SeeThruEquity Issues Update on Mr. Amazing Loans Corporation

NEW YORK, NY / ACCESSWIRE / August 2, 2018 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has issued an update on Mr. Amazing Loans Corporation (OTCQB: MRAL).

The report is available here: MRAL August 2018 Update Note.

Mr. Amazing Loans Corporation (OTCQB: MRAL) provides online unsecured consumer loans under the brand name ''Mr. Amazing Loans'' via its website, www.mramazingloans.com, in 20 US states. The company offers $5,000 and $10,000 personal loans over a five-year term at rates ranging from 12.0% to 29.9% APR.

MRAL is licensed and originating direct consumer loans in 20 states including: Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maryland, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia, and Wisconsin. The Company was founded in 2010 and is headquartered in Las Vegas, Nevada.

Highlights from the note include:

We are updating coverage of MRAL following 2Q18 results. Highlights included:

• MRAL Net Loss narrows to ($0.52mn), or ($0.03) per share in 2Q18, versus a loss of ($1.05mn) , or ($0.10) in 2Q17.

• MRAL reduced quarterly expenses by 36.5% on to cost cuts, improvements to operating efficiency, and lower bad debts.

• Revenue came in at $0.32mn, down 23.7% YoY due to a smaller consumer loan book and a one-time reduction of revenue of $0.07mn.

MRAL 2Q18 results show cost reductions and operating improvements

On July 20, 2018, MRAL filed its 2Q18 10-Q with the SEC for the period ending June 30, 2018. Results showed a significant improvement in cost controls, with operating expenses declining by 36.5% to $0.83mn, versus $1.31mn in 2Q17 and $1.44mn in 1Q18. Revenues came in at $0.32mn, versus $0.39mn in 1Q18. Q218 revenues were affected by a ''one-off reduction of revenue'' in $69,788 from an adjustment of interest rate on the company's book of loans, as well as a modestly smaller loan book. Management noted that the quarter also approached ''record'' lows for bad debts; at the end of the quarter, MRAL had 53 loans delinquent or in default, representing 3.8% of the number of loans, versus 86, or 5.3%, as of December 31, 2017.

MRAL EPS loss narrows to ($0.03), outlook for improved performance in 2Q18

MRAL reported 2Q18 net losses of ($0.52mn), or ($0.03) per share, which represented a significant improvement versus ($1.05mn), or ($0.10) in 2Q17. Sequentially, net losses also narrowed from a loss of ($1.04mn), or ($0.06) per share, in 1Q18. Improvements to the company's cost structure included lower provisions for credit losses and lower compensation expense. Going forward, operating expenses are expected to remain in check, as CEO Paul Mathieson stated that he reduced his consulting compensation by 50% beginning in July 2018. MRAL also expects revenues to improve due to improved loan loss recovery from external collectors, as well as the fact that 2Q18 was affected by a one-time revenue reduction. As of June 30, 2018, MRAL had 1,407 loans outstanding with an aggregate unpaid principal balance of $5.0mn. The company has issued more than $16.5mn in cumulative loan volume since its inception.

No change to price target

Our price target is unchanged at this time for MRAL. We will look to review the target when there is more clarity on MRAL loan volume growth and the impact of the new loan facility at wholly-owned subsidiary MRAL Blockchain LLC. MRAL is a high-risk, high potential reward company in the consumer finance sector, which will likely need to raise additional capital to implement its growth plans.

Please review important disclosures in the report and at www.seethruequity.com.

About Mr. Amazing Loans Corporation

Mr. Amazing Loans is a Securities and Exchange Commission (''SEC'') reporting fintech company that provides online $5,000 and $10,000 unsecured consumer loans under the brand name ''Mr. Amazing Loans'' via its website and online application portal. Mr. Amazing Loans is a direct lender with state licenses and/or certificates of authority in 20 U.S. states and all loans are originated, processed and serviced out of our centralized Las Vegas, NV head office. For more information about Mr. Amazing Loans, please visit https://ir.mramazingloans.com.

About SeeThruEquity

Since its founding in 2011, SeeThruEquity has been committed to its core mission: providing impactful, high quality research on underfollowed smallcap and microcap equities. SeeThruEquity has pioneered an innovative business model for equity research that is not paid for and is unbiased. SeeThruEquity is the host of acclaimed investor conferences that are the ultimate event for publicly traded companies with market capitalizations less than $1 billion.

SeeThruEquity is approved to contribute its research reports and estimates to Thomson One Analytics (First Call), the leading estimates platform on Wall Street, as well as Capital IQ and FactSet. SeeThruEquity maintains one of the industry's most extensive databases of opt-in institutional and high net worth investors. The firm is headquartered in Midtown Manhattan in New York City.

For more information visit www.seethruequity.com.

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SOURCE: SeeThruEquity