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Author Topic: Prosper 10-Q for 2010-06-30  (Read 7705 times)

Investar

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Prosper 10-Q for 2010-06-30
« on: August 16, 2010, 02:22:08 pm »
Prosper's 10-Q for 2010-06-30 has been filed. I'm so tired of reading these things. Anyone wanna 'do the thing' and give us a burn rate estimate and timeline on solvency?
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Urbi_et_Orbi

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Re: Prosper 10-Q for 2010-06-30
« Reply #1 on: August 16, 2010, 02:33:48 pm »
Quote
We have a limited operating history and have incurred net losses since our inception.  Our net loss was $2,628,564 and $5,271,285 for the three and six months ending June 30, 2010, respectively. The net loss for the three and six months ending June 30, 2009 was $2,597,315 and $5,488,317, respectively.  We earn revenues primarily from borrower transaction fees, non-sufficient funds fees and lender member service fees. At this stage of our development, we have funded our operations primarily with proceeds from equity financings, which are described below under “Liquidity and Capital Resources.”


Our operating plan calls for a continuation of the current strategy of increasing transaction volume to increase revenue until we reach profitability and become cash-flow positive, which we do not expect to occur before the close of 2010.  In addition, our 2010 operating plan calls for continued investment in the development of our website, loan servicing platform, loan scoring and marketing efforts before we reach profitability.

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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

Urbi_et_Orbi

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Re: Prosper 10-Q for 2010-06-30
« Reply #2 on: August 16, 2010, 02:39:19 pm »
Quote
Additionally, since our inception through June 30, 2010, we have an accumulated deficit of $45.9 million.
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Mothandrust: "Why's he off the ballot in Colorado but it's OK for the other 48 states and Hawaii to vote for him"
https://www.prospers.org/forum/index.php?topic=37264.msg807090#msg807090

Xenon481

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Re: Prosper 10-Q for 2010-06-30
« Reply #3 on: August 16, 2010, 04:55:28 pm »
So, basically they are losing ~$900,000/month. In April, they were completely out of capital and sold shares of the company to raise ~$14.7million, ~$3.3million of which immediately paid off bridge loans. That leaves $11.7million available for operating since April 16th, 2010.

$11.7million only lasts 13 months at a $900,000/month burn rate. From this, we can expect Prosper to be out of money again some time around May/June of 2011.
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mothandrust

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Re: Prosper 10-Q for 2010-06-30
« Reply #4 on: August 16, 2010, 09:51:23 pm »
Hurry up and settle the CA lawsuit before they burn through everything, will you?

No more delays or postponements or demurrals or whatever the heck they're called.
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onthefence

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Re: Prosper 10-Q for 2010-06-30
« Reply #5 on: August 17, 2010, 01:00:30 am »
How Prosper's new rating system has worked out over time, according to Prosper.
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Fred93

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Re: Prosper 10-Q for 2010-06-30
« Reply #6 on: August 17, 2010, 01:07:35 am »
Quote from: Investar on August 16, 2010, 02:22:08 pm
Prosper's 10-Q for 2010-06-30 has been filed. I'm so tired of reading these things. Anyone wanna 'do the thing' and give us a burn rate estimate and timeline on solvency?

So glad you said that.  I've also been waitin' for somebody else to do the work. 
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onthefence

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Re: Prosper 10-Q for 2010-06-30
« Reply #7 on: August 17, 2010, 02:00:29 am »
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onthefence

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Re: Prosper 10-Q for 2010-06-30
« Reply #8 on: August 17, 2010, 02:29:23 am »
Quote from: onthefence on August 17, 2010, 01:00:30 am
How Prosper's new rating system has worked out over time, according to Prosper.


What I find interesting is that Prosper's Ratings show D's performing better than C's via their historical data.
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Xenon481

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Re: Prosper 10-Q for 2010-06-30
« Reply #9 on: August 17, 2010, 07:05:59 am »
Nominating to The Lobby.
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Investar

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Re: Prosper 10-Q for 2010-06-30
« Reply #10 on: August 17, 2010, 07:26:20 am »
Quote from: Xenon481 on August 17, 2010, 07:05:59 am

Nominating to The Lobby.

Second.

@Xenon481 THANKS!! All I have to do is watch funded listings monthly and if the 2M level stays level, we have our end game in sight (unfortunately).
« Last Edit: August 17, 2010, 07:29:55 am by Investar »
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bluestar148

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Re: Prosper 10-Q for 2010-06-30
« Reply #11 on: August 17, 2010, 03:20:52 pm »
Fantasy.......pure fantasy.
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onthefence

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Re: Prosper 10-Q for 2010-06-30
« Reply #12 on: August 17, 2010, 08:31:23 pm »
Quote from: bluestar148 on August 17, 2010, 03:20:52 pm
Fantasy.......pure fantasy.

?? Explain?
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zzj0770

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Re: Prosper 10-Q for 2010-06-30
« Reply #13 on: August 17, 2010, 08:54:48 pm »

How Prosper's new rating system has worked out over time, according to Prosper.

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kenL

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Re: Prosper 10-Q for 2010-06-30
« Reply #14 on: August 17, 2010, 09:05:20 pm »
I'm having a hard time figuring out what "Cumulative average annual loss" exactly means.

I think it should either be "cumulative loss" or "annual loss", but not both. And where are the HR's?

Also there was no "Prosper Rating" system before registration. At that time they used the old credit grade system.

 ???
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