MIAMI, FL, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Luminar Media Group, Inc. (OTC MARKETS: LRGR), a leading fintech company specializing in capital and financial services for Hispanic-owned businesses across the United States, proudly announces exceptional growth in its Business Advance operations during July and August 2024.
This report provides a detailed quarter-to-quarter analysis of our financial performance, emphasizing notable achievements in asset growth and funding activities. As of August 23rd, 2024, Fortun Advance's total assets have grown to $1,209,237.39, including $457,864.56 in cash and $751,372.83 in accounts receivable. This growth reflects significant progress since the company's strategic acquisition by LRGR. For the period beginning July 1, 2024, ending September 30, 2024, we project total gross receivables to reach $1,651,953 with $1,108,693 in total advances. Additionally, fee income and commission revenue are expected to total $298,904 for the quarter.
In May 2024, LRGR transitioned into the finance sector through the acquisition of FortunCo and Fortun Advance. Despite the limited operational time under the new business model—only 20 days in June—Fortun quickly demonstrated its potential. By the close of the last quarter on June 30, 2024, LRGR reported $74,900 in business fundings, resulting in gross receivables of $111,601 and generated commission and fee income revenue of $21,104.
*July 2024 Performance:*
245% Growth:** Fortun Advance achieved a remarkable 245% increase in Business Advances compared to June ...
