Luminar Media Group, Inc. (OTC MARKETS: LRGR), through its subsidiary Fortun Advance, has announced a significant 245% increase in Business Advances during July and August 2024, compared to June of the same year. This growth is a testament to the company's successful transition into the finance sector following its strategic acquisition of FortunCo and Fortun Advance in May 2024. As of August 23rd, 2024, Fortun Advance's total assets have reached $1,209,237.39, with $457,864.56 in cash and $751,372.83 in accounts receivable.
The company's performance in July 2024 was particularly impressive, with $258,700 in funding leading to an additional $385,463 in gross receivables and generating $77,540 in commission and fee income revenue. August continued this positive trend, with $271,000 funded by August 23rd, resulting in $403,790 in additional gross receivables and $70,824 in commission and fee income. To accommodate this rapid growth, Fortun Advance has expanded its team by adding 11 new members in August, bringing the total staff dedicated to funding operations to 25.
Looking forward to September 2024, Fortun Advance projects funding an additional $500,000, expected to generate $745,000 in gross receivables and approximately $130,000 in gross fee and commission-based revenue for the month. For the third quarter of 2024, the company anticipates total gross receivables to reach $1,651,953 with $1,108,693 in total advances. The company's expansion is not just in numbers but also in geographic reach, having closed over 100 transactions across several states, including Florida, Georgia, Texas, North Carolina, Pennsylvania, Nebraska, Delaware, and New Jersey, with Florida accounting for 82.4% of the total funding.
To further strengthen its market position, Fortun Advance has secured an additional $1 million funding commitment, set to be deployed beginning in September. This capital infusion is expected to significantly expand the company's portfolio and enhance its market presence. The growth of Fortun Advance underscores the increasing demand for financial services tailored to Hispanic-owned and minority-owned businesses in the United States, highlighting the role of fintech in promoting economic inclusion and setting new industry benchmarks.
