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Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Claims recovery income $ 301,000 $ 2,542,000 $ 6,302,000 $ 6,039,000
Claims recovery service income       498,000
Other 36,000   36,000  
Total Revenues 337,000 2,542,000 6,338,000 6,537,000
Operating expenses        
Cost of revenues 109,000 377,000 1,782,000 1,398,000
Claims amortization expense 121,006,000 121,004,000 242,020,000 234,473,000
General and administrative [1] 6,250,000 7,706,000 11,816,000 14,561,000
Professional fees 4,362,000 3,417,000 8,782,000 13,145,000
Professional fees - legal [2] 3,466,000 10,467,000 6,933,000 19,018,000
Allowance for credit losses       5,000,000
Depreciation and amortization 68,000 88,000 135,000 97,000
Total operating expenses 135,261,000 143,059,000 271,468,000 287,692,000
Operating Loss (134,924,000) (140,517,000) (265,130,000) (281,155,000)
Interest expense [3] (101,990,000) (73,618,000) (199,943,000) (116,008,000)
Other income (expense), net 89,000 1,662,000 341,000 8,289,000
Change in fair value of warrant and derivative liabilities 24,977,000 1,644,000 76,284,000 3,899,000
Net loss before provision for income taxes (211,848,000) (210,829,000) (388,448,000) (384,975,000)
Net loss (211,848,000) (210,829,000) (388,448,000) [4] (384,975,000) [4]
Less: Net loss attributable to non-controlling interests 186,712,000 202,609,000 344,430,000 371,839,000
Net loss attributable to MSP Recovery, Inc. $ (25,136,000) $ (8,220,000) $ (44,018,000) $ (13,136,000)
Class A Common Stock [Member]        
Operating expenses        
Weighted average shares outstanding, basic 16,924,213 4,942,592 15,969,047 4,247,349
Weighted average shares outstanding, diluted 16,924,213 4,942,592 15,969,047 4,247,349
Basic net loss per common share $ (1.49) $ (1.66) $ (2.76) $ (3.09)
Diluted net loss per common share $ (1.49) $ (1.66) $ (2.76) $ (3.09)
[1] For the three and six months ended June 30, 2024, general and administrative expenses included $46.6 thousand and $91.7 thousand of related party expenses, respectively. See Note 15, Related Party Transactions, for further details. No such related party expenses were present for the three and six months ended June 30, 2023.
[2] For the three and six months ended June 30, 2024 and 2023, Professional Fees—legal included $3.0 million and $6.0 million, and $4.7 million and $8.9 million, respectively, of related party expenses related to the Law Firm. See Note 15, Related Party Transactions, for further details.
[3] For the three and six months ended June 30, 2024 and 2023, interest expense included $77.7 million and $152.5 million, and $55.6 million and $94.0 million, respectively, related to interest expense due to related parties. See Note 15, Related Party Transactions, for further details.
[4] Balances include related party transactions. See Note 15, Related Party Transactions, for further details.