MIAMI, FL, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Luminar Media Group, Inc. (OTC MARKETS: LRGR), a leading fintech company dedicated to providing capital and financial services to Hispanic-owned businesses across the United States, proudly announces substantial growth in assets during its first few months since entering the finance space. The company is also pleased to welcome Juan M. Sese as Vice President of Finance for Fortun Advance.
Fortun Advance's total assets have now reached $1,216,491.
Following its merger with Luminar Media Group on May 26th, 2024, Fortun Advance has received $1,000,000 in capital contributions to support its operations. As of August 31st, 2024, the company's assets are estimated at $1,216,491, reflecting an impressive 21.65% return on investment (ROI) within the first few months. This ROI, however, remains contingent upon factors such as funding defaults, collections, and market fluctuations. At the time of this report, the total amount in default collections stands at $64,644.60, or 7.4% of receivables—substantially below industry standards, highlighting the effectiveness of the company's underwriting processes and risk management.
Key Month-over-Month Growth Metrics:
1. Growth in Accounts Receivable from Active Funding Clients (July to August):
July AR: $439,191.42
August AR: $872,946.99
Increase: $433,755.57, representing 98.7% growth.
2. Growth in New Funding Volume (July to August):
July Funding: $258,700
August Funding: $389,700
Increase: $131,000, reflecting a 50.63% growth. Notably, Fortun Advance exceeded its August funding forecast of $350,000.
3. Growth in Receivables Deposited (July to August):
July Receivables Deposited: $47,161.98
August Receivables Deposited: $116,859.38
Increase: $69,697.40, a 147% surge.
Self-Sustaining Business Model:
Fortun ...
