MSP Recovery Inc-A 2024年度报告

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 FOR THE TRANSITION PERIOD FROMTOCommission File Number:001-39445 Securities registered pursuant to Section 12(g) of the Act:NoneIndicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒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☒No ☐Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. Large accelerated filer☐Non-accelerated filer☒Emerging growth company☒ Accelerated filer Smaller reporting company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of theSarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant based on the closing price of $11.50 for the Class A commonstock, $0.0001 par value per share (“Class A Common Stock”),on the Nasdaq Stock Market on June 30, 2024, was $7,239,020.The number of shares of Registrant’s Common Stock outstanding as of April 10, 2025 was4,920,520shares of Class A Common Stock and3,323,146shares of Class V Common Stock, $0.0001 par value per share (“Class V Common Stock” and, together with the Class A Common Stock, “Common Stock”), outstanding. DOCUMENTS INCORPORATED BY REFERENCENone. Going Concern As an early-stage growth company, the Company has incurred substantial net losses since inception. As of December 31,2024, we had $12.3 million in cash and cash equivalents. The Company has incurred recurring losses and negative cash flows sinceinception and has an accumulated deficit of $446.1 million as of December 31, 2024. For the year ended December 31, 2024, theCompany used approximately $16.1 million of cash in operations. The Company’s liquidity will depend on the ability to generatesubstantial Claims recovery income and Claims recovery services income in the near future, the timing of which is uncertain, aswell as its ability to secure funding from capital sources. The Company’s principal liquidity needs have been working capital, debtservice, and Claims financing obligations. The Company anticipates sources of liquidity to include up to $9.75 million in bridge loan funding to the Company under theexisting Operational Collection Floor facility (in addition to the $16.0 million previously funded under the facility) in the amountsof: (i) $1.75 million for March 2025, which was funded on February 28, 2025; (ii) $1.5 million for April 2025, which was fundedon April 4, 2025; (iii) $1.5 million for May 2025, to be funded on or about April 30, 2025; (iv) up to $2.0 million to fund the legal,accounting, and administrative expenses associated with the reorganization, subject to certain terms and customary conditionsacceptable to Hazel, and minimum license fees of (v) $1.55 million for June 2025; and (vi) $1.55 million for July 2025, as well asthe Yorkville SEPA as disclosed in more detail in Note 9,Claims Financing Obligati