recorded as interest expense.

In connection with the term loans, in May 2009 we also issued fully exercisable warrants to purchase 187,090 shares of Series B convertible preferred stock with an exercise price of $0.7483 per share and recorded total debt discounts of $184,860. Amortization of these debt discounts is included in the amortization amounts of debt discounts presented above for the growth capital term loan and the financing term loan.

Private Placement Notes

The balance of the private placement notes at June 30, 2012 and March 31, 2012 is $3,113 and $21,606, respectively. During the year ended March 31, 2009, we entered into a series of loan and security agreements with accredited investors providing for loans evidenced by notes payable totaling $4,707,964. Each private placement note is repayable over three years and bears interest at the rate of 12% per annum. In June and July 2009, we issued an additional $200,000 of private placement notes which bear interest at the rate of 8% per annum.

We used the proceeds of these private placement notes to fund Member Loans. In connection with origination of these private placement notes, from inception through July 2009, we issued fully exercisable warrants to purchase an aggregate of 514,817 shares of Series A convertible preferred stock (see Note 9 – Preferred Stock). Upon issuance of the warrants, we recorded a debt discount of $329,271, and amortization of the debt discount was recorded as interest expense of $0 and $14,207 for the three months ended June 30, 2012 and 2011, respectively. All remaining private placement notes have matured in the month of July 2012.

8. Related Party Transactions

A number of our affiliates, including our directors, executive officers and 5% stockholders, have opened investor member accounts with LendingClub and have made deposits and withdrawals to their accounts and funded portions of borrowers’ loan requests from time to time in the past via purchases of Notes and Certificates, and may do so in the future.

For the three months ended June 30, 2012 and 2011, these affiliates made LendingClub Platform deposits, Platform withdrawals, and invested in Notes and Certificates, as follows:

 

     Three Months Ended June 30, 2012      Three Months Ended June 30, 2011  

Affiliate

   Platform
Deposits
     Platform
Withdrawals
     Investments      Platform
Deposits
     Platform
Withdrawals
     Investments  

Daniel Ciporin

   $ —         $ 40,851       $ —         $ —         $ 35,120       $ —     

Jeffrey Crowe

     —           —           79,875         —           —           66,275   

Carrie Dolan

     —           —           —           —           —           —     

Renaud Laplanche

     —           —           —           —           —           25   

Rebecca Lynn

     —           —           —           —           —           —     

John Mack

     —           252,112         —           —           —           —     

Scott Sanborn

     —           5,940         2,075         —           5,940         1,400   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $ —         $ 298,903       $ 81,950       $ —         $ 41,061       $ 67,700   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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As of June 30, 2012 and March 31, 2012, these affiliates had outstanding principal invested balances and total funds committed to the LendingClub Platform, as follows:

 

     As of June 30, 2012      As of March 31, 2012  

Affiliate

   Notes  and
Certificates
Outstanding
     Total  Funds
Committed
     Notes  and
Certificates
Outstanding
     Total  Funds
Committed
 

Daniel Ciporin

   $ 259,035       $ 343,847       $ 325,424       $ 377,225   

Jeffrey Crowe

     440,894         455,800         431,871         448,255   

Carrie Dolan

     21,721         26,055         24,510         25,519   

Renaud Laplanche

     55         2,198         160         366   

Rebecca Lynn

     —           509         4         509   

John Mack

     1,106,416         1,308,383         1,443,473         1,534,371   

Scott Sanborn

     11,654         12,022         11,367         11,798   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 1,839,775       $ 2,148,814       $ 2,236,809       $ 2,398,043   
  

 

 

    

 

 

    

 

 

    

 

 

 

9. Preferred Stock

 

Convertible preferred stock

 

     June 30,
2012
     March 31,
2012
 

Preferred stock, $0.01 par value; 61,617,516 and 58,046,088 total shares authorized at June 30, 2012 and March 31, 2012, respectively:

     

Series A convertible preferred stock, 17,006,275 shares designated at June 30, 2012 and March 31, 2012; 15,749,674 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $16,777,814 at June 30, 2012 and March 31, 2012.

   $ 16,574,708       $ 16,574,708   

Series B convertible preferred stock, 16,410,526 shares designated at June 30, 2012 and March 31, 2012; 16,036,346 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $11,999,998 at June 30, 2012 and March 31, 2012.

     11,897,738         11,897,738   

Series C convertible preferred stock, 15,621,609 shares designated at June 30, 2012 and March 31, 2012; 15,621,609 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $24,489,996 at June 30, 2012 and March 31, 2012.

     24,387,945         24,387,945   

Series D convertible preferred stock, 9,007,678 shares designated at June 30, 2012 and March 31, 2012; 9,007,678 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $32,043,771 and 32,043,914 at June 30, 2012 and March 31, 2012.

     31,943,250         31,945,772   

Series E convertible preferred stock, 3,571,428 shares designated at June 30, 2012; 2,500,000 shares issued and outstanding at June 30, 2012; aggregate liquidation preference of $17,500,000 at June 30, 2012.

     17,356,099         —     
  

 

 

    

 

 

 
   $ 102,159,740       $ 84,806,163   
  

 

 

    

 

 

 

In June 2012, we issued via private placement 2.5 million shares of Series E convertible preferred stock at $7.00 per share for aggregate gross cash consideration $17,500,000. The shares are convertible into shares of our common stock, par value $0.01 per share, initially on a one-for-one basis, as adjusted from time to time pursuant to the anti-dilution provisions of the LendingClub certificate of incorporation. The two investors in the Series E convertible preferred stock were Kleiner Perkins Caufield & Byers (“KPCB”), and John J. Mack, a member of the Company’s Board of Directors (“Board”). In conjunction with the Series E financing, the Board appointed Mary Meeker, General Partner of KPCB, as a member of the Company’s Board. In connection with our private placement of Series E convertible preferred stock, we incurred transaction expenses of $143,901 that were recorded as a reduction to gross proceeds.

 

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In connection with the sale of Series E convertible preferred stock in June 2012, we filed an Amended and Restated Certificate of Incorporation with the State of Delaware, which reduced the total number of shares that we are authorized to issue from 158,046,088 shares to 151,617,516 shares, 90,000,000 shares of which are designated as common stock, and 61,617,516 shares of which are designated as preferred stock. Of the total shares of preferred stock, 17,006,275 shares are designated as Series A Preferred Stock, 16,410,526 shares are designated as Series B Preferred Stock, 15,700,000 shares are designated as Series C Preferred Stock, 9,007,678 shares are designated as Series D Preferred Stock and 3,571,428 shares are designated as Series E Preferred Stock. The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares of Common Stock then outstanding) by the affirmative vote of the holders of a majority of the Company’s Preferred Stock and Common Stock (voting together as a single class on an as-converted to Common Stock basis).

In July 2011, we issued and sold 7,027,604 shares of Series D convertible preferred stock via private placement for aggregate cash consideration of approximately $25,000,000. In August 2011, we issued and sold an additional 281,104 shares of Series D convertible preferred stock for aggregate cash consideration of approximately $1,000,000. In January 2012, we issued and sold an additional 1,698,970 shares of Series D convertible preferred stock for aggregate cash consideration of approximately $6,000,000. In connection with our private placement of Series D convertible preferred stock, we incurred transaction expenses of approximately $100,521 that were recorded as a reduction to gross proceeds.

The outstanding shares of convertible preferred stock are not mandatorily redeemable. The sale of all, or substantially all, of the Company’s assets, a consolidation or merger with another company, or a transfer of voting control in excess of fifty percent (50%) of the Company’s voting power are all events which are deemed to be a liquidation and would trigger the payment of liquidation preferences under the preferred stock agreements. All such events require approval of the Board. Therefore, based on the guidance of SEC Accounting Series Release No. 268, “Presentation in Financial Statements of Redeemable Preferred Stocks,” the redeemable convertible preferred stock has been classified outside of the stockholders’ equity section as certain of these factors are outside the control of the Company. The significant terms of outstanding Series A, Series B, Series C, Series D and Series E convertible preferred stock are as follows:

Conversion – Each share of convertible preferred stock is convertible, at the option of the holder, initially, into one share of common stock (subject to adjustments for events of dilution). Each share of convertible preferred stock will automatically be converted upon the earlier of: (i) the closing of an underwritten public offering of our common stock with aggregate gross proceeds that are at least $30,000,000; or (ii) the consent of the holders of a 55% majority of outstanding shares of convertible preferred stock, voting together as a single class, on an as-converted to common stock basis. The Company’s preferred stock agreements contain certain anti-dilution provisions, whereby if the Company issues additional shares of capital stock for an effective price lower than the conversion price for a series of preferred stock immediately prior to such issue, then the existing conversion price of such series of preferred stock will be reduced. The Company determined that while its convertible preferred stock contains certain anti-dilution features, the conversion feature embedded within its convertible preferred stock does not require bifurcation under the guidance of FASB ASC 815, Derivatives and Hedging Activities.

Liquidation preference – Upon any liquidation, winding up or dissolution of us, whether voluntary or involuntary (a “Liquidation Event”), before any distribution or payment shall be made to the holders of any common stock, the holders of convertible preferred stock shall, on a pari passu basis, be entitled to receive by reason of their ownership of such stock, an amount per share of Series A convertible preferred stock equal to $1.065 (as adjusted for stock splits, recapitalizations and the like) plus all declared and unpaid dividends (the “Series A Preferred Liquidation Preference”), an amount per share of Series B convertible preferred stock equal to $0.7483 (as adjusted for stock splits, recapitalizations and the like) plus all declared and unpaid dividends (the “Series B Preferred Liquidation Preference”), an amount per share of Series C convertible preferred stock equal to $1.5677 (as adjusted for stock splits, recapitalizations and the like), an amount per share of Series D convertible preferred stock equal to $3.557 and an amount per share of Series E convertible preferred stock equal to $7.00 (as adjusted for stock splits, recapitalizations and the like). However, if upon any such Liquidation Event, our assets shall be insufficient to make payment in full to all holders of convertible preferred stock of their respective liquidation preferences, then the entire assets of ours legally available for distribution shall be distributed with equal priority between the preferred holders based upon the amounts such series was to receive. Any excess assets, after payment in full of the liquidation preferences to the convertible preferred stockholders, are then allocated to the holders of common and preferred stockholders, pro-rata, on an as-if-converted to common stock basis.

Dividends – If and when declared by the Board, the holders of Series A, Series B, Series C, Series D and Series E convertible preferred stock, on a pari passu basis, will be entitled to receive non-cumulative dividends at a rate of 6% per

 

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annum in preference to any dividends on common stock (subject to adjustment for certain events). The holders of Series A, Series B, Series C, Series D and Series E convertible preferred stock are also entitled to receive with common stockholders, on an as-if-converted basis, any additional dividends issued by us.

Voting rights – Generally, preferred stockholders have one vote for each share of common stock that would be issuable upon conversion of preferred stock. Voting as a separate class, and on an as-if-converted to common stock basis, the Series A convertible preferred stockholders are entitled to elect two members of the Board the holders of Series B convertible preferred stockholders are entitled to elect one member of the Board as are the holders of the Series E convertible preferred. The Series C and Series D convertible preferred stockholders are not entitled to elect a member of the Board. The holders of common stock, voting as a separate class, are entitled to elect one member of the Board. The remaining directors are elected by the preferred stockholders and common stockholders voting together as a single class on an as-if-converted to common stock basis.

10. Stockholders’ Deficit

Common stock

At June 30, 2012, we have shares of common stock authorized and reserved for future issuance as follows:

 

Convertible preferred stock, Series A

     15,749,674   

Convertible preferred stock, Series B

     16,036,346   

Convertible preferred stock, Series C

     15,621,609   

Convertible preferred stock, Series D

     9,007,678   

Convertible preferred stock, Series E

     2,500,000   

Options to purchase common stock

     9,257,629   

Options available for future issuance

     1,554,046   

Convertible preferred Series A stock warrants

     1,256,601   

Convertible preferred Series B stock warrants

     374,180   

Common stock warrants

     259,482   
  

 

 

 

Total common stock authorized and reserved for future issuance

     71,617,245   
  

 

 

 

During the three months ended June 30, 2012, we issued 1,048,026 shares of common stock in exchange for proceeds of $292,103 upon the exercise of employee stock options and during the three months ended June 30, 2011, we issued 140,500 shares of common stock in exchange for proceeds of $38,810 upon the exercise of employee stock options. No warrants to purchase common stock were exercised during the three months ended June 30, 2012 or 2011.

Accumulated Deficit

We have incurred operating losses since our inception, including net losses of $2,525,808 and $3,106,678, respectively, for the three months ended June 30, 2012 and 2011, respectively. Accordingly, we have an accumulated deficit of $55,924,509 since inception and a stockholders’ deficit of $50,543,064, at June 30, 2012.

11. Stock-Based Compensation

Under our 2007 Stock Incentive Plan, or the Option Plan, we may grant options to purchase shares of common stock to employees, executives, directors and consultants at exercise prices not less than the fair market value at date of grant for incentive stock options and not less than 85% of the fair market value at the date of grant for non-statutory options. An aggregate of 12,559,948 shares have been authorized for issuance under the Option Plan. The majority of options granted through June 30, 2012 are stock options that generally expire ten years from the date of grant and generally vest 25% twelve months from the date of grant, and ratably over the next 12 quarters thereafter, provided the grantee remains continuously employed by the Company through each vesting date (“service-based options”). As discussed further below, certain stock options with ten year terms vest immediately upon achievement of specified performance goals provided the grantee remains continuously employed by the Company through each performance measurement date (“performance-based options”).

 

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For the three months ended June 30, 2012, we granted stock options to purchase 713,636 shares of common stock with a weighted average grant date fair value of $0.71 per share. We used the Black-Scholes option pricing model to estimate the fair value of stock options granted with the following assumptions:

 

Expected dividend yield

     0.0

Expected volatility

     63.50

Risk-free interest rates

     1.15% - 1.18

Expected life

     6.25  years 

Options activity under the Option Plan for the three month periods ended June 30, 2012 and 2011 is summarized as follows:

 

     Three Months Ended June 30, 2012      Three Months Ended June 30, 2011  
     Options Issued
and
Outstanding
    Weighted
Average
Exercise Price
     Options Issued
and
Outstanding
    Weighted
Average
Exercise Price
 

Balances, beginning of period

     9,630,808      $ 0.49         7,534,974      $ 0.35   

Options Granted

     713,636        0.71         —          —     

Options Exercised

     (1,048,026     0.28         (140,500     0.28   

Options Cancelled

     (38,789     0.71         (515,802     0.39   
  

 

 

      

 

 

   

Balances, end of period

     9,257,629      $ 0.53         6,878,672      $ 0.35   
  

 

 

      

 

 

   

Options outstanding and exercisable at June 30, 2012 were 2,887,084 at a weighted average exercise price of $0.39.

A summary of outstanding options, vested options and options vested and expected to vest at June 30, 2012, is as follows:

 

     Number of
Options
     Weighted  Average
Remaining
Contractual  Life
(Years)
     Weighted
Average
Exercise Price
 

Options Outstanding

     9,257,629         8.67       $ 0.53   

Vested Options

     2,887,084         7.77       $ 0.39   

Options Vested and Expected to Vest

     8,592,263         8.63       $ 0.52   

A summary by exercise price of outstanding options, vested options, and options vested and expected to vest at June 30, 2012, is as follows:

 

Weighted

Average

Exercise Price

   Number of  Options
Outstanding
     Weighted Average
Remaining  Contractual
Life of Outstanding
Options (Years)
     Number
of Options
Vested
     Number of Options
Vested  and
Expected to Vest
 

$0.23

     785,939         7.21         519,250         772,459   

$0.40

     4,185,299         7.93         2,090,423         4,015,717   

$0.71

     4,286,391         9.66         277,411         3,804,086   
  

 

 

       

 

 

    

 

 

 

$0.53

     9,257,629         8.67         2,887,084         8,592,262   
  

 

 

       

 

 

    

 

 

 

Compensation expense related to the stock options of $175,680 and $185,172 was recognized in income for the three months ended June 30, 2012 and 2011, respectively. As of June 30, 2012, total unrecognized compensation cost was $1,714,552 and these costs are expected to be recognized through 2015.

No income tax benefit has been recognized relating to stock-based compensation expense and no tax benefits have been realized from exercised stock options.

 

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12. Income Taxes

As part of the process of preparing our financial statements, we estimate our income taxes due to applicable federal, state and local jurisdictions in which we operate. This process involves determining our income tax expense or benefit together with calculating the deferred income tax expense or benefit related to temporary differences resulting from differing treatment of items for tax accounting purposes, such as deferred revenue and deductibility of certain expenses. These differences, along with the benefit of deducting the Company’s operating losses incurred since inception against future taxable income, result in deferred tax assets and liabilities, which are included in the accompanying consolidated balance sheet. We then assess the likelihood and extent to which the deferred tax assets will be recovered through the generation of future taxable income.

The Company recorded no net provision for income taxes in either of the three month periods ended June 30, 2012 or 2011 due to the operating losses and full valuation allowance for deferred tax assets recorded in each of the two periods then ended. Payments of minimum amounts due to state taxing authorities upon the filing of state tax returns are recorded as operating expenses instead of income tax expense.

For federal and state purposes, a portion of the Company’s net operating loss carry forwards may be subject to limitations on annual utilization in case of a change in ownership, as defined by federal and state tax law. The amount of such limitations, if any, has not been determined. Accordingly, the amount of net operating losses available to offset future profits may be significantly less than the actual net operating losses generated.

As of June 30, 2012, we continued to have a full valuation allowance against our net deferred tax assets. Due to the continuation of operating losses for the three months ended June 30, 2012, our expectations for business growth and profitability in the coming year, and potential limitations on the realization of the net operating loss carry forwards, we believe it is more likely than not that all of our deferred tax assets will not be realized.

We did not have any foreign operations and therefore did not record any provisions for income taxes on non-U.S. income during the period.

We file income tax returns in the U.S. federal jurisdiction, California, Arizona, Connecticut, Florida, Illinois, Indiana and New York jurisdictions. Our tax years for 2006 and forward are subject to examination by the U.S., California, Connecticut, Arizona and Indiana tax authorities as the statutes of limitation remain open.

Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. We did not have any material changes in unrecognized tax benefits and there were no interest expense or penalties on any unrecognized tax benefits during the three months ended June 30, 2012 and 2011.

13. Non-Interest Revenue

Non-interest revenue consists of loan origination fees collected upon origination of Member Loans at fair value, servicing fees collected as payments are made to investors in Notes, management fees earned from investors in Certificates and other revenue.

The following table summarizes the components of non-interest revenue for the three months ended June 30, 2012, and 2011:

 

     Three Months Ended June 30,  
     2012      2011  

Origination fees on Member Loans at fair value

   $ 5,866,294       $ 2,443,944   

Servicing fees on Notes at fair value

     422,829         225,922   

Management fees from Certificate investors

     147,288         12,107   

Other revenue

     120,768         87,179   
  

 

 

    

 

 

 

Total Non-Interest Revenue

   $ 6,557,179       $ 2,769,152   
  

 

 

    

 

 

 

 

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14. Commitments and Contingencies

Operating leases

In April 2011, we entered into a lease agreement for approximately 18,200 square feet of space in San Francisco, CA for our corporate headquarters, including our principal administrative, marketing, technical support and engineering functions. The lease has a term of 6 years and began on May 1, 2011. We can terminate the sublease upon 9 months’ notice prior to the third anniversary of the sublease. The average monthly rent for our new corporate headquarters is approximately $42,000 and we pledged $200,000 as a security deposit.

Effective June 1, 2010, we entered into a 12 month lease, that converted to a month-to-month lease thereafter, for 238 square feet of office space in Fairfield, Connecticut for use by our EVP, Corporate Development. In May 2012, we provided notice to terminate this lease as of July 2012. Since July 2010, we entered into several month-to-month or short-term lease agreements for the lease of office space, ranging from 250 to 400 square feet, in New York City. In January 2012 we renewed the lease for approximately 250 square feet for a New York City office for a one year term that expires on January 31, 2013.

Facilities rental expense for the three months ended June 30, 2012 and 2011 was $140,618 and $139,624, respectively.

Contingencies

The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business. After consultation with legal counsel, the Company does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on its financial condition or results of operations.

15. Subsequent Events

Subsequent to June 30, 2012 and through the date of issuance of these financial statements, the following subsequent events occurred.

Effective July 31, 2012, John MacIlwaine joined the company as our new Chief Technology Officer (CTO). Mr. MacIlwaine’s employment terms consist of: a base salary of $300,000 per year, a target bonus of $100,000, a sign-on bonus of $175,000 (paid in four installments) and a stock option grant equal to 0.45% of the Company’s fully-diluted common equity as of July 31, 2012, at an exercise price equal to the valuation of the Company’s stock price as of July 31, 2012. The valuation of the Company’s stock as of July 31, 2012 is currently in process. The option has a 10–year term, vests quarterly with a one year cliff and becomes exercisable in full by the fourth anniversary of the date of grant provided he remains in continuous service as an officer through that date. Additionally, Mr. MacIlwaine has a change of control provision that provides for accelerated vesting of all unvested options if he is terminated within one year after a change of control event. In the event that Mr. MacIlwaine is terminated within 12 months of his start date without cause, the Company will pay him 6 months of his current base salary subject to the execution of a release. Mr. MacIlwaine’s previous experience in executive technology positions includes head of global development at Visa International, CTO for the full-service brokerage arm of Morgan Stanley and SunGard Data Systems.

In July 2012, the private placement notes were paid off.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Consolidated Operations

In addition to historical information, this quarterly report contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in the following “Management’s Discussion and Analysis of Financial Condition and Results of Consolidated Operations” as well as in Part II Item 1A “Risk Factors.” Actual results could differ materially. Important factors that could cause actual results to differ materially include, but are not limited to; the level of demand for our products and services; the intensity of competition; our ability to effectively maintain and improve technology infrastructure; continued significant operating losses and cash flow deficits, and adverse financial, customer and employee consequences that might result to us if litigation were to be initiated and resolved in an adverse manner to us. For a more detailed discussion of the risks relating to our business, readers should refer to Part II Item 1A found later in this report entitled “Risk Factors,” as well as the “Risk Factors” section of the prospectus for the Notes dated April 10, 2012, and filed with the SEC, as may be amended or supplemented from time to time. Readers are cautioned not to place undue reliance on the forward-looking statements, including statements regarding our expectations, beliefs, intentions or strategies regarding the future, which speak only as of the date of this quarterly report. We assume no obligation to update these forward-looking statements.

Overview

We are an online financial platform. We enable qualified borrower members to obtain unsecured consumer loans (which we refer to as “Member Loans”). We were incorporated in Delaware in October 2006, and in May 2007, began operations as an application on Facebook.com. In August 2007, we expanded our operations with the launch of our public website, www.lendingclub.com. Investors have the opportunity to purchase Member Payment Dependent Notes (which we refer to as the “Notes”) issued by us, with each series of Notes corresponding to an individual Member Loan facilitated through our platform. The Notes are unsecured, are dependent for payment on the related Member Loan and offer interest rates and credit characteristics that we believe the investors find attractive.

The Company established a wholly-owned subsidiary, LCA, a registered investment adviser, in October 2010 for the purpose of expanding the pool of investor capital to invest in Notes and similar obligations. The Company established the Trust, a Delaware business trust in February 2011 to acquire and hold Member Loans for the sole benefit of investors that purchase Trust Certificates (Certificates) issued by the Trust and related to the underlying Member Loans. The Certificates may only be settled with cash flows from the related Member Loans held by the Trust consistent with the member payment dependent design of the Certificates; Certificate holders do not have recourse to the general credit or other assets of the Trust, Company or other investors.

In February and March 2011 respectively, LCA became the general partner in two investment funds offered through private placements that were formed to enable accredited investors to invest in Certificates. In May 2012, one of the investment funds reorganized into two separate funds to facilitate the continued addition of qualifying and accredited investors. As of June 30, 2012, the investment funds had approximately $125 million in total assets under management by LCA, of which approximately $122 million consisted of investments in Certificates and the remainder in cash. LCA earns a management fee paid by the limited partners of the funds, which is based on the month-end capital account balances of the limited partner investors in each fund.

The vast majority of Member Loans facilitated since October 13, 2008, have been financed by Notes and Certificates. We have also financed portions of certain Member Loans ourselves using sources of funds other than Notes and Certificates. We receive the same terms on Member Loans that we finance as the terms received by other Note and Certificate investors.

All Member Loans are unsecured obligations of individual borrower members with fixed interest rates, three-year or five-year maturities, minimum amounts of $1,000 and maximum amounts up to $35,000. The Member Loans are posted on our website, pursuant to an agreement with WebBank, an FDIC-insured, state-chartered industrial bank organized under the laws of the state of Utah, are funded and issued by WebBank and sold to us immediately after closing. As a part of operating our lending platform, we verify the identity of members, obtain borrower members’ credit characteristics from consumer reporting agencies such as TransUnion, Experian or Equifax and screen borrower members for eligibility to participate in the platform and facilitate the posting of Member Loans. Also, after acquiring the Member Loans from WebBank, we service the Member Loans on an ongoing basis.

As of June 30, 2012, the platform had facilitated 61,058 Member Loans totaling approximately $707 million since our launch in May 2007. Our agreement with WebBank has enabled us to make our platform available to borrower members on a uniform basis nationwide, except that as of June 30, 2012, we do not currently offer Member Loans in Idaho, Indiana, Iowa, Maine, Mississippi, Nebraska, North Dakota and Tennessee. We pay WebBank a monthly service fee based on the amount of loan proceeds disbursed by WebBank in each month, subject to a minimum monthly fee.

 

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We have incurred net losses since our inception. Our net losses were $2,525,808 and $3,106,678 for the three months ended June 30, 2012 and 2011. We earn revenues from fees, primarily loan origination fees charged to borrower members, investor servicing fees and, beginning in 2011, management fees charged to certain investors that purchase Certificates. Over time, we expect that the number of borrower and investor members and the volume of Member Loans facilitated through our platform will increase, and that we will generate increased revenue from borrower origination fees, investor service fees and management fees.

To date, we have funded our operations primarily with proceeds from our preferred stock issuances and funds drawn from our credit facilities, which are described under “Liquidity and Capital Resources.” From inception of the Company through June 30, 2012, we have raised approximately $102.2 million (net) through preferred equity financings. During the three months ended June 30, 2012, we issued and sold via private placement a total of 2,500,000 shares of Series E convertible preferred stock at $7.00 per share for aggregate cash consideration of $17,500,000, less total transaction expenses of $143,901 that were recorded as a reduction to gross proceeds. The aggregate balance due under the outstanding loans payable and credit facilities at June 30, 2012 is approximately $35,009 all of which matures in July 2012.

Currently, we expect to become cash-flow positive during calendar year 2013 and believe that we have sufficient unrestricted liquidity to operate before becoming cash-flow positive. Our current operating plan calls for continued investments in technology, risk management and credit processing before we become cash-flow positive. If our assumptions regarding our growth and operating plan are incorrect, we may need to slow our investment spending, which could slow our rate of growth or ability to become cash-flow positive, and our current liquidity resources may be consumed.

We aim to operate an efficient platform so we may offer interest rates to borrower members that are lower than the rates they could obtain for unsecured credit through credit cards or traditional banks, and offer interest rates to investors that they find attractive. Our platform operates online only. Our registration, processing and payment systems are automated and electronic. We encourage the use of electronic payments as the preferred means to disburse member loan proceeds, receive payments on outstanding Member Loans, receive funds from investor members, and to disburse payments to applicable investors. We have no physical branches for loan application and deposit-taking activities.

Significant Accounting Policies and Estimates

The preparation of our consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires us to make certain judgments, assumptions, and estimates that affect the amounts reported in our consolidated financial statements and accompanying notes. We believe that the judgments, assumptions and estimates upon which we rely are reasonable based upon information available to us at the time that these judgments, assumptions and estimates are made. However, any differences between these judgments, assumptions and estimates and actual results could have a material impact on our consolidated statement of operations and financial condition. The accounting policies, which are more fully described in Note 2 to our consolidated financial statements, reflect our most significant judgments, assumptions and estimates and which we believe are critical in understanding and evaluating our reported financial results include: (1) revenue recognition; (2) fair value determinations; (3) allowance for loan losses; (4) share-based compensation; and (5) provision for income taxes, net of valuation allowances for deferred tax assets. These estimates and assumptions are inherently subjective in nature, actual results may differ from these estimates and assumptions, and the differences could be material.

Member Loans at Fair Value

We have elected fair value accounting for the vast majority of Member Loans facilitated through the platform since October 13, 2008, including all Member Loans originated since October 1, 2011, and all related Notes and Certificates. The fair value election for these Member Loans, Notes and Certificates allows symmetrical accounting for the timing and amounts recognized for both expected unrealized losses and realized losses on the Member Loans and the related Notes and Certificates, consistent with the member payment dependent design of the Notes and Certificates. All of our Member Loans are unsecured but the gross potential credit risk to the Company from Member Loans is significantly mitigated to the extent that loans are financed by Notes or Certificates that absorb the loans’ credit losses pursuant to the member payment dependency provision.

 

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Absent the fair value elections for both Member Loans at fair value and the related Notes and Certificates, Member Loans held for investment would be accounted for at amortized cost and would record loan loss provisions for estimated expected losses, but the related Notes and Certificates also accounted for at amortized cost would recognize the losses passed-through by the related loans only when and in amounts of the loans actually charged-off, thereby resulting in a mismatch in the timing and amounts of loss recognition between a Member Loan and related Notes and Certificates, which is not an appropriate representation for instruments that are designed to have linked cash flows and loss realization. The loan origination fees for Member Loans at fair value are recognized as a component of non-interest revenue at the time of the loan origination. The costs to originate Member Loans at fair value are recognized in operating expenses as incurred. Interest income on Member Loans at fair value is recorded as earned. The remaining Member Loan originations have been accounted for at amortized cost as explained more fully below.

When we receive payments of principal and interest on Member Loans at fair value, we remit principal and interest payments on related Notes and/or Certificates, net of any applicable servicing fee on the payments received on the Member Loans at fair value. The principal payments reduce the carrying values of both the Member Loans at fair value and the related Notes and Certificates. Servicing fees withheld from payments made to Note investors are recorded as a component of non-interest revenue when received. Management fees from Certificate investors are recognized as a component of non-interest revenue when earned.

We include in earnings the estimated unrealized fair value gains or losses during the period of Member Loans at fair value, and the offsetting estimated fair value losses or gains attributable to the expected changes in future payments on related Notes and Certificates.

At June 30, 2012, we estimated the fair values of Member Loans at fair value and their related Notes and Certificates using a discounted cash flow valuation methodology. The estimated fair values of Member Loans are computed by projecting the future contractual cash flows to be received on the loans, adjusting those cash flows for our expectations of prepayments (if significant), defaults and losses over the life of the loans, and expected recoveries, if any. We then discount those projected net cash flows to a present value, which is the estimated fair value. Our expectation of future defaults and losses on loans is based on analyses of actual defaults and losses that occurred on the various credit grades of Member Loans over the past several years. Expected recoveries reflect actual historical recovery experience for the various types of defaulted loans and the contractual arrangements with collection agencies. The discount rates for the projected net cash flows of the Member Loans are our estimates of the rates of return that investors in unsecured consumer credit obligations would require when investing in the various credit grades of Member Loans.

Our obligation to pay principal and interest on any Note and Certificate is equal to the pro-rata portion of the payments, if any, received on the related Member Loan at fair value, net of any applicable servicing fee. The gross effective interest rate associated with a Note or a Certificate is the same as the interest rate earned on the related Member Loan at fair value. At March 31, 2012, the discounted cash flow methodology used to estimate the Notes’ and Certificates’ fair values uses the same projected net cash flows as their related Member Loans. The discount rates for the projected net cash flows of the Notes and Certificates are our estimates of the rates of return, including any applicable risk premiums, if significant, that investors in unsecured consumer credit obligations would require when investing in Notes issued by LendingClub or Certificates issued by the Trust, with cash flows dependent on specific credit grades of Member Loans.

For additional discussion on this topic, including the adjustments to the estimated fair values of Loans at fair value and Notes at fair value as of March 31, 2012, as discussed below, see Results of Operations and Note 5 – Member Loans at Fair Value and Notes and Certificates at Fair Value.

Member Loans at Amortized Cost

The loan origination fees for Member Loans at amortized cost are deferred at origination and, with the related deferred loan origination costs, are amortized to interest income over the contractual lives of the loans using a method that approximates the effective interest method, which loans currently have original terms of 36 or 60 months. We record interest income on Member Loans at amortized cost as earned. Loans reaching 120 days delinquent are classified as nonaccrual loans, and we stop accruing interest and reverse all accrued but unpaid interest after such date.

We may incur losses if the borrower members fail to pay their monthly scheduled loan payments. Impaired Member Loans at amortized cost include loans at amortized cost that are 90 days or more past due and loans where the borrower has filed a petition in bankruptcy or is deceased.

 

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As part of our activities to maximize receipt, collection and recovery of loans in which the borrower has, or is expected to, experience difficulty in meeting the loan’s contractually required payments, we may agree to special payment plans with certain borrowers. Most of the special payment plans involve reduced minimum loan payments for a short period of time and the deferred payments are to be repaid over the remaining original term of the loan. No principal or interest is forgiven nor is the original term of the loan extended in these situations. The delay in receipt of all contractually-required loan payments in these situations is insignificant.

Prior to December 2011, special payment plans with certain borrowers involved extensions of the original term of the loan by six to 24 months and recasting the borrower’s monthly loan payment schedule. In these situations, the restructuring of the loan terms qualifies as a Troubled Debt Restructuring (“TDR”). Effective June 30, 2012, we classify TDR’s as impaired loans at amortized cost.

An allowance for loan losses applies only to Member Loans at amortized cost and is a valuation allowance that is established as losses are estimated to have occurred at the balance sheet date through a provision for loan losses charged to earnings. Realized loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed.

The allowance for loan losses is evaluated on a periodic basis by management, and represents an estimate of potential credit losses based on a variety of factors, including the composition and quality of the Member Loans at amortized cost, loan specific information gathered through our collection efforts, delinquency levels, probable expected losses, current and historical charge-off and loss experience, current industry charge-off and loss experience, and general economic conditions. Determining the adequacy of the allowance for loan losses for Member Loans at amortized cost is subjective, complex and requires judgment by management about the effects of matters that are inherently uncertain, and actual losses may differ from our estimates.

Our estimate of the allowance for loan losses for Member Loans at amortized cost is developed by estimating both the rate of default of the loans within each credit score band using the FICO credit scoring model, a loan’s collection status, the borrower’s FICO score at or near the evaluation date, and the amount of probable loss in the event of a borrower member default.

We have elected fair value accounting for all Member Loans facilitated through the platform on and after October 1, 2011. We expect the remaining balance of Member Loans at amortized cost to decline to zero over the next several years.

Results of Operations

Revenues

Our business model consists primarily of charging fees to both borrower members and investor members for transactions through or related to our platform. During the three months ended June 30, 2012 and 2011, we facilitated $137,366,191, and $54,265,647 of loans, respectively, on our lending platform, an increase of 153%.

Upon issuance of a loan, the borrower member pays a fee to us for providing the services of arranging the Member Loan. The loan origination fee charged to each borrower member is determined by the credit grade of that borrower member’s loan and as of June 30, 2012, ranged from 1.11% to 5.00% of the aggregate member loan amount. The loan origination fees are included in the annual percentage rate (“APR”) calculation provided to the borrower member and is subtracted from the gross loan proceeds prior to disbursement of the loan funds to the borrower member.

Investor members that purchase Notes pay servicing fees to us on the payments for the related Member Loans and maintaining account portfolios. Beginning in March 2011, we began charging limited partners in two private investment funds (Funds) monthly management fees that are based on the month-end balances of their partners’ capital accounts. These management fees, which are charged in lieu of servicing fees on the Certificates purchased by the Funds, are recorded in other revenue.

To a lesser extent, we also generate revenue from the net interest income earned on Member Loans that we finance with sources of funds other than Notes and Certificates.

 

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Loan Origination Fees

Our borrower members pay a one-time origination fee to us for arranging a Member Loan. This fee is determined by the term and loan grade of the Member Loan.

Beginning January 7, 2011, our origination fees for three year loans changed, and ranged from 2.00% to 5.00% of the aggregate principal amount of the Member Loan, as set forth below:

 

Loan Grade

   A1-A2     A3-A5     B     C     D     E     F     G  

Fee

     2.00     3.00     4.00     5.00     5.00     5.00     5.00     5.00

Beginning January 7, 2011, our origination fees for five year loans changed, and ranged from 3.00% to 5.00% of the aggregate principal amount of the Member Loan, as set forth below:

 

Loan Grade

   A     B     C     D     E     F     G  

Fee

     3.00     5.00     5.00     5.00     5.00     5.00     5.00

Beginning September 8, 2011, our origination fees for three year loans changed, and ranged from 1.11% to 5.00% of the aggregate principal amount of the Member Loan, as set forth below:

 

Loan Grade

   A1     A2     A3-A5     B     C     D     E     F     G  

Fee

     1.11     2.00     3.00     4.00     5.00     5.00     5.00     5.00     5.00

Beginning February 2, 2012, our loan origination fees for the three year loans decreased from 5.00% to 4.00% for the Loan Grade G Member Loans as set forth below:

 

Loan Grade

   A1     A2     A3-A5     B     C     D     E     F     G  

Fee

     1.11     2.00     3.00     4.00     5.00     5.00     5.00     5.00     4.00

We do not receive an origination fee if a Member Loan request does not close.

Loan origination fees on Member Loans at fair value are recognized as a component of non-interest revenues at the time of loan origination and were $5,866,294 and $2,443,944 for the three months ended June 30, 2012 and 2011, respectively, an increase of 140%. The increase in these loan fees was primarily due to an increase in origination volumes of Member Loans at fair value during the three months ended June 30, 2012, to $137.4 million versus originations of $54.3 million for the three months ended June 30, 2011, an increase of 153.1%. The average loan origination fees were 4.27% and 4.50% of the principal amount of Member Loans at fair value originated for the three month ended June 30, 2012 and 2011, respectively. The decrease in the average loan origination fee in the current period was primarily due to a decrease in the origination fee percentage charged for A1 and G grade three year loans compared to the origination fees charged on origination of loans of those credit grades in the prior year.

Loan origination fees on Member Loans at amortized cost are netted against the direct loan origination costs, deferred and the net amount is amortized to interest income over the life of the Member Loans at amortized cost. Because of the election of fair value accounting for all loan originations on and after October 1, 2011, there were no originations of Member Loans at amortized cost or related loan origination fees received during the three months ended June 30, 2012. There was an insignificant amount of origination fees received on the approximately $1.1 million of Member Loans at amortized cost originated during the three months ended June 30, 2011.

Servicing fees on Notes at Fair Value

Beginning with the issuance of Notes at fair value on October 13, 2008, we began charging investor members an ongoing service fee for Notes purchased through our platform. The servicing fee offsets the costs we incur in servicing the related Member Loans at fair value, including managing payments from borrower members, payments to the investor members and maintaining investors’ account portfolios. This service fee is charged based on payment amounts serviced by us on behalf of a Note investor in respect of a Member Loan.

The servicing fees earned from Note holders that relate to cash flows serviced on related Member Loans at fair value were $422,829 and $225,922 for the three months ended June 30, 2012 and 2011, respectively, an increase of 87.2%. The increases in the servicing fees earned from Note holders were primarily due to increased balances of Notes outstanding during the three months ended June 30, 2012, versus the three months ended March 31, 2011. The amount of servicing fees earned depends on the balances of Notes that have explicit servicing fees, versus holders of Certificates that pay management fees, and the average servicing fee paid by the Note holders.

 

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Management Fees and Assets Under Management

Beginning in March 2011, we began charging Certificate holders a management fee based on their month-end capital account balances in lieu of paying servicing fees. We earned management fees from investors in Certificates totaling $147,288 and $11,646 for the three months ended June 30, 2012 and 2011, respectively. The increase in management fees earned is due primarily to an increase in total assets under management by LCA, which were approximately $157 million at June 30, 2012 and approximately $9 million at June 30, 2011.

Net Interest Income

The following table summarizes interest income, interest expense and net interest income for the three months ended June 30, 2012 and 2011, as follows:

 

     Three Months Ended June 30,  
     2012     2011  

Interest Income

    

Member Loans at fair value

   $ 13,517,075      $ 4,991,391   

Member Loans at amortized cost, net

     28,324        188,152   

Cash and cash equivalents

     8,799        5,771   
  

 

 

   

 

 

 

Total Interest Income

     13,554,198        5,185,314   
  

 

 

   

 

 

 

Interest Expense

    

Notes and Certificates at fair value

     (13,437,136     (4,991,391

Loans payable

     (11,114     (102,388
  

 

 

   

 

 

 

Total Interest Expense

     (13,448,250     (5,093,779
  

 

 

   

 

 

 

Net Interest Income

   $ 105,948      $ 91,535   
  

 

 

   

 

 

 

We had net interest income of $105,948 and $91,535 for the three months ended June 30, 2012 and 2011, respectively. Net interest income increased in the three months ended June 30, 2012, when compared to the same period in the prior year primarily due to the reduction in interest expense on high-cost loans payable as such loans were paid down and replaced by non-interest-bearing sources of funds. We expect that net interest income, primarily related to interest income on Member Loans at fair value and interest expense on Notes and Certificates at fair value, will continue to diminish as a percentage of overall net revenues as we grow our platform due to the relationship of interest payments on Member Loans at fair value and interest payments on Notes and Certificates at fair value.

 

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The following tables present the average balances of interest-earning assets and interest–bearing liabilities, the components of interest income, interest expense, and net interest income for the three month periods ended June 30, 2012 and 2011.

 

     Average Balances of Interest-Bearing Assets & Liabilities,  Yields and Costs  
     Three Months Ended June 30, 2012     Three Months Ended June 30, 2011  
      Estimated
Average
Balance 1
     Interest
Income /
(Expense)
    Average
Yield /
Cost 2
    Estimated
Average
Balance 1
     Interest
Income /
(Expense)
    Average
Yield /
Cost 2
 

Interest-Earning Assets:

              

Member Loans at fair value

     412,044,817         13,517,075        13.16     175,516,291         4,991,391        11.41

Member Loans at amortized cost

     1,748,450         28,324        6.50     5,657,805         188,152        13.34

Cash, cash equivalents & restricted cash

     40,645,880         8,799        0.09     12,273,788         5,771        0.19
  

 

 

    

 

 

     

 

 

    

 

 

   

Total Interest-Earning Assets

     454,439,147         13,554,198        11.96     193,447,884         5,185,314        10.75
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Interest-Bearing Liabilities:

              

Notes/Certificates at fair value

     412,225,090         (13,437,136     13.07     175,318,482         (4,991,391     11.42

Loans payable

     185,451         (11,114     24.04     2,402,910         (102,388     17.09
  

 

 

    

 

 

     

 

 

    

 

 

   

Total Interest-Bearing Liabilities

     412,410,541         (13,448,250     13.08     177,721,392         (5,093,779     11.50
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Net Interest Income

        105,948             91,535     
     

 

 

        

 

 

   

Net Interest Spread 3

          -1.12          -0.74
       

 

 

        

 

 

 

Net Interest Margin 4

          0.09          0.19
       

 

 

        

 

 

 

 

1. The estimated average balance represent the average of the month-end balances from the beginning through the end of the period.
2. Yields and costs are annualized based on actual number of days in the period.
3. Net interest spread equals the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
4. Net interest margin equals net interest income divided by average interest-earning assets, annualized.

The yield on average interest-earning assets rose 1.21% to 11.96% for the three months ended June 30, 2012 as compared to 10.75% in the comparable period in the prior year, primarily due to the 1.75% increase in the average yield on Member Loans at fair value.

The cost of average interest-bearing liabilities increased 1.58% to 13.08% for the three months ended June 30, 2012, from 11.50% in the comparable period in the prior year primarily due to the 1.65% increase in the average interest cost of Notes and Certificates to 13.07% from 11.42%.

As a result of the factors described above, the net interest margin for the three months ended June 30, 2012, declined to 0.09% from 0.19% for the same period in the preceding year.

Interest Income on Member Loans at Fair Value

We record interest income from Member Loans at fair value. For the three months ended June 30, 2012 and 2011, we recorded interest income from Member Loans at fair value, excluding loan origination fees, of $13,517,075 and $4,991,391, respectively. The increase in interest income in the three months ended June 30, 2012, compared to the prior year is primarily due to the significant increase in the outstanding balances of Member Loans at fair value. The estimated average balance of Member Loans at fair value outstanding during the three months ended June 30, 2012, was $412.0 million as compared to an estimated average balance of $175.5 million in the prior year, an increase of 134.8%.

Interest Earned on Member Loans at Amortized Cost

Between April 7, 2008 and October 13, 2008, while we sought to register the offering of the Notes, we financed Member Loan originations with sources of funds other than Notes, which generate interest income on Member Loans at amortized cost. Subsequent to the effectiveness of our registration statement related to our Notes in October 2008, we periodically provided

 

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funds to originate some Member Loans at amortized cost. However, as we have increased our investor marketing efforts to increase the issuance of Notes and Certificates to finance loans, the originations and outstanding balances of Member Loans at amortized cost have diminished. As noted earlier, we have elected fair value accounting for all loans originated on and after October 1, 2011. Accordingly, for the three months ended June 30, 2012 and 2011, we facilitated through our platform $0 and $1,063,821 of Member Loans at amortized cost, respectively. We expect the remaining balance of Member Loans at amortized cost to decline to zero over the next several years.

For the three months ended June 30, 2012 and 2011, we recorded interest income on Member Loans at amortized cost, including the amortization of deferred net loan origination fees and costs, of $28,324 and $188,152, respectively. The decline in interest income on Member Loans at amortized cost is primarily due to the decline in the estimated average balance of Member Loans at amortized cost for the three months ended June 30, 2012, to $1.7 million, versus the estimated average balance of in the three months ended June 30, 2011, of $5.7 million.

Interest Earned on Cash and Investments

Interest income from cash and cash equivalents is recognized as it is earned. For the three months ended June 30, 2012, we recognized $8,799 of interest income earned on cash and cash equivalents. Comparatively, for the three months ended June 30, 2011, we recognized $5,771 in interest income earned on cash and cash equivalents. The differences in interest income are a function of the balances of interest-bearing cash deposits on hand. We do not expect interest income from cash and cash equivalents to be a significant part of our future revenue.

Interest Expense on Notes and Certificates

We record interest expense on the Notes issued by LendingClub and, beginning in March 2011, we began recording interest expense on Certificates issued by the Trust. We recorded total interest expense for Notes and Certificates of $13,437,136 and $4,991,391, respectively, for the three months ended June 30, 2012 and 2011. The increase in interest expense in the three months ended June 30, 2012, compared to the comparable period in the prior year is primarily due to the significant increase in the outstanding balances of Notes and Certificates at fair value. The estimated average balance of Notes and Certificates at fair value outstanding during the three months ended June 30, 2012, was $412.2 million as compared to an estimated average balance of $175.3 million in the prior year, an increase of 135.1%.

Interest Expense on Loans Payable

Interest expense, other than that described above with regard to Notes and Certificates at fair value, consists primarily of cash and non-cash interest expense on loans payable. For the three months ended June 30, 2012 and 2011, we paid cash interest of $5,979 and $68,406, respectively, for interest due on our loans payable. For the three months ended June 30, 2012 and 2011, we also recorded $5,135 and $33,982 respectively, for non-cash interest expense related to debt discounts due to warrants related to our loans payable.

We have no additional availability under the non-revolving loan payable agreements outstanding at June 30, 2012, all of which is schedule to mature in July 2012.

Fair Value Adjustments on Member Loans at Fair Value and Notes and Certificates at Fair Value

As discussed earlier, at June 30, 2012, we estimated the fair values of Member Loans and their related Notes and Certificates using a discounted cash flow valuation methodology. The fair valuation methodology considers projected prepayments, if significant, and uses the historical actual defaults, losses and recoveries on our loans over the past several years to project future losses and net cash flows on loans. The evolution and improvement of our credit risk management policies and practices over the past several years has resulted in improving loss (charge-off) rates on loans in recent years. Accordingly, the fair valuation methodology projects lifetime losses on loans based on the historical, improving loss rates.

Fair value adjustment gains/(losses) for Member Loans at fair value were $(3,509,426) and $(2,822,820) for the three months ended June 30, 2012 and 2011, respectively.

Fair value adjustment gains/(losses) for Notes and Certificates were $3,460,555 and $2,822,563 for the three months ended June 30, 2012 and 2011, respectively.

The fair value adjustments for Member Loans at fair value were largely offset by the fair value adjustments of the Notes and Certificates at fair value due to the member payment dependent design of the Notes and Certificates, and because the

 

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principal balances of the Member Loans at fair value were very close to the combined principal balances of the Notes and Certificates. Accordingly, the net fair value adjustment gains/(losses) for Member Loans and Notes and Certificates were $(48,871) and $(257) for the three months ended June 30, 2012 and 2011, respectively.

Provision for Loan Losses

Loan loss provisions arise only for Member Loans at amortized cost. Loan loss provisions were $(48,522) and $74,904 for the three months ended June 30, 2012 and 2011, respectively. The decline in total loan loss provisions for Member Loans at amortized cost in the three months ended June 30, 2012, compared to the loss provisions in the three months ended June 30, 2011, was primarily due to (i) the $49,890 proceeds from the sale of charged-off Member Loans at amortized cost in the three months ended June 30, 2012 that offset loan loss provisions for outstanding Member Loans at amortized cost and (ii) lower principal balances of loans outstanding in the current period versus the comparable period in the preceding year.

The allowance for loan losses, which management evaluates on a periodic basis, represents an estimate of expected credit losses inherent in the portfolio of Member Loans at amortized cost that we hold for investment and is based on a variety of factors, including the composition and quality of the loan portfolio, loan specific information gathered through our collection efforts, delinquency levels, our historical charge-off and loss experience, current industry charge-off and loss experience, and general economic conditions. Determining the adequacy of the allowance for loan losses is subjective, complex, and requires judgment by management about the effect of matters that are inherently uncertain (see Note 2 – Summary Significant Accounting Policies – Allowance for Loan Losses).

As discussed above, expected losses on Member Loans at fair value are recognized through their fair value adjustments and are offset to the extent that the loans are financed by Notes and/or Certificates that absorb the related expected loan losses.

Operating Expenses:

The following table summarizes our operating expenses for the three month periods ended June 30, 2012 and 2011.

 

     Three Months Ended June 30,  
     2012      2011      $ Change      % Change  

Sales, Marketing & Customer Service

   $ 5,519,582       $ 3,857,839       $ 1,661,743         43

Engineering

     992,361         520,139         472,222         91

General & Administrative

     2,511,703         1,514,226         997,477         66
  

 

 

    

 

 

    

 

 

    

Total Operating Expenses

   $ 9,023,646       $ 5,892,204       $ 3,131,442         53
  

 

 

    

 

 

    

 

 

    

 

 

 

Sales, Marketing and Customer Service Expense

Sales, marketing and customer service expense consists primarily of salaries, benefits and stock-based compensation expense related to sales, marketing, customer service, credit and collections personnel, costs of marketing campaigns and costs of borrower acquisitions such as credit scoring and screening. Sales, marketing and customer service expenses for the three months ended June 30, 2012 and 2011, were $5,519,582 and $3,857,839, respectively, an increase of approximately 43%. The increases in spending during the three months ended June 30, 2012 relative to the same period of the prior year primarily occurred in three areas: increases in personnel related expense of $917,436, increases in platform related spending of $148,319 in areas such as customer credit scoring and platform hosting costs, and increases of $539,610 in spending on new and ongoing marketing programs to attract borrowers and increase investment activity on the platform.

Engineering Expense

Engineering expense consists primarily of salaries, benefits and stock-based compensation expense of engineering personnel, and the cost of subcontractors who work on the development and maintenance of our platform and software enhancements that run our platform. Engineering expenses for the three months ended June 30, 2012 and 2011, were $992,361 and $520,139, respectively, an increase of 91%. The increase for the three months ended June 30, 2012 versus the same period in the prior year was primarily due to increases of $135,348 in contract labor and $187,163 in personnel related expenses. We expect these expenses to continue to increase as we grow our business.

General and Administrative Expense

General and administrative expense consists primarily of salaries, benefits and stock-based compensation expense related to general and administrative personnel, professional fees primarily related to legal and accounting fees, facilities expenses and

 

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the related overhead, and expenses related to platform fraud prevention and remediation. General and administrative expenses for the three months ended June 30, 2012 and 2011, were $2,511,703 and $1,514,226, respectively, an increase of approximately 66%. The increases were primarily the result of higher expenses of $504,286 in personnel, $132,239 in contract labor, an increase of approximately $118,000 in audit and tax fees and $96,670 in office licenses, permits and fees. We expect that general and administrative expenses will decrease as a percentage of overall operating expenses as we grow our sales efforts in greater proportion than our general and administrative expenses.

Liquidity and Capital Resources

 

     Three Months Ended June 30,        

Cash flows:

   2012     2011     Change  

Net Loss

   $ (2,525,808   $ (3,106,678   $ 580,870   

Net Non-Cash (Revenues) / Expenses and Changes in Operating Assets and Liabilities

     1,637,025        230,132        1,406,893   
  

 

 

   

 

 

   

 

 

 

Net Cash Used in Operating Activities

   $ (888,783   $ (2,876,546   $ 1,987,763   
  

 

 

   

 

 

   

 

 

 

Net Cash Used in Investing Activities

   $ (96,146,082   $ (35,913,379   $ (60,232,703

Add back origination of Member Loans at fair value

     137,366,191        54,265,647        83,100,544   

Add back origination of Member Loans at amortized cost

     —          1,063,821        (1,063,821

Subtract repayment of Member Loans at fair value

     (40,821,303     (19,176,697     (21,644,606

Subtract repayment of Member Loans at amortized cost

     (321,767     (539,122     217,355   
  

 

 

   

 

 

   

 

 

 

Net Cash Provided By / (Used in) Investing Activities after removing activity related to Member Loans

   $ 77,039      $ (299,730   $ 376,769   
  

 

 

   

 

 

   

 

 

 

Net Cash Provided by Financing Activities

   $ 113,066,159      $ 35,054,365      $ 78,011,794   

Subtract origination of Notes and Certificates at fair value

     (138,989,216     (55,693,775     (83,295,441

Add back repayment of Notes and Certificates at fair value

     42,999,178        19,699,272        23,299,906   
  

 

 

   

 

 

   

 

 

 

Net Cash Provided by/(Used in) Financing Activities after removing activity related to Notes and Certificates at fair value

   $ 17,076,121      $ (940,138   $ 18,016,259   
  

 

 

   

 

 

   

 

 

 

Net cash used in operating activities decreased to $888,783 in the three months ended June 30, 2012, from $2,876,546 in the three months ended June 30, 2011. Net Non-Cash (Revenues) / Expenses and Changes in Operating Assets and Liabilities of $1,472,085 in the three months ended June 30, 2012 included non-cash expenses of: (i) $48,522 of provisions for loan losses on Member Loans at amortized cost; (ii) $175,680 of stock based compensation expense; (iii) $5,135 of amortization of debt discounts; and (iv) $58,802 of depreciation expense. Similarly, non-cash expenses in the three months ended June 30, 2011 included: (i) $74,904 provisions for loan losses on Member Loans at amortized cost; (ii) $241,661 of stock based compensation expense; (iii) $33,982 of amortization of debt discounts; and (iv) $27,062 of depreciation expense.

Net cash used in investing activities for the three months ended June 30, 2012 and 2011 were $96,146,082 and $35,913,379, respectively. However, after removing activity related to the Member Loans, which activity was mostly offset by corresponding activity related to the Notes and Certificates reflected in our cash flow from financing activities, the remaining amounts of cash provided by / (used for) investing activities for the three months ended June 30, 2012 and 2011, were $77,039 and $(299,730), respectively. The net cash provided by investing activities in the three months ended June 30, 2012 after removing the recurring activities related to Member Loans was primarily related to proceeds from the sale of charged-off Member Loans, which was partly offset by purchases of property and equipment. In the three months ended June 30, 2011, the uses of cash in investing activities were comprised of an increase in restricted cash and purchases of property and equipment.

Net cash provided by financing activities for the three months ended June 30, 2012 and 2011, were $113,066,159 and $35,054,365, respectively. However, after excluding activity related to the Notes and Certificates, which is mostly offset by corresponding activity related to our Member Loans at fair value (reflected in our cash flows from investing activities), the net amounts of cash provided by / (used in) financing activities for the three months ended June 30, 2012 and 2011, were $17,076,121 and $(940,138), respectively. Cash provided by financing activities after excluding activity related to the Notes and Certificates consisted primarily of the excess of the net proceeds from the issuance of our Series E Preferred Stock and net proceeds from issuance of common stock via exercise of employee stock options over the repayment of loans payable for the three months ended June 30, 2012. For the three months ended June 30, 2011, cash used in financing activities after excluding activity related to the Notes and Certificates consisted primarily of the repayment of loans payable.

 

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We have incurred losses since our inception and we expect we will continue to incur losses for the foreseeable future as we grow our platform. We require cash to meet our operating expenses and for capital expenditures and principal and interest payments on our debt, as well as to continue to fund Member Loans on the platform we will hold for investment to the extent the loans are not funded by investors other than us. To date, we have funded our cash requirements with proceeds from our sale of equity securities. At June 30, 2012 and 2011, we had $4,862,000 and $1,022,000, respectively, in restricted cash. The net increase in restricted cash at June 30, 2012 versus June 30, 2011 was primarily due to the pledges of $3.0 million of our funds as security for WebBank and approximately $1.7 million as security for Wells Fargo that clears our borrowers’ and investors’ cash transactions, partially offset by a reduction of approximately $0.7 million formerly pledged to the bank that coordinated the credit facilities we obtained in prior years. We primarily hold our excess cash in short-term interest-bearing money market funds.

Additionally, at June 30, 2012, we have a deposit of $1,130,696 placed with a nationally-recognized payment services provider we use for transactions related to our platform. The deposit is required pursuant to the agreement with the payment services provider, serves as collateral for the protection of the payment services provider and our members, and is restricted as to withdrawal. The deposit is ongoing throughout the term of the contract and the amount of the deposit depends on the volume of payment transactions processed. The deposit with the payment services provider is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement.

We do not have any committed unused or available external source of funds. While we believe that we have sufficient unrestricted liquidity to operate during this period of continuing losses, if our assumptions regarding our growth and operating plan are incorrect, we may need to find new funding to continue to operate our business. We currently believe that such funding would be available to us on terms that we would find acceptable. However, any delay in securing, or failing to secure, any necessary funding could result in delays and operational slowdowns that could adversely affect our ability to operate our lending platform, the regularity of our processing of Member Loan, Note and Certificate payments, the value of Note and Certificate investments and ultimately the solvency of the Company.

Assets Under Management

In October 2010, we formed a subsidiary, LC Advisors, LLC, a California limited liability company (“LCA”), which is wholly-owned by LendingClub. LCA commenced operations after January 1, 2011 and has registered with the SEC as an investment advisor. As of June 30, 2012, LCA acts as the general partner to three private investment funds for accredited investors with differing investment strategies (“Funds”). In connection with the Funds, LendingClub formed a Delaware business trust (LC Trust I or the “Trust”) in February 2011 as a bankruptcy remote entity to hold Member Loans purchased from LendingClub.

We started offering the Funds to potential investors in February 2011 through a private placement. As of June 30, 2012, the Funds had approximately $126 million in assets with $24 million in escrow, which was contributed to the Funds on the first business day of July 2012. LCA earns a management fee paid by the limited partners of the Funds, paid monthly in arrears, ranges from 0.60% to 0.90% (annualized) of the month-end balances of partners’ capital accounts. These management fees can be modified or waived for individual limited partners at the discretion of the general partner.

Beginning January 2012, LCA also began managing individual investors’ funds in Separately Managed Accounts (“SMAs”). Funds in the SMAs are invested in Certificates issued by the Trust. As of June 30, 2012, the SMAs had approximately $31 million in assets. LCA earns management fees paid by the SMA investors, paid monthly in arrears, based on the month-end balances in the SMA accounts.

Summary of Changes in Assets Under Management

The table below presents a summary of changes in total assets under management for LCA, including both assets of the Funds and SMAs, stated at amortized cost except for appreciation / (depreciation) which includes fair value adjustments for investments, for the three month periods ended June 30, 2012 and 2011.

 

     Three Months Ended June 30,
(dollars in millions)
 
     2012      2011  

Balance – beginning of period

   $ 104.5       $ 0.8   

Net capital contributions

     49.6         8.5   

Appreciation / (depreciation)

     2.6         0.1   
  

 

 

    

 

 

 

Balance – end of period

   $ 156.7       $ 9.4   
  

 

 

    

 

 

 

 

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Income Taxes

We incurred no net income tax provision or benefit related to our pre-tax losses for the three month periods ended June 30, 2012 and 2011. Accounting Standards Codification Topic 740, “Income Taxes,” provides for the recognition of deferred tax assets, such as the future benefit of net operating loss deductions against future taxable income, if realization of such tax-related assets is more likely than not. However, given our history of operating losses, it is difficult to accurately forecast when and in what amounts future results will be affected by the realization, if any, of the tax benefits of future deductions for our net operating loss carry forwards. Based upon the weight of available evidence, which includes our historical operating performance, the reported cumulative net losses in all prior years, and the potential limitations and uncertainties in realizing the tax benefits of the prior net operating losses, we have provided a full valuation allowance against our net deferred tax assets. Such valuation allowance against the deferred tax assets fully offsets the current periods’ tax benefits attributable to the pre-tax losses.

Variable Interest Entities

The determination of whether to consolidate a variable interest entity (VIE) in which the Company has an equity interest requires a significant amount of analysis and judgment whether the Company is the primary beneficiary of a VIE via a controlling financial interest in the VIE. A controlling financial interest in a VIE exists if the Company has both the power to direct the VIE’s activities that most significantly affect the VIE’s economic performance and an economic interest in the VIE. The determination whether an entity is a VIE considers factors such as: (i) whether a holder’s equity investment at risk is insufficient to allow the entity to finance its activities without additional subordinated financial support, or (ii) when a holder’s equity investment at risk lacks any of the following characteristics of a controlling financial interest: the direct or indirect ability through voting rights or similar rights to make decisions about a legal entity’s activities that have a significant effect on the entity’s success, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the legal entity. Since adoption of amended accounting guidance applicable to VIE’s on January 1, 2010, management has considered whether we have any equity investments in VIE’s that meet the conditions requiring consolidation of such entities.

The Trust commenced operations in March 2011 and its’ purpose is to acquire and hold Member Loans for the benefit of investors that purchase Trust Certificates (Certificates) issued by the Trust. The Trust conducts no other business other than purchasing and retaining loans or portions thereof for the benefit of the funds and their underlying limited partners. The Trust holds all loans, the cash flows of which are used to pay debt service on the Certificates invested in by the funds but does not hold any portions of loans that are financed by LendingClub directly or through the purchase and sale of Notes.

It is unclear what will happen to the interests represented by Notes in the event of LendingClub’s insolvency. As a result of this risk and uncertainty and in connection with the formation of the funds, it was determined that in order to achieve any reasonable success in raising investment capital that the assets to be invested in by the funds must be held by an entity that was separate and distinct from LendingClub Corporation (i.e. bankruptcy remote) in order to reduce this risk and uncertainty.

The Company’s capital contributions have been insufficient to allow the Trust to finance its purchase of any significant amount of Member Loans without the issuance of Certificates to investors. The Trust’s low capitalization levels (minimum capital of 0.25% of assets) and structure, wherein investors’ have beneficial interests in Member Loans via the Certificates, qualifies the Trust as a VIE. The Company believes it is the primary beneficiary of the Trust because of its controlling financial interest in the Trust. The Company performs or directs activities that significantly affect the Trust’s economic performance via, i) operation of the platform that enables borrowers to apply for Members Loans purchased by the Trust, ii) credit underwriting and servicing of Member Loans purchased by the Trust, and, iii) LCA’s role to source investors that ultimately purchase Certificates that supply the funds for the Trust to purchase Member Loans. Collectively, the activities of the Company, LCA and Trust described above allow the Company to fund more Member Loans, and to collect the related loan origination fees, and for LCA to collect the management fees on the investors’ capital used to purchase Trust Certificates, than would be the case without the existence of the Trust. Therefore, the Company receives significant economic benefits from the existence and activities conducted by the Trust. Accordingly, because the Company has concluded that its’ capital contributions to the Trust qualify as equity investments in a VIE in which it is primary beneficiary, the Company has consolidated the Trust’s operations and all intercompany accounts have been eliminated.

The Company reviewed its relationship to the funds in which LCA is the general partner but for which neither LC nor LCA contributed capital. The Company concluded that LCA’s contractual relationship to the funds does not meet the requirements for consolidation of the funds into the Company’s consolidated financial statements. As of June 30, 2012, the Company didn’t have any controlling or other interests in VIEs, other than its interest in the Trust discussed above, to be included in the Company’s consolidated financial statements. Upon the occurrence of future events, such as redemptions by all unaffiliated investors in any funds and modifications to fund organization documents and investment management agreements, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE and whether the Company is required to consolidate such VIE in its consolidated financial statements.

 

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Additional Information about the LendingClub Platform

Historical Information about Our Borrower Members Loans:

In regards to the following historical information, prior performance is no guarantee of future results or outcomes.

For purposes of the following information and tables, we have excluded from the data all previously issued loans that would not meet the current credit policy.

From May 24, 2007 to June 30, 2012, we had facilitated member loans with an average original principal amount of approximately $11,713 and an aggregate original principal amount of $682,948,475. Out of 58,307 facilitated Member Loans, 9,359 Member Loans with an aggregate original principal amount of $93,250,500, or 13.65% had fully paid. Including loans which were fully paid 54,481 loans representing $633,059,475 of the outstanding principal balance at June 30, 2012 had been through at least one billing cycle.

Of the $633,059,475 of original principal balance at June 30, 2011 that had been through at least one billing cycle, $14,471,388 of outstanding principal balance less interest and fees received, or 2.33%, was either in default or has been charged off. The defaulted or charged off loans were comprised of 2,140 Member Loans, of which 1,521 loans representing $9,871,110 in outstanding principal balance less interest and fees received, were defaults and charge offs due to delinquency, while the remaining 619 loans were loans in which the borrower members filed for a Chapter 7 bankruptcy seeking liquidation. A Member Loan is considered defaulted when at least one payment is more than 120 days late.

Of remaining loans that had been through at least one billing cycle as of June 30, 2012, $411,116,158 of principal remained outstanding of which 97.96% was current, 0.33% was 16 to 30 days late, 1.28% was between 31 and 120 days late and 0.43% was on a performing payment plan. During the three months ended June 30, 2012, of the 35,191 Member Loans which were not delinquent prior to the start of the quarter, 994 Member Loans became delinquent for some amount of time during the quarter, excluding those that entered the 0 – 15 day grace period.

 

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The following table presents aggregated information about borrower members and their loans for the period from May 24, 2007 to June 30, 2012, grouped by the loan grade assigned by us:

 

Loan Grade

   Number of
Borrowers
     Average
Interest  Rate
    Average Annual
Percentage  Rate
    Average Total  Funded
Commitment
 

A1

     1,891         5.89     6.85   $ 7,869   

A2

     2,315         6.46     7.79     7,999   

A3

     2,602         7.30     8.87     8,533   

A4

     4,257         7.74     9.54     10,054   

A5

     3,773         8.44     10.12     10,084   

B1

     2,791         9.93     12.58     10,377   

B2

     3,121         10.57     13.19     10,816   

B3

     4,709         11.39     14.03     11,648   

B4

     3,714         11.91     14.50     11,594   

B5

     3,866         12.28     14.87     11,720   

C1

     3,350         13.23     16.27     11,616   

C2

     3,104         13.78     16.83     11,947   

C3

     2,015         14.01     16.99     11,129   

C4

     1,717         14.51     17.53     10,810   

C5

     1,650         14.99     18.01     11,150   

D1

     1,404         15.58     19.00     10,842   

D2

     1,886         16.00     19.02     12,187   

D3

     1,671         16.44     19.37     13,608   

D4

     1,411         16.82     19.71     14,377   

D5

     1,213         17.30     20.11     14,919   

E1

     1,029         17.68     20.44     15,868   

E2

     910         18.19     20.88     16,500   

E3

     761         18.58     21.25     16,916   

E4

     662         19.13     21.75     18,051   

E5

     584         19.52     22.15     19,204   

F1

     462         20.03     22.64     19,714   

F2

     362         20.30     22.91     19,488   

F3

     269         20.88     23.47     19,796   

F4

     222         21.02     23.64     19,817   

F5

     173         21.50     24.14     22,144   

G1

     151         21.82     24.45     21,628   

G2

     102         21.75     24.40     21,909   

G3

     57         21.98     24.57     20,619   

G4

     63         22.24     24.91     20,421   

G5

     40         22.55     25.25     19,873   
  

 

 

        

Total Portfolio

     58,307         12.31     14.80   $ 11,713   
  

 

 

        

 

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The following table presents aggregated information for the period from May 24, 2007 to June 30, 2012, self-reported by borrower members at the time of their loan applications, grouped by the loan grade assigned by us. We do not independently verify this information:

 

Loan

Grade

   Percentage of
Borrowers  Stating
They Own Their
Own Homes
    Average Annual
Gross  Income
     Average Debt to
Income  Ratio (1)
 

A1

     69.38   $ 67,863         11.30

A2

     62.29     65,414         12.10

A3

     59.30     67,229         12.57

A4

     53.51     66,657         12.90

A5

     53.70     69,361         13.05

B1

     51.56     66,943         13.29

B2

     50.46     67,028         13.61

B3

     50.35     68,150         14.10

B4

     50.08     68,325         14.11

B5

     49.64     67,059         14.25

C1

     48.15     69,370         14.28

C2

     47.49     69,103         14.30

C3

     48.09     67,441         13.86

C4

     46.88     65,182         14.61

C5

     46.55     68,435         14.50

D1

     42.38     65,002         14.30

D2

     47.72     69,576         14.24

D3

     48.29     70,392         14.33

D4

     47.34     71,488         14.43

D5

     49.46     73,396         14.33

E1

     49.37     74,085         14.44

E2

     52.20     77,540         14.61

E3

     50.46     76,427         14.44

E4

     54.53     80,904         14.88

E5

     59.08     92,311         14.65

F1

     56.28     86,763         14.27

F2

     55.52     86,388         14.90

F3

     52.79     89,950         14.77

F4

     52.70     83,286         15.02

F5

     59.54     96,504         14.65

G1

     60.93     89,857         13.85

G2

     61.76     91,106         15.62

G3

     54.39     92,524         15.17

G4

     60.32     110,424         13.94

G5

     60.00     105,625         14.83

Total Portfolio

     51.64   $ 69,463         13.77

 

1 

Average debt to income ratio, excluding mortgage debt, calculated by us based on (i) the debt reported by a consumer reporting agency, and (ii) the income reported by the borrower member.

 

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The following table presents aggregated information for the period from May 24, 2007 to June 30, 2012, reported by a consumer reporting agency about our borrower members at the time of their loan applications, grouped by the loan grade assigned by us. As used in this table, “Delinquencies in the Last Two Years” means the number of 30+ days past-due incidences of delinquency in the borrower member’s credit file for the past two years. We do not independently verify this information. All figures other than loan grade are agency reported:

 

Loan

Grade

   Average
FICO
     Average
Open Credit
Lines
     Average
Total Credit
Lines
     Average
Revolving
Credit Balance
     Average
Revolving
Line
Utilization
    Average
Inquiries
in the Last
Six
Months
     Average
Delinquencies
in the Last Two
Years
     Average
Months
Since Last
Delinquency
 

A1

     776         10         25       $ 10,288         20.82     0         0         42   

A2

     763         10         24         9,960         25.47     1         0         39   

A3

     755         9         23         11,300         29.97     1         0         39   

A4

     744         9         22         12,450         37.12     1         0         41   

A5

     738         9         23         13,265         40.13     1         0         41   

B1

     730         9         22         12,700         44.97     1         0         39   

B2

     726         9         22         13,019         46.38     1         0         39   

B3

     717         9         22         13,706         51.58     1         0         38   

B4

     713         10         22         14,034         51.58     1         0         38   

B5

     709         9         22         14,096         54.62     1         0         37   

C1

     703         9         22         13,936         57.85     1         0         36   

C2

     699         10         22         13,940         59.78     1         0         37   

C3

     698         9         21         13,724         56.37     1         0         37   

C4

     692         10         22         13,416         60.22     1         0         36   

C5

     689         10         21         13,859         61.16     1         0         35   

D1

     680         9         20         12,999         66.19     1         0         34   

D2

     687         9         21         13,923         64.57     1         0         35   

D3

     688         10         21         14,877         64.48     1         0         34   

D4

     687         9         22         14,648         65.91     1         0         36   

D5

     687         10         22         15,684         66.03     1         0         35   

E1

     686         10         22         15,406         66.89     1         0         36   

E2

     685         10         23         16,157         67.90     1         0         35   

E3

     683         10         23         16,897         69.47     1         0         33   

E4

     682         10         23         18,234         69.50     1         0         34   

E5

     680         11         24         18,917         70.71     1         0         34   

F1

     678         11         24         18,620         68.87     1         0         35   

F2

     677         10         24         19,456         72.49     1         0         32   

F3

     676         11         25         19,257         71.54     1         0         31   

F4

     672         10         25         16,337         72.09     1         0         33   

F5

     671         11         24         19,429         72.49     1         0         32   

G1

     669         11         25         17,868         71.28     1         1         29   

G2

     671         11         24         24,044         77.59     1         0         33   

G3

     669         10         24         17,647         83.52     1         0         30   

G4

     672         12         27         24,575         77.30     1         0         31   

G5

     670         14         30         25,414         76.97     1         0         37   

Total Portfolio

     714         10         22       $ 13,683         51.48     1         0         37   

The following table presents additional aggregated information for the period from May 24, 2007 to June 30, 2012, about delinquencies, default and borrower paid off loans, grouped by the loan grade assigned by us. The default and delinquency information presented in the table includes data only for Member Loans that had been through at least one billing cycle as of June 30, 2012. With respect to late Member Loans, the following table shows the entire amount of the principal remaining due, not just that particular payment. The third and fifth columns show the late Member Loan amounts as a percentage of member loans that have been through at least one billing cycle. Member Loans are placed on nonaccrual status and considered as defaulted when they become 120 days late. The data presented in the table below comes from a set of Member Loans that have been outstanding, on average, for approximately twelve months.

 

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Because of our limited operating history, the data in the following table regarding loss experience may not be representative of the loss experience that will develop over time as additional Member Loans are originated through our platform and the Member Loans already originated through our platform have longer payment histories.

 

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Table of Contents

Loan

Grade

  16-30
Days
Late ($)
    16-30
Days
Late
(%)
    31+ Days
Late ($)
    31+
Days
Late
(%)
    Charged-Off /
Default ($)
    Charged-Off /
Default of
Through At
Least One
Billing Cycle
(%)
    Number of
Loans  excl
Issued /
Fully Paid
    Number
of  Loans
Fully Paid
    Fully Paid ($)     Fully  Paid
(%)
    Number
of All
Issued
Loans
    Total
Origination
Amount for All
Issued Loans
    Charged-Off
/ Default of
All Issued
(%)
 
A1   $ 14,962        0.15   $ 31,330        0.30   $ 46,682        0.34     1,560        202      $ 1,154,700        7.76     1,891      $ 14,879,900        0.31
A2     10,402        0.08     57,565        0.47     78,873        0.45     1,854        363        1,950,600        10.53     2,315        18,516,625        0.43
A3     14,891        0.11     74,644        0.58     104,467        0.50     1,945        546        3,637,625        16.38     2,602        22,201,975        0.47
A4     27,996        0.11     103,423        0.39     238,787        0.59     3,343        734        5,940,575        13.88     4,257        42,800,500        0.56
A5     40,254        0.19     147,078        0.70     382,668        1.05     2,855        767        6,940,650        18.24     3,773        38,046,150        1.01
B1     22,169        0.13     131,935        0.75     369,630        1.35     2,159        474        4,404,950        15.21     2,791        28,960,950        1.28
B2     16,816        0.08     140,921        0.70     576,831        1.83     2,404        517        5,450,225        16.15     3,121        33,755,675        1.71
B3     103,674        0.29     304,770        0.87     822,245        1.61     3,716        621        7,249,925        13.22     4,709        54,848,100        1.50
B4     115,492        0.44     158,737        0.61     915,203        2.30     2,831        614        6,521,775        15.15     3,714        43,061,925        2.13
B5     83,327        0.30     196,019        0.70     892,223        2.11     2,999        599        6,075,075        13.41     3,866        45,310,225        1.97
C1     28,560        0.12     228,049        0.92     893,387        2.52     2,559        498        4,872,625        12.52     3,350        38,914,625        2.30
C2     82,108        0.35     231,617        0.98     888,029        2.62     2,397        453        4,732,350        12.76     3,104        37,083,000        2.39
C3     34,883        0.27     189,937        1.46     784,792        3.70     1,487        416        4,057,875        18.10     2,015        22,425,075        3.50
C4     63,243        0.63     177,744        1.76     501,967        2.92     1,200        389        3,972,300        21.40     1,717        18,561,450        2.70
C5     59,754        0.55     147,640        1.35     668,815        3.97     1,220        309        2,863,550        15.57     1,650        18,397,250        3.64
D1     21,181        0.26     158,906        1.94     543,922        3.99     1,041        237        2,509,775        16.49     1,404        15,222,150        3.57
D2     68,437        0.48     178,483        1.25     592,271        2.80     1,457        295        3,262,525        14.19     1,886        22,985,025        2.58
D3     52,565        0.36     214,276        1.47     753,839        3.62     1,293        254        2,991,325        13.15     1,671        22,739,650        3.32
D4     30,547        0.23     270,693        2.05     641,151        3.47     1,098        202        2,311,475        11.39     1,411        20,286,300        3.16
D5     30,036        0.26     229,496        2.00     565,350        3.44     933        190        2,441,025        13.49     1,213        18,096,550        3.12
E1     119,601        1.08     271,484        2.44     519,735        3.40     831        144        1,990,875        12.19     1,029        16,327,850        3.18
E2     35,687        0.35     139,737        1.38     515,565        3.85     714        125        1,595,325        10.62     910        15,015,450        3.43
E3     14,132        0.16     166,479        1.83     401,643        3.38     627        88        1,267,700        9.85     761        12,872,725        3.12
E4     40,483        0.49     95,414        1.14     441,115        4.12     532        74        1,099,850        9.20     662        11,949,475        3.69
E5     11,115        0.14     258,051        3.20     270,364        2.64     482        63        922,575        8.23     584        11,214,850        2.41
F1     34,680        0.52     309,420        4.62     194,376        2.32     381        54        811,975        8.92     462        9,107,900        2.13
F2     30,274        0.59     170,307        3.30     280,567        4.33     301        38        569,650        8.07     362        7,054,575        3.98
F3     40,608        1.06     77,339        2.02     117,995        2.49     223        24        410,825        7.72     269        5,325,000        2.22
F4     16,354        0.50     152,395        4.66     150,423        3.72     188        19        275,575        6.26     222        4,399,350        3.42
F5     —          0.00     101,025        3.59     144,339        4.26     144        13        201,500        5.26     173        3,830,900        3.77
G1     7,279        0.33     44,018        2.03     109,258        3.83     118        19        389,300        11.92     151        3,265,800        3.35
G2     —          0.00     12,919        0.79     164,655        8.16     89        5        96,600        4.32     102        2,234,750        7.37
G3     43,682        5.11     49,052        5.74     68,752        6.42     49        4        86,725        7.38     57        1,175,275        5.85
G4     697        0.07     46,580        4.93     27,575        2.14     59        4        99,300        7.72     63        1,286,550        2.14
G5     21,063        3.67     4,411        0.77     73,898        9.65     33        5        91,800        11.55     40        794,925        9.30
 

 

 

     

 

 

     

 

 

     

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
Total   $ 1,336,952        0.31   $ 5,271,895        1.23   $ 14,741,389        2.33     45,122        9,359      $ 93,250,500        13.65     58,307      $ 682,948,475        2.16
 

 

 

     

 

 

     

 

 

     

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

43


Table of Contents

The following table presents aggregated information for the period from May 24, 2007, to June 30, 2012, on the results of our collection efforts for all corresponding Member Loans that became more than 30 days past due at any time, grouped by credit grade. For purposes of this analysis, we have excluded 38 loans that we classified as identity fraud. In these cases, we wrote-off the uncollectible loan and repaid holders of any related Notes an amount equal to the unpaid principal balances due on the Notes less any applicable servicing fees.

 

Loan

Grade

   Number of Loans
In  Collection (1)
     Total
Origination
Amount (1)
     Aggregate
Amount  Sent
to Collectons
(1)
     Gross Amount
Collected  on
Accounts Sent
to  Collections
(2)
     Number of Loans
Charged-Off Due
to Delinquency
(3)
     Aggregate
Principal
Balance of
Loans Charged-
Off Due to
Delinquency (3)
     Gross
Amount
Recovered
on Loans
Charged-Off
(4)
 

A

     566       $ 3,792,550       $ 406,048       $ 173,003         137       $ 535,446       $ 29,319   

B

     1,015         9,598,600         1,349,888         604,934         347         2,133,033         47,207   

C

     1,120         10,299,575         1,462,652         624,170         412         2,380,571         56,627   

D

     816         8,630,250         1,351,275         638,799         329         2,198,313         61,310   

E

     420         5,387,775         785,572         356,664         171         1,432,425         16,375   

F

     166         2,660,050         425,700         185,341         64         612,716         17,854   

G

     61         989,975         165,508         70,013         32         363,448         628   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     4,164       $ 41,358,775       $ 5,946,643       $ 2,652,924         1,492       $ 9,655,953       $ 229,321   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

1) Represents accounts 31 to 120 days past due.
2) Represents the gross amounts collected on corresponding member loans while such accounts were in collection during the 31-120 days past-due period. This amount does not represent payments received after an account has been sent to collection, cured and returned to current status.
3) Represents accounts that have been delinquent for 120 days at which time the account is charged-off. Any money recovered after 120 days is no longer included as amounts collected on accounts sent to collection. As of this quarter, a total of 1,492 loans have been charged off due to delinquency, of which 4 were on a payment plan as of June 30, 2011.
4) Represents the gross amounts we received on charged-off accounts after the accounts were charged-off—i.e., a payment received on an account after 120 days past due.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable for smaller reporting companies.

 

Item 4. Controls and Procedures

We establish and maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and we are required to apply our judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by the Exchange Act Rule 13a-15(b), we carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the quarter covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective.

There has been no adverse change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

44


Table of Contents

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

There were no material changes to report.

 

Item 1A. Risk Factors

The discussion in this Quarterly Report on Form 10-Q should be read together with the risk factors contained in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K/A for the fiscal year ended March 31, 2012 and the prospectus for the Notes dated July 31, 2012. These risk factors describe various risks and uncertainties. These risks and uncertainties have the potential to affect our business, financial condition, results of operations, cash flows, strategies or prospects in a material and adverse manner. In addition, these risks could have a material adverse effect on the value of the Notes you purchase and could cause you to lose all or part of your initial purchase price or future principal and interest payments you expect to receive.

In addition, you should consider the following:

We have incurred net losses in the past and expect to incur net losses in the future. If we become insolvent or bankrupt, you may lose your investment.

We have incurred net losses in the past and we expect to incur net losses in the future. As of June 30, 2012, our accumulated deficit was $55.9 million and our total stockholders’ deficit was $50.5 million. Our net loss for the three months ended June 30, 2012 and 2011 was $2.5 million and $3.1 million, respectively. Since inception we have operated at a net loss and expect to do so for at least the next 12-24 months, depending on our growth strategy and our success in meeting such strategy. We believe that we have sufficient capital and unrestricted liquidity to operate during this period of continuing losses and we expect that our current operating plan will have us arriving at breakeven and possibly profitability thereafter. If our assumptions regarding our growth and operating plan are incorrect, we may need to find new funding to continue to operate our business. We currently believe that such funding would be available to us on terms that we would find acceptable. Any delay in securing or failing to secure, any necessary funding could result in delays and operational slowdowns that could adversely affect the regularity of our processing payments, the cash flows on your investment and ultimately the value of your investment.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On October 13, 2008, we commenced a public offering of up to $600,000,000 in principal amount of the Notes pursuant to the Registration Statement (Registration Statement No. 333-151827) that was declared effective by the SEC on October 10, 2008. The offering was a continuous offering. On October 7, 2011, we filed a new Registration Statement registering $1,000,000,000 in principal amount of Notes (Registration Statement No. 333-177230) that was declared effective by the SEC on July 31, 2012. From October 13, 2008 to June 30, 2012, we sold $509,953,689 in total principal amount of Notes at 100% of their principal amount. The Notes were offered only through our website, and there were no underwriters or underwriting discounts. In connection with the offering, we incurred estimated expenses of approximately $5,380,416, none of which were paid by us to our directors, officers, persons owning 10% or more of any class of our equity securities or affiliates. As set forth in the prospectus for the offering, we are using the proceeds of each series of Notes to fund a corresponding Member Loan at fair value through the LendingClub platform designated by the lender members purchasing such series of Notes. None of the proceeds from the Notes are paid by us to our directors, officers, persons owning 10% or more of any class of our equity securities or affiliates.

We have no publicly traded equity securities. At June 30, 2012, there were 51 holders of record of our common stock. We have not paid cash dividends since our inception, and we do not anticipate paying cash dividends in the foreseeable future.

From July 2011 through January 2012, we issued and sold 9,007,678 shares of our Series D Preferred Stock, par value $0.01 per share for aggregate gross proceeds to LendingClub of approximately $32.0 million pursuant to Section 4(2) of the Securities Act of 1933 and Regulation D thereunder. In connection with our private placement of Series D convertible preferred stock, we incurred transaction expenses of approximately $100,521 that were recorded as an offset to gross proceeds.

 

45


Table of Contents

On June 1, 2012, we issued 2.5 million shares of Series E convertible preferred stock for aggregate gross proceeds of $17.5 million. In connection with our private placement of Series E convertible preferred stock, we incurred transaction expenses of $143,901 on that were recorded as an offset to gross proceeds.

 

Item 3. Defaults Upon Senior Securities

None.

 

Item 5. Other Information

None.

 

Item 6. Exhibits

See Exhibit Index.

 

46


Table of Contents

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 thereunto duly authorized.

 

LENDINGCLUB CORPORATION
By:  

/s/ RENAUD LAPLANCHE

Name:   Renaud Laplanche
Title:   Chief Executive Officer
  (principal executive officer)
By:  

/s/ CARRIE DOLAN

Name:   Carrie Dolan
Title:   Chief Financial Officer
 

(principal financial officer and

principal accounting officer)

Dated: August 14, 2012

 

47


Table of Contents

EXHIBIT INDEX

 

Exhibit

No.

  

Description

  31.1    Certification of Chief Executive Officer, Pursuant to Section 302 of Sarbanes-Oxley Act of 2002
  31.2    Certification of Chief Financial Officer, Pursuant to Section 302 of Sarbanes-Oxley Act of 2002
  32.1    Certification of Chief Executive Officer and Chief Financial Officer, Pursuant to Section 906 of Sarbanes-Oxley Act of 2002
101.INS    XBRL Instance Document
101.SCH    XBRL Taxonomy Extension Schema Document
101.CAL    XBRL Taxonomy Extension Calculation Linkbase
101.DEF    XBRL Taxonomy Extension Definition Linkbase
101.LAB    XBRL Taxonomy Extension Label Linkbase
101.PRE    XBRL Taxonomy Extension Presentation Linkbase

 

48

EX-31.1 2 d330980dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Certification

I, Renaud Laplanche, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of LendingClub Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2012

 

/s/ RENAUD LAPLANCHE

Renaud Laplanche

Chief Executive Officer

(principal executive officer)

 

49

EX-31.2 3 d330980dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Certification

I, Carrie Dolan, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of LendingClub Corporation:

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2012

 

/s/ CARRIE DOLAN

Carrie Dolan
Chief Financial Officer
(principal financial officer and principal accounting officer)

 

50

EX-32.1 4 d330980dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of LendingClub Corporation (the “Company”) on Form 10-Q for the quarter ended June 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

 

  1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 14, 2012

 

/s/ RENAUD LAPLANCHE

Renaud Laplanche
Chief Executive Officer
(principal executive officer)

/s/ CARRIE DOLAN

Carrie Dolan
Chief Financial Officer
(principal financial officer and principal accounting officer)

 

51

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--> <!-- xbrl,nx --> <font style="font-family:times new roman" size="2"><b></b></font> <font style="font-family:times new roman" size="2"><b></b></font> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>1. Basis of Presentation</u> </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The consolidated balance sheets as of June&#160;30, 2012 and March&#160;31, 2012, the consolidated statements of operations for the three months ended June&#160;30, 2012 and 2011, respectively, and the consolidated statements of cash flows for the three months ended June&#160;30, 2012 and 2011, respectively, have been prepared by LendingClub Corporation (&#8220;LendingClub&#8221;) (referred to herein as &#8220;we&#8221;, &#8220;our&#8221; &#8220;the Company&#8221; and &#8220;us&#8221;) in conformity with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The Company did not have any items of other comprehensive income during any of the periods presented in the financial statements as of and for the three month periods ended June&#160;30, 2012 and 2011, and therefore, the Company is not currently required to report comprehensive income. In the opinion of management, all necessary adjustments (which include only normal recurring adjustments) have been made for a fair presentation of the financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results for the full fiscal year. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2012 10-K. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In this Form 10-Q, we refer to all loans made to borrower members as &#8220;Member Loans&#8221;. In financial statements issued prior to the 2012 Q2 10-Q, loans financed by Notes were referred to as &#8220;CM Loans&#8221; and loans financed by us via sources of funds other than the issuance of Notes were referred to as &#8220;Member Loans&#8221;. Accordingly, we have changed the captions and descriptions of all previously reported loan-related amounts and information in these financial statements and footnotes to refer to all such items as Member Loans. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Beginning with the 2012 10-K, we revised the format of the consolidated statements of operations to (i)&#160;present origination fees on Member Loans at fair value and servicing fees on Notes at fair value as components of non-interest revenue; and (ii)&#160;present the major components of interest income together, the major components of interest expense together and then net interest income. In periodic reports and financial statements issued prior to the 2012 10-K, the consolidated statements of operations presented origination fees on Member Loans at fair value as a component of interest income on such loans and servicing fees on Notes at fair value as a component of the net interest expense on such Notes. Additionally, prior to the 2012 Q2 10-Q, we reported the interest income, interest expense and net interest income related to Member Loans at fair value separately from the interest income, interest expense and net interest income related to Member Loans at amortized cost. Accordingly, as explained more fully in <i><u>Note 2 &#8211; Summary of Significant Accounting Policies</u></i>, certain amounts in prior quarters&#8217; consolidated statements of operations have been reclassified to conform to the current period&#8217;s presentation and the reclassifications had no net impact on previously reported results of consolidated operations or consolidated stockholders&#8217; equity. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 2 - us-gaap:SignificantAccountingPoliciesTextBlock--> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><u>2. Summary of Significant Accounting Policies</u> </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Consolidation Policies </u></i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, LC Advisors, LLC, a California limited liability company (&#8220;LCA&#8221;) and LC Trust I, a Delaware business trust (&#8220;Trust&#8221;). In determining whether to consolidate an entity, the Company&#8217;s policy is to consider: (i)&#160;whether the Company has an equity investment or ownership interest in an entity that is greater than 50% and control over significant operating, financial and investing decisions of that entity, or (ii)&#160;for variable interest entities (VIE&#8217;s) in which the Company has an equity investment, whether the Company is the primary beneficiary of the VIE as a result of a controlling financial interest in the VIE. A controlling financial interest in a VIE exists if the Company has both the power to direct the VIE&#8217;s activities that most significantly affect the VIE&#8217;s economic performance and an economic interest in the VIE, which could be in the form of the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE. </font></p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Trust acquires portions of Member Loans from the Company and holds them for the sole benefit of specific investors that purchase Trust Certificates (Certificates) issued by the Trust and which are related to underlying Member Loans. The Certificates may only be settled with cash flows from the underlying Member Loans held by the Trust consistent with the member payment dependent design of the Certificates; Certificate holders do not have recourse to the general credit of the Trust, Company or other investors. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company&#8217;s capital contributions to the Trust have been insufficient to allow the Trust to finance its purchase of any significant amount of Member Loans without the issuance of Certificates to investors. The Trust&#8217;s low capitalization levels (minimum capital of 0.25% of assets) and structure, wherein investors&#8217; hold beneficial interests in Member Loans via the Certificates, qualifies the Trust as a VIE. The Company believes it is the primary beneficiary of the Trust because of its controlling financial interest in the Trust. The Company performs or directs activities that significantly affect the Trust&#8217;s economic performance via, (i)&#160;operation of the platform that enables borrowers to apply for Member Loans purchased by the Trust, (ii)&#160;credit underwriting and servicing of Member Loans purchased by the Trust, and, (iii)&#160;LCA&#8217;s role to source investors that ultimately purchase Certificates that supply the funds for the Trust to purchase Member Loans. Collectively, the activities of the Company, LCA and Trust described above allow the Company to fund more Member Loans and to collect the related loan origination fees, and for LCA to collect the management fees on the investors&#8217; capital used to purchase Trust Certificates, than would be the case without the existence of the Trust. Therefore, the Company receives significant economic benefits from the existence and activities conducted by the Trust. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Company has determined that the Trust meets the consolidation requirements. All intercompany transactions and accounts between the Company, the Trust and LCA have been eliminated. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Liquidity </u></i></b> </font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> We have incurred operating losses since our inception. For the three months ended June&#160;30, 2012 and 2011, we incurred net losses of $2,525,808 and $3,106,678, respectively. For the three months ended June&#160;30, 2012 and 2011, we had negative cash flows from operations of $888,783 and $2,876,546 respectively. Additionally, we have an accumulated deficit of $55,924,509 since inception and a stockholders&#8217; deficit of $50,543,064 as of June&#160;30, 2012. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Since our inception, we have financed our operations through debt and equity financing from various sources. Our current operating plan calls for continued investments in sales, technology, development, security, underwriting, credit processing and marketing. If our assumptions regarding growth and operating plan are incorrect, we may need to slow our investment spending, which could slow our rate of growth, and we may consume our current liquidity resources. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">On June&#160;1, 2012, we issued and sold via private placement 2.5&#160;million shares of Series E convertible preferred stock for aggregate cash consideration of $17,500,000.&#160;In connection with our private placement of Series E convertible preferred stock, we incurred transaction expenses of $143,902 that were recorded as a reduction to gross proceeds. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">During the year ended March&#160;31, 2012, we issued and sold via private placement a total of 9,007,678 shares of Series D convertible preferred stock for aggregate cash consideration of $32,043,771. In connection with our private placement of Series D convertible preferred stock, we incurred total transaction expenses of approximately $100,521 that were recorded as a reduction to gross proceeds. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Use of Estimates </u></i></b> </font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> The preparation of consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires our management to make judgments and estimates that affect the amounts reported in our consolidated financial statements and accompanying notes. We base our estimates on historical experience, current information and various other factors we believe to be relevant and reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Our most significant judgments, assumptions and estimates and which we believe are critical in understanding and evaluating our reported financial results include: (i)&#160;revenue recognition; (ii)&#160;fair value determinations; (iii)&#160;allowance for loan losses; (iv)&#160;share-based compensation; and (v)&#160;provision for income taxes, net of valuation allowances for deferred tax assets. These estimates and assumptions are inherently subjective in nature, actual results may differ from these estimates and assumptions, and the differences could be material. </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Cash and Cash Equivalents </u></i></b> </font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Cash and cash equivalents include various unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Restricted Cash </u></i></b> </font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">At June&#160;30, 2012 and March&#160;31, 2012, restricted cash consists of the Company&#8217;s funds in certain checking, certificate of deposit, and money market accounts that are pledged to or held in escrow by our correspondent banks as security for transactions processed on or related to our platform. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Member Loans</u></i></b> </font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> All Member Loans originated since April&#160;7, 2008 have been held for investment on our balance sheet based on management&#8217;s intent and ability to hold such loans for the foreseeable future or to maturity. Two acceptable, alternative accounting methods have been used to account for Member Loans held for investment, as discussed below. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> Beginning October&#160;13, 2008, Member Loans were able to be financed by Notes issued by us to investors, and the majority of Member Loans originated since that date have been financed in that manner. These Notes are special limited recourse obligations of LendingClub, in that LendingClub has no obligation to make a payment on a Note until LendingClub receives a payment from the underlying member borrower. Each series of Notes corresponds to a single corresponding Member Loan facilitated on a related Member Loan through our platform and the payments to investors in the Notes are directly dependent on the timing and amounts of payments received on the related Member Loan. If we do not receive a payment on the Member Loan, we are not obligated to and will not make any payments on the corresponding Notes. In conjunction with this financing structure effective as of October&#160;13,&#160;2008, we adopted the provisions of the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 825-10, which permits companies to choose to measure certain financial instruments and certain other items at fair value. Accordingly, since October&#160;13, 2008, we have elected the fair value option for Member Loan originations financed by Notes (&#8220;Member Loans at fair value&#8221;) and also for the related Notes. Since March 2011, we have also elected the fair value option for all Member Loan originations financed by Certificates and the related Certificates. Absent the fair value elections, Member Loans held for investment would be accounted for at amortized cost and would record loan loss provisions for estimated expected losses, but the related Notes also accounted for at amortized cost would recognize losses passed-through from the related loans only when and in amounts of the charge-offs of the related loans, thereby resulting in a mismatch in the timing and amounts of loss recognition between a Member Loan and related Notes. The estimated unrealized gains and losses on financial instruments for which the fair value option has been elected are reported in earnings. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">We also originate some Member Loans and finance them ourselves, with sources of funds other than Notes and Certificates, to ensure sufficient financing for loans desired by our borrower members. We receive the same terms on Member Loans that we finance as the terms received by other Note investors. Funds to finance such Member Loan originations were obtained through our borrowings under loan facilities with various entities (see <i><u>Note 7 &#8212; Loans Payable</u></i>) and issuance of various series of preferred stock (see <i><u>Note 9 &#8211; Preferred Stock</u>)</i>. Member Loan originations through September&#160;30, 2011, that were financed by us with sources of funds other than Notes and Certificates are carried at amortized cost, reduced by a valuation allowance for loan losses incurred as of the balance sheet date (&#8220;Member Loans at amortized cost&#8221;). The amortized cost of such Member Loans includes their unpaid principal balance net of unearned income, which is comprised of origination fees charged to borrower members and offset by our incremental direct origination costs for the loans. Unearned income is amortized ratably over the member loan&#8217;s contractual life using a method that approximates the effective interest method. 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At June&#160;30, 2012, we estimated the fair values of Member Loans and their related Notes and Certificates using a discounted cash flow valuation methodology. The estimated fair value of Member Loans is computed by projecting the future contractual cash flows to be received on the loans, adjusting those cash flows for our expectation of prepayments (if significant), defaults and losses over the life of the loans, and recoveries, if any. We then discount those projected net cash flows to a present value, which is the estimated fair value. Our expectation of future defaults and losses on loans is based on analyses of actual defaults and losses that occurred on the various credit grades of Member Loans over the past several years. Expected recoveries reflect actual historical recovery experience for the various types of defaulted loans and the contractual arrangements with collection agencies. The discount rates for the projected net cash flows of the Member Loans are our estimates of the rates of return that investors in unsecured consumer credit obligations would require when investing in the various credit grades of Member Loans. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Our obligation to pay principal and interest on any Note and Certificate is equal to the pro-rata portion of the payments, if any, received on the related Member Loan at fair value. The gross effective interest rate associated with a Note and a Certificate is the same as the interest rate earned on the related Member Loan. At June&#160;30, 2012, the discounted cash flow methodology used to estimate the Notes&#8217; and Certificates&#8217; fair values uses the same projected net cash flows as their related Member Loans. The discount rates for the projected net cash flows of the Notes and Certificates are our estimates of the rates of return that investors in unsecured consumer credit obligations would require when investing in Notes issued by LendingClub and Certificates issued by the Trust with cash flows dependent on specific credit grades of Member Loans. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">For additional discussion on this topic, including the adjustments to the estimated fair values of Loans at fair value and Notes and Certificates at fair value as of June&#160;30, 2012, as discussed above, see <i><u>Note 5 &#8212; Member Loans at Fair Value and Notes and Certificates at Fair Value</u></i>. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Impaired Loans, Restructured Loans and Nonaccrual Loans </u></i></b> </font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The Member Loan portfolio is comprised of homogeneous, unsecured loans made to borrower members. Although the terminology and certain required disclosures for impaired and restructured loans apply only to Member Loans at amortized cost pursuant to generally accepted accounting principles as discussed below, we also use similar terminology and classifications for Member Loans at fair value for risk management and internal reporting purposes. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">We make an initial assessment whether a Member Loan at amortized cost is impaired no later than the 90th day of delinquency of that loan and at least quarterly thereafter based on their payment status and information gathered through our collection efforts. A Member Loan at amortized cost is considered impaired when, based on loan specific information gathered through our collection efforts, it is probable that we will be unable to collect all the scheduled payments of principal or interest due according to the contractual terms of the original loan agreement. Impaired Member Loans at amortized cost include loans at amortized cost that are 90 days or more past due and loans where the borrower has filed a petition in bankruptcy or is deceased. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">As part of our activities to maximize receipt, collection and recovery of loans in which the borrower has, or is expected to, experience difficulty in meeting the loan&#8217;s contractually required payments, we may agree to special payment plans with certain borrowers. Most of the special payment plans involve reduced minimum loan payments for a short period of time and the deferred payments are to be repaid over the remaining original term of the loan. No principal or interest is forgiven nor is the original term of the loan extended in these situations. The delay in receipt of all contractually-required loan payments in these situations is insignificant. </font></p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Prior to December 2011, special payment plans with certain borrowers involved extensions of the original term of the loan by six to 24 months and recasting the borrower&#8217;s monthly loan payment schedule, with the modified total term of the loans not exceeding 60 months. In these situations, the restructuring of the Member Loan at amortized cost terms qualifies as a Troubled Debt Restructuring (&#8220;TDR&#8221;) as defined by ASC 310-40, which is classified as a form of an impaired loan. Accordingly, as discussed more fully in <i><u>New Accounting Pronouncements</u></i>, &#8220;Accounting Standards Update (&#8220;ASU&#8221;) No.&#160;2011-02, <i>Receivables (Topic 310): A Creditor&#8217;s Determination of Whether a Restructuring Is a Troubled Debt Restructuring,</i> later in this Note 2, beginning with the three month period ended June&#160;30, 2012, we now also classify TDR&#8217;s as impaired Member Loans at amortized cost and include such TDR&#8217;s in the disclosures regarding impaired Member Loans at amortized cost. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><font style="font-family:times new roman" size="2">A loan that has reached its 120</font><font style="font-family:times new roman" size="1"> <sup>th</sup></font><font style="font-family:times new roman" size="2"> day of delinquency is classified as a nonaccrual loan; we stop accruing interest and reverse all accrued unpaid interest. Once a loan is deemed uncollectible, 100% of the outstanding balance is charged-off, no later than the 150</font><font style="font-family:times new roman" size="1"><sup> th</sup></font><font style="font-family:times new roman" size="2"> day of delinquency. Any payment received on a nonaccrual loan is first applied to the unpaid principal amount of the loan and then to any interest due. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Allowance for Loan Losses</u></i></b> </font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">We may incur loan losses if a borrower member fails to pay their monthly scheduled loan payments. The allowance for loan losses applies only to Member Loans at amortized cost and is a valuation allowance that is established as losses are estimated to have occurred at the balance sheet date through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The allowance for loan losses is evaluated on a periodic basis by management, and represents an estimate of expected credit losses based on a variety of factors, including the composition and quality of the Member Loans at amortized cost, loan specific information gathered through our collection efforts, delinquency levels, current and historical charge-off and loss experience, current industry charge-off and loss experience, and general economic conditions. Determining the adequacy of the allowance for loan losses for Member Loans at amortized cost is subjective, complex and requires judgment by management about the effects of matters that are inherently uncertain, and actual losses may differ from our estimates. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Our estimate of the required allowance for loan losses for Member Loans at amortized cost is developed by estimating both the rate of default of the loans within each credit score band using the FICO credit scoring model, a loan&#8217;s collection/impairment status, the borrower&#8217;s FICO score at or near the evaluation date, and the estimated amount of probable loss in the event of a borrower member default. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Accrued Interest and Other Receivables </u></i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Other receivables consist primarily of accrued interest receivable on Member Loans and to a lesser extent, account receivable for management fees due from certain investors in Certificates and receivables arising in the ordinary course of operations. Accrued interest receivable on Member Loans is reversed for any loan reaching 120 days of delinquency. Receivables arising in the ordinary course of operations are charged-off when deemed to be uncollectible. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Deposits </u></i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> We have placed deposits with certain service providers pursuant to agreements with the service providers. Certain deposits are short-term in nature and generally may be applied toward amounts due the service providers as services are rendered. One deposit with a payment services provider that processes investor payment transactions is ongoing and restricted as to withdrawal throughout the contract term and the amount of the deposit depends on the volume of payment transactions processed. 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The Funds invest in Certificates issued by the Trust. LCA charges limited partners in the Funds a monthly management fee, payable monthly in arrears, based on a limited partner&#8217;s capital account balance as of the end of each month. These management fees, which also are charged to other investors in Certificates, can be modified or waived at the discretion of LCA. 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At each reporting period, we recognize fair valuation adjustments for the Member Loans at fair value and for the Notes and Certificates. The fair valuation adjustment for a given principal amount of a Member Loan at fair value will be approximately equal to the corresponding estimated fair valuation adjustment on the combined principal amounts of related Notes and Certificates because the same net cash flows of the Member Loan and the related Notes and Certificates are used in the discounted cash flow valuation methodology. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b></b><b><i><u>Concentrations of Credit Risk</u></i></b><b> </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, Member Loans and the related accrued interest receivable, and deposits with service providers. We hold our cash, cash equivalents and restricted cash in accounts at high-credit quality regulated domestic financial institutions. We are exposed to credit risk in the event of default by these institutions to the extent the amount recorded on the balance sheet periodically exceeds the applicable FDIC insured amounts. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">We obtain third-party credit reports and perform other evaluations of our borrower members&#8217; financial condition, as needed, and do not allow borrower members to have more than two Member Loans outstanding at any one time. All of our loans are unsecured but we maintain a fair value allowance for Member Loans at fair value and an allowance for loan losses for Member Loans at amortized cost, as described above. Additionally, the potential gross credit risk to the Company from Member Loans is significantly mitigated to the extent that loans are financed by Notes or Certificates which absorb the loans&#8217; credit losses pursuant to the member payment dependency provision. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The deposits placed with the majority of the service providers are short-term and generally may be applied toward amounts due the providers as services are rendered. One deposit with a payment services provider is ongoing throughout the contract term, is restricted as to withdrawal, and is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement. The payment services agreement is cancelable by us at any time. 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Any benefits of tax deductions in excess of recognized compensation cost are reported as a financing cash inflow and a cash outflow from operating activities. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The fair value of share-option awards is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected term of the option award, the expected volatility of our stock price and expected future dividends, if any. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Forfeitures of awards are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures, such that expense is recorded only for those stock-based awards that are expected to vest. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Share-based awards issued to non-employees are accounted for in accordance with provisions of ASC 718-505-50, <i>Equity-Based Payments to Non-Employees</i>, which requires that equity awards be recorded at their fair value. We use the Black-Scholes model to estimate the value of share-option awards granted to non-employees at each vesting date to determine the appropriate charge to stock-based compensation. The assumed volatility of the price of our common stock was based on comparative company stock price volatility. </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Change in Accounting Policy </u></i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Effective October&#160;1, 2011, we elected the fair value accounting option for all Member Loans originated on and after October&#160;1, 2011. Prior to October&#160;1, 2011, Member Loan originations financed by Notes or Certificates were accounted for at fair value and Member Loan originations financed by us via sources of funds other than Notes or Certificates were accounted for at amortized cost. We believe this change in the fair value accounting elections simplifies the accounting and presentation of Member Loans; all Member Loans eventually will be accounted for at fair value once the existing Member Loans that are accounted for at amortized cost are no longer outstanding. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Reclassification of Amounts in Previously Published Consolidated Statements of Operations </u></i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Certain amounts in previously published consolidated statements of operations for the three months ended June&#160;30, 2011, for origination fees on Member Loans at fair values, servicing fees on Notes at fair value, interest income earned on Member Loans at fair value and Member Loans at amortized cost, interest income on Cash Equivalents, interest expense on Notes at fair value and Loans Payable, as well as the fair valuation adjustments recognized in earnings related to Member Loans at fair value and Notes and Certificates at fair value, have been reclassified to conform to our current financial statement presentation. These reclassifications had no net impact on previously reported results of consolidated operations or consolidated stockholders&#8217; equity. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Recently Adopted Accounting Standards </u></i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In July&#160;2010, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Standards Update (ASU) No.&#160;2010-20, <i>Receivables (Topic 310): Disclosure about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. </i>The ASU requires additional disaggregated disclosures that improve financial statement users&#8217; understanding of: 1) the nature of an entity&#8217;s credit risk associated with its financing receivables, and, 2) the entity&#8217;s assessment of that risk in estimating its allowance for credit losses as well as changes in the allowance and the reasons for those changes. As a nonpublic entity, as defined by the accounting standard, we adopted the provisions of ASU 2010-20 for the annual reporting period ending March&#160;31, 2012 and interim reporting periods thereafter. The adoption of this standard did not have a material effect on the Company&#8217;s results of consolidated operations or financial position but resulted in additional disclosures for Member Loans at amortized cost. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">In April 2011, the FASB issued ASU No.&#160;2011-02, <i>Receivables (Topic 310): A Creditor&#8217;s Determination of Whether a Restructuring Is a Troubled Debt Restructuring</i>.&#160;The ASU clarifies which loan modifications constitute troubled debt restructurings. 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The collective efforts of the Boards and their staffs, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term &#8220;fair value.&#8221; The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards (&#8220;IFRSs&#8221;).&#160;The amendments to the Codification in this ASU are to be applied prospectively. Because of the Company&#8217;s requirement to file financial statements with the Securities and Exchange Commission (&#8220;SEC&#8221;), although the Company is a non-public entity it is considered a public entity for purposes of determining the effective date of implementing this ASU. 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Although the terminology and certain required disclosures for impaired and restructured loans apply only to Member Loans at amortized cost pursuant to generally accepted accounting principles as discussed below, we also use similar terminology and classifications for Member Loans at fair value for risk management and internal reporting purposes. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">We make an initial assessment whether a Member Loan at amortized cost is impaired no later than the 90th day of delinquency of that loan and at least quarterly thereafter based on their payment status and information gathered through our collection efforts. A Member Loan at amortized cost is considered impaired when, based on loan specific information gathered through our collection efforts, it is probable that we will be unable to collect all the scheduled payments of principal or interest due according to the contractual terms of the original loan agreement. Impaired Member Loans at amortized cost include loans at amortized cost that are 90 days or more past due and loans where the borrower has filed a petition in bankruptcy or is deceased. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">As part of our activities to maximize receipt, collection and recovery of loans in which the borrower has, or is expected to, experience difficulty in meeting the loan&#8217;s contractually required payments, we may agree to special payment plans with certain borrowers. Most of the special payment plans involve reduced minimum loan payments for a short period of time and the deferred payments are to be repaid over the remaining original term of the loan. No principal or interest is forgiven nor is the original term of the loan extended in these situations. The delay in receipt of all contractually-required loan payments in these situations is insignificant. </font></p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Prior to December 2011, special payment plans with certain borrowers involved extensions of the original term of the loan by six to 24 months and recasting the borrower&#8217;s monthly loan payment schedule, with the modified total term of the loans not exceeding 60 months. In these situations, the restructuring of the Member Loan at amortized cost terms qualifies as a Troubled Debt Restructuring (&#8220;TDR&#8221;) as defined by ASC 310-40, which is classified as a form of an impaired loan. Accordingly, as discussed more fully in <i><u>New Accounting Pronouncements</u></i>, &#8220;Accounting Standards Update (&#8220;ASU&#8221;) No.&#160;2011-02, <i>Receivables (Topic 310): A Creditor&#8217;s Determination of Whether a Restructuring Is a Troubled Debt Restructuring,</i> later in this Note 2, beginning with the three month period ended June&#160;30, 2012, we now also classify TDR&#8217;s as impaired Member Loans at amortized cost and include such TDR&#8217;s in the disclosures regarding impaired Member Loans at amortized cost. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><font style="font-family:times new roman" size="2">A loan that has reached its 120</font><font style="font-family:times new roman" size="1"> <sup>th</sup></font><font style="font-family:times new roman" size="2"> day of delinquency is classified as a nonaccrual loan; we stop accruing interest and reverse all accrued unpaid interest. Once a loan is deemed uncollectible, 100% of the outstanding balance is charged-off, no later than the 150</font><font style="font-family:times new roman" size="1"><sup> th</sup></font><font style="font-family:times new roman" size="2"> day of delinquency. Any payment received on a nonaccrual loan is first applied to the unpaid principal amount of the loan and then to any interest due. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: lecc-20120630_note2_accounting_policy_table9 - us-gaap:LoansAndLeasesReceivableAllowanceForLoanLossesPolicy--> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Allowance for Loan Losses</u></i></b> </font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">We may incur loan losses if a borrower member fails to pay their monthly scheduled loan payments. The allowance for loan losses applies only to Member Loans at amortized cost and is a valuation allowance that is established as losses are estimated to have occurred at the balance sheet date through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The allowance for loan losses is evaluated on a periodic basis by management, and represents an estimate of expected credit losses based on a variety of factors, including the composition and quality of the Member Loans at amortized cost, loan specific information gathered through our collection efforts, delinquency levels, current and historical charge-off and loss experience, current industry charge-off and loss experience, and general economic conditions. Determining the adequacy of the allowance for loan losses for Member Loans at amortized cost is subjective, complex and requires judgment by management about the effects of matters that are inherently uncertain, and actual losses may differ from our estimates. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Our estimate of the required allowance for loan losses for Member Loans at amortized cost is developed by estimating both the rate of default of the loans within each credit score band using the FICO credit scoring model, a loan&#8217;s collection/impairment status, the borrower&#8217;s FICO score at or near the evaluation date, and the estimated amount of probable loss in the event of a borrower member default. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: lecc-20120630_note2_accounting_policy_table10 - us-gaap:ReceivablesPolicyTextBlock--> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b><i><u>Accrued Interest and Other Receivables </u></i></b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Other receivables consist primarily of accrued interest receivable on Member Loans and to a lesser extent, account receivable for management fees due from certain investors in Certificates and receivables arising in the ordinary course of operations. 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One deposit with a payment services provider that processes investor payment transactions is ongoing and restricted as to withdrawal throughout the contract term and the amount of the deposit depends on the volume of payment transactions processed. 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Fees include loan origination fees (borrower member paid), servicing fees (investor member paid) and management fees (paid by investors in Certificates). </font></p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The loan origination fee charged to each borrower member is determined by the credit grade of that borrower member&#8217;s loan and as of June&#160;30, 2012, ranged from 1.11% to 5.00% of the aggregate member loan amount. The member loan origination fees are included in the annual percentage rate (&#8220;APR&#8221;) calculation provided to the borrower member and is subtracted from the gross loan proceeds prior to disbursement of the loan funds to the borrower member. A Member Loan is considered issued through our platform when we record the transfer of funds to the borrower member&#8217;s account on our platform, following which we initiate an Automated Clearing House transaction to transfer funds from our platform&#8217;s correspondent bank account to the borrower member&#8217;s bank account. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The recognition of fee revenue and interest income is determined by the accounting method applied to each Member Loan, which include: </font></p> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&#160;</p> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&#160;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#8226;</font></td> <td width="1%" valign="top"><font size="1">&#160;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:times new roman" size="2"><u>Member Loans at Fair Value</u> &#8212; Member Loans originated on or after October&#160;13, 2008, for which fair value accounting was elected. </font></p> </td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&#160;</p> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&#160;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#8226;</font></td> <td width="1%" valign="top"><font size="1">&#160;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:times new roman" size="2"><u>Member Loans at Amortized Cost </u>&#8212; Member Loans originated since Company inception through September&#160;30, 2011 which were accounted for at amortized cost; originations of Member Loans at amortized cost were discontinued September&#160;30, 2011. </font></p> </td> </tr> </table> <p style="font-size:6px;margin-top:0px;margin-bottom:0px">&#160;</p> <table style="border-collapse:collapse; text-align: left" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="5%"><font size="1">&#160;</font></td> <td width="2%" valign="top" align="left"><font style="font-family:times new roman" size="2">&#8226;</font></td> <td width="1%" valign="top"><font size="1">&#160;</font></td> <td align="left" valign="top"> <p align="left"><font style="font-family:times new roman" size="2"><u>Member Loans Sold Directly to Third Party Investor Members </u>&#8212; Member loans originated and sold to third party investor members, with servicing retained, which sales were discontinued April&#160;7, 2008. </font></p> </td> </tr> </table> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The recognition of fee revenue and interest income for Member Loans under the three accounting methods is described below. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><u>Member Loans at Fair Value </u></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Because of the election to account for Member Loans at fair value, origination fees on Member Loans at fair value are recognized upon origination of the loan and included as a component of non-interest revenue (See <i><u>Note 13 &#8212; Non Interest Revenue</u></i>). Direct costs to originate Member Loans at fair value are recognized as operating expenses as incurred. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">We record interest income on Member Loans at fair value as earned. Loans reaching 120 days delinquency are classified as nonaccrual loans, and we stop accruing interest and reverse all accrued but unpaid interest as of such date. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><u>Member Loans at Amortized Cost </u></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Origination fees and direct loan origination costs attributable to originations of Member Loans at amortized cost are offset and the net amount is deferred and amortized over the lives of the loans as an adjustment to the interest income earned on the loans. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2"> We record interest income on Member Loans at amortized cost as earned. 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The Funds invest in Certificates issued by the Trust. LCA charges limited partners in the Funds a monthly management fee, payable monthly in arrears, based on a limited partner&#8217;s capital account balance as of the end of each month. These management fees, which also are charged to other investors in Certificates, can be modified or waived at the discretion of LCA. 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As discussed earlier in this <i>Note 2</i>, at June&#160;30, 2012, we estimated the fair values of Member Loans at fair value and Notes and Certificates using a discounted cash flow valuation methodology. At each reporting period, we recognize fair valuation adjustments for the Member Loans at fair value and for the Notes and Certificates. The fair valuation adjustment for a given principal amount of a Member Loan at fair value will be approximately equal to the corresponding estimated fair valuation adjustment on the combined principal amounts of related Notes and Certificates because the same net cash flows of the Member Loan and the related Notes and Certificates are used in the discounted cash flow valuation methodology. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: lecc-20120630_note2_accounting_policy_table15 - us-gaap:ConcentrationRiskCreditRisk--> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b></b><b><i><u>Concentrations of Credit Risk</u></i></b><b> </b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, Member Loans and the related accrued interest receivable, and deposits with service providers. We hold our cash, cash equivalents and restricted cash in accounts at high-credit quality regulated domestic financial institutions. We are exposed to credit risk in the event of default by these institutions to the extent the amount recorded on the balance sheet periodically exceeds the applicable FDIC insured amounts. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">We obtain third-party credit reports and perform other evaluations of our borrower members&#8217; financial condition, as needed, and do not allow borrower members to have more than two Member Loans outstanding at any one time. All of our loans are unsecured but we maintain a fair value allowance for Member Loans at fair value and an allowance for loan losses for Member Loans at amortized cost, as described above. Additionally, the potential gross credit risk to the Company from Member Loans is significantly mitigated to the extent that loans are financed by Notes or Certificates which absorb the loans&#8217; credit losses pursuant to the member payment dependency provision. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The deposits placed with the majority of the service providers are short-term and generally may be applied toward amounts due the providers as services are rendered. One deposit with a payment services provider is ongoing throughout the contract term, is restricted as to withdrawal, and is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement. The payment services agreement is cancelable by us at any time. 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Any benefits of tax deductions in excess of recognized compensation cost are reported as a financing cash inflow and a cash outflow from operating activities. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">The fair value of share-option awards is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected term of the option award, the expected volatility of our stock price and expected future dividends, if any. </font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"><font style="font-family:times new roman" size="2">Forfeitures of awards are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from initial estimates. 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Member Loans at Fair Value and Notes and Certificates at Fair Value (Details) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Assets and liabilities measured at fair value on a recurring basis    
Fair value $ 454,263,408 $ 360,292,534
Fair Value, Measurements, Recurring [Member] | Member Loans at fair value [Member]
   
Assets and liabilities measured at fair value on a recurring basis    
Aggregate principal balance outstanding 460,874,842 366,396,942
Fair valuation adjustments (6,611,434) (6,104,408)
Fair value 454,263,408 360,292,534
Fair Value, Measurements, Recurring [Member] | Notes and Certificates at Fair Value [Member]
   
Assets and liabilities measured at fair value on a recurring basis    
Aggregate principal balance outstanding 459,746,929 366,936,857
Fair valuation adjustments (6,636,473) (6,136,499)
Fair value $ 453,110,456 $ 360,800,358
XML 12 R54.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation (Details 1) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Options activity under the Option Plan    
Balance, beginning of period, Options Issued and Outstanding 9,630,808 7,534,974
Option granted to purchase of common stock 713,636   
Option Exercised, Options Issued and Outstanding (1,048,026) (140,500)
Option Cancelled, Options Issued and Outstanding (38,789) (515,802)
Balance, end of period, Options Issued and Outstanding 9,257,629 6,878,672
Balance, beginning of period, Weighted Average Exercise Price $ 0.49 $ 0.35
Option Granted, Weighted Average Exercise Price $ 0.71   
Option Exercised, Weighted Average Exercise Price $ 0.28 $ 0.28
Option Cancelled, Weighted Average Exercise Price $ 0.71 $ 0.39
Balance, end of period, Weighted Average Exercise Price $ 0.53 $ 0.35
XML 13 R48.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions (Details Textual)
3 Months Ended
Jun. 30, 2012
Related Party Transactions (Textual) [Abstract]  
Percentage of stockholders accounts with Lending Club 5.00%
XML 14 R55.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation (Details 2) (USD $)
3 Months Ended
Jun. 30, 2012
Mar. 31, 2012
Jun. 30, 2011
Mar. 31, 2011
Outstanding options, vested options and options vested and expected to vest        
Number of Options Outstanding 9,257,629 9,630,808 6,878,672 7,534,974
Options outstanding, weighted average remaining contractual life (years) 8 years 8 months 1 day      
Options outstanding, weighted average exercise price $ 0.53 $ 0.49 $ 0.35 $ 0.35
Number of shares outstanding, vested options 2,887,084      
Weighted average remaining contractual life of outstanding options (years), vested options 7 years 9 months 7 days      
Weighted average exercise price, vested options $ 0.39      
Options Vested and Expected to Vest, Number of options 8,592,263      
Options Vested and Expected to Vest, Weighted average contractual life (years) 8 years 7 months 17 days      
Options Vested and Expected to Vest, Weighted average exercise price $ 0.52      
XML 15 R46.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions (Details) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Schedule of Lending Club's affiliates Platform deposits, Platform withdrawals, and investment in Notes and Certificates    
Platform Deposits $ 0   
Platform Withdrawals 298,903 41,061
Investments 81,950 67,700
Daniel Ciporin [Member]
   
Schedule of Lending Club's affiliates Platform deposits, Platform withdrawals, and investment in Notes and Certificates    
Platform Deposits 0   
Platform Withdrawals 40,851 35,120
Investments 0  
Jeffrey Crowe [Member]
   
Schedule of Lending Club's affiliates Platform deposits, Platform withdrawals, and investment in Notes and Certificates    
Platform Deposits 0   
Platform Withdrawals 0  
Investments 79,875 66,275
Carrie Dolan [Member]
   
Schedule of Lending Club's affiliates Platform deposits, Platform withdrawals, and investment in Notes and Certificates    
Platform Deposits 0   
Platform Withdrawals 0  
Investments 0  
Renaud Laplanche [Member]
   
Schedule of Lending Club's affiliates Platform deposits, Platform withdrawals, and investment in Notes and Certificates    
Platform Deposits 0   
Platform Withdrawals 0  
Investments 0 25
Rebecca Lynn [Member]
   
Schedule of Lending Club's affiliates Platform deposits, Platform withdrawals, and investment in Notes and Certificates    
Platform Deposits 0   
Platform Withdrawals 0  
Investments 0  
John Mack [Member]
   
Schedule of Lending Club's affiliates Platform deposits, Platform withdrawals, and investment in Notes and Certificates    
Platform Deposits 0   
Platform Withdrawals 252,112  
Investments 0  
Scott Sanborn [Member]
   
Schedule of Lending Club's affiliates Platform deposits, Platform withdrawals, and investment in Notes and Certificates    
Platform Deposits 0   
Platform Withdrawals 5,940 5,940
Investments $ 2,075 $ 1,400
XML 16 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Amortized Cost (Details) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Outstanding Member Loans at amortized cost    
Principal balance $ 1,021,871 $ 2,624,989
Deferred origination costs/(revenue), net (41,022) (83,977)
Total $ 980,849 $ 2,541,012
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Stock-Based Compensation (Details Textual) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Stock Based Compensation (Textual) [Abstract]    
Fair market value of non-statutory options 85.00%  
Shares authorized for issuance under the option plan 12,559,948  
Percentage of option vested at one year anniversary 25.00%  
Options expiration in period from the date of grant 10 years  
Options ratable after one year anniversary next 12 quarters thereafter.  
Option granted to purchase of common stock 713,636   
Common stock, Weighted average grant date fair value par share $ 0.71  
Number of Options outstanding and exercisable 2,887,084  
Options outstanding weighted average exercise price $ 0.39  
Compensation expense related to stock options $ 175,680 $ 185,172
Unrecognized compensation cost 1,714,552  
Income tax expense (benefit)      
Unrecognized compensation cost expected period for recognition through 2015  
XML 19 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
Loans Payable (Tables)
3 Months Ended
Jun. 30, 2012
Loans Payable [Abstract]  
Loans Payable

Loans payable consist of the following:

 

                 
    June 30, 2012     March 31, 2012  

Growth capital term loan

  $ 15,941     $ 173,945  

Unamortized discount on growth capital term loan

    —         (2,568

Financing term loan

    15,955       173,945  

Unamortized discount on financing term loan

    —         (2,568

Private placement notes

    3,113       21,606  

Unamortized discount on notes payable

    —         —    
   

 

 

   

 

 

 

Total loans payable, net of debt discount

  $ 35,009     $ 364,360  
   

 

 

   

 

 

 
XML 20 R50.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Deficit (Details)
Jun. 30, 2012
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 71,617,245
Series A convertible preferred stock [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 15,749,674
Series B convertible preferred stock [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 16,036,346
Series C convertible preferred stock [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 15,621,609
Series D convertible preferred stock [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 9,007,678
Series E convertible preferred stock [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 2,500,000
Option to purchase common stock [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 9,257,629
Option available for future issuance [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 1,554,046
Series A convertible preferred stock warrant [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 1,256,601
Series B convertible preferred stock warrant [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 374,180
Common stock warrants [Member]
 
Shares of common stock authorized and reserved for future issuance  
Total common stock authorized and reserved for future issuance 259,482
XML 21 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Fair Value and Notes and Certificates at Fair Value (Details Textual) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Mar. 31, 2012
Member Loans at Fair Value and Notes and Certificates at Fair Value (Textual) [Abstract]      
Transfers/reclassifications of Member Loans at amortized cost $ 1,154,797    
Number of loans 129   81
Member Loans at fair value [Member]
     
Member Loans at Fair Value and Notes and Certificates at Fair Value (Textual) [Abstract]      
Transfers/reclassifications of Member Loans at amortized cost 1,154,797    
Fair value assets measured on recurring basis gain and loss included in investment income (3,509,426) (2,822,820)  
Net fair value adjustment gains/(losses) (48,871) (257)  
Financing receivable recorded investment equal to greater than 90 days past due 1,217,441   729,688
Notes and Certificates [Member]
     
Member Loans at Fair Value and Notes and Certificates at Fair Value (Textual) [Abstract]      
Fair value measurement with unobservable inputs reconciliation recurring basis liability gain and loss included in earnings 3,460,555 2,822,563  
Net fair value adjustment gains/(losses) (48,871) (257)  
Financing receivable recorded investment equal to greater than 90 days past due 1,199,226   706,178
Fair value of financing receivable held as assets 90 days or more past due 159,934   100,978
Aggregate adverse fair value adjustments 157,319   97,572
90 days [Member]
     
Member Loans at Fair Value and Notes and Certificates at Fair Value (Textual) [Abstract]      
Number of loans 329   271
Financing receivable recorded investment equal to greater than 90 days past due 3,268,838   2,330,128
Fair value of financing receivable held as assets 90 days or more past due 409,518   257,269
Aggregate adverse fair value adjustments $ 2,859,320   $ 2,072,859
XML 22 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Amortized Cost (Details 4) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Summary of credit quality indicators for Member Loans at amortized cost    
Current $ 916,981 $ 2,460,336
31-89 Days Past Due 18,210 61,796
Impaired Loans 86,680 102,857
Principal balance 1,021,871 2,624,989
Impaired Loans [Member]
   
Summary of credit quality indicators for Member Loans at amortized cost    
Impaired Loans 86,680 102,857
Principal balance 86,680 102,857
More than 780 [Member] | Loans not Impaired [Member]
   
Summary of credit quality indicators for Member Loans at amortized cost    
Current 25,044 41,148
Principal balance 25,044 41,148
760-779 [Member] | Loans not Impaired [Member]
   
Summary of credit quality indicators for Member Loans at amortized cost    
Current 79,122 161,017
31-89 Days Past Due 18 21
Principal balance 79,140 161,038
740-759 [Member] | Loans not Impaired [Member]
   
Summary of credit quality indicators for Member Loans at amortized cost    
Current 91,133 273,200
31-89 Days Past Due   49
Principal balance 91,133 273,249
720-739 [Member] | Loans not Impaired [Member]
   
Summary of credit quality indicators for Member Loans at amortized cost    
Current 108,607 390,245
31-89 Days Past Due 3,830 508
Principal balance 112,437 390,753
700-719 [Member] | Loans not Impaired [Member]
   
Summary of credit quality indicators for Member Loans at amortized cost    
Current 145,269 442,006
31-89 Days Past Due 2,212 2,504
Principal balance 147,481 444,510
680-699 [Member] | Loans not Impaired [Member]
   
Summary of credit quality indicators for Member Loans at amortized cost    
Current 202,986 337,914
31-89 Days Past Due   95
Principal balance 202,986 338,009
660-679 [Member] | Loans not Impaired [Member]
   
Summary of credit quality indicators for Member Loans at amortized cost    
Current 77,048 268,439
31-89 Days Past Due 228 60
Principal balance 77,276 268,499
Less than 660 [Member] | Loans not Impaired [Member]
   
Summary of credit quality indicators for Member Loans at amortized cost    
Current 187,772 546,367
31-89 Days Past Due 11,922 58,559
Principal balance $ 199,694 $ 604,926
XML 23 R52.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Deficit (Details Textual) (USD $)
3 Months Ended
Jun. 30, 2012
Warrant
Jun. 30, 2011
Warrant
Mar. 31, 2012
Stockholders' Deficit (Textual) [Abstract]      
Issued shares of common stock 1,048,026 140,500  
Proceeds from issuance of common stock $ 292,103 $ 38,810  
Number of warrants exercise 0 0  
Stockholders' deficit (50,543,064)   (48,469,352)
Net losses (2,525,808) (3,106,678)  
Accumulated deficit $ (55,924,509)   $ (53,398,701)
XML 24 R61.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent Events (Details) (USD $)
3 Months Ended 1 Months Ended
Jun. 30, 2012
Jul. 31, 2012
Chief Technology Officer [Member]
Subsequent Events (Textual) [Abstract]    
Base salary   $ 300,000
Target bonus   100,000
Sign on bonus   $ 175,000
Stock option grant of compnay's fully diluted common shares,Percent   0.45%
Option term 10 years  
XML 25 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions (Details 1) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Schedule of outstanding principal invested balances and total funds committed    
Notes and Certificates Outstanding $ 1,839,775 $ 2,236,809
Total Funds Committed 2,148,814 2,398,043
Daniel Ciporin [Member]
   
Schedule of outstanding principal invested balances and total funds committed    
Notes and Certificates Outstanding 259,035 325,424
Total Funds Committed 343,847 377,225
Jeffrey Crowe [Member]
   
Schedule of outstanding principal invested balances and total funds committed    
Notes and Certificates Outstanding 440,894 431,871
Total Funds Committed 455,800 448,255
Carrie Dolan [Member]
   
Schedule of outstanding principal invested balances and total funds committed    
Notes and Certificates Outstanding 21,721 24,510
Total Funds Committed 26,055 25,519
Renaud Laplanche [Member]
   
Schedule of outstanding principal invested balances and total funds committed    
Notes and Certificates Outstanding 55 160
Total Funds Committed 2,198 366
Rebecca Lynn [Member]
   
Schedule of outstanding principal invested balances and total funds committed    
Notes and Certificates Outstanding   4
Total Funds Committed 509 509
John Mack [Member]
   
Schedule of outstanding principal invested balances and total funds committed    
Notes and Certificates Outstanding 1,106,416 1,443,473
Total Funds Committed 1,308,383 1,534,371
Scott Sanborn [Member]
   
Schedule of outstanding principal invested balances and total funds committed    
Notes and Certificates Outstanding 11,654 11,367
Total Funds Committed $ 12,022 $ 11,798
XML 26 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Amortized Cost
3 Months Ended
Jun. 30, 2012
Member Loans at Amortized Cost [Abstract]  
Member Loans at Amortized Cost

4. Member Loans at Amortized Cost

All Member Loans at amortized cost are fixed-rate fully-amortizing unsecured consumer loans with original terms of three years or five years. As such, Member Loans at amortized cost represent a single class of financing receivable with a single portfolio segment. There have been no new Member Loans at amortized cost originated after September 30, 2011. Outstanding Member Loans at amortized cost, net of deferred origination costs/ (revenue) as of June 30, 2012 and March 31, 2012 is presented in the following table:

 

                 
    June 30, 2012     March 31, 2012  

Principal balance

  $ 1,021,871     $ 2,624,989  

Deferred origination costs/(revenue), net

    (41,022     (83,977
   

 

 

   

 

 

 

Total Member Loans at amortized cost, net of deferred origination costs/(revenue)

  $ 980,849     $ 2,541,012  
   

 

 

   

 

 

 

 

The following table summarizes the aging of the principal balances of Member Loans at amortized cost outstanding as of June 30, 2012 and March 31, 2012:

 

                                         
    Current
Loans
    31-89 Days
Past Due
    Impaired
Loans
    Total Past Due
and Impaired
    Total Principal
Balance  of
Member Loans
 

June 30, 2012

  $ 916,981     $ 18,210     $ 86,680     $ 104,890     $ 1,021,871  

March 31, 2012

    2,460,336       61,796       102,857       164,653       2,624,989  

The following table presents the recorded investment in Member Loans at amortized cost and the related allowance for loan losses at June 30, 2012 and March 31, 2012, based on the impairment status of the loans:

 

                                 
    June 30, 2012     March 31, 2012  
    Recorded
Investment
    Allowance for
Loan  Losses
    Recorded
Investment
    Allowance for
Loan  Losses
 

Impaired loans; individually evaluated for impairment

  $ 83,200     $ 61,406     $ 102,857     $ 90,684  

Unimpaired loans; collectively evaluated for impairment

    897,649       56,024       2,438,155       151,933  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Balances

  $ 980,849     $ 117,430     $ 2,541,012     $ 242,617  
   

 

 

   

 

 

   

 

 

   

 

 

 

Each impaired loan at each period end had a specific loss allowance. As of June 30, 2012, our aggregate allowance for loan losses of $117,430 represented 11.5% of net Member Loans at amortized cost and as of March 31, 2012, our aggregate allowance for loan losses of $242,617 represented 9.5% of net Member Loans at amortized cost.

We had $60,491 and $95,164 of Member Loans at June 30, 2012 and March 31, 2012, respectively, that were 90 to 119 days past due and still accruing interest. Additionally, we had seven impaired Member Loans at amortized cost representing $27,947 of outstanding principal balance that were on nonaccrual status at June 30, 2012 and seven impaired Member Loans at amortized cost representing $40,408 of outstanding principal balance that were on nonaccrual status at March 31, 2012. If nonaccrual loans reach 150 days delinquency, the outstanding principal balance is charged-off.

The average balance and interest income recognized on impaired Member Loans at amortized cost for the three months ended June 30, 2012 was $94,769 and $385, respectively. The average balance and interest income recognized on impaired Member Loans at amortized cost for the three months ended June 30, 2011 was $102,199 and $1,574, respectively

The activity in the allowance for loan losses for Member Loans at amortized cost for the three months ended June 30, 2012 and 2011 is as follows:

 

                 
    Three Months Ended June 30,  
    2012     2011  

Balance at beginning of period

  $ 242,617     $ 329,885  

Charge-offs, net

    (76,665     (146,438

(Provision)/Benefit for loan losses

    (48,522     74,904  
   

 

 

   

 

 

 

Balance at end of period

  $ 117,430     $ 258,351  
   

 

 

   

 

 

 

The estimated fair value of Member Loans at amortized cost is approximately equivalent to their net carrying value.

The internal credit risk rating for each borrower’s loan considers the borrower’s FICO score and other credit-related information obtained at the time of the loan application. Updated FICO scores and the payment status of the borrower’s loan are two key factors used to establish the allowance for loan losses for Member Loans at amortized cost. Member Loans that are current in their payment status represent the lowest credit risk while loans that are 31-89 days past due represent an increased risk of potential credit loss that warrant active collection efforts and monitoring. Loans 90 days or more past due and loans where the borrower has filed a petition in bankruptcy or is deceased are deemed to be impaired and are subject to significant risk of loss.

 

The following table summarizes the credit quality indicators for Member Loans at amortized cost as of June 30, 2012:

 

                                 

Borrower’s

Updated

FICO Score

  Principal Balance of Member Loans at Amortized Cost  
  Current     31-89 Days
Past  Due
    Impaired
Loans
    Totals  

Loans not Impaired:

                               

>780

  $ 25,044     $ —       $ —       $ 25,044  

760-779

    79,122       18       —         79,140  

740-759

    91,133       —         —         91,133  

720-739

    108,607       3,830       —         112,437  

700-719

    145,269       2,212       —         147,481  

680-699

    202,986       —         —         202,986  

660-679

    77,048       228       —         77,276  

  < 660

    187,772       11,922       —         199,694  

Impaired Loans

    —         —         86,680       86,680  
   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 916,981     $ 18,210     $ 86,680     $ 1,021,871  
   

 

 

   

 

 

   

 

 

   

 

 

 

The following table summarizes the credit quality indicators for Member Loans at amortized cost as of March 31, 2012:

 

                                 

Borrower’s

Updated

FICO Score

  Principal Balance of Member Loans at Amortized Cost  
  Current     31-89 Days
Past  Due
    Impaired
Loans
    Totals  

Loans not Impaired:

                               

>780

  $ 41,148     $ —       $ —       $ 41,148  

760-779

    161,017       21       —         161,038  

740-759

    273,200       49       —         273,249  

720-739

    390,245       508       —         390,753  

700-719

    442,006       2,504       —         444,510  

680-699

    337,914       95       —         338,009  

660-679

    268,439       60       —         268,499  

  < 660

    546,367       58,559       —         604,926  

Impaired Loans

    —         —         102,857       102,857  
   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 2,460,336     $ 61,796     $ 102,857     $ 2,624,989  
   

 

 

   

 

 

   

 

 

   

 

 

 

During the three-month period ended June 30, 2012, we adopted ASU No. 2011-02 that clarifies which loan modifications constitute TDR’s. As a result of adopting this new accounting standard, we identified $21,028 principal balance of Member Loans at amortized cost at June 30, 2012 where we had granted concessions to certain borrowers that were experiencing financial difficulties in an attempt to maximize collections of those borrowers’ loans, and such loans are now considered TDR’s and classified as impaired. The allowance for loan losses related to these TDR’s was $2,860 which is calculated by comparing the carrying value of the loan to a value that approximates the present value of the loan’s estimated future cash flows, discounted at the loan’s original contractual interest rate.

During the three months ended June 30, 2012, there were no loan modifications that were classified as new TDRs; all loan modifications during this period involved short-term payment deferrals that are deemed insignificant as defined by ASC 310-40-15 because they do not result in a reduction in the loan’s total cash flows (there is no reduction in the loan’s interest rate or forgiveness of interest or principal) and they do not extend the original maturity date of the loan.

There was one loan at amortized cost with a recorded investment of $537 that was modified in a TDR within the previous 12 months and classified as a TDR, which subsequently defaulted during the three months ended June 30, 2012.

 

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M9C4T95\T,C&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I M;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA&UL;G,Z;STS1")U&UL/@T*+2TM+2TM/5].97AT M4&%R=%\Q-38X.3(V.5]F-31E7S0R-S!?.#0W-%]D-S`P,S@U,#(T,V(M+0T* ` end XML 28 R43.htm IDEA: XBRL DOCUMENT v2.4.0.6
Deposits (Details) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Deposits (Textual) [Abstract]    
Deposits with certain service providers $ 1,203,692 $ 955,631
National [Member]
   
Deposits (Textual) [Abstract]    
Deposits with certain service providers $ 1,130,696 $ 885,435

XML 29 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation (Tables)
3 Months Ended
Jun. 30, 2012
Stock-Based Compensation [Abstract]  
Black-Scholes option pricing model to estimate the fair value of stock options granted
         

Expected dividend yield

    0.0

Expected volatility

    63.50

Risk-free interest rates

    1.15% - 1.18

Expected life

    6.25  years 
Options activity under the Option Plan

Options activity under the Option Plan for the three month periods ended June 30, 2012 and 2011 is summarized as follows:

 

                                 
    Three Months Ended June 30, 2012     Three Months Ended June 30, 2011  
    Options Issued
and
Outstanding
    Weighted
Average
Exercise Price
    Options Issued
and
Outstanding
    Weighted
Average
Exercise Price
 

Balances, beginning of period

    9,630,808     $ 0.49       7,534,974     $ 0.35  

Options Granted

    713,636       0.71       —         —    

Options Exercised

    (1,048,026     0.28       (140,500     0.28  

Options Cancelled

    (38,789     0.71       (515,802     0.39  
   

 

 

           

 

 

         

Balances, end of period

    9,257,629     $ 0.53       6,878,672     $ 0.35  
   

 

 

           

 

 

         
Outstanding options, vested options and options vested and expected to vest

A summary of outstanding options, vested options and options vested and expected to vest at June 30, 2012, is as follows:

 

                         
    Number of
Options
    Weighted  Average
Remaining
Contractual  Life
(Years)
    Weighted
Average
Exercise Price
 

Options Outstanding

    9,257,629       8.67     $ 0.53  

Vested Options

    2,887,084       7.77     $ 0.39  

Options Vested and Expected to Vest

    8,592,263       8.63     $ 0.52  
Summary by exercise price of outstanding options, vested options, and options vested and expected to vest

A summary by exercise price of outstanding options, vested options, and options vested and expected to vest at June 30, 2012, is as follows:

 

                                 

Weighted

Average

Exercise Price

  Number of  Options
Outstanding
    Weighted Average
Remaining  Contractual
Life of Outstanding
Options (Years)
    Number
of Options
Vested
    Number of Options
Vested  and
Expected to Vest
 

$0.23

    785,939       7.21       519,250       772,459  

$0.40

    4,185,299       7.93       2,090,423       4,015,717  

$0.71

    4,286,391       9.66       277,411       3,804,086  
   

 

 

           

 

 

   

 

 

 

$0.53

    9,257,629       8.67       2,887,084       8,592,262  
   

 

 

           

 

 

   

 

 

 
XML 30 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Deficit (Tables)
3 Months Ended
Jun. 30, 2012
Preferred Stock/Stockholders' Deficit [Abstract]  
Shares of common stock authorized and reserved for future issuance

At June 30, 2012, we have shares of common stock authorized and reserved for future issuance as follows:

 

         

Convertible preferred stock, Series A

    15,749,674  

Convertible preferred stock, Series B

    16,036,346  

Convertible preferred stock, Series C

    15,621,609  

Convertible preferred stock, Series D

    9,007,678  

Convertible preferred stock, Series E

    2,500,000  

Options to purchase common stock

    9,257,629  

Options available for future issuance

    1,554,046  

Convertible preferred Series A stock warrants

    1,256,601  

Convertible preferred Series B stock warrants

    374,180  

Common stock warrants

    259,482  
   

 

 

 

Total common stock authorized and reserved for future issuance

    71,617,245  
   

 

 

 
XML 31 R56.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation (Details 3) (USD $)
3 Months Ended
Jun. 30, 2012
Mar. 31, 2012
Jun. 30, 2011
Mar. 31, 2011
Summary by exercise price of outstanding options, vested options, and options vested and expected to vest        
Options Vested and Expected to Vest, Weighted average exercise price $ 0.52      
Number of Options Outstanding 9,257,629 9,630,808 6,878,672 7,534,974
Options Vested and Expected to Vest, Weighted average contractual life (years) 8 years 7 months 17 days      
Number of shares outstanding, vested options 2,887,084      
Options Vested and Expected to Vest, Number of options 8,592,263      
Price Plan One [Member]
       
Summary by exercise price of outstanding options, vested options, and options vested and expected to vest        
Options Vested and Expected to Vest, Weighted average exercise price $ 0.23      
Number of Options Outstanding 785,939      
Options Vested and Expected to Vest, Weighted average contractual life (years) 7 years 2 months 16 days      
Number of shares outstanding, vested options 519,250      
Options Vested and Expected to Vest, Number of options 772,459      
Price Plan Two [Member]
       
Summary by exercise price of outstanding options, vested options, and options vested and expected to vest        
Options Vested and Expected to Vest, Weighted average exercise price $ 0.40      
Number of Options Outstanding 4,185,299      
Options Vested and Expected to Vest, Weighted average contractual life (years) 7 years 11 months 5 days      
Number of shares outstanding, vested options 2,090,423      
Options Vested and Expected to Vest, Number of options 4,015,717      
Price Plan Three [Member]
       
Summary by exercise price of outstanding options, vested options, and options vested and expected to vest        
Options Vested and Expected to Vest, Weighted average exercise price $ 0.71      
Number of Options Outstanding 4,286,391      
Options Vested and Expected to Vest, Weighted average contractual life (years) 9 years 7 months 28 days      
Number of shares outstanding, vested options 277,411      
Options Vested and Expected to Vest, Number of options 3,804,086      
Price Plan Four [Member]
       
Summary by exercise price of outstanding options, vested options, and options vested and expected to vest        
Options Vested and Expected to Vest, Weighted average exercise price $ 0.53      
Number of Options Outstanding 9,257,629      
Options Vested and Expected to Vest, Weighted average contractual life (years) 8 years 8 months 1 day      
Number of shares outstanding, vested options 2,887,084      
Options Vested and Expected to Vest, Number of options 8,592,262      
XML 32 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Loans Payable (Details) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Mar. 31, 2009
Loans Payable      
Loans payable, net of debt discount $ 35,009 $ 364,360 $ 4,707,964
Less amount representing debt discount 0    
Growth Capital term loan [Member]
     
Loans Payable      
Loans payable, net of debt discount 15,941 173,945  
Less amount representing debt discount   (2,568)  
Financing term loan [Member]
     
Loans Payable      
Loans payable, net of debt discount 15,955 173,945  
Less amount representing debt discount   (2,568)  
Private placement notes [Member]
     
Loans Payable      
Loans payable, net of debt discount 3,113 21,606  
Less amount representing debt discount        
XML 33 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Non-Interest Revenue (Tables)
3 Months Ended
Jun. 30, 2012
Non-Interest Revenue [Abstract]  
Summary of non-interest revenue

The following table summarizes the components of non-interest revenue for the three months ended June 30, 2012, and 2011:

 

                 
    Three Months Ended June 30,  
    2012     2011  

Origination fees on Member Loans at fair value

  $ 5,866,294     $ 2,443,944  

Servicing fees on Notes at fair value

    422,829       225,922  

Management fees from Certificate investors

    147,288       12,107  

Other revenue

    120,768       87,179  
   

 

 

   

 

 

 

Total Non-Interest Revenue

  $ 6,557,179     $ 2,769,152  
   

 

 

   

 

 

 
XML 34 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Details) (USD $)
3 Months Ended 12 Months Ended 3 Months Ended
Jun. 30, 2012
Fund
MemberLoan
Jun. 30, 2011
Mar. 31, 2012
Mar. 31, 2012
Series D Preferred Stock [Member]
Jun. 30, 2012
Series E Preferred Stock [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]          
Preferred Stock share issued       9,007,678 2,500,000
Aggregate cash consideration $ 0     $ 32,043,771 $ 17,500,000
Transaction expenses       100,521 143,902
Vested stock options exercised 1,048,026 140,500     0
Common stock issued 10,159,272   9,111,246   0
Summary of Significant Accounting Policies (Additional Textual) [Abstract]          
Minimum percentage of investment capitalization to assets 0.25%        
Equity method investment 50.00%        
Net losses (2,525,808) (3,106,678)      
Negative cash flows from operations (888,783) (2,876,546)      
Accumulated deficit (55,924,509)   (53,398,701)    
Stockholders' deficit (50,543,064)   (48,469,352)    
Minimum extension period of original term loan 6 months        
Maximum extension period of original term loan 24 months        
Minimum modified period of term loans 60 months        
Maximum period for impairment from delinquency of loan 90 days        
Maximum period for loan not considered as nonaccrual loan 120 days        
Percentage of outstanding Loan charged off 100.00%        
Balance charged of delinquency 150 days        
Accrued interest receivable on Member Loans of delinquency 120 days        
Minimum origination fee charged 1.11%        
Maximum origination fee charged 5.00%        
Number of Private Investment Funds 3        
Maximum number of member loans borrower can have outstanding at one time 2        
Maximum period for loan classified as nonaccrual loan 120 days        
Remaining principal balance of loans sold to and serviced for third party investors $ 657 $ 20,463      
XML 35 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Loss Attributable to Common Stockholders
3 Months Ended
Jun. 30, 2012
Net Loss Attributable to Common Stockholders [Abstract]  
Net Loss Attributable to Common Stockholders

3. Net Loss Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is computed by dividing net loss per share attributable to common stockholders by the weighted average number of common shares outstanding for the period. We compute net loss per share of common stock using the two-class method required for participating securities. We consider all series of our convertible preferred stock to be participating securities due to their non-cumulative dividend rights. In accordance with the two-class method, earnings allocated to these participating securities, which include participation rights in undistributed earnings (see Note 9 – Preferred Stock to the consolidated financial statements for a description), are subtracted from net income to determine total undistributed earnings to be allocated to common stockholders. All participating securities are excluded from basic weighted-average common shares outstanding.

Diluted earnings per share includes the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable. Diluted earnings per share attributable to common stockholders, if presented would be calculated by taking undistributed earnings and reallocating them to reflect the potential impact of dilutive securities. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for the effects of potentially dilutive common shares, which are comprised of outstanding stock options, warrants, and convertible preferred stock. The effects of outstanding stock options, warrants and convertible preferred stock are excluded from the computation of diluted net income (loss) per common share in periods in which the effect would be antidilutive.

The following table details the computation of the basic and diluted net loss per share for the three months ended June 30, 2012 and 2011:

 

                 
    Three Months Ended June 30,  
    2012     2011  

Net loss attributable to common stockholders

  $ (2,525,808   $ (3,106,678
   

 

 

   

 

 

 

Weighted-average common shares outstanding, basic and diluted

    9,954,190       8,611,959  

Net loss per common share, basic and diluted

  $ (0.25   $ (0.36
XML 36 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Loss Attributable to Common Stockholders (Details) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Basic and diluted net loss per share    
Net loss attributable to common stockholders $ (2,525,808) $ (3,106,678)
Weighted-average common shares outstanding, basic and diluted 9,954,190 8,611,959
Net loss per common share, basic and diluted $ (0.25) $ (0.36)
XML 37 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Fair Value and Notes and Certificates at Fair Value (Details 1) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Fair value balance sheet grouping financial statement captions    
Member Loans at fair value $ 454,263,408 $ 360,292,534
Notes and Certificates at fair value 453,110,456 360,800,358
Fair Value, Inputs, Level 1 [Member]
   
Fair value balance sheet grouping financial statement captions    
Member Loans at fair value      
Notes and Certificates at fair value      
Fair Value, Inputs, Level 2 [Member]
   
Fair value balance sheet grouping financial statement captions    
Member Loans at fair value      
Notes and Certificates at fair value      
Fair Value, Inputs, Level 3 [Member]
   
Fair value balance sheet grouping financial statement captions    
Member Loans at fair value 454,263,408 360,292,534
Notes and Certificates at fair value $ 453,110,456 $ 360,800,358
XML 38 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation (Details)
3 Months Ended
Jun. 30, 2012
Black-Scholes option pricing model to estimate the fair value of stock options granted  
Expected dividend yield 0.00%
Expected volatility 63.50%
Risk-free interest rate minimum 1.15%
Risk-free interest rate maximum 1.18%
Expected life 6 years 3 months
XML 39 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Mar. 31, 2012
ASSETS    
Cash and cash equivalents $ 47,275,662 $ 31,244,368
Restricted cash 4,862,000 4,862,000
Member Loans at fair value (includes $148,525,425 and $92,693,127 from a consolidated Trust, respectively) 454,263,408 360,292,534
Member Loans at amortized cost, net of allowance for loan losses 863,419 2,298,395
Accrued interest and other receivables (includes $888,638 and $573,783 from a consolidated Trust, respectively) 2,798,794 2,448,992
Prepaid expenses and other assets 645,338 702,825
Property and equipment, net 658,298 524,864
Deposits 1,203,692 955,631
Total Assets 512,570,611 403,329,609
LIABILITIES    
Accounts payable 1,119,681 879,573
Accrued interest payable and other accrued expenses (includes $888,638 and $573,783 from a consolidated Trust, respectively) 5,486,255 4,415,186
Payable to member lenders 1,202,534 533,321
Notes and Certificates, at fair value (includes $148,525,425 and $92,693,127 from a consolidated Trust, respectively) 453,110,456 360,800,358
Loans payable, net of debt discount 35,009 364,360
Total Liabilities 460,953,935 366,992,798
Commitments and contingencies      
PREFERRED STOCK    
Preferred stock, $0.01 par value; 61617516 and 58,046,088 shares authorized at June 30, 2012 and March 31, 2012, respectively 102,159,740 84,806,163
STOCKHOLDERS' DEFICIT    
Common stock, $0.01 par value; 90,000,000 and 100,000,000 shares authorized at June 30, 2012 and March 31, 2012, respectively; 10159272 and 9,111,246 shares issued and outstanding at June 30, 2012 and March 31, 2012, respectively. 101,593 91,113
Additional paid-in capital 5,292,377 4,838,236
Treasury Stock (1740 shares held at june 30,2012) (12,525)  
Accumulated deficit (55,924,509) (53,398,701)
Total Stockholders' Deficit (50,543,064) (48,469,352)
Total Liabilities, Preferred Stock and Stockholders' Deficit $ 512,570,611 $ 403,329,609
XML 40 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
Loans Payable (Details Textual) (USD $)
3 Months Ended 12 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Jun. 30, 2012
MemberLoan
Jun. 30, 2011
Mar. 31, 2009
Mar. 31, 2012
MemberLoan
Jun. 30, 2012
Growth capital term loan and financing term loan [Member]
MemberLoan
Mar. 31, 2012
Growth capital term loan and financing term loan [Member]
Jun. 30, 2012
Growth Capital term loan [Member]
Jun. 30, 2011
Growth Capital term loan [Member]
Mar. 31, 2012
Growth Capital term loan [Member]
MemberLoan
Jun. 30, 2012
Growth Capital term loan [Member]
Convertible Preferred Stock Series A [Member]
Jun. 30, 2012
Financing term loan [Member]
Jun. 30, 2011
Financing term loan [Member]
Mar. 31, 2012
Financing term loan [Member]
Jun. 30, 2012
Financing term loan [Member]
Convertible Preferred Stock Series A [Member]
Jun. 30, 2012
Private placement notes [Member]
Jun. 30, 2011
Private placement notes [Member]
Mar. 31, 2012
Private placement notes [Member]
Jul. 31, 2009
Private placement notes [Member]
Mar. 31, 2009
Private placement notes [Member]
Jun. 30, 2012
Private placement notes [Member]
Convertible Preferred Stock Series A [Member]
Jun. 30, 2012
Term loan [Member]
Jun. 30, 2012
Term loan [Member]
Convertible Preferred Stock Series B [Member]
Loans Payable (Textual) [Abstract]                                            
Number of agreement 129     81 2       2                          
Outstanding principal balances         $ 31,896 $ 347,890                                
Financing interest rate         10.00%                         8.00% 12.00%      
Combined non-revolving availability         13,000,000                                  
Convertible preferred stock shares                   164,320       328,637           514,817   187,090
Investment warrants exercise price                   $ 1.065       $ 1.065               $ 0.7483
Debt discount             105,913       277,962       329,271           184,860  
Amortization of debt discounts 5,135 33,982         2,568 9,507     2,568 10,269     0 14,207            
Balance of private placement notes 35,009   4,707,964 364,360     15,941   173,945   15,955   173,945   3,113   21,606          
Debt Instrument Maturity Period     3 years                                      
Additional private placement notes                                   200,000        
Loans payable (Additional Textual) [Abstract]                                            
Remaining principal balance due on all loans payable 35,009                                          
Unamortized discounts 0               2,568       2,568                    
Collateral repayment $ 700,000     $ 700,000                                    
XML 41 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation
3 Months Ended
Jun. 30, 2012
Basis of Presentation [Abstract]  
Basis of Presentation

1. Basis of Presentation

The consolidated balance sheets as of June 30, 2012 and March 31, 2012, the consolidated statements of operations for the three months ended June 30, 2012 and 2011, respectively, and the consolidated statements of cash flows for the three months ended June 30, 2012 and 2011, respectively, have been prepared by LendingClub Corporation (“LendingClub”) (referred to herein as “we”, “our” “the Company” and “us”) in conformity with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The Company did not have any items of other comprehensive income during any of the periods presented in the financial statements as of and for the three month periods ended June 30, 2012 and 2011, and therefore, the Company is not currently required to report comprehensive income. In the opinion of management, all necessary adjustments (which include only normal recurring adjustments) have been made for a fair presentation of the financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results for the full fiscal year.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2012 10-K.

In this Form 10-Q, we refer to all loans made to borrower members as “Member Loans”. In financial statements issued prior to the 2012 Q2 10-Q, loans financed by Notes were referred to as “CM Loans” and loans financed by us via sources of funds other than the issuance of Notes were referred to as “Member Loans”. Accordingly, we have changed the captions and descriptions of all previously reported loan-related amounts and information in these financial statements and footnotes to refer to all such items as Member Loans.

Beginning with the 2012 10-K, we revised the format of the consolidated statements of operations to (i) present origination fees on Member Loans at fair value and servicing fees on Notes at fair value as components of non-interest revenue; and (ii) present the major components of interest income together, the major components of interest expense together and then net interest income. In periodic reports and financial statements issued prior to the 2012 10-K, the consolidated statements of operations presented origination fees on Member Loans at fair value as a component of interest income on such loans and servicing fees on Notes at fair value as a component of the net interest expense on such Notes. Additionally, prior to the 2012 Q2 10-Q, we reported the interest income, interest expense and net interest income related to Member Loans at fair value separately from the interest income, interest expense and net interest income related to Member Loans at amortized cost. Accordingly, as explained more fully in Note 2 – Summary of Significant Accounting Policies, certain amounts in prior quarters’ consolidated statements of operations have been reclassified to conform to the current period’s presentation and the reclassifications had no net impact on previously reported results of consolidated operations or consolidated stockholders’ equity.

XML 42 R59.htm IDEA: XBRL DOCUMENT v2.4.0.6
Non-Interest Revenue (Details) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Summary of non-interest revenue    
Origination fees on Member Loans at fair value $ 5,866,294 $ 2,443,944
Servicing fees on Notes at fair value 422,829 225,922
Management fees from Certificate investors 147,288 12,107
Other Revenue 268,056 99,286
Total Non-Interest Revenue $ 6,557,179 $ 2,769,152
XML 43 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Amortized Cost (Details 2) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Jun. 30, 2011
Mar. 31, 2011
Summary of recorded investment in Member Loans at amortized cost and related allowance for loan losses        
Impaired loans; individually evaluated for impairment, Recorded Investment $ 86,680 $ 102,857    
Impaired loans; individually evaluated for impairment, Allowance for Loan Losses 61,406 90,684    
Unimpaired loans; collectively evaluated for impairment, Recorded Investment 897,649 2,438,155    
Unimpaired loans; collectively evaluated for impairment, Allowance for Loan Losses 56,024 151,933    
Total 980,849 2,541,012    
Allowance for Loan Losses $ 117,430 $ 242,617 $ 258,351 $ 329,885
XML 44 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Loss Attributable to Common Stockholders (Tables)
3 Months Ended
Jun. 30, 2012
Net Loss Attributable to Common Stockholders [Abstract]  
Basic and diluted net loss per share

The following table details the computation of the basic and diluted net loss per share for the three months ended June 30, 2012 and 2011:

 

                 
    Three Months Ended June 30,  
    2012     2011  

Net loss attributable to common stockholders

  $ (2,525,808   $ (3,106,678
   

 

 

   

 

 

 

Weighted-average common shares outstanding, basic and diluted

    9,954,190       8,611,959  

Net loss per common share, basic and diluted

  $ (0.25   $ (0.36
XML 45 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Amortized Cost (Details 3) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Activity in the allowance for loan losses    
Balance at beginning of period $ 242,617 $ 329,885
Charge-offs, net (76,665) (146,438)
(Provision)/Benefit for loan losses (48,522) 74,904
Balance at end of period $ 117,430 $ 258,351
XML 46 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Fair Value and Notes and Certificates at Fair Value (Tables)
3 Months Ended
Jun. 30, 2012
Member Loans at Fair Value and Notes and Certificates at Fair Value [Abstract]  
Assets and liabilities measured at fair value on a recurring basis

At June 30, 2012 and March 31, 2012, we had the following assets and liabilities measured at fair value on a recurring basis:

 

                                 
    Member Loans at Fair Value     Notes and Certificates at Fair Value  
    June 30, 2012     March 31, 2012     June 30, 2012     March 31, 2012  

Aggregate principal balance outstanding

  $ 460,874,842     $ 366,396,942     $ 459,746,929     $ 366,936,857  

Fair valuation adjustments

    (6,611,434     (6,104,408     (6,636,473     (6,136,499
   

 

 

   

 

 

   

 

 

   

 

 

 

Fair value

  $ 454,263,408     $ 360,292,534     $ 453,110,456     $ 360,800,358  
   

 

 

   

 

 

   

 

 

   

 

 

 
Fair values of Member Loans at fair value and Notes at fair value

We determined the fair values of Member Loans at fair value and Notes at fair value using inputs and methods that are categorized in the fair value hierarchy of ASC 820, as follows:

 

                                 
     Level 1 Inputs     Level 2 Inputs     Level 3 Inputs     Fair Value  

June 30, 2012

                               

Assets:

                               

Member Loans at fair value

  $ —       $ —       $ 454,263,408     $ 454,263,408  

Liabilities:

                               

Notes and Certificates

  $ —       $ —       $ 453,110,456     $ 453,110,456  

March 31, 2012

                               

Assets:

                               

Member Loans at fair value

  $ —       $ —       $ 360,292,534     $ 360,292,534  

Liabilities:

                               

Notes and Certificates

  $ —       $ —       $ 360,800,358     $ 360,800,358  
Additional information about assets and liabilities measured at fair value on a recurring basis
                 
    Member Loans
At fair value
    Notes and
Certificates
 

Fair value at March 31, 2012

  $ 360,292,534     $ 360,800,358  

Originations

    137,366,191       138,989,216  

Reclassification of Member Loans at amortized cost

    1,154,797       —    

Principal repayments

    (40,821,303     (42,999,178

Proceeds/payments on sale of charged-off Member Loans at fair value

    (219,385     (219,385
   

 

 

   

 

 

 

Carrying value before period-end fair value adjustments

    457,772,834       456,571,011  

Fair valuation adjustments, included in earnings

    (3,509,426     (3,460,555
   

 

 

   

 

 

 

Fair value at June 30, 2012

  $ 454,263,408     $ 453,110,456  
   

 

 

   

 

 

 
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XML 48 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies
3 Months Ended
Jun. 30, 2012
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Consolidation Policies

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, LC Advisors, LLC, a California limited liability company (“LCA”) and LC Trust I, a Delaware business trust (“Trust”). In determining whether to consolidate an entity, the Company’s policy is to consider: (i) whether the Company has an equity investment or ownership interest in an entity that is greater than 50% and control over significant operating, financial and investing decisions of that entity, or (ii) for variable interest entities (VIE’s) in which the Company has an equity investment, whether the Company is the primary beneficiary of the VIE as a result of a controlling financial interest in the VIE. A controlling financial interest in a VIE exists if the Company has both the power to direct the VIE’s activities that most significantly affect the VIE’s economic performance and an economic interest in the VIE, which could be in the form of the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE.

 

The Trust acquires portions of Member Loans from the Company and holds them for the sole benefit of specific investors that purchase Trust Certificates (Certificates) issued by the Trust and which are related to underlying Member Loans. The Certificates may only be settled with cash flows from the underlying Member Loans held by the Trust consistent with the member payment dependent design of the Certificates; Certificate holders do not have recourse to the general credit of the Trust, Company or other investors.

The Company’s capital contributions to the Trust have been insufficient to allow the Trust to finance its purchase of any significant amount of Member Loans without the issuance of Certificates to investors. The Trust’s low capitalization levels (minimum capital of 0.25% of assets) and structure, wherein investors’ hold beneficial interests in Member Loans via the Certificates, qualifies the Trust as a VIE. The Company believes it is the primary beneficiary of the Trust because of its controlling financial interest in the Trust. The Company performs or directs activities that significantly affect the Trust’s economic performance via, (i) operation of the platform that enables borrowers to apply for Member Loans purchased by the Trust, (ii) credit underwriting and servicing of Member Loans purchased by the Trust, and, (iii) LCA’s role to source investors that ultimately purchase Certificates that supply the funds for the Trust to purchase Member Loans. Collectively, the activities of the Company, LCA and Trust described above allow the Company to fund more Member Loans and to collect the related loan origination fees, and for LCA to collect the management fees on the investors’ capital used to purchase Trust Certificates, than would be the case without the existence of the Trust. Therefore, the Company receives significant economic benefits from the existence and activities conducted by the Trust.

The Company has determined that the Trust meets the consolidation requirements. All intercompany transactions and accounts between the Company, the Trust and LCA have been eliminated.

Liquidity

We have incurred operating losses since our inception. For the three months ended June 30, 2012 and 2011, we incurred net losses of $2,525,808 and $3,106,678, respectively. For the three months ended June 30, 2012 and 2011, we had negative cash flows from operations of $888,783 and $2,876,546 respectively. Additionally, we have an accumulated deficit of $55,924,509 since inception and a stockholders’ deficit of $50,543,064 as of June 30, 2012.

Since our inception, we have financed our operations through debt and equity financing from various sources. Our current operating plan calls for continued investments in sales, technology, development, security, underwriting, credit processing and marketing. If our assumptions regarding growth and operating plan are incorrect, we may need to slow our investment spending, which could slow our rate of growth, and we may consume our current liquidity resources.

On June 1, 2012, we issued and sold via private placement 2.5 million shares of Series E convertible preferred stock for aggregate cash consideration of $17,500,000. In connection with our private placement of Series E convertible preferred stock, we incurred transaction expenses of $143,902 that were recorded as a reduction to gross proceeds.

During the year ended March 31, 2012, we issued and sold via private placement a total of 9,007,678 shares of Series D convertible preferred stock for aggregate cash consideration of $32,043,771. In connection with our private placement of Series D convertible preferred stock, we incurred total transaction expenses of approximately $100,521 that were recorded as a reduction to gross proceeds.

Use of Estimates

The preparation of consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires our management to make judgments and estimates that affect the amounts reported in our consolidated financial statements and accompanying notes. We base our estimates on historical experience, current information and various other factors we believe to be relevant and reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Our most significant judgments, assumptions and estimates and which we believe are critical in understanding and evaluating our reported financial results include: (i) revenue recognition; (ii) fair value determinations; (iii) allowance for loan losses; (iv) share-based compensation; and (v) provision for income taxes, net of valuation allowances for deferred tax assets. These estimates and assumptions are inherently subjective in nature, actual results may differ from these estimates and assumptions, and the differences could be material.

 

Cash and Cash Equivalents

Cash and cash equivalents include various unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents.

Restricted Cash

At June 30, 2012 and March 31, 2012, restricted cash consists of the Company’s funds in certain checking, certificate of deposit, and money market accounts that are pledged to or held in escrow by our correspondent banks as security for transactions processed on or related to our platform.

Member Loans

All Member Loans originated since April 7, 2008 have been held for investment on our balance sheet based on management’s intent and ability to hold such loans for the foreseeable future or to maturity. Two acceptable, alternative accounting methods have been used to account for Member Loans held for investment, as discussed below.

Beginning October 13, 2008, Member Loans were able to be financed by Notes issued by us to investors, and the majority of Member Loans originated since that date have been financed in that manner. These Notes are special limited recourse obligations of LendingClub, in that LendingClub has no obligation to make a payment on a Note until LendingClub receives a payment from the underlying member borrower. Each series of Notes corresponds to a single corresponding Member Loan facilitated on a related Member Loan through our platform and the payments to investors in the Notes are directly dependent on the timing and amounts of payments received on the related Member Loan. If we do not receive a payment on the Member Loan, we are not obligated to and will not make any payments on the corresponding Notes. In conjunction with this financing structure effective as of October 13, 2008, we adopted the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825-10, which permits companies to choose to measure certain financial instruments and certain other items at fair value. Accordingly, since October 13, 2008, we have elected the fair value option for Member Loan originations financed by Notes (“Member Loans at fair value”) and also for the related Notes. Since March 2011, we have also elected the fair value option for all Member Loan originations financed by Certificates and the related Certificates. Absent the fair value elections, Member Loans held for investment would be accounted for at amortized cost and would record loan loss provisions for estimated expected losses, but the related Notes also accounted for at amortized cost would recognize losses passed-through from the related loans only when and in amounts of the charge-offs of the related loans, thereby resulting in a mismatch in the timing and amounts of loss recognition between a Member Loan and related Notes. The estimated unrealized gains and losses on financial instruments for which the fair value option has been elected are reported in earnings.

We also originate some Member Loans and finance them ourselves, with sources of funds other than Notes and Certificates, to ensure sufficient financing for loans desired by our borrower members. We receive the same terms on Member Loans that we finance as the terms received by other Note investors. Funds to finance such Member Loan originations were obtained through our borrowings under loan facilities with various entities (see Note 7 — Loans Payable) and issuance of various series of preferred stock (see Note 9 – Preferred Stock). Member Loan originations through September 30, 2011, that were financed by us with sources of funds other than Notes and Certificates are carried at amortized cost, reduced by a valuation allowance for loan losses incurred as of the balance sheet date (“Member Loans at amortized cost”). The amortized cost of such Member Loans includes their unpaid principal balance net of unearned income, which is comprised of origination fees charged to borrower members and offset by our incremental direct origination costs for the loans. Unearned income is amortized ratably over the member loan’s contractual life using a method that approximates the effective interest method. All Member Loan originations after September 30, 2011, are accounted for at fair value.

Member Loans at Fair Value and Notes and Certificates at Fair Value

The aggregate fair values of the Member Loans at fair value and Notes and Certificates are reported as separate line items in the assets and liabilities sections of our consolidated balance sheets using the methods and disclosures related to fair value accounting that are described in FASB ASC 820.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Changes in the fair value of the Member Loans at fair value and Notes and Certificates are recognized separately in earnings.

 

We determined the fair value of the Member Loans at fair value and Notes and Certificates at fair value in accordance with the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs, which generally requires significant management judgment, when measuring fair value. FASB ASC 820 establishes the following hierarchy for categorizing these inputs:

 

     
Level 1 –   Quoted market prices in active markets for identical assets or liabilities;
   
Level 2 –   Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); and
   
Level 3 –   Significant unobservable inputs.

Since observable market prices and inputs are not available for similar assets and liabilities, the Member Loans at fair value and Notes and Certificates at fair value are considered Level 3 financial instruments. At June 30, 2012, we estimated the fair values of Member Loans and their related Notes and Certificates using a discounted cash flow valuation methodology. The estimated fair value of Member Loans is computed by projecting the future contractual cash flows to be received on the loans, adjusting those cash flows for our expectation of prepayments (if significant), defaults and losses over the life of the loans, and recoveries, if any. We then discount those projected net cash flows to a present value, which is the estimated fair value. Our expectation of future defaults and losses on loans is based on analyses of actual defaults and losses that occurred on the various credit grades of Member Loans over the past several years. Expected recoveries reflect actual historical recovery experience for the various types of defaulted loans and the contractual arrangements with collection agencies. The discount rates for the projected net cash flows of the Member Loans are our estimates of the rates of return that investors in unsecured consumer credit obligations would require when investing in the various credit grades of Member Loans.

Our obligation to pay principal and interest on any Note and Certificate is equal to the pro-rata portion of the payments, if any, received on the related Member Loan at fair value. The gross effective interest rate associated with a Note and a Certificate is the same as the interest rate earned on the related Member Loan. At June 30, 2012, the discounted cash flow methodology used to estimate the Notes’ and Certificates’ fair values uses the same projected net cash flows as their related Member Loans. The discount rates for the projected net cash flows of the Notes and Certificates are our estimates of the rates of return that investors in unsecured consumer credit obligations would require when investing in Notes issued by LendingClub and Certificates issued by the Trust with cash flows dependent on specific credit grades of Member Loans.

For additional discussion on this topic, including the adjustments to the estimated fair values of Loans at fair value and Notes and Certificates at fair value as of June 30, 2012, as discussed above, see Note 5 — Member Loans at Fair Value and Notes and Certificates at Fair Value.

Impaired Loans, Restructured Loans and Nonaccrual Loans

The Member Loan portfolio is comprised of homogeneous, unsecured loans made to borrower members. Although the terminology and certain required disclosures for impaired and restructured loans apply only to Member Loans at amortized cost pursuant to generally accepted accounting principles as discussed below, we also use similar terminology and classifications for Member Loans at fair value for risk management and internal reporting purposes.

We make an initial assessment whether a Member Loan at amortized cost is impaired no later than the 90th day of delinquency of that loan and at least quarterly thereafter based on their payment status and information gathered through our collection efforts. A Member Loan at amortized cost is considered impaired when, based on loan specific information gathered through our collection efforts, it is probable that we will be unable to collect all the scheduled payments of principal or interest due according to the contractual terms of the original loan agreement. Impaired Member Loans at amortized cost include loans at amortized cost that are 90 days or more past due and loans where the borrower has filed a petition in bankruptcy or is deceased.

As part of our activities to maximize receipt, collection and recovery of loans in which the borrower has, or is expected to, experience difficulty in meeting the loan’s contractually required payments, we may agree to special payment plans with certain borrowers. Most of the special payment plans involve reduced minimum loan payments for a short period of time and the deferred payments are to be repaid over the remaining original term of the loan. No principal or interest is forgiven nor is the original term of the loan extended in these situations. The delay in receipt of all contractually-required loan payments in these situations is insignificant.

 

Prior to December 2011, special payment plans with certain borrowers involved extensions of the original term of the loan by six to 24 months and recasting the borrower’s monthly loan payment schedule, with the modified total term of the loans not exceeding 60 months. In these situations, the restructuring of the Member Loan at amortized cost terms qualifies as a Troubled Debt Restructuring (“TDR”) as defined by ASC 310-40, which is classified as a form of an impaired loan. Accordingly, as discussed more fully in New Accounting Pronouncements, “Accounting Standards Update (“ASU”) No. 2011-02, Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring, later in this Note 2, beginning with the three month period ended June 30, 2012, we now also classify TDR’s as impaired Member Loans at amortized cost and include such TDR’s in the disclosures regarding impaired Member Loans at amortized cost.

A loan that has reached its 120 th day of delinquency is classified as a nonaccrual loan; we stop accruing interest and reverse all accrued unpaid interest. Once a loan is deemed uncollectible, 100% of the outstanding balance is charged-off, no later than the 150 th day of delinquency. Any payment received on a nonaccrual loan is first applied to the unpaid principal amount of the loan and then to any interest due.

Allowance for Loan Losses

We may incur loan losses if a borrower member fails to pay their monthly scheduled loan payments. The allowance for loan losses applies only to Member Loans at amortized cost and is a valuation allowance that is established as losses are estimated to have occurred at the balance sheet date through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed.

The allowance for loan losses is evaluated on a periodic basis by management, and represents an estimate of expected credit losses based on a variety of factors, including the composition and quality of the Member Loans at amortized cost, loan specific information gathered through our collection efforts, delinquency levels, current and historical charge-off and loss experience, current industry charge-off and loss experience, and general economic conditions. Determining the adequacy of the allowance for loan losses for Member Loans at amortized cost is subjective, complex and requires judgment by management about the effects of matters that are inherently uncertain, and actual losses may differ from our estimates.

Our estimate of the required allowance for loan losses for Member Loans at amortized cost is developed by estimating both the rate of default of the loans within each credit score band using the FICO credit scoring model, a loan’s collection/impairment status, the borrower’s FICO score at or near the evaluation date, and the estimated amount of probable loss in the event of a borrower member default.

Accrued Interest and Other Receivables

Other receivables consist primarily of accrued interest receivable on Member Loans and to a lesser extent, account receivable for management fees due from certain investors in Certificates and receivables arising in the ordinary course of operations. Accrued interest receivable on Member Loans is reversed for any loan reaching 120 days of delinquency. Receivables arising in the ordinary course of operations are charged-off when deemed to be uncollectible.

Deposits

We have placed deposits with certain service providers pursuant to agreements with the service providers. Certain deposits are short-term in nature and generally may be applied toward amounts due the service providers as services are rendered. One deposit with a payment services provider that processes investor payment transactions is ongoing and restricted as to withdrawal throughout the contract term and the amount of the deposit depends on the volume of payment transactions processed. The deposit with the payment services provider is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement.

Payable to Member Lenders

Payables to Member Lenders primarily represent payments-in-process received from member lenders that, as of the last day of the period, have not been credited to their accounts on the platform and transferred to the separate bank account that holds lenders’ uninvested funds in trust for them.

Revenue Recognition

Revenues primarily result from fees earned and net interest income. Fees include loan origination fees (borrower member paid), servicing fees (investor member paid) and management fees (paid by investors in Certificates).

 

The loan origination fee charged to each borrower member is determined by the credit grade of that borrower member’s loan and as of June 30, 2012, ranged from 1.11% to 5.00% of the aggregate member loan amount. The member loan origination fees are included in the annual percentage rate (“APR”) calculation provided to the borrower member and is subtracted from the gross loan proceeds prior to disbursement of the loan funds to the borrower member. A Member Loan is considered issued through our platform when we record the transfer of funds to the borrower member’s account on our platform, following which we initiate an Automated Clearing House transaction to transfer funds from our platform’s correspondent bank account to the borrower member’s bank account.

The recognition of fee revenue and interest income is determined by the accounting method applied to each Member Loan, which include:

 

   

Member Loans at Fair Value — Member Loans originated on or after October 13, 2008, for which fair value accounting was elected.

 

   

Member Loans at Amortized Cost — Member Loans originated since Company inception through September 30, 2011 which were accounted for at amortized cost; originations of Member Loans at amortized cost were discontinued September 30, 2011.

 

   

Member Loans Sold Directly to Third Party Investor Members — Member loans originated and sold to third party investor members, with servicing retained, which sales were discontinued April 7, 2008.

The recognition of fee revenue and interest income for Member Loans under the three accounting methods is described below.

Member Loans at Fair Value

Because of the election to account for Member Loans at fair value, origination fees on Member Loans at fair value are recognized upon origination of the loan and included as a component of non-interest revenue (See Note 13 — Non Interest Revenue). Direct costs to originate Member Loans at fair value are recognized as operating expenses as incurred.

We record interest income on Member Loans at fair value as earned. Loans reaching 120 days delinquency are classified as nonaccrual loans, and we stop accruing interest and reverse all accrued but unpaid interest as of such date.

Member Loans at Amortized Cost

Origination fees and direct loan origination costs attributable to originations of Member Loans at amortized cost are offset and the net amount is deferred and amortized over the lives of the loans as an adjustment to the interest income earned on the loans.

We record interest income on Member Loans at amortized cost as earned. Loans reaching 120 days delinquency are classified as nonaccrual loans, and we stop accruing interest and reverse all accrued but unpaid interest after such date.

As discussed later in this Note 2 – Summary of Significant Accounting Principles, effective October 1, 2011, we elected the fair value accounting option for all Member Loans originated on and after October 1, 2011. As a result, there have been no new Member Loan originations that are accounted for at amortized cost since October 1, 2011.

Member Loans Sold Directly to Third Party Investor Members

The remaining principal balance of loans sold to and serviced for third party investors at June 30, 2012 and 2011 was $657 and $20,463, respectively. Servicing revenue and changes in valuation of servicing rights for loans sold to third party investors was insignificant for the three months ended June 30, 2012 and 2011, respectively.

Servicing Fees on Notes at Fair Value

We record the servicing fees paid by Note holders, which are based on the payments serviced on the related Member Loans at fair value, as a component of non-interest revenue when received.

 

Management Fees

LCA is the general partner of three private investment funds (“Funds”) in which it has made no capital contributions and does not receive any allocation of the Funds’ income, expenses, gains, losses nor any carried interest. The Funds invest in Certificates issued by the Trust. LCA charges limited partners in the Funds a monthly management fee, payable monthly in arrears, based on a limited partner’s capital account balance as of the end of each month. These management fees, which also are charged to other investors in Certificates, can be modified or waived at the discretion of LCA. These management fees are classified as a component of non-interest revenue in the consolidated statements of operations and are recorded as earned.

Fair Valuation Adjustments of Member Loans at Fair Value and Notes and Certificates at Fair Value

We include in earnings the estimated unrealized fair value gains or losses during the period of Member Loans at fair value, and the offsetting estimated fair value losses or gains on related Notes and Certificates at fair value. As discussed earlier in this Note 2, at June 30, 2012, we estimated the fair values of Member Loans at fair value and Notes and Certificates using a discounted cash flow valuation methodology. At each reporting period, we recognize fair valuation adjustments for the Member Loans at fair value and for the Notes and Certificates. The fair valuation adjustment for a given principal amount of a Member Loan at fair value will be approximately equal to the corresponding estimated fair valuation adjustment on the combined principal amounts of related Notes and Certificates because the same net cash flows of the Member Loan and the related Notes and Certificates are used in the discounted cash flow valuation methodology.

Concentrations of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, Member Loans and the related accrued interest receivable, and deposits with service providers. We hold our cash, cash equivalents and restricted cash in accounts at high-credit quality regulated domestic financial institutions. We are exposed to credit risk in the event of default by these institutions to the extent the amount recorded on the balance sheet periodically exceeds the applicable FDIC insured amounts.

We obtain third-party credit reports and perform other evaluations of our borrower members’ financial condition, as needed, and do not allow borrower members to have more than two Member Loans outstanding at any one time. All of our loans are unsecured but we maintain a fair value allowance for Member Loans at fair value and an allowance for loan losses for Member Loans at amortized cost, as described above. Additionally, the potential gross credit risk to the Company from Member Loans is significantly mitigated to the extent that loans are financed by Notes or Certificates which absorb the loans’ credit losses pursuant to the member payment dependency provision.

The deposits placed with the majority of the service providers are short-term and generally may be applied toward amounts due the providers as services are rendered. One deposit with a payment services provider is ongoing throughout the contract term, is restricted as to withdrawal, and is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement. The payment services agreement is cancelable by us at any time. Additionally, we regularly monitor the amount of the ongoing deposit with the payment services provider and the financial condition of the payment services provider.

Stock-Based Compensation

All share-based awards made to employees, including grants of employee stock options, restricted stock and employee stock purchase rights, are recognized in the consolidated financial statements based on their respective grant date fair values. Any benefits of tax deductions in excess of recognized compensation cost are reported as a financing cash inflow and a cash outflow from operating activities.

The fair value of share-option awards is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected term of the option award, the expected volatility of our stock price and expected future dividends, if any.

Forfeitures of awards are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures, such that expense is recorded only for those stock-based awards that are expected to vest.

Share-based awards issued to non-employees are accounted for in accordance with provisions of ASC 718-505-50, Equity-Based Payments to Non-Employees, which requires that equity awards be recorded at their fair value. We use the Black-Scholes model to estimate the value of share-option awards granted to non-employees at each vesting date to determine the appropriate charge to stock-based compensation. The assumed volatility of the price of our common stock was based on comparative company stock price volatility.

 

Change in Accounting Policy

Effective October 1, 2011, we elected the fair value accounting option for all Member Loans originated on and after October 1, 2011. Prior to October 1, 2011, Member Loan originations financed by Notes or Certificates were accounted for at fair value and Member Loan originations financed by us via sources of funds other than Notes or Certificates were accounted for at amortized cost. We believe this change in the fair value accounting elections simplifies the accounting and presentation of Member Loans; all Member Loans eventually will be accounted for at fair value once the existing Member Loans that are accounted for at amortized cost are no longer outstanding.

Reclassification of Amounts in Previously Published Consolidated Statements of Operations

Certain amounts in previously published consolidated statements of operations for the three months ended June 30, 2011, for origination fees on Member Loans at fair values, servicing fees on Notes at fair value, interest income earned on Member Loans at fair value and Member Loans at amortized cost, interest income on Cash Equivalents, interest expense on Notes at fair value and Loans Payable, as well as the fair valuation adjustments recognized in earnings related to Member Loans at fair value and Notes and Certificates at fair value, have been reclassified to conform to our current financial statement presentation. These reclassifications had no net impact on previously reported results of consolidated operations or consolidated stockholders’ equity.

Recently Adopted Accounting Standards

In July 2010, the Financial Accounting Standards Board (“FASB”) issued Standards Update (ASU) No. 2010-20, Receivables (Topic 310): Disclosure about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. The ASU requires additional disaggregated disclosures that improve financial statement users’ understanding of: 1) the nature of an entity’s credit risk associated with its financing receivables, and, 2) the entity’s assessment of that risk in estimating its allowance for credit losses as well as changes in the allowance and the reasons for those changes. As a nonpublic entity, as defined by the accounting standard, we adopted the provisions of ASU 2010-20 for the annual reporting period ending March 31, 2012 and interim reporting periods thereafter. The adoption of this standard did not have a material effect on the Company’s results of consolidated operations or financial position but resulted in additional disclosures for Member Loans at amortized cost.

In April 2011, the FASB issued ASU No. 2011-02, Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring. The ASU clarifies which loan modifications constitute troubled debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring (“TDR”), both for purposes of recording an impairment loss and for disclosure of a TDR. In evaluating whether a restructuring constitutes a TDR, a creditor must separately conclude that both of the following exist: (a) the restructuring constitutes a concession; and (b) the debtor is experiencing financial difficulties. The amendments to ASU Topic 310, Receivables, clarify the guidance on a creditor’s evaluation of whether it has granted a concession and whether a debtor is experiencing financial difficulties. For nonpublic entities, the required disclosures are effective for the annual period ending after December 15, 2012, including interim periods within that annual period, with retrospective disclosures required for all TDR activities that have occurred from the beginning of the annual period of adoption. The Company is considered a nonpublic entity with respect to determination of the effective date of this ASU. Accordingly, the Company adopted this ASU for its fiscal year ending March 31, 2013, and for interim periods beginning with the three-month period ended June 30, 2012. This guidance did not have a material effect on our identification of TDR’s or recording of impairment losses, but resulted in additional disclosures for Member Loans at amortized cost.

The FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, in May 2011. This ASU represents the converged guidance of the FASB and the International Accounting Standards Board (“IASB,” collectively the “Boards”) on fair value measurement. The collective efforts of the Boards and their staffs, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term “fair value.” The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRSs”). The amendments to the Codification in this ASU are to be applied prospectively. Because of the Company’s requirement to file financial statements with the Securities and Exchange Commission (“SEC”), although the Company is a non-public entity it is considered a public entity for purposes of determining the effective date of implementing this ASU. Accordingly, the Company adopted this ASU for its interim periods beginning with the three-month period ended June 30, 2012 and annual periods beginning April 1, 2012. The impact of adoption of this ASU did not have a material effect on the Company’s consolidated financial statements.

XML 49 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Member Loans at fair value from consolidated Trust $ 454,263,408 $ 360,292,534
Accrued interest and other receivables from consolidated Trust 2,798,794 2,448,992
Accrued interest payable and other accrued expenses from consolidated Trust 5,486,255 4,415,186
Notes and Certificates at fair value 453,110,456 360,800,358
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 61,617,516 58,046,088
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 90,000,000 100,000,000
Common stock, shares issued 10,159,272 9,111,246
Common stock, shares outstanding 10,159,272 9,111,246
Treasury Stock held at june 30,2012 17,640  
Consolidated Trust
   
Member Loans at fair value from consolidated Trust 148,525,425 92,693,127
Accrued interest and other receivables from consolidated Trust 888,638 573,783
Accrued interest payable and other accrued expenses from consolidated Trust 888,638 573,783
Notes and Certificates at fair value $ 148,525,425 $ 92,693,127
XML 50 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
3 Months Ended
Jun. 30, 2012
Income Taxes [Abstract]  
Income Taxes

12. Income Taxes

As part of the process of preparing our financial statements, we estimate our income taxes due to applicable federal, state and local jurisdictions in which we operate. This process involves determining our income tax expense or benefit together with calculating the deferred income tax expense or benefit related to temporary differences resulting from differing treatment of items for tax accounting purposes, such as deferred revenue and deductibility of certain expenses. These differences, along with the benefit of deducting the Company’s operating losses incurred since inception against future taxable income, result in deferred tax assets and liabilities, which are included in the accompanying consolidated balance sheet. We then assess the likelihood and extent to which the deferred tax assets will be recovered through the generation of future taxable income.

The Company recorded no net provision for income taxes in either of the three month periods ended June 30, 2012 or 2011 due to the operating losses and full valuation allowance for deferred tax assets recorded in each of the two periods then ended. Payments of minimum amounts due to state taxing authorities upon the filing of state tax returns are recorded as operating expenses instead of income tax expense.

For federal and state purposes, a portion of the Company’s net operating loss carry forwards may be subject to limitations on annual utilization in case of a change in ownership, as defined by federal and state tax law. The amount of such limitations, if any, has not been determined. Accordingly, the amount of net operating losses available to offset future profits may be significantly less than the actual net operating losses generated.

As of June 30, 2012, we continued to have a full valuation allowance against our net deferred tax assets. Due to the continuation of operating losses for the three months ended June 30, 2012, our expectations for business growth and profitability in the coming year, and potential limitations on the realization of the net operating loss carry forwards, we believe it is more likely than not that all of our deferred tax assets will not be realized.

We did not have any foreign operations and therefore did not record any provisions for income taxes on non-U.S. income during the period.

We file income tax returns in the U.S. federal jurisdiction, California, Arizona, Connecticut, Florida, Illinois, Indiana and New York jurisdictions. Our tax years for 2006 and forward are subject to examination by the U.S., California, Connecticut, Arizona and Indiana tax authorities as the statutes of limitation remain open.

Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. We did not have any material changes in unrecognized tax benefits and there were no interest expense or penalties on any unrecognized tax benefits during the three months ended June 30, 2012 and 2011.

XML 51 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Jun. 30, 2012
Jul. 31, 2012
Document and Entity Information [Abstract]    
Entity Registrant Name LendingClub Corp  
Entity Central Index Key 0001409970  
Document Type 10-Q  
Document Period End Date Jun. 30, 2012  
Amendment Flag false  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --03-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   10,160,522
XML 52 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
3 Months Ended
Jun. 30, 2012
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

14. Commitments and Contingencies

Operating leases

In April 2011, we entered into a lease agreement for approximately 18,200 square feet of space in San Francisco, CA for our corporate headquarters, including our principal administrative, marketing, technical support and engineering functions. The lease has a term of 6 years and began on May 1, 2011. We can terminate the sublease upon 9 months’ notice prior to the third anniversary of the sublease. The average monthly rent for our new corporate headquarters is approximately $42,000 and we pledged $200,000 as a security deposit.

Effective June 1, 2010, we entered into a 12 month lease, that converted to a month-to-month lease thereafter, for 238 square feet of office space in Fairfield, Connecticut for use by our EVP, Corporate Development. In May 2012, we provided notice to terminate this lease as of July 2012. Since July 2010, we entered into several month-to-month or short-term lease agreements for the lease of office space, ranging from 250 to 400 square feet, in New York City. In January 2012 we renewed the lease for approximately 250 square feet for a New York City office for a one year term that expires on January 31, 2013.

Facilities rental expense for the three months ended June 30, 2012 and 2011 was $140,618 and $139,624, respectively.

Contingencies

The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business. After consultation with legal counsel, the Company does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on its financial condition or results of operations.

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M9GU?'[L7```L)`$`$0`8```````!````I(&Z(P(`;&5C8RTR,#$R,#8S,"YX M`L``00E#@``!#D!``!02P4&``````8`!@`:`@``P#L" #```` ` end XML 54 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Non-Interest Revenue    
Origination fees on Member Loans at fair value $ 5,866,294 $ 2,443,944
Servicing fees on Notes at fair value 422,829 225,922
Other Revenue 268,056 99,286
Total Non-Interest Revenue 6,557,179 2,769,152
Interest Income    
Member Loans at fair value 13,517,075 4,991,391
Member Loans at amortized cost, net 28,324 188,152
Cash and cash equivalents 8,799 5,771
Total Interest Income 13,554,198 5,185,314
Interest Expense    
Notes and Certificates at fair value (13,437,136) (4,991,391)
Loans payable (11,114) (102,388)
Total Interest Expense (13,448,250) (5,093,779)
Net Interest Income 105,948 91,535
Provision/(Benefit) for loan losses on Member Loans at amortized cost 48,522 (74,904)
Fair valuation adjustments, Member Loans at fair value (3,509,426) (2,822,820)
Fair valuation adjustments, Notes and Certificates 3,460,555 2,822,563
Net Interest Income after provision for loan losses and fair valuation adjustments 105,599 16,374
Total Net Revenue 6,662,778 2,785,526
Operating Expenses    
Sales, marketing and customer service (5,684,522) (3,857,839)
Engineering (992,361) (520,139)
General and administrative (2,511,703) (1,514,226)
Total Operating Expenses (9,188,586) (5,892,204)
Loss before provision for income taxes (2,525,808) (3,106,678)
Provision for income taxes      
Net Loss (2,525,808) (3,106,678)
Net Loss Attributable to Common Stockholders $ (2,525,808) $ (3,106,678)
Basic and diluted net loss per share $ (0.25) $ (0.36)
Weighted-average shares of common stock used in computing basic and diluted net loss per share 9,954,190 8,611,959

XML 55 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Loans Payable
3 Months Ended
Jun. 30, 2012
Loans Payable [Abstract]  
Loans Payable

7. Loans Payable

Loans payable consist of the following:

 

                 
    June 30, 2012     March 31, 2012  

Growth capital term loan

  $ 15,941     $ 173,945  

Unamortized discount on growth capital term loan

    —         (2,568

Financing term loan

    15,955       173,945  

Unamortized discount on financing term loan

    —         (2,568

Private placement notes

    3,113       21,606  

Unamortized discount on notes payable

    —         —    
   

 

 

   

 

 

 

Total loans payable, net of debt discount

  $ 35,009     $ 364,360  
   

 

 

   

 

 

 

The remaining principal balance due on all loans payable of $35,009 at June 30, 2012, net of unamortized discounts of $0, mature in July 2012.

Growth Capital and Financing Term Loans

As of June 30, 2012 and March 31, 2012, the combined outstanding principal balances under these two agreements totaled $31,896 and $347,890, respectively. The growth capital term loan and the financing term loan each bear interest at the rate of 10.00% per annum and both loans are amortizing with final maturities in July 2012. Additional initial terms of these two agreements included that we: (i) secure our borrowings by a blanket lien on substantially all of our assets, except for our intellectual property rights, certain deposit accounts, and payments we receive on Member Loans that are financed by Notes; (ii) maintain combined certificates of deposit in the amount of $700,000 pledged as collateral until repayment; and (iii)maintain a minimum collateral ratio. At June 30, 2012, we do not have any remaining capacity under these agreements as we have fully drawn the entire $13,000,000 of the combined non-revolving availability under the growth capital term loan and the financing term loan. In March 2012, the creditors on these loans removed the restrictions on the $700,000 of certificates of deposit formerly pledged as collateral for these loans and the requirement to maintain a minimum collateral ratio for these loans.

In connection with the growth capital term loan, from inception through December 2008, we issued fully exercisable warrants to purchase 164,320 shares of Series A convertible preferred stock at an exercise price of $1.065 per share, for which we recorded debt discounts of $105,913. Amortization of the debt discounts recorded for this loan was $2,568 and $9,507 for the three months ended June 30, 2012 and 2011, respectively, and were recorded as interest expense.

In connection with the financing term loan agreement, from inception through December 2009, we issued fully exercisable warrants to purchase an aggregate of 328,637 shares of Series A convertible preferred stock at a price of $1.065 per share and recorded total debt discounts of $277,962. Amortization of the debt discounts recorded for this loan was $2,568 and $10,269 for the three months ended June 30, 2012 and 2011, respectively, and was recorded as interest expense.

In connection with the term loans, in May 2009 we also issued fully exercisable warrants to purchase 187,090 shares of Series B convertible preferred stock with an exercise price of $0.7483 per share and recorded total debt discounts of $184,860. Amortization of these debt discounts is included in the amortization amounts of debt discounts presented above for the growth capital term loan and the financing term loan.

Private Placement Notes

The balance of the private placement notes at June 30, 2012 and March 31, 2012 is $3,113 and $21,606, respectively. During the year ended March 31, 2009, we entered into a series of loan and security agreements with accredited investors providing for loans evidenced by notes payable totaling $4,707,964. Each private placement note is repayable over three years and bears interest at the rate of 12% per annum. In June and July 2009, we issued an additional $200,000 of private placement notes which bear interest at the rate of 8% per annum.

We used the proceeds of these private placement notes to fund Member Loans. In connection with origination of these private placement notes, from inception through July 2009, we issued fully exercisable warrants to purchase an aggregate of 514,817 shares of Series A convertible preferred stock (see Note 9 – Preferred Stock). Upon issuance of the warrants, we recorded a debt discount of $329,271, and amortization of the debt discount was recorded as interest expense of $0 and $14,207 for the three months ended June 30, 2012 and 2011, respectively. All remaining private placement notes have matured in the month of July 2012.

XML 56 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Deposits
3 Months Ended
Jun. 30, 2012
Deposits [Abstract]  
Deposits

6. Deposits

We had deposits of $1,203,692 and $955,631 as of June 30, 2012 and March 31, 2012, respectively, with certain service providers pursuant to agreements with the service providers respectively, including deposits of $1,130,696 and $885,435 as of June 30, 2012 and March 31, 2012, respectively, with a nationally recognized payment services provider. The deposit with the payment services provider is ongoing and restricted as to withdrawal during the contract term. The amount of the deposit with the payment services provider depends on the actual volume of payment transactions processed over a specified period of time and the deposit is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement.

XML 57 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Amortized Cost (Tables)
3 Months Ended
Jun. 30, 2012
Member Loans at Amortized Cost [Abstract]  
Outstanding Member Loans at amortized cost
                 
    June 30, 2012     March 31, 2012  

Principal balance

  $ 1,021,871     $ 2,624,989  

Deferred origination costs/(revenue), net

    (41,022     (83,977
   

 

 

   

 

 

 

Total Member Loans at amortized cost, net of deferred origination costs/(revenue)

  $ 980,849     $ 2,541,012  
   

 

 

   

 

 

 
Summary of aging of the principal balances of Member Loans at amortized cost outstanding

The following table summarizes the aging of the principal balances of Member Loans at amortized cost outstanding as of June 30, 2012 and March 31, 2012:

 

                                         
    Current
Loans
    31-89 Days
Past Due
    Impaired
Loans
    Total Past Due
and Impaired
    Total Principal
Balance  of
Member Loans
 

June 30, 2012

  $ 916,981     $ 18,210     $ 86,680     $ 104,890     $ 1,021,871  

March 31, 2012

    2,460,336       61,796       102,857       164,653       2,624,989  
Summary of recorded investment in Member Loans at amortized cost and related allowance for loan losses

The following table presents the recorded investment in Member Loans at amortized cost and the related allowance for loan losses at June 30, 2012 and March 31, 2012, based on the impairment status of the loans:

 

                                 
    June 30, 2012     March 31, 2012  
    Recorded
Investment
    Allowance for
Loan  Losses
    Recorded
Investment
    Allowance for
Loan  Losses
 

Impaired loans; individually evaluated for impairment

  $ 83,200     $ 61,406     $ 102,857     $ 90,684  

Unimpaired loans; collectively evaluated for impairment

    897,649       56,024       2,438,155       151,933  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Balances

  $ 980,849     $ 117,430     $ 2,541,012     $ 242,617  
   

 

 

   

 

 

   

 

 

   

 

 

 
Activity in the allowance for loan losses

The activity in the allowance for loan losses for Member Loans at amortized cost for the three months ended June 30, 2012 and 2011 is as follows:

 

                 
    Three Months Ended June 30,  
    2012     2011  

Balance at beginning of period

  $ 242,617     $ 329,885  

Charge-offs, net

    (76,665     (146,438

(Provision)/Benefit for loan losses

    (48,522     74,904  
   

 

 

   

 

 

 

Balance at end of period

  $ 117,430     $ 258,351  
   

 

 

   

 

 

 
Summary of credit quality indicators for Member Loans at amortized cost

The following table summarizes the credit quality indicators for Member Loans at amortized cost as of June 30, 2012:

 

                                 

Borrower’s

Updated

FICO Score

  Principal Balance of Member Loans at Amortized Cost  
  Current     31-89 Days
Past  Due
    Impaired
Loans
    Totals  

Loans not Impaired:

                               

>780

  $ 25,044     $ —       $ —       $ 25,044  

760-779

    79,122       18       —         79,140  

740-759

    91,133       —         —         91,133  

720-739

    108,607       3,830       —         112,437  

700-719

    145,269       2,212       —         147,481  

680-699

    202,986       —         —         202,986  

660-679

    77,048       228       —         77,276  

  < 660

    187,772       11,922       —         199,694  

Impaired Loans

    —         —         86,680       86,680  
   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 916,981     $ 18,210     $ 86,680     $ 1,021,871  
   

 

 

   

 

 

   

 

 

   

 

 

 

The following table summarizes the credit quality indicators for Member Loans at amortized cost as of March 31, 2012:

 

                                 

Borrower’s

Updated

FICO Score

  Principal Balance of Member Loans at Amortized Cost  
  Current     31-89 Days
Past  Due
    Impaired
Loans
    Totals  

Loans not Impaired:

                               

>780

  $ 41,148     $ —       $ —       $ 41,148  

760-779

    161,017       21       —         161,038  

740-759

    273,200       49       —         273,249  

720-739

    390,245       508       —         390,753  

700-719

    442,006       2,504       —         444,510  

680-699

    337,914       95       —         338,009  

660-679

    268,439       60       —         268,499  

  < 660

    546,367       58,559       —         604,926  

Impaired Loans

    —         —         102,857       102,857  
   

 

 

   

 

 

   

 

 

   

 

 

 

Totals

  $ 2,460,336     $ 61,796     $ 102,857     $ 2,624,989  
   

 

 

   

 

 

   

 

 

   

 

 

 
XML 58 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Non-Interest Revenue
3 Months Ended
Jun. 30, 2012
Non-Interest Revenue [Abstract]  
Non-Interest Revenue

13. Non-Interest Revenue

Non-interest revenue consists of loan origination fees collected upon origination of Member Loans at fair value, servicing fees collected as payments are made to investors in Notes, management fees earned from investors in Certificates and other revenue.

The following table summarizes the components of non-interest revenue for the three months ended June 30, 2012, and 2011:

 

                 
    Three Months Ended June 30,  
    2012     2011  

Origination fees on Member Loans at fair value

  $ 5,866,294     $ 2,443,944  

Servicing fees on Notes at fair value

    422,829       225,922  

Management fees from Certificate investors

    147,288       12,107  

Other revenue

    120,768       87,179  
   

 

 

   

 

 

 

Total Non-Interest Revenue

  $ 6,557,179     $ 2,769,152  
   

 

 

   

 

 

 

 

XML 59 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Deficit
3 Months Ended
Jun. 30, 2012
Preferred Stock/Stockholders' Deficit [Abstract]  
Stockholders' Deficit

10. Stockholders’ Deficit

Common stock

At June 30, 2012, we have shares of common stock authorized and reserved for future issuance as follows:

 

         

Convertible preferred stock, Series A

    15,749,674  

Convertible preferred stock, Series B

    16,036,346  

Convertible preferred stock, Series C

    15,621,609  

Convertible preferred stock, Series D

    9,007,678  

Convertible preferred stock, Series E

    2,500,000  

Options to purchase common stock

    9,257,629  

Options available for future issuance

    1,554,046  

Convertible preferred Series A stock warrants

    1,256,601  

Convertible preferred Series B stock warrants

    374,180  

Common stock warrants

    259,482  
   

 

 

 

Total common stock authorized and reserved for future issuance

    71,617,245  
   

 

 

 

During the three months ended June 30, 2012, we issued 1,048,026 shares of common stock in exchange for proceeds of $292,103 upon the exercise of employee stock options and during the three months ended June 30, 2011, we issued 140,500 shares of common stock in exchange for proceeds of $38,810 upon the exercise of employee stock options. No warrants to purchase common stock were exercised during the three months ended June 30, 2012 or 2011.

Accumulated Deficit

We have incurred operating losses since our inception, including net losses of $2,525,808 and $3,106,678, respectively, for the three months ended June 30, 2012 and 2011, respectively. Accordingly, we have an accumulated deficit of $55,924,509 since inception and a stockholders’ deficit of $50,543,064, at June 30, 2012.

XML 60 R60.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies (Details) (USD $)
1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2012
sqft
Apr. 30, 2011
Apr. 30, 2011
San Francisco [Member]
sqft
Jan. 31, 2012
New York [Member]
Jun. 30, 2010
New York [Member]
sqft
Jun. 30, 2012
New York [Member]
sqft
Jun. 30, 2011
New York [Member]
Dec. 31, 2011
New York [Member]
Commitments and Contingencies (Textual) [Abstract]                
Space area under lease contract 250   18,200   238      
Lease contract beginning date   May 01, 2011            
Notice period for termination of sublease loan   9 months            
Period under lease contract     6 years   12 months      
Term of contract       One year term        
Lease contract expiration date               Jan. 31, 2013
Rental expense   $ 42,000       $ 140,618 $ 139,624  
Deposit as pledge   $ 200,000            
Minimum short-term lease agreements for the lease of office space           250    
Maximum short-term lease agreements for the lease of office space           400    
XML 61 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
3 Months Ended
Jun. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions

8. Related Party Transactions

A number of our affiliates, including our directors, executive officers and 5% stockholders, have opened investor member accounts with LendingClub and have made deposits and withdrawals to their accounts and funded portions of borrowers’ loan requests from time to time in the past via purchases of Notes and Certificates, and may do so in the future.

For the three months ended June 30, 2012 and 2011, these affiliates made LendingClub Platform deposits, Platform withdrawals, and invested in Notes and Certificates, as follows:

 

                                                 
    Three Months Ended June 30, 2012     Three Months Ended June 30, 2011  

Affiliate

  Platform
Deposits
    Platform
Withdrawals
    Investments     Platform
Deposits
    Platform
Withdrawals
    Investments  

Daniel Ciporin

  $ —       $ 40,851     $ —       $ —       $ 35,120     $ —    

Jeffrey Crowe

    —         —         79,875       —         —         66,275  

Carrie Dolan

    —         —         —         —         —         —    

Renaud Laplanche

    —         —         —         —         —         25  

Rebecca Lynn

    —         —         —         —         —         —    

John Mack

    —         252,112       —         —         —         —    

Scott Sanborn

    —         5,940       2,075       —         5,940       1,400  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    $ —       $ 298,903     $ 81,950     $ —       $ 41,061     $ 67,700  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

As of June 30, 2012 and March 31, 2012, these affiliates had outstanding principal invested balances and total funds committed to the LendingClub Platform, as follows:

 

                                 
    As of June 30, 2012     As of March 31, 2012  

Affiliate

  Notes  and
Certificates
Outstanding
    Total  Funds
Committed
    Notes  and
Certificates
Outstanding
    Total  Funds
Committed
 

Daniel Ciporin

  $ 259,035     $ 343,847     $ 325,424     $ 377,225  

Jeffrey Crowe

    440,894       455,800       431,871       448,255  

Carrie Dolan

    21,721       26,055       24,510       25,519  

Renaud Laplanche

    55       2,198       160       366  

Rebecca Lynn

    —         509       4       509  

John Mack

    1,106,416       1,308,383       1,443,473       1,534,371  

Scott Sanborn

    11,654       12,022       11,367       11,798  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 1,839,775     $ 2,148,814     $ 2,236,809     $ 2,398,043  
   

 

 

   

 

 

   

 

 

   

 

 

 
XML 62 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Preferred Stock
3 Months Ended
Jun. 30, 2012
Preferred Stock/Stockholders' Deficit [Abstract]  
Preferred Stock

9. Preferred Stock

 

Convertible preferred stock

 

                 
    June 30,
2012
    March 31,
2012
 

Preferred stock, $0.01 par value; 61,617,516 and 58,046,088 total shares authorized at June 30, 2012 and March 31, 2012, respectively:

               

Series A convertible preferred stock, 17,006,275 shares designated at June 30, 2012 and March 31, 2012; 15,749,674 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $16,777,814 at June 30, 2012 and March 31, 2012.

  $ 16,574,708     $ 16,574,708  

Series B convertible preferred stock, 16,410,526 shares designated at June 30, 2012 and March 31, 2012; 16,036,346 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $11,999,998 at June 30, 2012 and March 31, 2012.

    11,897,738       11,897,738  

Series C convertible preferred stock, 15,621,609 shares designated at June 30, 2012 and March 31, 2012; 15,621,609 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $24,489,996 at June 30, 2012 and March 31, 2012.

    24,387,945       24,387,945  

Series D convertible preferred stock, 9,007,678 shares designated at June 30, 2012 and March 31, 2012; 9,007,678 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $32,043,771 and 32,043,914 at June 30, 2012 and March 31, 2012.

    31,943,250       31,945,772  

Series E convertible preferred stock, 3,571,428 shares designated at June 30, 2012; 2,500,000 shares issued and outstanding at June 30, 2012; aggregate liquidation preference of $17,500,000 at June 30, 2012.

    17,356,099       —    
   

 

 

   

 

 

 
    $ 102,159,740     $ 84,806,163  
   

 

 

   

 

 

 

In June 2012, we issued via private placement 2.5 million shares of Series E convertible preferred stock at $7.00 per share for aggregate gross cash consideration $17,500,000. The shares are convertible into shares of our common stock, par value $0.01 per share, initially on a one-for-one basis, as adjusted from time to time pursuant to the anti-dilution provisions of the LendingClub certificate of incorporation. The two investors in the Series E convertible preferred stock were Kleiner Perkins Caufield & Byers (“KPCB”), and John J. Mack, a member of the Company’s Board of Directors (“Board”). In conjunction with the Series E financing, the Board appointed Mary Meeker, General Partner of KPCB, as a member of the Company’s Board. In connection with our private placement of Series E convertible preferred stock, we incurred transaction expenses of $143,901 that were recorded as a reduction to gross proceeds.

 

In connection with the sale of Series E convertible preferred stock in June 2012, we filed an Amended and Restated Certificate of Incorporation with the State of Delaware, which reduced the total number of shares that we are authorized to issue from 158,046,088 shares to 151,617,516 shares, 90,000,000 shares of which are designated as common stock, and 61,617,516 shares of which are designated as preferred stock. Of the total shares of preferred stock, 17,006,275 shares are designated as Series A Preferred Stock, 16,410,526 shares are designated as Series B Preferred Stock, 15,700,000 shares are designated as Series C Preferred Stock, 9,007,678 shares are designated as Series D Preferred Stock and 3,571,428 shares are designated as Series E Preferred Stock. The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares of Common Stock then outstanding) by the affirmative vote of the holders of a majority of the Company’s Preferred Stock and Common Stock (voting together as a single class on an as-converted to Common Stock basis).

In July 2011, we issued and sold 7,027,604 shares of Series D convertible preferred stock via private placement for aggregate cash consideration of approximately $25,000,000. In August 2011, we issued and sold an additional 281,104 shares of Series D convertible preferred stock for aggregate cash consideration of approximately $1,000,000. In January 2012, we issued and sold an additional 1,698,970 shares of Series D convertible preferred stock for aggregate cash consideration of approximately $6,000,000. In connection with our private placement of Series D convertible preferred stock, we incurred transaction expenses of approximately $100,521 that were recorded as a reduction to gross proceeds.

The outstanding shares of convertible preferred stock are not mandatorily redeemable. The sale of all, or substantially all, of the Company’s assets, a consolidation or merger with another company, or a transfer of voting control in excess of fifty percent (50%) of the Company’s voting power are all events which are deemed to be a liquidation and would trigger the payment of liquidation preferences under the preferred stock agreements. All such events require approval of the Board. Therefore, based on the guidance of SEC Accounting Series Release No. 268, “Presentation in Financial Statements of Redeemable Preferred Stocks,” the redeemable convertible preferred stock has been classified outside of the stockholders’ equity section as certain of these factors are outside the control of the Company. The significant terms of outstanding Series A, Series B, Series C, Series D and Series E convertible preferred stock are as follows:

Conversion – Each share of convertible preferred stock is convertible, at the option of the holder, initially, into one share of common stock (subject to adjustments for events of dilution). Each share of convertible preferred stock will automatically be converted upon the earlier of: (i) the closing of an underwritten public offering of our common stock with aggregate gross proceeds that are at least $30,000,000; or (ii) the consent of the holders of a 55% majority of outstanding shares of convertible preferred stock, voting together as a single class, on an as-converted to common stock basis. The Company’s preferred stock agreements contain certain anti-dilution provisions, whereby if the Company issues additional shares of capital stock for an effective price lower than the conversion price for a series of preferred stock immediately prior to such issue, then the existing conversion price of such series of preferred stock will be reduced. The Company determined that while its convertible preferred stock contains certain anti-dilution features, the conversion feature embedded within its convertible preferred stock does not require bifurcation under the guidance of FASB ASC 815, Derivatives and Hedging Activities.

Liquidation preference – Upon any liquidation, winding up or dissolution of us, whether voluntary or involuntary (a “Liquidation Event”), before any distribution or payment shall be made to the holders of any common stock, the holders of convertible preferred stock shall, on a pari passu basis, be entitled to receive by reason of their ownership of such stock, an amount per share of Series A convertible preferred stock equal to $1.065 (as adjusted for stock splits, recapitalizations and the like) plus all declared and unpaid dividends (the “Series A Preferred Liquidation Preference”), an amount per share of Series B convertible preferred stock equal to $0.7483 (as adjusted for stock splits, recapitalizations and the like) plus all declared and unpaid dividends (the “Series B Preferred Liquidation Preference”), an amount per share of Series C convertible preferred stock equal to $1.5677 (as adjusted for stock splits, recapitalizations and the like), an amount per share of Series D convertible preferred stock equal to $3.557 and an amount per share of Series E convertible preferred stock equal to $7.00 (as adjusted for stock splits, recapitalizations and the like). However, if upon any such Liquidation Event, our assets shall be insufficient to make payment in full to all holders of convertible preferred stock of their respective liquidation preferences, then the entire assets of ours legally available for distribution shall be distributed with equal priority between the preferred holders based upon the amounts such series was to receive. Any excess assets, after payment in full of the liquidation preferences to the convertible preferred stockholders, are then allocated to the holders of common and preferred stockholders, pro-rata, on an as-if-converted to common stock basis.

Dividends – If and when declared by the Board, the holders of Series A, Series B, Series C, Series D and Series E convertible preferred stock, on a pari passu basis, will be entitled to receive non-cumulative dividends at a rate of 6% per annum in preference to any dividends on common stock (subject to adjustment for certain events). The holders of Series A, Series B, Series C, Series D and Series E convertible preferred stock are also entitled to receive with common stockholders, on an as-if-converted basis, any additional dividends issued by us.

Voting rights – Generally, preferred stockholders have one vote for each share of common stock that would be issuable upon conversion of preferred stock. Voting as a separate class, and on an as-if-converted to common stock basis, the Series A convertible preferred stockholders are entitled to elect two members of the Board the holders of Series B convertible preferred stockholders are entitled to elect one member of the Board as are the holders of the Series E convertible preferred. The Series C and Series D convertible preferred stockholders are not entitled to elect a member of the Board. The holders of common stock, voting as a separate class, are entitled to elect one member of the Board. The remaining directors are elected by the preferred stockholders and common stockholders voting together as a single class on an as-if-converted to common stock basis.

XML 63 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation
3 Months Ended
Jun. 30, 2012
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

11. Stock-Based Compensation

Under our 2007 Stock Incentive Plan, or the Option Plan, we may grant options to purchase shares of common stock to employees, executives, directors and consultants at exercise prices not less than the fair market value at date of grant for incentive stock options and not less than 85% of the fair market value at the date of grant for non-statutory options. An aggregate of 12,559,948 shares have been authorized for issuance under the Option Plan. The majority of options granted through June 30, 2012 are stock options that generally expire ten years from the date of grant and generally vest 25% twelve months from the date of grant, and ratably over the next 12 quarters thereafter, provided the grantee remains continuously employed by the Company through each vesting date (“service-based options”). As discussed further below, certain stock options with ten year terms vest immediately upon achievement of specified performance goals provided the grantee remains continuously employed by the Company through each performance measurement date (“performance-based options”).

 

For the three months ended June 30, 2012, we granted stock options to purchase 713,636 shares of common stock with a weighted average grant date fair value of $0.71 per share. We used the Black-Scholes option pricing model to estimate the fair value of stock options granted with the following assumptions:

 

         

Expected dividend yield

    0.0

Expected volatility

    63.50

Risk-free interest rates

    1.15% - 1.18

Expected life

    6.25  years 

Options activity under the Option Plan for the three month periods ended June 30, 2012 and 2011 is summarized as follows:

 

                                 
    Three Months Ended June 30, 2012     Three Months Ended June 30, 2011  
    Options Issued
and
Outstanding
    Weighted
Average
Exercise Price
    Options Issued
and
Outstanding
    Weighted
Average
Exercise Price
 

Balances, beginning of period

    9,630,808     $ 0.49       7,534,974     $ 0.35  

Options Granted

    713,636       0.71       —         —    

Options Exercised

    (1,048,026     0.28       (140,500     0.28  

Options Cancelled

    (38,789     0.71       (515,802     0.39  
   

 

 

           

 

 

         

Balances, end of period

    9,257,629     $ 0.53       6,878,672     $ 0.35  
   

 

 

           

 

 

         

Options outstanding and exercisable at June 30, 2012 were 2,887,084 at a weighted average exercise price of $0.39.

A summary of outstanding options, vested options and options vested and expected to vest at June 30, 2012, is as follows:

 

                         
    Number of
Options
    Weighted  Average
Remaining
Contractual  Life
(Years)
    Weighted
Average
Exercise Price
 

Options Outstanding

    9,257,629       8.67     $ 0.53  

Vested Options

    2,887,084       7.77     $ 0.39  

Options Vested and Expected to Vest

    8,592,263       8.63     $ 0.52  

A summary by exercise price of outstanding options, vested options, and options vested and expected to vest at June 30, 2012, is as follows:

 

                                 

Weighted

Average

Exercise Price

  Number of  Options
Outstanding
    Weighted Average
Remaining  Contractual
Life of Outstanding
Options (Years)
    Number
of Options
Vested
    Number of Options
Vested  and
Expected to Vest
 

$0.23

    785,939       7.21       519,250       772,459  

$0.40

    4,185,299       7.93       2,090,423       4,015,717  

$0.71

    4,286,391       9.66       277,411       3,804,086  
   

 

 

           

 

 

   

 

 

 

$0.53

    9,257,629       8.67       2,887,084       8,592,262  
   

 

 

           

 

 

   

 

 

 

Compensation expense related to the stock options of $175,680 and $185,172 was recognized in income for the three months ended June 30, 2012 and 2011, respectively. As of June 30, 2012, total unrecognized compensation cost was $1,714,552 and these costs are expected to be recognized through 2015.

No income tax benefit has been recognized relating to stock-based compensation expense and no tax benefits have been realized from exercised stock options.

 

XML 64 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Amortized Cost (Details 1) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Summary of aging of the principal balances of Member Loans at amortized cost outstanding    
Current Loans $ 916,981 $ 2,460,336
31-89 Days Past Due 18,210 61,796
Impaired Loans 86,680 102,857
Total Past Due and Impaired 104,890 164,653
Total Principal Balance of Member Loans $ 1,021,871 $ 2,624,989
XML 65 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Preferred Stock (Details Textual) (USD $)
3 Months Ended 1 Months Ended 3 Months Ended
Jun. 30, 2012
Director
Vote
Mar. 31, 2012
Jun. 30, 2012
Minimum [Member]
Jun. 30, 2012
Maximum [Member]
Jun. 30, 2012
Series A Preferred Stock [Member]
Jun. 30, 2012
Series B Preferred Stock [Member]
Jun. 30, 2012
Series C Preferred Stock [Member]
Jun. 30, 2012
Series D Preferred Stock [Member]
Mar. 31, 2012
Series D Preferred Stock [Member]
Jun. 30, 2012
Series E Preferred Stock [Member]
Jun. 30, 2012
Series A convertible preferred stock [Member]
Director
Mar. 31, 2012
Series A convertible preferred stock [Member]
Jun. 30, 2012
Series B convertible preferred stock [Member]
Director
Mar. 31, 2012
Series B convertible preferred stock [Member]
Jun. 30, 2012
Series C convertible preferred stock [Member]
Director
Mar. 31, 2012
Series C convertible preferred stock [Member]
Jan. 31, 2012
Series D convertible preferred stock [Member]
Aug. 31, 2011
Series D convertible preferred stock [Member]
Jul. 31, 2011
Series D convertible preferred stock [Member]
Jun. 30, 2012
Series D convertible preferred stock [Member]
Director
Mar. 31, 2012
Series D convertible preferred stock [Member]
Jun. 30, 2012
Series E convertible preferred stock [Member]
Director
Preferred Stock (Textual) [Abstract]                                            
Preferred stock, shares authorized 61,617,516 58,046,088                 17,006,275 17,006,275 16,410,526 16,410,526 15,621,609 15,621,609       9,007,678 9,007,678 3,571,428
Preferred stock, shares issued                 9,007,678 2,500,000 15,749,674 15,749,674 16,036,346 16,036,346 15,621,609 15,621,609       9,007,678 9,007,678 2,500,000
Preferred stock, shares outstanding                     15,749,674 15,749,674 16,036,346 16,036,346 15,621,609 15,621,609       9,007,678 9,007,678 2,500,000
Preferred stock, aggregate liquidation preference                     $ 777,814 $ 777,814 $ 11,999,998 $ 11,999,998 $ 24,489,996 $ 24,489,996       $ 32,043,771 $ 32,043,914 $ 17,500,000
Common stock, shares authorized 90,000,000 100,000,000 158,046,088 151,617,516                                    
Preferred stock issued and sold                                 1,698,970 281,104 7,027,604     2,500,000
Preferred stock sold, price per share                                           $ 7.00
Aggregate gross cash consideration                                 6,000,000 1,000,000 25,000,000     17,500,000
Common stock, par value $ 0.01 $ 0.01                                        
Transaction expenses                                 100,521         143,901
Preferred stock conversion into number of common share 1                                         1
Convertible preferred stock, liquidation preference                     $ 1.065   $ 0.7483   $ 1.5677         $ 3.557   $ 7.00
Total preferred stock shares authorized for issuance 61,617,516       17,006,275 16,410,526 15,700,000 9,007,678   3,571,428                        
Number of Board of Directors convertible preferred stockholders are entitled to elect                     2   1   0         0   1
Preferred Stock (Additional Textual) [Abstract]                                            
Preferred stock, par value $ 0.01 $ 0.01                                        
Proceeds from public offering of common stock $ 30,000,000                                          
Percentage of voting power threshold for payment of liquidation preference 50.00%                                          
Preferred stock, conversion basis Each share of convertible preferred stock will automatically be converted upon the earlier of (i) the closing of an underwritten public offering of our common stock with aggregate gross proceeds that are at least $30,000,000 or (ii) the consent of the holders of a 65% majority of outstanding shares of convertible preferred stock, voting together as a single class, on an as-converted to common stock basis.                                          
Majority of outstanding shares of convertible preferred stock 55.00%                                          
Non cumulative dividends rate 6.00%                                          
Preferred stockholder's number of vote for each share of common stock 1                                          
Number of board of directors common stockholders are entitled to elect 1                                          
XML 66 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Jun. 30, 2012
Summary of Significant Accounting Policies [Abstract]  
Consolidation Policies

Consolidation Policies

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, LC Advisors, LLC, a California limited liability company (“LCA”) and LC Trust I, a Delaware business trust (“Trust”). In determining whether to consolidate an entity, the Company’s policy is to consider: (i) whether the Company has an equity investment or ownership interest in an entity that is greater than 50% and control over significant operating, financial and investing decisions of that entity, or (ii) for variable interest entities (VIE’s) in which the Company has an equity investment, whether the Company is the primary beneficiary of the VIE as a result of a controlling financial interest in the VIE. A controlling financial interest in a VIE exists if the Company has both the power to direct the VIE’s activities that most significantly affect the VIE’s economic performance and an economic interest in the VIE, which could be in the form of the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE.

 

The Trust acquires portions of Member Loans from the Company and holds them for the sole benefit of specific investors that purchase Trust Certificates (Certificates) issued by the Trust and which are related to underlying Member Loans. The Certificates may only be settled with cash flows from the underlying Member Loans held by the Trust consistent with the member payment dependent design of the Certificates; Certificate holders do not have recourse to the general credit of the Trust, Company or other investors.

The Company’s capital contributions to the Trust have been insufficient to allow the Trust to finance its purchase of any significant amount of Member Loans without the issuance of Certificates to investors. The Trust’s low capitalization levels (minimum capital of 0.25% of assets) and structure, wherein investors’ hold beneficial interests in Member Loans via the Certificates, qualifies the Trust as a VIE. The Company believes it is the primary beneficiary of the Trust because of its controlling financial interest in the Trust. The Company performs or directs activities that significantly affect the Trust’s economic performance via, (i) operation of the platform that enables borrowers to apply for Member Loans purchased by the Trust, (ii) credit underwriting and servicing of Member Loans purchased by the Trust, and, (iii) LCA’s role to source investors that ultimately purchase Certificates that supply the funds for the Trust to purchase Member Loans. Collectively, the activities of the Company, LCA and Trust described above allow the Company to fund more Member Loans and to collect the related loan origination fees, and for LCA to collect the management fees on the investors’ capital used to purchase Trust Certificates, than would be the case without the existence of the Trust. Therefore, the Company receives significant economic benefits from the existence and activities conducted by the Trust.

The Company has determined that the Trust meets the consolidation requirements. All intercompany transactions and accounts between the Company, the Trust and LCA have been eliminated.

Liquidity

Liquidity

We have incurred operating losses since our inception. For the three months ended June 30, 2012 and 2011, we incurred net losses of $2,525,808 and $3,106,678, respectively. For the three months ended June 30, 2012 and 2011, we had negative cash flows from operations of $888,783 and $2,876,546 respectively. Additionally, we have an accumulated deficit of $55,924,509 since inception and a stockholders’ deficit of $50,543,064 as of June 30, 2012.

Since our inception, we have financed our operations through debt and equity financing from various sources. Our current operating plan calls for continued investments in sales, technology, development, security, underwriting, credit processing and marketing. If our assumptions regarding growth and operating plan are incorrect, we may need to slow our investment spending, which could slow our rate of growth, and we may consume our current liquidity resources.

On June 1, 2012, we issued and sold via private placement 2.5 million shares of Series E convertible preferred stock for aggregate cash consideration of $17,500,000. In connection with our private placement of Series E convertible preferred stock, we incurred transaction expenses of $143,902 that were recorded as a reduction to gross proceeds.

During the year ended March 31, 2012, we issued and sold via private placement a total of 9,007,678 shares of Series D convertible preferred stock for aggregate cash consideration of $32,043,771. In connection with our private placement of Series D convertible preferred stock, we incurred total transaction expenses of approximately $100,521 that were recorded as a reduction to gross proceeds.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires our management to make judgments and estimates that affect the amounts reported in our consolidated financial statements and accompanying notes. We base our estimates on historical experience, current information and various other factors we believe to be relevant and reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Our most significant judgments, assumptions and estimates and which we believe are critical in understanding and evaluating our reported financial results include: (i) revenue recognition; (ii) fair value determinations; (iii) allowance for loan losses; (iv) share-based compensation; and (v) provision for income taxes, net of valuation allowances for deferred tax assets. These estimates and assumptions are inherently subjective in nature, actual results may differ from these estimates and assumptions, and the differences could be material.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include various unrestricted deposits with financial institutions in checking, money market and short-term certificate of deposit accounts. We consider all highly liquid investments with original maturity dates of three months or less to be cash equivalents.

Restricted Cash

Restricted Cash

At June 30, 2012 and March 31, 2012, restricted cash consists of the Company’s funds in certain checking, certificate of deposit, and money market accounts that are pledged to or held in escrow by our correspondent banks as security for transactions processed on or related to our platform.

Member Loans

Member Loans

All Member Loans originated since April 7, 2008 have been held for investment on our balance sheet based on management’s intent and ability to hold such loans for the foreseeable future or to maturity. Two acceptable, alternative accounting methods have been used to account for Member Loans held for investment, as discussed below.

Beginning October 13, 2008, Member Loans were able to be financed by Notes issued by us to investors, and the majority of Member Loans originated since that date have been financed in that manner. These Notes are special limited recourse obligations of LendingClub, in that LendingClub has no obligation to make a payment on a Note until LendingClub receives a payment from the underlying member borrower. Each series of Notes corresponds to a single corresponding Member Loan facilitated on a related Member Loan through our platform and the payments to investors in the Notes are directly dependent on the timing and amounts of payments received on the related Member Loan. If we do not receive a payment on the Member Loan, we are not obligated to and will not make any payments on the corresponding Notes. In conjunction with this financing structure effective as of October 13, 2008, we adopted the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825-10, which permits companies to choose to measure certain financial instruments and certain other items at fair value. Accordingly, since October 13, 2008, we have elected the fair value option for Member Loan originations financed by Notes (“Member Loans at fair value”) and also for the related Notes. Since March 2011, we have also elected the fair value option for all Member Loan originations financed by Certificates and the related Certificates. Absent the fair value elections, Member Loans held for investment would be accounted for at amortized cost and would record loan loss provisions for estimated expected losses, but the related Notes also accounted for at amortized cost would recognize losses passed-through from the related loans only when and in amounts of the charge-offs of the related loans, thereby resulting in a mismatch in the timing and amounts of loss recognition between a Member Loan and related Notes. The estimated unrealized gains and losses on financial instruments for which the fair value option has been elected are reported in earnings.

We also originate some Member Loans and finance them ourselves, with sources of funds other than Notes and Certificates, to ensure sufficient financing for loans desired by our borrower members. We receive the same terms on Member Loans that we finance as the terms received by other Note investors. Funds to finance such Member Loan originations were obtained through our borrowings under loan facilities with various entities (see Note 7 — Loans Payable) and issuance of various series of preferred stock (see Note 9 – Preferred Stock). Member Loan originations through September 30, 2011, that were financed by us with sources of funds other than Notes and Certificates are carried at amortized cost, reduced by a valuation allowance for loan losses incurred as of the balance sheet date (“Member Loans at amortized cost”). The amortized cost of such Member Loans includes their unpaid principal balance net of unearned income, which is comprised of origination fees charged to borrower members and offset by our incremental direct origination costs for the loans. Unearned income is amortized ratably over the member loan’s contractual life using a method that approximates the effective interest method. All Member Loan originations after September 30, 2011, are accounted for at fair value.

Member Loans at Fair Value and Notes and Certificates at Fair Value

Member Loans at Fair Value and Notes and Certificates at Fair Value

The aggregate fair values of the Member Loans at fair value and Notes and Certificates are reported as separate line items in the assets and liabilities sections of our consolidated balance sheets using the methods and disclosures related to fair value accounting that are described in FASB ASC 820.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Changes in the fair value of the Member Loans at fair value and Notes and Certificates are recognized separately in earnings.

 

We determined the fair value of the Member Loans at fair value and Notes and Certificates at fair value in accordance with the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs, which generally requires significant management judgment, when measuring fair value. FASB ASC 820 establishes the following hierarchy for categorizing these inputs:

 

     
Level 1 –   Quoted market prices in active markets for identical assets or liabilities;
   
Level 2 –   Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); and
   
Level 3 –   Significant unobservable inputs.

Since observable market prices and inputs are not available for similar assets and liabilities, the Member Loans at fair value and Notes and Certificates at fair value are considered Level 3 financial instruments. At June 30, 2012, we estimated the fair values of Member Loans and their related Notes and Certificates using a discounted cash flow valuation methodology. The estimated fair value of Member Loans is computed by projecting the future contractual cash flows to be received on the loans, adjusting those cash flows for our expectation of prepayments (if significant), defaults and losses over the life of the loans, and recoveries, if any. We then discount those projected net cash flows to a present value, which is the estimated fair value. Our expectation of future defaults and losses on loans is based on analyses of actual defaults and losses that occurred on the various credit grades of Member Loans over the past several years. Expected recoveries reflect actual historical recovery experience for the various types of defaulted loans and the contractual arrangements with collection agencies. The discount rates for the projected net cash flows of the Member Loans are our estimates of the rates of return that investors in unsecured consumer credit obligations would require when investing in the various credit grades of Member Loans.

Our obligation to pay principal and interest on any Note and Certificate is equal to the pro-rata portion of the payments, if any, received on the related Member Loan at fair value. The gross effective interest rate associated with a Note and a Certificate is the same as the interest rate earned on the related Member Loan. At June 30, 2012, the discounted cash flow methodology used to estimate the Notes’ and Certificates’ fair values uses the same projected net cash flows as their related Member Loans. The discount rates for the projected net cash flows of the Notes and Certificates are our estimates of the rates of return that investors in unsecured consumer credit obligations would require when investing in Notes issued by LendingClub and Certificates issued by the Trust with cash flows dependent on specific credit grades of Member Loans.

For additional discussion on this topic, including the adjustments to the estimated fair values of Loans at fair value and Notes and Certificates at fair value as of June 30, 2012, as discussed above, see Note 5 — Member Loans at Fair Value and Notes and Certificates at Fair Value.

Impaired Loans, Restructured Loans and Nonaccrual Loans

Impaired Loans, Restructured Loans and Nonaccrual Loans

The Member Loan portfolio is comprised of homogeneous, unsecured loans made to borrower members. Although the terminology and certain required disclosures for impaired and restructured loans apply only to Member Loans at amortized cost pursuant to generally accepted accounting principles as discussed below, we also use similar terminology and classifications for Member Loans at fair value for risk management and internal reporting purposes.

We make an initial assessment whether a Member Loan at amortized cost is impaired no later than the 90th day of delinquency of that loan and at least quarterly thereafter based on their payment status and information gathered through our collection efforts. A Member Loan at amortized cost is considered impaired when, based on loan specific information gathered through our collection efforts, it is probable that we will be unable to collect all the scheduled payments of principal or interest due according to the contractual terms of the original loan agreement. Impaired Member Loans at amortized cost include loans at amortized cost that are 90 days or more past due and loans where the borrower has filed a petition in bankruptcy or is deceased.

As part of our activities to maximize receipt, collection and recovery of loans in which the borrower has, or is expected to, experience difficulty in meeting the loan’s contractually required payments, we may agree to special payment plans with certain borrowers. Most of the special payment plans involve reduced minimum loan payments for a short period of time and the deferred payments are to be repaid over the remaining original term of the loan. No principal or interest is forgiven nor is the original term of the loan extended in these situations. The delay in receipt of all contractually-required loan payments in these situations is insignificant.

 

Prior to December 2011, special payment plans with certain borrowers involved extensions of the original term of the loan by six to 24 months and recasting the borrower’s monthly loan payment schedule, with the modified total term of the loans not exceeding 60 months. In these situations, the restructuring of the Member Loan at amortized cost terms qualifies as a Troubled Debt Restructuring (“TDR”) as defined by ASC 310-40, which is classified as a form of an impaired loan. Accordingly, as discussed more fully in New Accounting Pronouncements, “Accounting Standards Update (“ASU”) No. 2011-02, Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring, later in this Note 2, beginning with the three month period ended June 30, 2012, we now also classify TDR’s as impaired Member Loans at amortized cost and include such TDR’s in the disclosures regarding impaired Member Loans at amortized cost.

A loan that has reached its 120 th day of delinquency is classified as a nonaccrual loan; we stop accruing interest and reverse all accrued unpaid interest. Once a loan is deemed uncollectible, 100% of the outstanding balance is charged-off, no later than the 150 th day of delinquency. Any payment received on a nonaccrual loan is first applied to the unpaid principal amount of the loan and then to any interest due.

Allowance for Loan Losses

Allowance for Loan Losses

We may incur loan losses if a borrower member fails to pay their monthly scheduled loan payments. The allowance for loan losses applies only to Member Loans at amortized cost and is a valuation allowance that is established as losses are estimated to have occurred at the balance sheet date through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed.

The allowance for loan losses is evaluated on a periodic basis by management, and represents an estimate of expected credit losses based on a variety of factors, including the composition and quality of the Member Loans at amortized cost, loan specific information gathered through our collection efforts, delinquency levels, current and historical charge-off and loss experience, current industry charge-off and loss experience, and general economic conditions. Determining the adequacy of the allowance for loan losses for Member Loans at amortized cost is subjective, complex and requires judgment by management about the effects of matters that are inherently uncertain, and actual losses may differ from our estimates.

Our estimate of the required allowance for loan losses for Member Loans at amortized cost is developed by estimating both the rate of default of the loans within each credit score band using the FICO credit scoring model, a loan’s collection/impairment status, the borrower’s FICO score at or near the evaluation date, and the estimated amount of probable loss in the event of a borrower member default.

Accrued Interest and Other Receivables

Accrued Interest and Other Receivables

Other receivables consist primarily of accrued interest receivable on Member Loans and to a lesser extent, account receivable for management fees due from certain investors in Certificates and receivables arising in the ordinary course of operations. Accrued interest receivable on Member Loans is reversed for any loan reaching 120 days of delinquency. Receivables arising in the ordinary course of operations are charged-off when deemed to be uncollectible.

Deposits

Deposits

We have placed deposits with certain service providers pursuant to agreements with the service providers. Certain deposits are short-term in nature and generally may be applied toward amounts due the service providers as services are rendered. One deposit with a payment services provider that processes investor payment transactions is ongoing and restricted as to withdrawal throughout the contract term and the amount of the deposit depends on the volume of payment transactions processed. The deposit with the payment services provider is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement.

Payable to Member Lenders

Payable to Member Lenders

Payables to Member Lenders primarily represent payments-in-process received from member lenders that, as of the last day of the period, have not been credited to their accounts on the platform and transferred to the separate bank account that holds lenders’ uninvested funds in trust for them.

Revenue Recognition

Revenue Recognition

Revenues primarily result from fees earned and net interest income. Fees include loan origination fees (borrower member paid), servicing fees (investor member paid) and management fees (paid by investors in Certificates).

 

The loan origination fee charged to each borrower member is determined by the credit grade of that borrower member’s loan and as of June 30, 2012, ranged from 1.11% to 5.00% of the aggregate member loan amount. The member loan origination fees are included in the annual percentage rate (“APR”) calculation provided to the borrower member and is subtracted from the gross loan proceeds prior to disbursement of the loan funds to the borrower member. A Member Loan is considered issued through our platform when we record the transfer of funds to the borrower member’s account on our platform, following which we initiate an Automated Clearing House transaction to transfer funds from our platform’s correspondent bank account to the borrower member’s bank account.

The recognition of fee revenue and interest income is determined by the accounting method applied to each Member Loan, which include:

 

   

Member Loans at Fair Value — Member Loans originated on or after October 13, 2008, for which fair value accounting was elected.

 

   

Member Loans at Amortized Cost — Member Loans originated since Company inception through September 30, 2011 which were accounted for at amortized cost; originations of Member Loans at amortized cost were discontinued September 30, 2011.

 

   

Member Loans Sold Directly to Third Party Investor Members — Member loans originated and sold to third party investor members, with servicing retained, which sales were discontinued April 7, 2008.

The recognition of fee revenue and interest income for Member Loans under the three accounting methods is described below.

Member Loans at Fair Value

Because of the election to account for Member Loans at fair value, origination fees on Member Loans at fair value are recognized upon origination of the loan and included as a component of non-interest revenue (See Note 13 — Non Interest Revenue). Direct costs to originate Member Loans at fair value are recognized as operating expenses as incurred.

We record interest income on Member Loans at fair value as earned. Loans reaching 120 days delinquency are classified as nonaccrual loans, and we stop accruing interest and reverse all accrued but unpaid interest as of such date.

Member Loans at Amortized Cost

Origination fees and direct loan origination costs attributable to originations of Member Loans at amortized cost are offset and the net amount is deferred and amortized over the lives of the loans as an adjustment to the interest income earned on the loans.

We record interest income on Member Loans at amortized cost as earned. Loans reaching 120 days delinquency are classified as nonaccrual loans, and we stop accruing interest and reverse all accrued but unpaid interest after such date.

As discussed later in this Note 2 – Summary of Significant Accounting Principles, effective October 1, 2011, we elected the fair value accounting option for all Member Loans originated on and after October 1, 2011. As a result, there have been no new Member Loan originations that are accounted for at amortized cost since October 1, 2011.

Member Loans Sold Directly to Third Party Investor Members

The remaining principal balance of loans sold to and serviced for third party investors at June 30, 2012 and 2011 was $657 and $20,463, respectively. Servicing revenue and changes in valuation of servicing rights for loans sold to third party investors was insignificant for the three months ended June 30, 2012 and 2011, respectively.

Servicing Fees on Notes at Fair Value

We record the servicing fees paid by Note holders, which are based on the payments serviced on the related Member Loans at fair value, as a component of non-interest revenue when received.

 

Management Fees

LCA is the general partner of three private investment funds (“Funds”) in which it has made no capital contributions and does not receive any allocation of the Funds’ income, expenses, gains, losses nor any carried interest. The Funds invest in Certificates issued by the Trust. LCA charges limited partners in the Funds a monthly management fee, payable monthly in arrears, based on a limited partner’s capital account balance as of the end of each month. These management fees, which also are charged to other investors in Certificates, can be modified or waived at the discretion of LCA. These management fees are classified as a component of non-interest revenue in the consolidated statements of operations and are recorded as earned.

Fair Valuation Adjustments of Member Loans at Fair Value and Notes and Certificates at Fair Value

Fair Valuation Adjustments of Member Loans at Fair Value and Notes and Certificates at Fair Value

We include in earnings the estimated unrealized fair value gains or losses during the period of Member Loans at fair value, and the offsetting estimated fair value losses or gains on related Notes and Certificates at fair value. As discussed earlier in this Note 2, at June 30, 2012, we estimated the fair values of Member Loans at fair value and Notes and Certificates using a discounted cash flow valuation methodology. At each reporting period, we recognize fair valuation adjustments for the Member Loans at fair value and for the Notes and Certificates. The fair valuation adjustment for a given principal amount of a Member Loan at fair value will be approximately equal to the corresponding estimated fair valuation adjustment on the combined principal amounts of related Notes and Certificates because the same net cash flows of the Member Loan and the related Notes and Certificates are used in the discounted cash flow valuation methodology.

Concentrations of credit risk

Concentrations of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, Member Loans and the related accrued interest receivable, and deposits with service providers. We hold our cash, cash equivalents and restricted cash in accounts at high-credit quality regulated domestic financial institutions. We are exposed to credit risk in the event of default by these institutions to the extent the amount recorded on the balance sheet periodically exceeds the applicable FDIC insured amounts.

We obtain third-party credit reports and perform other evaluations of our borrower members’ financial condition, as needed, and do not allow borrower members to have more than two Member Loans outstanding at any one time. All of our loans are unsecured but we maintain a fair value allowance for Member Loans at fair value and an allowance for loan losses for Member Loans at amortized cost, as described above. Additionally, the potential gross credit risk to the Company from Member Loans is significantly mitigated to the extent that loans are financed by Notes or Certificates which absorb the loans’ credit losses pursuant to the member payment dependency provision.

The deposits placed with the majority of the service providers are short-term and generally may be applied toward amounts due the providers as services are rendered. One deposit with a payment services provider is ongoing throughout the contract term, is restricted as to withdrawal, and is required to be returned to us when payment transaction volumes decline and upon termination or expiration of the agreement. The payment services agreement is cancelable by us at any time. Additionally, we regularly monitor the amount of the ongoing deposit with the payment services provider and the financial condition of the payment services provider.

Stock-Based Compensation

Stock-Based Compensation

All share-based awards made to employees, including grants of employee stock options, restricted stock and employee stock purchase rights, are recognized in the consolidated financial statements based on their respective grant date fair values. Any benefits of tax deductions in excess of recognized compensation cost are reported as a financing cash inflow and a cash outflow from operating activities.

The fair value of share-option awards is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected term of the option award, the expected volatility of our stock price and expected future dividends, if any.

Forfeitures of awards are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures, such that expense is recorded only for those stock-based awards that are expected to vest.

Share-based awards issued to non-employees are accounted for in accordance with provisions of ASC 718-505-50, Equity-Based Payments to Non-Employees, which requires that equity awards be recorded at their fair value. We use the Black-Scholes model to estimate the value of share-option awards granted to non-employees at each vesting date to determine the appropriate charge to stock-based compensation. The assumed volatility of the price of our common stock was based on comparative company stock price volatility.

Change in Accounting Policy

Change in Accounting Policy

Effective October 1, 2011, we elected the fair value accounting option for all Member Loans originated on and after October 1, 2011. Prior to October 1, 2011, Member Loan originations financed by Notes or Certificates were accounted for at fair value and Member Loan originations financed by us via sources of funds other than Notes or Certificates were accounted for at amortized cost. We believe this change in the fair value accounting elections simplifies the accounting and presentation of Member Loans; all Member Loans eventually will be accounted for at fair value once the existing Member Loans that are accounted for at amortized cost are no longer outstanding.

Reclassification of Amounts in Previously Published Consolidated Statements of Operations

Reclassification of Amounts in Previously Published Consolidated Statements of Operations

Certain amounts in previously published consolidated statements of operations for the three months ended June 30, 2011, for origination fees on Member Loans at fair values, servicing fees on Notes at fair value, interest income earned on Member Loans at fair value and Member Loans at amortized cost, interest income on Cash Equivalents, interest expense on Notes at fair value and Loans Payable, as well as the fair valuation adjustments recognized in earnings related to Member Loans at fair value and Notes and Certificates at fair value, have been reclassified to conform to our current financial statement presentation. These reclassifications had no net impact on previously reported results of consolidated operations or consolidated stockholders’ equity.

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

In July 2010, the Financial Accounting Standards Board (“FASB”) issued Standards Update (ASU) No. 2010-20, Receivables (Topic 310): Disclosure about the Credit Quality of Financing Receivables and the Allowance for Credit Losses. The ASU requires additional disaggregated disclosures that improve financial statement users’ understanding of: 1) the nature of an entity’s credit risk associated with its financing receivables, and, 2) the entity’s assessment of that risk in estimating its allowance for credit losses as well as changes in the allowance and the reasons for those changes. As a nonpublic entity, as defined by the accounting standard, we adopted the provisions of ASU 2010-20 for the annual reporting period ending March 31, 2012 and interim reporting periods thereafter. The adoption of this standard did not have a material effect on the Company’s results of consolidated operations or financial position but resulted in additional disclosures for Member Loans at amortized cost.

Receivables

In April 2011, the FASB issued ASU No. 2011-02, Receivables (Topic 310): A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring. The ASU clarifies which loan modifications constitute troubled debt restructurings. It is intended to assist creditors in determining whether a modification of the terms of a receivable meets the criteria to be considered a troubled debt restructuring (“TDR”), both for purposes of recording an impairment loss and for disclosure of a TDR. In evaluating whether a restructuring constitutes a TDR, a creditor must separately conclude that both of the following exist: (a) the restructuring constitutes a concession; and (b) the debtor is experiencing financial difficulties. The amendments to ASU Topic 310, Receivables, clarify the guidance on a creditor’s evaluation of whether it has granted a concession and whether a debtor is experiencing financial difficulties. For nonpublic entities, the required disclosures are effective for the annual period ending after December 15, 2012, including interim periods within that annual period, with retrospective disclosures required for all TDR activities that have occurred from the beginning of the annual period of adoption. The Company is considered a nonpublic entity with respect to determination of the effective date of this ASU. Accordingly, the Company adopted this ASU for its fiscal year ending March 31, 2013, and for interim periods beginning with the three-month period ended June 30, 2012. This guidance did not have a material effect on our identification of TDR’s or recording of impairment losses, but resulted in additional disclosures for Member Loans at amortized cost.

Fair value measurement

The FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, in May 2011. This ASU represents the converged guidance of the FASB and the International Accounting Standards Board (“IASB,” collectively the “Boards”) on fair value measurement. The collective efforts of the Boards and their staffs, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term “fair value.” The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRSs”). The amendments to the Codification in this ASU are to be applied prospectively. Because of the Company’s requirement to file financial statements with the Securities and Exchange Commission (“SEC”), although the Company is a non-public entity it is considered a public entity for purposes of determining the effective date of implementing this ASU. Accordingly, the Company adopted this ASU for its interim periods beginning with the three-month period ended June 30, 2012 and annual periods beginning April 1, 2012. The impact of adoption of this ASU did not have a material effect on the Company’s consolidated financial statements.

Derivatives and Hedging Activities

Conversion – Each share of convertible preferred stock is convertible, at the option of the holder, initially, into one share of common stock (subject to adjustments for events of dilution). Each share of convertible preferred stock will automatically be converted upon the earlier of: (i) the closing of an underwritten public offering of our common stock with aggregate gross proceeds that are at least $30,000,000; or (ii) the consent of the holders of a 55% majority of outstanding shares of convertible preferred stock, voting together as a single class, on an as-converted to common stock basis. The Company’s preferred stock agreements contain certain anti-dilution provisions, whereby if the Company issues additional shares of capital stock for an effective price lower than the conversion price for a series of preferred stock immediately prior to such issue, then the existing conversion price of such series of preferred stock will be reduced. The Company determined that while its convertible preferred stock contains certain anti-dilution features, the conversion feature embedded within its convertible preferred stock does not require bifurcation under the guidance of FASB ASC 815, Derivatives and Hedging Activities.

XML 67 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions (Tables)
3 Months Ended
Jun. 30, 2012
Related Party Transactions [Abstract]  
Schedule of LendingClub's affiliates Platform deposits, Platform withdrawals, and investment in Notes and Certificates

For the three months ended June 30, 2012 and 2011, these affiliates made LendingClub Platform deposits, Platform withdrawals, and invested in Notes and Certificates, as follows:

 

                                                 
    Three Months Ended June 30, 2012     Three Months Ended June 30, 2011  

Affiliate

  Platform
Deposits
    Platform
Withdrawals
    Investments     Platform
Deposits
    Platform
Withdrawals
    Investments  

Daniel Ciporin

  $ —       $ 40,851     $ —       $ —       $ 35,120     $ —    

Jeffrey Crowe

    —         —         79,875       —         —         66,275  

Carrie Dolan

    —         —         —         —         —         —    

Renaud Laplanche

    —         —         —         —         —         25  

Rebecca Lynn

    —         —         —         —         —         —    

John Mack

    —         252,112       —         —         —         —    

Scott Sanborn

    —         5,940       2,075       —         5,940       1,400  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    $ —       $ 298,903     $ 81,950     $ —       $ 41,061     $ 67,700  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Schedule of outstanding principal invested balances and total funds committed

As of June 30, 2012 and March 31, 2012, these affiliates had outstanding principal invested balances and total funds committed to the LendingClub Platform, as follows:

 

                                 
    As of June 30, 2012     As of March 31, 2012  

Affiliate

  Notes  and
Certificates
Outstanding
    Total  Funds
Committed
    Notes  and
Certificates
Outstanding
    Total  Funds
Committed
 

Daniel Ciporin

  $ 259,035     $ 343,847     $ 325,424     $ 377,225  

Jeffrey Crowe

    440,894       455,800       431,871       448,255  

Carrie Dolan

    21,721       26,055       24,510       25,519  

Renaud Laplanche

    55       2,198       160       366  

Rebecca Lynn

    —         509       4       509  

John Mack

    1,106,416       1,308,383       1,443,473       1,534,371  

Scott Sanborn

    11,654       12,022       11,367       11,798  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 1,839,775     $ 2,148,814     $ 2,236,809     $ 2,398,043  
   

 

 

   

 

 

   

 

 

   

 

 

 
XML 68 R49.htm IDEA: XBRL DOCUMENT v2.4.0.6
Preferred Stock (Details) (USD $)
Jun. 30, 2012
Mar. 31, 2012
Convertible preferred stock    
Preferred stock $ 102,159,740 $ 84,806,163
Series A convertible preferred stock [Member]
   
Convertible preferred stock    
Preferred stock 16,574,708 16,574,708
Series B convertible preferred stock [Member]
   
Convertible preferred stock    
Preferred stock 11,897,738 11,897,738
Series C convertible preferred stock [Member]
   
Convertible preferred stock    
Preferred stock 24,387,945 24,387,945
Series D convertible preferred stock [Member]
   
Convertible preferred stock    
Preferred stock 31,943,250 31,945,772
Series E convertible preferred stock [Member]
   
Convertible preferred stock    
Preferred stock $ 17,356,099  
XML 69 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Fair Value and Notes and Certificates at Fair Value (Details 2) (USD $)
3 Months Ended
Jun. 30, 2012
Additional information about assets and liabilities measured at fair value on a recurring basis  
Member loans at fair value, Fair value at March 31, 2012 $ 360,292,534
Notes, Fair value at March 31, 2012 360,800,358
Member Loans at fair value, Originations 137,366,191
Notes, Originations 138,989,216
Member Loans at fair value, Reclassification of Member Loans at amortized cost 1,154,797
Member Loans at fair value, Principal repayments (40,821,303)
Notes, Principal repayments (42,999,178)
Proceeds/payments on sale of charged-off Member Loans at fair value 219,385
Payments on charged-off Notes and Certificates at fair value (219,385)
Member Loans at fair value, Carrying value before period-end fair value adjustments 457,772,834
Notes, Carrying value before period-end fair value adjustments 456,571,011
Member loans at fair value, Fair valuation adjustments, included in earnings (3,509,426)
Notes, Fair valuation adjustments, included in earnings (3,460,555)
Member loans at fair value, Fair value at June 30, 2012 454,263,408
Notes, Fair value at June 30, 2012 $ 453,110,456
XML 70 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net loss $ (2,525,808) $ (3,106,678)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of net deferred loan fees and costs (42,956) (1,119)
Amortization of debt discounts 5,135 33,982
Provision/( Benefit) for loan losses (48,522) 74,904
Fair valuation adjustments, net 48,871 257
Stock based compensation expense 175,680 241,661
Depreciation and amortization 58,802 27,062
Changes in operating assets and liabilities    
Accrued interest and other receivables (349,802) (151,106)
Prepaid expenses and other assets 57,487 (28,677)
Deposits (248,061) (42,500)
Accounts payable 240,108 (33,279)
Accrued interest payable and other accrued expenses 1,071,069 108,947
Payable to member lenders 669,214  
Net cash used in operating activities (888,783) (2,876,546)
Cash flows from investing activities:    
Origination of Member Loans at fair value (137,366,191) (54,265,647)
Origination of Member Loans at amortized cost, net   (1,063,821)
Repayment of Member Loans at fair value 40,821,303 19,176,697
Repayment of Member Loans held at amortized cost 321,767 539,122
Proceeds from sale of charged-off Member Loans at fair value 219,385  
Proceeds from sale of charged-off Member Loans at amortized cost 49,890  
Net change in restricted cash   160,000
Purchase of property and equipment, net (192,236) (139,730)
Net cash used in investing activities (96,146,082) (35,913,379)
Cash flows from financing activities:    
Proceeds from issuance of Notes and Certificates at fair value 138,989,216 55,693,775
Payments on Notes and Certificates at fair value (42,999,178) (19,699,272)
Payments on charged-off Notes and Certificates at fair value (219,385)  
Payments on loans payable (334,486) (941,543)
Proceeds from issuance of Series E convertible preferred stock, net of issuance costs 17,353,576  
Proceeds from issuance of common stock 276,416 1,405
Net cash provided by financing activities 113,066,159 35,054,365
Net increase (decrease) in cash and cash equivalents 16,031,294 (3,735,560)
Cash and cash equivalents - beginning of period 31,244,368 13,335,657
Cash and cash equivalents - end of period 47,275,662 9,600,097
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 11,746,714 $ 4,867,857
XML 71 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Member Loans at Fair Value and Notes and Certificates at Fair Value
3 Months Ended
Jun. 30, 2012
Member Loans at Fair Value and Notes and Certificates at Fair Value [Abstract]  
Member Loans at Fair Value and Notes and Certificates at Fair Value

5. Member Loans at Fair Value and Notes and Certificates at Fair Value

At June 30, 2012 and March 31, 2012, we had the following assets and liabilities measured at fair value on a recurring basis:

 

                                 
    Member Loans at Fair Value     Notes and Certificates at Fair Value  
    June 30, 2012     March 31, 2012     June 30, 2012     March 31, 2012  

Aggregate principal balance outstanding

  $ 460,874,842     $ 366,396,942     $ 459,746,929     $ 366,936,857  

Fair valuation adjustments

    (6,611,434     (6,104,408     (6,636,473     (6,136,499
   

 

 

   

 

 

   

 

 

   

 

 

 

Fair value

  $ 454,263,408     $ 360,292,534     $ 453,110,456     $ 360,800,358  
   

 

 

   

 

 

   

 

 

   

 

 

 

We determined the fair values of Member Loans at fair value and Notes at fair value using inputs and methods that are categorized in the fair value hierarchy of ASC 820, as follows:

 

                                 
     Level 1 Inputs     Level 2 Inputs     Level 3 Inputs     Fair Value  

June 30, 2012

                               

Assets:

                               

Member Loans at fair value

  $ —       $ —       $ 454,263,408     $ 454,263,408  

Liabilities:

                               

Notes and Certificates

  $ —       $ —       $ 453,110,456     $ 453,110,456  

March 31, 2012

                               

Assets:

                               

Member Loans at fair value

  $ —       $ —       $ 360,292,534     $ 360,292,534  

Liabilities:

                               

Notes and Certificates

  $ —       $ —       $ 360,800,358     $ 360,800,358  

Both observable and unobservable inputs may be used to determine the fair value of positions that we have classified within the Level 3 category. As a result, the realized and unrealized gains and losses for assets and liabilities within the Level 3 category presented in the tables below may include changes in fair value that were attributable to both observable and unobservable inputs. The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended June 30, 2012:

 

                 
    Member Loans
At fair value
    Notes and
Certificates
 

Fair value at March 31, 2012

  $ 360,292,534     $ 360,800,358  

Originations

    137,366,191       138,989,216  

Reclassification of Member Loans at amortized cost

    1,154,797       —    

Principal repayments

    (40,821,303     (42,999,178

Proceeds/payments on sale of charged-off Member Loans at fair value

    (219,385     (219,385
   

 

 

   

 

 

 

Carrying value before period-end fair value adjustments

    457,772,834       456,571,011  

Fair valuation adjustments, included in earnings

    (3,509,426     (3,460,555
   

 

 

   

 

 

 

Fair value at June 30, 2012

  $ 454,263,408     $ 453,110,456  
   

 

 

   

 

 

 

There were $1,154,797 of transfers / reclassifications of Member Loans at amortized cost to Member Loans at fair value during the three months ended June 30, 2012. These transfers / reclassifications represented Member Loans initially funded by the Company at origination which subsequently were financed by Notes and/or Certificates.

As discussed previously in Note 2 – Summary of Significant Accounting Policies, fair values for Member Loans at fair value and the related Notes and Certificates are determined using a discounted cash flow model utilizing estimates for credit losses, prepayments, changes in the interest rate environment, and other factors. For Notes and Certificates, we also consider risk factors such as the Company’s liquidity position. The majority of fair valuation adjustments included in earnings is attributable to changes in estimated instrument-specific future credit losses. All fair valuation adjustments were related to Level 3 instruments for the three months ended June 30, 2012. A specific loan that is projected to have higher future default losses than previously estimated lowers the expected future cash flows of the Member Loan over its remaining life, which reduces its estimated fair value. Conversely, a specific loan that is projected to have lower future default losses than previously estimated increases the expected future cash flows of the Member Loan over its remaining life, which increases its fair value. Because the payments to holders of Notes and Certificates directly reflect the payments received on Member Loans at fair value, a reduction or increase of the expected future payments on Member Loans at fair value decreases or increases the estimated fair values of the related Notes and Certificates. Expected losses and actual loan charge-offs on Member Loans at fair value are offset to the extent that the loans are financed by Notes and Certificates that absorb the related loan losses.

 

Fair value adjustment gains/(losses) for Member Loans at fair value were $(3,509,426) and $(2,822,820) for the three months ended June 30, 2012 and 2011, respectively. Fair value adjustment gains/(losses) for Notes was $3,460,555 and $2,822,563 for the three months ended June 30, 2012 and 2011, respectively.

The fair value adjustments for Member Loans at fair value were largely offset by the fair value adjustments of the Notes and Certificates due to the member-payment-dependent design of the Notes and Certificates and because the aggregate principal balance of the Member Loans at fair value was very close to the aggregate principal balance of the Notes and Certificates. Accordingly, the net fair value adjustment gains/(losses) for Member Loans and Notes and Certificates were $(48,871) and $(257) for the three months ended June 30, 2012 and 2011, respectively.

At June 30, 2012, we had 329 Member Loans at fair value that were 90 days or more past due or where the borrower has filed for bankruptcy or is deceased, which had a total outstanding principal balance of $3,268,838 aggregate adverse fair value adjustments totaling $2,859,320 and an aggregate fair value of $409,518. At March 31, 2012, we had 271 Member Loans at fair value that were 90 days or more past due or where the borrower has filed for bankruptcy or is deceased, which had a total outstanding principal balance of $2,330,128, aggregate adverse fair value adjustments totaling $2,072,859 and an aggregate fair value of $257,269.

At June 30, 2012, we had 129 Member Loans at fair value representing $1,217,441 of outstanding principal and $159,934 of fair value, and Notes and Certificates with $1,199,226 of outstanding principal balance and a fair value of $157,319 that were on nonaccrual status. At March 31, 2012, we had 81 Member Loans at fair value representing $729,688 of outstanding principal and $100,978 of fair value, and Notes and Certificates with $706,178 of outstanding principal balance and a fair value of $97,572 that were on nonaccrual status.

XML 72 R58.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details) (USD $)
3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Income Taxes (Textual) [Abstract]    
Provision for income taxes      
Interest and penalties on unrecognized tax benefits $ 0 $ 0
XML 73 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
Preferred Stock (Tables)
3 Months Ended
Jun. 30, 2012
Preferred Stock/Stockholders' Deficit [Abstract]  
Convertible preferred stock

Convertible preferred stock

 

                 
    June 30,
2012
    March 31,
2012
 

Preferred stock, $0.01 par value; 61,617,516 and 58,046,088 total shares authorized at June 30, 2012 and March 31, 2012, respectively:

               

Series A convertible preferred stock, 17,006,275 shares designated at June 30, 2012 and March 31, 2012; 15,749,674 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $16,777,814 at June 30, 2012 and March 31, 2012.

  $ 16,574,708     $ 16,574,708  

Series B convertible preferred stock, 16,410,526 shares designated at June 30, 2012 and March 31, 2012; 16,036,346 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $11,999,998 at June 30, 2012 and March 31, 2012.

    11,897,738       11,897,738  

Series C convertible preferred stock, 15,621,609 shares designated at June 30, 2012 and March 31, 2012; 15,621,609 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $24,489,996 at June 30, 2012 and March 31, 2012.

    24,387,945       24,387,945  

Series D convertible preferred stock, 9,007,678 shares designated at June 30, 2012 and March 31, 2012; 9,007,678 shares issued and outstanding at June 30, 2012 and March 31, 2012; aggregate liquidation preference of $32,043,771 and 32,043,914 at June 30, 2012 and March 31, 2012.

    31,943,250       31,945,772  

Series E convertible preferred stock, 3,571,428 shares designated at June 30, 2012; 2,500,000 shares issued and outstanding at June 30, 2012; aggregate liquidation preference of $17,500,000 at June 30, 2012.

    17,356,099       —    
   

 

 

   

 

 

 
    $ 102,159,740     $ 84,806,163  
   

 

 

   

 

 

 
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Member Loans at Amortized Cost (Details Textual) (USD $)
3 Months Ended
Jun. 30, 2012
MemberLoan
ImpairedMemberLoan
Jun. 30, 2011
Mar. 31, 2012
ImpairedMemberLoan
Member Loans at Amortized Cost (Textual) [Abstract]      
Allowance for loan losses $ 117,430   $ 242,617
Percentage of allowance to net loans 11.50%   9.50%
Member Loans that past due 90 to 119 days and still accruing interest 60,491   95,164
Number of Impaired Member Loan at Amortized Cost 7   7
Outstanding principal balance on nonaccrual status 27,947   40,408
Balance of nonaccrual loans charged off delinquency 150 days    
Interest income recognized on impaired loans 385 1,574  
Average balance recognized on impaired loans 94,769 102,199  
Loans at amortized cost classified as TDR 21,028    
Allowance for loan losses related to TDR 2,860    
Number of Loan at amortized cost modified in a TDR 1    
Loans at amortized cost classified as TDR subsequently defaulted $ 537    
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Subsequent Events
3 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

Subsequent to June 30, 2012 and through the date of issuance of these financial statements, the following subsequent events occurred.

Effective July 31, 2012, John MacIlwaine joined the company as our new Chief Technology Officer (CTO). Mr. MacIlwaine’s employment terms consist of: a base salary of $300,000 per year, a target bonus of $100,000, a sign-on bonus of $175,000 (paid in four installments) and a stock option grant equal to 0.45% of the Company’s fully-diluted common equity as of July 31, 2012, at an exercise price equal to the valuation of the Company’s stock price as of July 31, 2012. The valuation of the Company’s stock as of July 31, 2012 is currently in process. The option has a 10–year term, vests quarterly with a one year cliff and becomes exercisable in full by the fourth anniversary of the date of grant provided he remains in continuous service as an officer through that date. Additionally, Mr. MacIlwaine has a change of control provision that provides for accelerated vesting of all unvested options if he is terminated within one year after a change of control event. In the event that Mr. MacIlwaine is terminated within 12 months of his start date without cause, the Company will pay him 6 months of his current base salary subject to the execution of a release. Mr. MacIlwaine’s previous experience in executive technology positions includes head of global development at Visa International, CTO for the full-service brokerage arm of Morgan Stanley and SunGard Data Systems.

In July 2012, the private placement notes were paid off.