We are a holding company owning and seeking to own subsidiaries engaged in a variety of business operations. As of June 30, 2019, we had two existing operating segments: (i) merchant cash advance (“MCA”) operations, conducted through our subsidiary LM Capital Solutions, LLC (d/b/a LuxeMark Capital) (“LMCS”), and (ii) real estate operations, conducted through our subsidiary Recur Holdings LLC (“Recur”) and its subsidiaries.1
MCA Income. In December 2018, we began participating in the MCA industry by indirectly advancing funds to merchants through third-party originators. We generated $1.7 million of revenue from MCA fundings during our fiscal year ended June 30, 2019 and expect to fund additional MCAs in the future. Furthermore, we earned $0.8 million of syndication fee revenue from sourcing syndication capital and merchant leads for the MCA industry during the latter half of our fiscal year 2019, which we derived from our 80% interest in our subsidiary, LMCS, which acquired the operating assets of Old LuxeMark in February 2019.