Long-Term Debt and Other Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Debt

	June 30, 2017		December 31, 2016
Financing agreement with Premium Assignment Corporation.  Down payment of $19,000 was required upfront and equal installment payments of approximately $7,806 to be made over a 10 month period.  Annualized interest is 5.09%.	$	78,057	$	-
Promissory note issued to a financial institution, bearing interest at 8%, interest payable monthly, and principal payments due quarterly. Secured by all of the Company’s rights, title, interest, claims, and demands associated with certain condominium units held in LMF SPE #2, LLC and all cash held in LMF SPE #2, LLC. Accrued interest is due monthly beginning January 29, 2015. Under the amended debt agreement, principal payments recommence in July, 2017. Note matures on April 30, 2018 and can be prepaid at any time without penalty. Principal balances for this promissory note were $4,540,274 and $4,540,274, respectively, as of June 30, 2017 and December 31, 2016.  Unamortized debt issuance costs were $48,448 and $96,896, respectively, as of June 30, 2017 and December 31, 2016.		4,491,826		4,443,378
Promissory note issued to a financial institution, bearing interest at 6% plus one month Libor, principal payments of $60,000 per month plus interest due through maturity on February 1, 2018. This loan is collateralized by all of the accounts receivable, contract rights, and lien rights arising from or relating to collection of Association payments made by the Company relating to certain accounts as well as all deposit accounts and cash of LMF October 2010 Fund, LLC. LM Funding, LLC and its members guaranteed this loan.  Principal balances for this promissory note were $360,000 and $720,000, respectively, as of June 30, 2017 and December 31, 2016. Unamortized debt issuance costs were $1,667 and $2,500, respectively, as of June 30, 2017 and December 31, 2016.		358,333		717,500
	$	4,928,216	$	5,160,878

Schedule of Principal Payments of Debt

Minimum required principal payments on the Company’s debt as of June 30, 2017 are as follows:

Years Ending
December 31,
2017	$	1,301,557
2018		3,676,774
		4,978,331
Unamortized debt issue costs		(50,115	)
	$	4,928,216