StreetShares, an online lender focused on veteran-owned small businesses, filed their latest financial reports with the SEC this week. The company reported $1,888,660 in total operating revenue for the 6-month period ending December 31, 2018, $7,249,195 in operating expenses, and a total net loss of $6,385,045.
The company is not public but is required to file regular statements pursuant to their Regulation A+ status. As of December 31, StreetShares had negative equity of $24,138,140.
The Company’s principal activity is providing business financing products to small businesses located throughout the United States. They offers loans from $2,000 to $250,000 for terms of three months, six months, one year, 18 months, two years, and three years. In December 2016, the Company began purchasing invoice receivables from small businesses with U.S. Federal and State Government contracts. In October 2017, the Company began purchasing invoice receivables from small business with contracts from highly rated Fortune 500 companies. These invoices can range from $2,000 to $1,000,000.
StreetShares’ Principal Financial and Accounting officer, Jesse Cushman, resigned on January 1. Company president Mickey Konson has been taking on that role in an interim capacity until a permanent successor can be found.