Lendway Inc 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 for the quarterly period endedSeptember30,2025or ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 for the transition period from ___________ to ____________Commission File Number:001-13471 LENDWAY,INC. (Exact name of registrant as specified in its charter) 5000 West 36th Street,Suite220,Minneapolis,Minnesota55416(Address of principal executive offices; zip code)(763)392-6200(Registrant’s telephone number, including area code) Securities registered to Section12(b)of the Act: Name of each exchange onwhich registeredTheNasdaqStock Market LLC Common Stock, $0.01 par value Indicate by check mark whether the registrant (1)has filed all reports required to be filed bySection13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for suchshorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data Filerequired to be submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during thepreceding 12months (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 “largeaccelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” inRule12b-2 of the Exchange Act.: Accelerated filer☐Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use theextended transition period for complying with any new or revised financial accounting standards providedpursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of theExchange Act). Yes☐No☒. Number of shares outstanding of Common Stock, $.01 par value, as of November 6, 2025 was1,769,599. Lendway,Inc. TABLE OF CONTENTS PagePARTI.FINANCIAL INFORMATION3Item1.Financial Statements3Condensed Consolidated Balance Sheets – September 30, 2025 (unaudited) and June 30,20253Condensed Consolidated Statements of Operations and Comprehensive Loss – Threemonths ended September 30, 2025 and 2024 (unaudited)4Condensed Consolidated Statements of Stockholders’ Equity – Three months endedSeptember 30, 2025 and 2024 (unaudited)5Condensed Consolidated Statements of Cash Flows – Three months ended September 30,2025 and 2024 (unaudited)6Notes to Condensed Consolidated Financial Statements – (unaudited)7Item2.Management’sDiscussion and Analysis of Financial Condition and Results ofOperations15Item3.Quantitative and Qualitative Disclosures about Market Risk20Item4.Controls and Procedures21PARTII.OTHER INFORMATION22Item1.Legal Proceedings22Item1A.Risk Factors22Item2.Unregistered Sales of Equity Securities and Use of Proceeds22Item3.Defaults upon Senior Securities22Item4.Mine Safety Disclosures22Item5.Other Information22Item6.Exhibits23 PARTI. FINANCIAL INFORMATION Item1. Financial Statements Lendway,Inc. and SubsidiariesCONDENSED CONSOLIDATED BALANCE SHEETSValues are rounded to the nearest thousand dollars and thousand shares September30,2025June30,2025(Unaudited)AssetsCurrent assets:Cash and cash equivalents$1,840,000$906,000Accounts receivable - net of allowances for credit losses of $122and $122, respectively2,347,0005,124,000Inventories18,799,0006,697,000Prepaid expenses and other current assets2,428,0002,122,000Total current assets25,414,00014,849,000Noncurrent assetsProperty and equipment, net11,056,00011,433,000Equity-method investment240,000216,000Goodwill11,138,00011,128,000Intangible assets, net24,425,00024,806,000Operating lease right-of-use assets31,971,00032,306,000Finance lease right-of-use assets547,000310,000Long-term receivable240,000240,000Other assets—814,000Total noncurrent assets79,617,00081,253,000Total assets$105,031,000$96,102,000Liabilities and Stockholders’ equityCurrent liabilities:Accounts payable$4,648,000$1,748,000Accrued compensation326,000385,000Accrued expenses and other current liabilities3,508,0004,934,000Current portion of operating lease liabilities1,249,0001,184,000Current portion of finance lease liabilities117,00071,000Current portion of debt1,895,0001,870,000Related party note payable2,407,0003,559,000Total current liabilities14,150,00013,751,000Long-term liabilities:Operating lease liabilities, net of current portion31,612,00031,896,000Finance lease liabilities, net of current portion461,000254,000Long-term debt, net36,851,00028,354,000Related party notes payable4,023,000—Deferred tax liabilities, net6,416,0007,010,000Total long-term liabilities79,363,000