Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

On January 1, 2017 LMF entered into a new services agreement with Business Law Group.  Please refer to Note 10. Related Party Transactions for further discussion.  

On February 22, 2017 United States District Judge Charlene Edwards Honeywell issued an order denying plaintiff’s Wilmington Savings Fund Society, individually and on behalf of all those similarly situated, Motion for Class Certification.  The deadline for plaintiff to file a notice of appeal has since passed so the order will stand. See Note 7. Commitments and Contingencies for further discussion.

On March 15, 2016, LM Funding executed an amendment to its note payable with Heartland Bank, see Note 6. Long-Term Debt and Other Financing Arrangements.  This amendment defers all principle payments from January 1, 2017 through July 1, 2017.  During this period the note will be paid on an interest only basis.  On July 1, 2017 principle payments will recommence.  This amendment also extends the term of the loan to April 30, 2018 with a principle payment due on that date of $3,173,172.