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[Urbi_et_Orbi]

If you picked up a copy of Prosper's 10-Q filing on May 11, note that Prosper inadvertently filed a draft version of the document and proceeded to file an Amended version (10-Q/A) late on Friday.

The amended version can be found here:
http://sec.gov/Archives/edgar/data/1416265/000141626511000346/p10qa3d31d2011.htm

I only glanced through it, but didn't notice anything of major note.

As of March 31, 2011, Prosper's stated "cash & cash equivalents" was $3.2 million.  Considering 6 weeks has passed, I imagine Prosper must be getting close to finalizing their next round of financing. 

[no-whammies]

All loans requested and obtained by Prosper borrower members through our platform are unsecured obligations of individual borrower members with a fixed interest rate and a loan term currently set at one, three or five years, which Prosper may in the future extend to between three months to seven years.

Was this disclosed previously?  Bolding is mine.

[havastat]

Two very interesting sources of income:

1. They appear to have reversed (taken back) the money they put aside in previous years to repurchase problem loans.

2.Most of their income seems to be insurance recovery.

[Xenon481]

Cash and cash equivalents (as of 3/31/2011): $3,226,438
Loss before other income (for the 3 months of 2011): ($3,097,283   )

"Other income" consists primarily of the insurance reimbursement to cover legal costs related to the defense against the class action lawsuit.


This tells me that Prosper has ~3-4 months to live (as of 3/31/2011) unless they get a venture capital cash infusion before then.

That places Prosper's closing (without additional VC) in the June-July timeframe as was predicted from the 2010 10-K.

[Xenon481]

Nominating Thread to The Lobby!

[money-baron]

I did speak with a Prosper rep a month or so ago. He seemed very optimistic about the prospects of a future venture capital infusion. Then again it's his job to sound optimistic.

[MatthewDP]

I did speak with a Prosper rep a month or so ago. He seemed very optimistic about the prospects of a future venture capital infusion. Then again it's his job to sound optimistic.

I wonder how many rounds Prosper will go through before they (A) get profitable or (B) investors say they've had enough.

[God-Father]

Nominating Thread to The Lobby!

Second

[kenL]

I did speak with a Prosper rep a month or so ago. He seemed very optimistic about the prospects of a future venture capital infusion. Then again it's his job to sound optimistic.

I wonder how many rounds Prosper will go through before they (A) get profitable or (B) investors say they've had enough.

Those are the million dollar questions.

[God-Father]

I did speak with a Prosper rep a month or so ago. He seemed very optimistic about the prospects of a future venture capital infusion. Then again it's his job to sound optimistic.

I wonder how many rounds Prosper will go through before they (A) get profitable or (B) investors say they've had enough.

Those are the multi-million dollar questions.

Fixed

[havastat]

I guess everything depends on whether Prosper will be able to bring in another round of financing.

They've clearly focused on building up market share by giveaway level incentives.

[DontDefault]

If Prosper fails to get another round of financing, could there be a good chance that Lending Club buys out Prosper to instantly boost their loan numbers?  Or would it make better sense for them to let Prosper die out and take on the influx of lenders who were not too badly burned by Prosper going under?

[312lender]

Prosper is not going anywhere.  Don't worry yourself with such nonsense. 

[Xenon481]

Prosper is not going anywhere.  Don't worry yourself with such nonsense. 

Are you providing them with VC money? If not, then I don't believe that you have any standing to make such a claim at this time.

[312lender]

Standing?! What is this a constitutional law issue?